<SEC-DOCUMENT>0001104659-21-058903.txt : 20210430
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ACCESSION NUMBER:		0001104659-21-058903
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20210430
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Changes in Control of Registrant
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210430
DATE AS OF CHANGE:		20210430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Valaris plc
		CENTRAL INDEX KEY:			0000314808
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				980635229
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08097
		FILM NUMBER:		21877561

	BUSINESS ADDRESS:	
		STREET 1:		CLARENDON HOUSE
		STREET 2:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11
		BUSINESS PHONE:		4402076594660

	MAIL ADDRESS:	
		STREET 1:		CLARENDON HOUSE
		STREET 2:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ensco Rowan plc
		DATE OF NAME CHANGE:	20190410

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ensco plc
		DATE OF NAME CHANGE:	20100331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ensco International plc
		DATE OF NAME CHANGE:	20091223
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<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"></p>

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<p style="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 or 15(d)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>of the Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event reported):
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charter)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former name or former address, if changed since
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;8-K filing is intended
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>symbol(s)</b></p></td>
    <td style="padding: 0.25pt 0.25pt 1.25pt; width: 1%">&#160;</td>
    <td style="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; width: 32%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Name of each exchange</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>on which registered</b></p></td></tr>
  <tr>
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    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_905_edei--TradingSymbol_c20210430__20210430__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_zZ73NtVzo942"><ix:nonNumeric contextRef="From2021-04-302021-04-30_us-gaap_CommonStockMember" name="dei:TradingSymbol">VAL</ix:nonNumeric></span></b></span></td>
    <td style="padding: 0.25pt; vertical-align: bottom">&#160;</td>
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  <tr>
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    <td style="padding: 0.25pt; vertical-align: bottom; font-size: 10pt">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90F_edei--TradingSymbol_c20210430__20210430__us-gaap--StatementClassOfStockAxis__us-gaap--WarrantMember_zdHgh65J1pP7"><ix:nonNumeric contextRef="From2021-04-302021-04-30_us-gaap_WarrantMember" name="dei:TradingSymbol">VAL WS</ix:nonNumeric></span></b></span></td>
    <td style="padding: 0.25pt; vertical-align: bottom; font-size: 10pt">&#160;</td>
    <td style="padding: 0.25pt; vertical-align: top; font-size: 10pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_edei--SecurityExchangeName_c20210430__20210430__us-gaap--StatementClassOfStockAxis__us-gaap--WarrantMember_zvN1WJVuqED2"><ix:nonNumeric contextRef="From2021-04-302021-04-30_us-gaap_WarrantMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The New York Stock Exchange</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2
of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-size: 10pt">Emerging growth company
</span><span style="font-family: Wingdings"><span id="xdx_90A_edei--EntityEmergingGrowthCompany_c20210430__20210430_zSoyLx9nguF7"><ix:nonNumeric contextRef="From2021-04-30to2021-04-30" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. </span><span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Explanatory Note:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As previously reported, on August&#160;19, 2020,
Valaris plc (&#8220;Legacy Valaris&#8221;), a public limited company incorporated under the laws of England and Wales, and certain of
its wholly owned direct and indirect subsidiaries (collectively, the&#160;&#8220;Debtors,&#8221; and Legacy Valaris together with its
Debtor and non-Debtor subsidiaries, the&#160;&#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;), commenced
voluntary cases (the &#8220;Chapter 11 Cases&#8221;) under chapter 11 of title 11 of the United States Code (the&#160;&#8220;Bankruptcy
Code&#8221;) in the United States Bankruptcy Court for the Southern District of Texas (the&#160;&#8220;Bankruptcy Court&#8221;). The Chapter
11 Cases are jointly administered under the caption <i>In re Valaris plc, et al.</i> On February&#160;5, 2021, the Debtors filed with
the Bankruptcy Court the <i>Debtor&#8217;s Fourth Amended Joint Chapter 11 Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy
Code</i> (as amended, modified or supplemented from time to time, the&#160;&#8220;Plan&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March&#160;3, 2021, the Bankruptcy Court entered
an order confirming the Plan (the &#8220;Confirmation Order&#8221;). The Plan, as confirmed, is attached to the Confirmation Order as
Exhibit&#160;A. The Plan and the Confirmation Order were previously filed as Exhibits 2.1 and 99.1 to Legacy Valaris&#8217;s Current Report
on Form&#160;8-K, filed with the U.S. Securities and Exchange Commission (the&#160;&#8220;Commission&#8221;) on March&#160;3, 2021, and
are hereby incorporated by reference as Exhibits 2.1 and 99.1 to this Current Report on Form&#160;8-K (this &#8220;Current Report&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Chapter 11 Cases and the
Plan, on and prior to the Effective Date (as defined below), the Company effectuated certain restructuring transactions, pursuant to which
Valaris Limited, a Bermuda exempted company (&#8220;Valaris&#8221;) was formed and &#8211; through a series of transactions &#8211; Legacy
Valaris transferred to a subsidiary of Valaris substantially all of the subsidiaries, and other assets, of the Legacy Valaris.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April&#160;30, 2021 (the &#8220;Effective Date&#8221;),
the Plan became effective in accordance with its terms and the Debtors emerged from the Chapter 11 Cases. As a result, effective as of
the Effective Date for the purposes of Rule&#160;15d-5 under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;),
Valaris is the successor registrant to Legacy Valaris. Valaris is thereby deemed subject to the periodic reporting requirements of the
Exchange Act, and the rules&#160;and regulations promulgated thereunder, and, in accordance therewith, will file reports and other information
with the Commission.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Current Report is being filed by Valaris
as the initial report of Valaris to the Commission and as notice that Valaris is deemed the successor issuer to the Company under the
Exchange Act and, in accordance with the rules&#160;and regulations promulgated thereunder, intends to file reports and other information
with the Commission. The first periodic report to be filed by Valaris with the Commission will be its Quarterly Report on Form&#160;10-Q
for the quarter ending on June&#160;30, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 1.01- Entry into a Material Definitive
Agreement</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>First Lien Notes Indenture</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As previously reported, on August&#160;18, 2020,
the Debtors entered into a Backstop Commitment Agreement (as amended, supplemented or modified from time to time, together with all Exhibits
and schedules thereto, the &#8220;Backstop Commitment Agreement&#8221;) with the backstop parties thereto (collectively, the &#8220;Backstop
Parties&#8221;). On the Effective Date, pursuant to the Backstop Commitment Agreement and in accordance with the Plan, Valaris consummated
the rights offering (the &#8220;Rights Offering&#8221;) of senior secured first lien notes (&#8220;First Lien Notes&#8221;) and associated
shares (the &#8220;New Shares&#8221;) in an aggregate principal amount of $550 million.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The First Lien Notes were issued pursuant to that
certain Indenture, dated as of the Effective Date (the &#8220;First Lien Notes Indenture&#8221;), among Valaris, certain direct and indirect
subsidiaries of Valaris as guarantors, and Wilmington Savings Fund Society, FSB, as collateral agent and trustee (in such capacities,
the &#8220;Collateral Agent&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The First Lien Notes are guaranteed, jointly and
severally, on a senior basis, by certain of the direct and indirect subsidiaries of Valaris under the First Lien Notes Indenture. The
First Lien Notes and such guarantees will be secured by first-priority perfected liens on 100% of the equity interests of each Restricted
Subsidiary directly owned by Valaris or any guarantor and a first-priority perfected lien on substantially all assets of Valaris and each
guarantor of the First Lien Notes, in each case subject to certain exceptions and limitations. The following is a brief description of
the material provisions of the First Lien Notes Indenture and the First Lien Notes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Effective Date, Valaris issued an aggregate
principal amount of $550 million of First Lien Notes. The First Lien Notes are scheduled to mature on April&#160;30, 2028. Interest on
the First Lien Notes accrues, at Valaris&#8217;s option, at a rate of: (i)&#160;8.25% per annum, payable in cash; (ii)&#160;10.25% per
annum, with 50% of such interest to be payable in cash and 50% of such interest to be paid in kind; or (iii)&#160;12% per annum, with
the entirety of such interest to be paid in kind. Valaris shall pay interest semi-annually in arrears on May&#160;1 and November&#160;1
of each year, commencing November&#160;1, 2021. Interest on the First Lien Notes shall accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from the Effective Date. Interest shall be computed on the basis of a 360-day year of
twelve 30-day months.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time prior to April&#160;30, 2023, Valaris
may redeem up to 35% of the aggregate principal amount of the First Lien Notes at a redemption price of 104% up to the net cash proceeds
received by Valaris from equity offerings provided that at least 65% of the aggregate principal amount of the First Lien Notes remains
outstanding and provided that the redemption occurs within 120 days after such equity offering of Valaris. At any time prior to April&#160;30,
2023 Valaris may redeem the First Lien Notes at a redemption price of 104% plus a &#8220;make-whole&#8221; premium. On or after April&#160;30,
2023, Valaris may redeem all or part of the First Lien Notes at fixed redemption prices (expressed as percentages of the principal amount),
<i>plus</i> accrued and unpaid interest, if any, to, but excluding, the redemption date. Valaris may also redeem the First Lien Notes,
in whole or in part, at any time and from time to time on or after April&#160;30, 2026 at a redemption price equal to 100% of the principal
amount <i>plus</i> accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Notwithstanding the foregoing,
if a Change of Control (as defined in the First Lien Notes Indenture, with certain exclusions as provided therein) occurs, Valaris will be required to make an offer to repurchase
all or any part of each note holder&#8217;s notes at a purchase price equal to 101% of the aggregate principal amount of First Lien Notes
repurchased, plus accrued and unpaid interest to, but excluding, the applicable date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The First Lien Notes Indenture contains covenants
that limit, among other things, Valaris&#8217;s ability and the ability of the guarantors and other restricted subsidiaries, to: (i)&#160;incur, assume or
guarantee additional indebtedness; (ii)&#160;pay dividends or distributions on Equity Interests (as defined in the First Lien Notes Indenture)
or redeem or repurchase Equity Interests; (iii)&#160;make investments; (iv)&#160;repay or redeem junior debt; (v)&#160;transfer or sell
assets; (vi)&#160;enter into sale and lease back transactions; (vii)&#160;create, incur or assume liens; and (viii)&#160;enter into transactions
with certain affiliates. These covenants are subject to a number of important limitations and exceptions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The First Lien Notes Indenture also provides for
certain customary events of default, including, among other things, nonpayment of principal or interest, breach of covenants, failure
to pay final judgments in excess of a specified threshold, failure of a guarantee to remain in effect, failure of a collateral document
to create an effective security interest in collateral, with a fair market value in excess of a specified threshold, bankruptcy and insolvency
events, cross payment default and cross acceleration, which could permit the principal, premium, if any, interest and other monetary obligations
on all the then outstanding First Lien Notes to be declared due and payable immediately.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing descriptions of the First Lien Notes
Indenture and the First Lien Notes are qualified in their entirety by the full text of the First Lien Notes Indenture, including the form
of First Lien Note contained therein, which is attached as Exhibit&#160;4.1 to this Current Report and is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Emergence Warrant Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Effective Date and pursuant to the Plan,
Valaris entered into a Warrant Agreement (the &#8220;Warrant Agreement&#8221;) with Computershare Inc. and Computershare Trust Company,
N.A., as warrant agent (the &#8220;Warrant Agent&#8221;), which provides for Valaris&#8217;s issuance of up to an aggregate of 5,645,161
warrants (the &#8220;Warrants&#8221;) exercisable for up to an aggregate of 5,645,161 common shares, par value $0.01 per share, of Valaris,
as reorganized pursuant to and under the Plan (the &#8220;New Common Shares&#8221;) to former holders of Legacy Valaris&#8217;s Equity
Interests (as defined in the Plan), on the Effective Date in accordance with the terms of the Plan, the Confirmation Order and the Warrant
Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrants are exercisable from the date of
issuance until 5:01 p.m., Eastern Time, on April&#160;29, 2028, at which time all unexercised Warrants will expire and the rights of the
holders of such Warrants to purchase New Common Shares will terminate. The Warrants are initially exercisable for one New Common Share
per Warrant at an initial exercise price of $138.88 per Warrant (the &#8220;Exercise Price&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Warrant Agreement, no holder of
a Warrant, by virtue of holding or having a beneficial interest in a Warrant, will have the right to vote, receive dividends, receive
notice as shareholders with respect to any meeting of shareholders for the election of Valaris&#8217;s directors or any other matter,
or exercise any rights whatsoever as a shareholder of Valaris unless, until and only to the extent such holders become holders of record
of shares of New Common Shares issued upon settlement of Warrants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of New Common Shares for which a Warrant
is exercisable, and the Exercise Prices, are subject to adjustment from time to time upon the occurrence of certain events, such as: (1)&#160;share
splits, reverse share splits share dividends or share repurchases to holders of New Common Shares or (2)&#160;a reclassification in respect
of New Common Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Warrant Agreement
is qualified in its entirety by reference to the full text of the Warrant Agreement, which is attached hereto as Exhibit&#160;10.1 and
is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Registration Rights Agreements</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Equity Registration Rights Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Effective Date, Valaris entered into a
registration rights agreement (the &#8220;Equity Registration Rights Agreement&#8221;) with certain parties who received New Shares under
the Plan (&#8220;RRA Shareholders&#8221;). Under the Equity Registration Rights Agreement, RRA Shareholders have certain demand and piggyback
registration rights, subject to the limitations set forth in the Equity Registration Rights Agreement. Pursuant to their underwritten
offering registration rights, RRA Shareholders have the right to demand Valaris register underwritten offerings of any or all of their
Registrable Securities (as defined in the Equity Registration Rights Agreement) pursuant to an effective registration statement, subject
to certain conditions, including that the aggregate proceeds expected to be received from such an offering is equal to or greater than
$25 million, unless such demand is not pursuant to a shelf registration statement, in which case certain RRA Shareholders may require
Valaris to register an underwriting offering for an amount that would enable all remaining Registrable Securities to be included in such
offering or in an amount of more than $15 million. In addition, Valaris will be required to register for resale such Registrable Securities
pursuant to Rule&#160;415 under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) including by filing a Registration
Statement on Form&#160;S-1 or Form&#160;S-3 by the applicable deadline set forth in the Equity Registration Rights Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These registration rights are subject to certain
conditions and limitations, including the right of the underwriters to limit the number of shares to be included in an offering and Valaris&#8217;s
right to delay or withdraw a registration statement under certain circumstances. Valaris will generally pay all registration expenses
in connection with its obligations under the Equity Registration Rights Agreement, regardless of whether a registration statement is filed
or becomes effective. The registration rights granted in the Equity Registration Rights Agreement are subject to customary indemnification
and contribution provisions, as well as customary restrictions such as blackout periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Equity Registration
Rights Agreement is not complete and is qualified in its entirety by reference to the Equity Registration Rights Agreement, which is filed
as Exhibit&#160;10.2 to this Current Report and is incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Notes Registration Rights Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Effective Date, Valaris entered into a
registration rights agreement (the &#8220;Notes Registration Rights Agreement&#8221;) with certain parties who received First Lien Notes
under the Plan (the &#8220;RRA Noteholders&#8221;). Under the Notes Registration Rights Agreement, RRA Noteholders have certain demand
registration rights, subject to the limitations set forth in the Notes Registration Rights Agreement. Pursuant to their underwritten offering
registration rights, RRA Noteholders have the right to demand Valaris register underwritten offerings of any or all of their Registrable
Securities (as defined in the Notes Registration Rights Agreement) pursuant to an effective registration statement, subject to certain
conditions, including that the aggregate proceeds expected to be received from such an offering is equal to or greater than $25 million,
unless such demand is not pursuant to a shelf registration statement, in which case certain RRA Noteholders may require Valaris to register
an underwriting offering for an amount that would enable all remaining Registrable Securities to be included in such offering or in an
amount of more than $15 million. In addition, Valaris will be required to register for resale such Registrable Securities pursuant to
Rule&#160;415 under the Securities Act, including by filing a Registration Statement on Form&#160;S-1 or Form&#160;S-3 by the applicable
deadline set forth in the Notes Registration Rights Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These registration rights are subject to certain
conditions and limitations, including the right of the underwriters to limit the aggregate principal amount of Registrable Securities
to be included in an offering and Valaris&#8217;s right to delay or withdraw a registration statement under certain circumstances. Valaris
will generally pay all registration expenses in connection with its obligations under the Notes Registration Rights Agreement, regardless
of whether a registration statement is filed or becomes effective. The registration rights granted in the Notes Registration Rights Agreement
are subject to customary indemnification and contribution provisions, as well as customary restrictions such as blackout periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Notes Registration
Rights Agreement is not complete and is qualified in its entirety by reference to the Notes Registration Rights Agreement, which is filed
as Exhibit&#160;10.3 to this Current Report and is incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 1.02 - Termination of a Material Definitive
Agreement</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Executive Severance Plan and CEO Employment
Agreement</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the Effective Date, pursuant to the provisions
of the Plan, Valaris has amended and restated its Executive Severance Plan, the initial participants in which are Jon Baksht, Executive
Vice President and Chief Financial Officer, Gilles Luca, Senior Vice President and Chief Operating Officer, Alan Quintero, Senior Vice
President, Business Development and Michael McGuinty, Senior Vice President, General Counsel and Secretary. Pursuant to the Executive
Severance Plan, upon a termination by Valaris without cause or termination by the participant for good reason, the participant will be
entitled to a severance payment equal to one times (or, in the case of Mr.&#160;Baksht, two times) the sum of the participant&#8217;s
base salary and target annual bonus, a bonus for the performance period in which termination occurs equal to the participant&#8217;s target
bonus, 12 months of subsidized health continuation coverage and outplacement assistance, accelerated vesting of time-based incentive awards
and prorated accelerated vesting of performance-based incentive awards based on actual results realized over the performance period. For
this purpose, &#8220;good reason&#8221; includes a material reduction in base salary or overall compensation opportunity, material diminution
in authority, duties or responsibilities, relocation of primary place of employment (other than a relocation between Houston, Texas and
London, England), or the failure of Valaris to grant the participant a satisfactory initial award under the Valaris Limited 2021 Management
Incentive Plan (the &#8220;MIP&#8221;) within 120 days after the Effective Date (the &#8220;MIP Good Reason Trigger&#8221;), subject in
each case to notice and opportunity to cure provisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, as contemplated by the Plan, the
employment agreement between the Company and Dr.&#160;Thomas Burke, Chief Executive Officer (the &#8220;Burke Employment Agreement&#8221;),
has been amended and restated as of the Effective Date to replace any provisions related to equity awards with references to awards pursuant
to the MIP, and to revise the &#8220;good reason&#8221; definition for severance eligibility to remove any trigger related to a material
reduction in Dr.&#160;Burke&#8217;s annual equity award and to include the MIP Good Reason Trigger. Additional details regarding the Burke
Employment Agreement are included in the Company&#8217;s annual report on Form&#160;10-K for the year ended December&#160;31, 2020, under
&#8220;<i>Termination or Change in Control Payments and Benefits -- Severance Payments and Benefits under Burke Employment Agreement.</i>&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing description of the Executive Severance
Plan and the Burke Employment Agreement is qualified in its entirety by reference to the full text of each, a copy of which is attached
hereto as Exhibits 10.5 and 10.6 and are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Equity Interests</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the Plan, all agreements, instruments
and other documents evidencing, relating to or otherwise connected with any of Legacy Valaris&#8217;s equity interests outstanding prior
to the Effective Date, including equity and equity-based awards under prior incentive plans, were frozen by the Depository Trust Company,
a New York corporation (&#8220;DTC&#8221;), and removed from over-the-counter trading by FINRA and, although not cancelled, all such equity
interests effectively have no further force or effect after the Effective Date. All of Legacy Valaris&#8217;s equity interests outstanding
prior to the Effective Date will cease to exist at the conclusion of Legacy Valaris&#8217;s administration in the United Kingdom. Pursuant
to the Plan, the holders of Legacy Valaris&#8217;s existing common shares, par value $0.40 per share (the &#8220;Existing Equity Interests&#8221;),
outstanding prior to the Effective Date received their pro rata share of the Warrants to acquire New Common Shares in accordance with
entitlements under the Plan.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Debt Securities</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the Plan, on the Effective
Date, all outstanding obligations under the following notes (the &#8220;Senior Notes&#8221;) were cancelled and the indentures governing
such obligations were cancelled, except to the limited extent expressly set forth in the Plan:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 6.875% Senior Notes due 2020, issued pursuant to the Indenture dated as of July&#160;1, 2004 by and among Pride International,&#160;Inc.
as issuer, Legacy Valaris as guarantor and The Bank of New York Mellon as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 4.70% Senior Notes due 2021, issued pursuant to the Supplemental Indenture relating to that certain Indenture, dated as of March&#160;17,
2011, between Legacy Valaris as issuer and the Deutsche Bank Trust Company Americas as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 4.875% Senior Notes due 2022, issued pursuant to the Fourth Supplemental Indenture relating to the 2009 Indenture, dated as of
July&#160;21, 2009, between Legacy Valaris as issuer and UMB Bank, National Association as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 7.75% Senior Notes due 2026, issued pursuant to the Fifth Supplemental Indenture relating to that certain Indenture, dated as
of March&#160;17, 2011, between Legacy Valaris as issuer and Deutsche Bank Trust Company Americas as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 7.20% Debentures due 2027, issued pursuant to the Indenture dated as of November&#160;20, 1997, between Ensco International Incorporated
as issuer, Legacy Valaris as guarantor and Deutsche Bank Trust Company Americas as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 7.875% Senior Notes due 2040, issued pursuant to the Third Supplemental Indenture relating to that certain Indenture, dated as
of July&#160;1, 2004, between Pride International,&#160;Inc. as issuer, Legacy Valaris as guarantor and The Bank of New York Mellon as
trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 5.40% Senior Notes due 2042, issued pursuant to the Fifth Supplemental Indenture relating to that certain Indenture, dated as
of July&#160;21, 2009, between Legacy Valaris as issuer and UMB Bank, National Association as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 3.00% Exchangeable Senior Notes due 2024, issued pursuant to that certain Indenture, dated as of December&#160;12, 2016, between
Ensco Jersey Finance Limited as issuer, Legacy Valaris as guarantor and Wilmington Trust, National Association as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 4.50% Senior Notes due 2024, issued pursuant to the Second Supplemental Indenture relating to that certain Indenture, dated as
of March&#160;17, 2011, between Legacy Valaris as issuer and Deutsche Bank Trust Company Americas as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 4.75% Senior Notes due 2024, issued pursuant to the Sixth Supplemental Indenture relating to that certain Indenture, dated as
of July&#160;21, 2009, between Legacy Valaris as issuer and UMB Bank, National Association as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 5.85% Senior Notes due 2044, issued pursuant to the Seventh Supplemental Indenture relating to that certain Indenture, dated as
of July&#160;21, 2009, between Legacy Valaris as issuer and UMB Bank, National Association as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 5.20% Senior Notes due 2025, issued pursuant to the Third Supplemental Indenture relating to that certain Indenture, dated as
of March&#160;17, 2011, between Legacy Valaris as issuer and Deutsche Bank Trust Company Americas as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 5.75% Senior Notes due 2044, issued pursuant to the Second Supplemental Indenture relating to that certain Indenture, dated as
of March&#160;17, 2011, between Legacy Valaris as issuer and Deutsche Bank Trust Company Americas as trustee;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 7.375% Senior Notes due 2025, issued pursuant to the Eighth Supplemental Indenture relating to that certain Indenture, dated as
of July&#160;21, 2009, between Legacy Valaris as issuer and UMB Bank, National Association as trustee; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the 8.00% Senior Notes due 2024, issued pursuant to the Fourth Supplemental Indenture relating to that certain Indenture, dated as
of March&#160;17, 2011, between Legacy Valaris as issuer and Deutsche Bank Trust Company Americas as trustee.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the Plan, holders of claims
against and interests in the Debtors shall receive the following treatment (capitalized terms used, but not defined, in this section have
the meanings ascribed to them in the Plan):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>each holder of claims arising under the revolving credit facility provided for under that certain Amended and Restated Credit Agreement,
dated as of May&#160;7, 2013, by and among the Company, as the borrower, and the other parties thereto (the &#8220;Credit Facility Claims&#8221;)
(Class&#160;3) received: (a)&#160;its Pro Rata share of the RCF Base Treatment Pool, if such holder was a Non-Consenting Lender; (b)&#160;its
Pro Rata share of $96,053,481.87 and its Pro Rata share of the Consenting Base Treatment Distributable Shares, if such holder was a Consenting
Base Treatment Lender; and (c)&#160;its Pro Rata share of the RCF New Money Participation Treatment (which includes $7,802,007.88 in cash),
if such holder was a New Money Participating Credit Facility Creditor;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>holders of claims with respect to the 2020 Notes and the 2040 Notes (the &#8220;Pride Bond Claims&#8221;) (Class&#160;4) received
their Pro Rata share of: (a)&#160;8.808% of the Senior Notes Distributable Pool (as defined by the Plan) and (b)&#160;an aggregate $1.25
million payment in cash;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>holders of claims with respect to the 2027 Debentures (the &#8220;Ensco International Bond Claims&#8221;) (Class&#160;5) received
their Pro Rata share of: (a)&#160;1.549% of the Senior Notes Distributable Pool and (b)&#160;an aggregate $1 million payment in cash;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>holders of claims with respect to the 3.0% 2024 Notes (the &#8220;Jersey Bond Claims&#8221;) (Class&#160;6) received their Pro Rata
share of 20.204% of the Senior Notes Distributable Pool;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>holders of claims with respect to the 2021 Notes, the 8.0% 2024 Notes, the 4.5% 2024 Notes, the 5.2% 2025 Notes, the 2026 Notes, and
the 5.75% 2044 Notes (the &#8220;Valaris Bond Claims&#8221;) (Class&#160;7) received their Pro Rata share of 36.834% of the Senior Notes
Distributable Pool;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>holders of claims with respect to the 2022 Notes, the 2042 Notes, the 4.75% 2024 Notes, the 5.85% 2044 Notes, and the 7.375% 2025
Notes (the &#8220;Legacy Rowan Bond Claims&#8221;) (Class&#160;8) received their Pro Rata share of: (a)&#160;32.605% of the Senior Notes
Distributable Pool and (b)&#160;an aggregate $23.75 million payment in cash;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>holders of claims arising from allowed general unsecured claims (each a &#8220;GUC Claim&#8221;) (Class&#160;9) will receive payment
in full in cash within ninety days after the later of (a)&#160;the Effective Date and (b)&#160;the date such GUC Claim comes due;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>holders of the Existing Interests in Legacy Valaris (Class&#160;13), including Legacy Valaris&#8217;s common shares, received their
Pro Rata share of Warrants to purchase new common shares or new common shares, as applicable, issued by the Valaris (the&#160;&#8220;New
Valaris Equity&#8221;);</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Prepetition Unsecured Revolving Credit Facility</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Plan, on the Effective Date, that
certain Amended and Restated Credit Agreement, dated as of May&#160;7, 2013, by and among Legacy Valaris, as the borrower, and the other
parties thereto (as amended prior to the date hereof, the &#8220;Prepetition Revolving Credit Facility&#8221;), was terminated and the
holders of Credit Facility Claims received such treatment as set forth above.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>DIP Facility</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Plan, on the Effective Date, the
holders of claims under the Senior Secured Superpriority Debtor-in-Possession Credit Agreement, dated as of September&#160;25, 2020 (the
&#8220;DIP Facility&#8221;), by and among certain of the Debtors, as borrowers, the lenders party thereto, and the DIP Agent (as defined
in the DIP Facility), had such obligations paid in full in cash. As of the Effective Date, there were no borrowings outstanding against the DIP Facility. Any DIP Claims that are not due and payable on, or that otherwise survive,
the Effective Date will be paid in full as soon as reasonably practicable after they become due and payable. All liens and security interests
granted to secure such obligations will be released as of the Effective Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 2.03 - Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Effective Date, Valaris and certain of
its subsidiaries, as applicable, entered into certain direct financial obligations under the First Lien Notes Indenture. The description
of the First Lien Notes Indenture set forth in Item 1.01 of this Current Report are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 3.02 - Unregistered Sales of Equity Securities</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Effective Date, and subject to applicable
rounding by DTC, pursuant to the Plan (capitalized terms used, but not defined, in this section have the meanings ascribed to them in
the Plan):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>2,541,980 New Shares were transferred to holders of the Pride Bond Claims in cancellation of the Pride Bond Claims;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>447,040 New Shares were transferred to holders of the Ensco International Bond Claims in cancellation of the Ensco International Bond
Claims;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>5,830,854 New Shares were transferred to holders of the Jersey Bond Claims in cancellation of the Jersey Bond Claims;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>10,630,256 New Shares were transferred to holders of the Valaris Bond Claims in cancellation of the Valaris Bond Claims;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>9,409,770 New Shares were transferred to holders of the Legacy Rowan Bond Claims in cancellation of the Legacy Rowan Bond Claims;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>21,240,100 New Shares were transferred to holders of the Credit Facility Claims in cancellation of the Credit Facility;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>5,645,161 Warrants to purchase New Shares were issued to holders of the Existing Equity Interests;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>14,062,500 New Shares were issued to holders of Senior Notes Claims and New Money Participating Credit Facility Creditors who participated
in the Rights Offering;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>8,437,500 New Shares were issued to the Backstop Parties as a part of the Holdback in accordance with the Backstop Agreement;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>2,025,000 New Shares were issued to the Backstop Parties as a part of the Additional Backstop Equity in connection with the Plan;
and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>375,000 New Shares were issued to Daewoo Shipbuilding Marine Engineering Co. Ltd. in connection with the Plan.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the Effective Date, there were 75,000,000
New Shares issued and outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Shares and Warrants were issued pursuant
to the Plan and were issued pursuant to the exemption from the registration requirements of the Securities Act under Section&#160;1145
of the Bankruptcy Code and, to the extent such exemption was unavailable, in reliance on the exemption provided by section 4(a)(2)&#160;under
the Securities Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For further information, see Items 1.01 and 1.02
of this Current Report, which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 3.03 - Material Modifications to Rights
of Security Holders</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As provided in the Plan and related documentation,
all notes, agreements, instruments, certificates and other documents evidencing any claim against or interest in the Debtors were cancelled
on the Effective Date and the obligations of the Debtors thereunder or in any way related thereto were fully released. The securities
cancelled on the Effective Date include all of the Senior Notes. In accordance with the Plan, all equity interests in Legacy Valaris were
frozen and removed from trading and will cease to exist upon the conclusion of Legacy Valaris&#8217;s administration in the United Kingdom
pursuant to Part&#160;II of the Insolvency Act 1986 (United Kingdom). For further information, see the Explanatory Note and Items 1.02
and 5.03 of this Current Report, which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 5.01 - Changes in Control of Registrant</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the Effective Date, all of the Existing Equity
Interests were frozen and removed from trading and all of the Senior Notes were cancelled, and, in respect of the cancellation of such
indebtedness and pursuant to the Plan and related documentation, the Rights Offering and the Backstop Commitment Agreement, 75,000,000
New Shares representing all of the New Shares issued and outstanding were transferred for the benefit of holders of the Senior Notes and
the RCF and, in respect of such removal from trading, 5,645,161, Warrants were transferred for the benefit of holders of the Existing
Equity Interests, in each case, subject to applicable rounding by DTC. For further information, see Items 1.01, 1.02, 3.02 and 5.02 of
this Current Report, which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 5.02 - Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Departure of Directors</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the Plan, William E. Albrecht,
Frederick Arnold, Mary E. Francis CBE, Georges J. Lambert, Suzanne P. Nimocks, Thierry Pilenko, and Charles L. Szews resigned from the
Legacy Valaris board of directors (the &#8220;Legacy Valaris Board&#8221;) on the calendar day following the Effective Date. There were
no known disagreements between such directors and Legacy Valaris which led to their respective resignations from the Legacy Valaris Board.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Appointment of Directors</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Valaris board of directors (the &#8220;Board&#8221;)
will consist of seven members selected in accordance with the Plan. As of the Effective Date, in accordance with the Plan, the following
individuals were appointed to the Board: Tom Burke, Dick Fagerstal, Joe Goldschmid, Elizabeth Leykum, Deepak Munganahalli, and Jay Swent
(&#8220;Valaris Directors&#8221; and each a &#8220;Valaris Director&#8221;). Anton Dibowitz will become a director of Valaris with effect
from July&#160;1, 2021 and as of such date shall be considered a &#8220;Valaris Director.&#8221; Ms.&#160;Leykum was also appointed to
serve as Chairman of the Board. The Board consists of a single class of directors with the initial term of office to expire at the 2022
annual meeting of shareholders or until their office is vacated in accordance with the Bye-laws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current expected committees of the Board and
directors appointed to each committee are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>Audit Committee: Mr.&#160;Fagerstal (Chair), Ms.&#160;Leykum, and Mr.&#160;Swent</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>Compensation Committee: Mr.&#160;Goldschmid (Chair), Ms.&#160;Leykum, and Mr.&#160;Swent</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>Nominating and Governance Committee: Mr.&#160;Swent (Chair), Mr.&#160;Goldschmid, and Ms.&#160;Leykum</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                                                                                                        <tr style="vertical-align: top">
<td><span style="font: 10pt Symbol">&#183;</span>&#160;</td><td>Environmental, Social and Governance Committee:  Mr. Munganahalli (Chair) and Mr. Fagerstal&#160;</td></tr>
                                                                                                                                                                                                                        <tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td></tr>
                                                                                                                                                                                                                        <tr style="vertical-align: top">
<td><span style="font: 10pt Symbol">&#183;</span>&#160;</td><td>Strategy Committee:  Mr. Goldschmid (Chair), Ms. Leykum and Mr. Munganahalli&#160;</td></tr>
                                                                                                                                                                                                                        </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In connection with Mr.&#160;Goldschmid&#8217;s appointment,
shortly after emergence, Oak Hill Advisors, L.P. (&#8220;OHA&#8221;) will enter into a non-disclosure agreement with Valaris covering
confidential information that may be disclosed by Mr.&#160;Goldschmid to OHA. Additionally, in connection with their appointment, each
Valaris Director is expected to enter into an indemnification agreement with Valaris providing for indemnification and advancement of
litigation and other expenses to the fullest extent permitted by law for claims relating to their service to Valaris or its subsidiaries.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no other arrangement or understanding
between the Valaris Directors and any other persons pursuant to which he or she was appointed as a member of the Board. None of the Valaris
Directors have any family relationship with any director or executive officer of Valaris. There is no relationship between Tom Burke,
Anton Dibowitz, Dick Fagerstal, Joe Goldschmid, Elizabeth Leykum, Deepak Munganahalli, and Jay Swent and Valaris that would require disclosure
pursuant to Item 404(a)&#160;of Regulation S-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Management Incentive Plan</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the Plan, Valaris adopted the
Valaris Limited 2021 Management Incentive Plan (the &#8220;MIP&#8221;) as of the Effective Date and is authorizing and reserving 8,960,573
Common Shares for issuance pursuant to equity incentive awards to be granted under the MIP, which may be in the form of incentive stock
options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and cash
awards or any combination of the foregoing. The foregoing description of the MIP is qualified in its entirety by reference to the full
text of the MIP, a copy of which is attached hereto as Exhibit&#160;10.4 and is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 5.03 - Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The memorandum of association of Valaris was filed
with the Register of Companies in Bermuda on the date of its incorporation, January&#160;19, 2021. In accordance with the Plan, Valaris
adopted the Bye-laws of Valaris (the &#8220;Bye-laws&#8221;) with effect from the Effective Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Authorized Share Capital</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the Effective Date, the authorized share
capital of Valaris is $8,500,000 divided into 700,000,000 common shares of a par value of $0.01 each (the &#8220;Common Shares&#8221;)
and 150,000,000 preference shares of a par value of $0.01, each of such class or classes having the rights as the Board may determine
from time to time.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Voting</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of Common Shares will be entitled
to one vote per Common Share. The Bye-laws do not provide for cumulative voting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no limitations imposed by Bermuda law
or the Bye-laws on the right of nonresident shareholders to hold or vote their Common Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If at any time there is more than one class of
shares, the rights attaching to any class, unless otherwise provided for by the terms of issue of the relevant class, may be varied either:
(i)&#160;with the consent in writing of the holders of 75% of the issued shares of that class; or (ii)&#160;with the sanction of a resolution
passed by a majority of the votes cast at a general meeting of the relevant class of shareholders at which a quorum consisting of at least
two persons holding or representing one-third of the issued shares of the relevant class is present. The Bye-laws provide that the rights
conferred upon the holders of the shares of any class or series issued with preferred or other rights shall not, unless otherwise expressly
provided by the terms of issue of the shares of that class or series, be deemed to be varied by the creation or issue of further shares
ranking <i>pari passu</i> therewith.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Bermuda law, some matters, such as altering
the Memorandum or the Bye-laws, changing the name of Valaris, voluntarily winding up of Valaris or certain amalgamations or mergers, require
the approval of shareholders by a resolution passed by the affirmative vote of shares carrying not less than a majority of the total voting
rights of all issued and outstanding shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Quorum for General Meetings</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The quorum for general meetings of shareholders
is the presence of shareholders who, present in person (which, in the case of a corporate shareholder shall include being present by a
representative) or by proxy, together represent at least the fifty percent of the total voting rights of all issued and outstanding Voting
Shares (as defined in the Bye-laws). The matters set out below require the presence of at least two persons holding or representing more
than one third of the issued shares of Valaris:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the amalgamation or merger with entities (other than with certain affiliated entities); and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>the variation of share rights (as noted above).</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Dividend Rights</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to any rights and restrictions of any
other class or series of shares, the Board may, from time to time, declare dividends on the shares issued and authorize payment of the
dividends. The Board may declare that any dividend be paid to the members wholly or partly in cash or in specie.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although Valaris does not expect to pay periodic
cash dividends on Common Shares following the Effective Date, any future declaration and payment of dividends by Valaris would be:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>dependent upon its results of operations, financial condition, cash requirements and other relevant factors;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>subject to the discretion of its Board; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font: 10pt Symbol">&#183;</span></td><td>subject to restrictions contained in debt instruments.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Valaris may not declare or pay a dividend, or
make a distribution out of contributed surplus, if there are reasonable grounds for believing that (i)&#160;the company is, or would after
the payment be, unable to pay its liabilities as they become due; or (ii)&#160;the realizable value of the company&#8217;s assets would
thereby be less than its liabilities. &#8220;Contributed surplus&#8221; is defined for purposes of section 54 of the Companies Act 1981
of Bermuda (the &#8220;Companies Act&#8221;) to include the proceeds arising from donated shares, credits resulting from the redemption
or conversion of shares at less than the amount set up as nominal capital and donations of cash and other assets to the company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Capitalization of Profits and Reserves</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Bye-laws, the Board may (i)&#160;capitalize
any part of the amount of our share premium or other reserve accounts or any amount credited to our profit and loss account or otherwise
available for distribution by applying such sum in paying up unissued shares to be allotted as fully paid bonus shares pro-rata (except
in connection with the conversion of shares) to the shareholders; or (ii)&#160;capitalize any sum standing to the credit of a reserve
account or sums otherwise available for dividend or distribution by paying up in full, partly paid or nil paid shares of those shareholders
who would have been entitled to such sums if they were distributed by way of dividend or distribution.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rights Upon Liquidation</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of Valaris&#8217; liquidation, dissolution
or winding up, the holders of Common Shares are entitled to share equally and ratably in Valaris&#8217; assets, if any, remaining after
the payment of all of its debts and liabilities, subject to any liquidation preference on any issued and outstanding Preference Shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>No Sinking Fund</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares have no sinking fund provisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>No Liability for Further Calls or Assessments</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares are duly and validly issued,
fully paid and non-assessable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>No Preemptive Rights</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Common Shares will have no preemptive
or preferential right to purchase any securities of Valaris.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Redemption and Conversion</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares will not be convertible into
shares of any other class or series or be subject to redemption either by Valaris or the holder of the shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Repurchase</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Bye-laws, Valaris may purchase any issued
Common Shares in the circumstances and on the terms as are agreed by Valaris and the holder of the shares whether or not Valaris has made
a similar offer to all or any other of the holders of Common Shares. Such repurchase may not be made if, on the date on which the repurchase
is to be effected, there are reasonable grounds for believing that Valaris is, or after the repurchase, will be unable to pay its liabilities
as they fall due.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Restrictions on Transfer</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the rules&#160;of the New York Stock
Exchange and any other stock exchange on which the Common Shares may be listed, the Board may refuse to register a transfer unless all
applicable consents, authorizations, and permissions are obtained for any government body or agency in Bermuda.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bermuda Monetary Authority has given its consent
for the issue and free transferability of all of the Common Shares to and between persons resident and non-resident of Bermuda for exchange
control purposes, provided such shares remain listed on an appointed stock exchange, which includes the New York Stock Exchange. Approvals
or permissions given by the Bermuda Monetary Authority do not constitute a guarantee by the Bermuda Monetary Authority as to Valaris&#8217;
performance or Valaris&#8217; creditworthiness. Accordingly, in giving such consent or permissions, the Bermuda Monetary Authority shall
not be liable for the financial soundness, performance or default of Valaris&#8217;s business or for the correctness of any opinions or
statements expressed herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Other Classes or Series&#160;of Shares</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board is authorized to provide for the issuance
of the Preference Shares in one or more series, and to establish from time to time the number of Preference Shares to be included in each
such series, and to fix the terms, including designation, powers, preferences, rights, qualifications, limitations and restrictions of
the Preference Shares of each such series. Such a &#8220;blank check&#8221; preferred share provision could have certain &#8220;anti-takeover&#8221;
effects. See &#8220;- Anti-Takeover Provisions&#8221; below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Compulsory Acquisition of Shares Held by Minority
Holders</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An acquiring party is generally able to acquire
compulsorily the Common Shares of minority holders in one of the following ways:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">By a procedure under the Companies Act known as a &#8220;scheme of arrangement&#8221;. A scheme of arrangement
could be effected by obtaining the agreement of the company and of holders of common shares, representing in the aggregate a majority
in number and at least 75% in value of the common shareholders present and voting at a court ordered meeting held to consider the scheme
or arrangement. The scheme of arrangement must then be sanctioned by the Bermuda Supreme Court. If a scheme of arrangement receives all
necessary agreements and sanctions, upon the filing of the court order with the Registrar of Companies in Bermuda, all holders of common
shares could be compelled to sell their shares under the terms of the scheme of arrangement.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(2)</td><td style="text-align: justify">If the acquiring party is a company it may compulsorily acquire all the shares of the target company,
by acquiring pursuant to a tender offer 90% of the shares or class of shares not already owned by, or by a nominee for, the acquiring
party (the &#8220;offeror&#8221;), or any of its subsidiaries. If an offeror has, within four months after the making of an offer for
all the shares or class of shares not owned by, or by a nominee for, the offeror, or any of its subsidiaries, obtained the approval of
the holders of 90% or more of all the shares to which the offer relates, the offeror may, at any time within two months beginning with
the date on which the approval was obtained, require by notice any nontendering shareholder to transfer its shares on the same terms as
the original offer. In those circumstances, nontendering shareholders will be compelled to sell their shares unless the Supreme Court
of Bermuda (on application made within a one-month period from the date of the offeror&#8217;s notice of its intention to acquire such
shares) orders otherwise.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(3)</td><td style="text-align: justify">Where one or more parties holds not less than 95% of the shares or a class of shares of a company, such
holder(s)&#160;may, pursuant to a notice given to the remaining shareholders or class of shareholders, acquire the shares of such remaining
shareholders or class of shareholders. When this notice is given, the acquiring party is entitled and bound to acquire the shares of the
remaining shareholders on the terms set out in the notice, unless a remaining shareholder, within one month of receiving such notice,
applies to the Supreme Court of Bermuda for an appraisal of the value of their shares. This provision only applies where the acquiring
party offers the same terms to all holders of shares whose shares are being acquired.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Transfer Agent</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A register of holders of the Common Shares will
be maintained by Conyers Corporate Services (Bermuda) Limited in Bermuda, and a branch register will be maintained in the United States
by Computershare Trust Company, N.A., who will serve as branch registrar and transfer agent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Untraced Shareholders</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bye-laws provide that the Board may forfeit
any dividend or other monies payable in respect of any shares which remain unclaimed for six years from the date when such monies became
due for payment. In addition, Valaris is entitled to cease sending dividend warrants and checks by post or otherwise to a shareholder
if such instruments have been returned undelivered to, or left uncashed by, such shareholder on at least two consecutive occasions or,
following one such occasion, reasonable enquires have failed to establish the shareholder&#8217;s new address. This entitlement ceases
if the shareholder claims a dividend or cashes a dividend check or a warrant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Indemnification of directors and officers</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&#160;98 of the Companies Act provides
generally that a Bermuda company may indemnify its directors, officers and auditors against any liability which by virtue of any rule&#160;of
law would otherwise be imposed on them in respect of any negligence, default, breach of duty or breach of trust, except in cases where
such liability arises from fraud or dishonesty of which such director, officer or auditor may be guilty in relation to the company. Section&#160;98
further provides that a Bermuda company may indemnify its directors, officers and auditors against any liability incurred by them in defending
any proceedings, whether civil or criminal, in which judgment is awarded in their favor or in which they are acquitted or granted relief
by the Supreme Court of Bermuda pursuant to section 281 of the Companies Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bye-laws provide that Valaris shall indemnify
its officers and directors in respect of their actions and omissions, except in respect of their fraud or dishonesty. The Bye-laws provide
that the shareholders waive all claims or rights of action that they might have, individually or in right of the company, against any
of the company&#8217;s directors or officers for any act or failure to act in the performance of such director&#8217;s or officer&#8217;s
duties, except in respect of any fraud or dishonesty of such director or officer. Section&#160;98A of the Companies Act permits us to
purchase and maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching to him in respect
of any negligence, default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer or director. Valaris
has purchased and maintains a directors&#8217; and officers&#8217; liability policy for such a purpose.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Anti-Takeover Provisions</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>General</i></span>.
The Bye-laws have provisions that could have an anti-takeover effect. These provisions are intended to enhance the ability of the Board
to deal with unsolicited takeover attempts by increasing the likelihood of continuity and stability in the composition of the Board. These
provisions could have the effect of discouraging transactions that may involve an actual or threatened change of control of Valaris.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Number
of Directors</i></span>. The Bye-laws provide that the Board will consist of not less than three directors nor more than fifteen directors,
the exact number to be set from time to time by the Board.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Advance
Notice Provisions</i></span>. The Bye-laws establish an advance notice procedure that must be followed by shareholders if they wish to
nominate candidates for election as directors at an annual general meeting of shareholders. The Bye-laws provide generally that, if a
shareholder desires to nominate a candidate for election as a director at an annual general meeting, then such shareholder must give notice
not less than 90 days nor more than 120 days prior to the anniversary of the last annual general meeting. The notice must contain specified
information concerning the shareholder submitting the proposal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Preference
Shares</i></span>. The Board is authorized to provide for the issuance of the Preference Shares in one or more series, and to establish
from time to time the number of Preference Shares to be included in each such series, and to fix the terms, including designation, powers,
preferences, rights (including voting rights), qualifications, limitations and restrictions of the Preference Shares of each such series.
The Board could authorize the issuance of preferred shares with terms and conditions that could discourage a takeover or other transaction
that holders of some or a majority of the Common Shares might believe to be in their best interests or in which holders might receive
a premium for their shares over the then market price of the shares. No preferred shares have been established as of the date of this
Current Report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Unanimous
written resolutions.</i></span> Written resolutions which have not been previously approved by the Board will not be passed until it is
signed by all the shareholders who at the date that the notice is given would be entitled to attend, vote and pass a resolution at a general
meeting of the company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><i>Restrictions
on Business Combinations</i></span>. As a Bermuda company, Valaris is not subject to Section&#160;203 of the Delaware General Corporation
Law, which restricts business combinations with interested shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is qualified in its entirety by reference
to the full text of the Memorandum and the Bye-laws, which are attached hereto as Exhibits 3.1 and 3.2 and incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 9.01 - Financial Statements and Exhibits</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#160;Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following exhibits are filed in accordance
with the provisions of Item 601 of Regulation S-K:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify; width: 6%"><a href="https://www.sec.gov/Archives/edgar/data/314808/000110465921032788/tm218790d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">2.1*</span></a></td>
    <td style="vertical-align: bottom; width: 2%">&#160;</td>
    <td style="text-align: justify; vertical-align: top; width: 92%"><a href="https://www.sec.gov/Archives/edgar/data/314808/000110465921032788/tm218790d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">
Fourth Amended Joint Chapter 11 Plan of Reorganization of Valaris plc (n/k/a Valaris Limited) and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (incorporated by reference to Exhibit A of Order Confirming Fourth Amended Joint Chapter 11 Plan of Reorganization, filed as Exhibit 99.1 to Legacy Valaris' Current Report on Form 8-K filed on March 5, 2021, File No . 001-08097).</span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><a href="tm2114630d1_ex3-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">3.1</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: justify; vertical-align: top"><a href="tm2114630d1_ex3-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Memorandum of Association of Valaris Limited. </span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><a href="tm2114630d1_ex3-2.htm"><span style="font: 10pt Times New Roman, Times, Serif">3.2</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: justify; vertical-align: top"><a href="tm2114630d1_ex3-2.htm"><span style="font: 10pt Times New Roman, Times, Serif">Bye-laws of Valaris Limited. </span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
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    <td style="text-align: justify; vertical-align: top"><a href="tm2114630d1_ex4-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Indenture, dated as of April&#160;30, 2021, among Valaris Limited, the guarantors listed therein, and Wilmington Savings Fund Society, FSB as collateral agent and trustee (including the form of First Lien Note attached thereto). </span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><a href="tm2114630d1_ex10-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">10.1</span></a></td>
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    <td style="text-align: justify; vertical-align: top"><a href="tm2114630d1_ex10-1.htm"><span style="font: 10pt Times New Roman, Times, Serif">Warrant Agreement, dated as of April&#160;30, 2021, by and between Valaris Limited and Computershare Inc. and Computershare Trust Company, N.A. </span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><a href="tm2114630d1_ex10-2.htm"><span style="font: 10pt Times New Roman, Times, Serif">10.2&#8224;</span></a></td>
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    <td style="text-align: justify; vertical-align: top"><a href="tm2114630d1_ex10-2.htm"><span style="font: 10pt Times New Roman, Times, Serif">Equity Registration Rights Agreement, dated as of April&#160;30, 2021, by and among Valaris Limited and the holders party thereto. </span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><a href="tm2114630d1_ex10-3.htm"><span style="font: 10pt Times New Roman, Times, Serif">10.3&#8224;</span></a></td>
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    <td style="text-align: justify; vertical-align: top"><a href="tm2114630d1_ex10-3.htm"><span style="font: 10pt Times New Roman, Times, Serif">Notes Registration Rights Agreement, dated as of April&#160;30, 2021, by and among Valaris Limited and the holders party thereto. </span></a></td></tr>
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<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

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    <td style="text-align: justify; vertical-align: top; width: 92%"><a href="tm2114630d1_ex10-4.htm"><span style="font: 10pt Times New Roman, Times, Serif">Form&#160;of Valaris Limited 2021 Management Incentive Plan</span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><a href="tm2114630d1_ex10-5.htm"><span style="font: 10pt Times New Roman, Times, Serif">10.5</span></a></td>
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  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
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    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><a href="tm2114630d1_ex10-6.htm"><span style="font: 10pt Times New Roman, Times, Serif">10.6</span></a></td>
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    <td style="text-align: justify; vertical-align: top"><a href="tm2114630d1_ex10-6.htm"><span style="font: 10pt Times New Roman, Times, Serif">Employment Agreement, dated as of April&#160;30. 2021, by and between Dr.&#160;Thomas Burke and Valaris Limited and </span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/314808/000110465921032788/tm218790d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">99.1*</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: justify; vertical-align: top"><a href="https://www.sec.gov/Archives/edgar/data/314808/000110465921032788/tm218790d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">
Order Confirming Fourth Amended Joint Chapter 11 Plan of Reorganization (incorporated by reference to Exhibit&#160;99.1 to Legacy Valaris&#8217; Current Report on Form&#160;8-K filed on March&#160;5, 2021). </span></a></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: top; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">104</span></td>
    <td style="vertical-align: bottom">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt; text-align: justify">&#160;</td>
    <td style="padding: 0.25pt; font-size: 10pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding: 0.25pt; font-size: 10pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">&#8224;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td><span style="font: 10pt Times New Roman, Times, Serif">Date: April&#160;30, 2021</span></td>
    <td colspan="2"><span style="font: 10pt Times New Roman, Times, Serif">VALARIS LIMITED</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%">&#160;</td>
    <td style="width: 5%">&#160;</td>
    <td style="width: 45%">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">By:</span></td>
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    <td><span style="font: 10pt Times New Roman, Times, Serif">Jonathan Baksht</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<DOCUMENT>
<TYPE>EX-3.1
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<FILENAME>tm2114630d1_ex3-1.htm
<DESCRIPTION>EXHIBIT 3.1
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT&nbsp;3.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FORM&nbsp;No.&nbsp;2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="tm2114630d1_ex3-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BERMUDA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE COMPANIES ACT 1981</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MEMORANDUM OF ASSOCIATION OF COMPANY LIMITED BY
SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Section&nbsp;7(1)&nbsp;and (2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MEMORANDUM OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Valaris Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(hereinafter referred to as &quot;the Company&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify">The liability of the members of the Company is limited to the amount (if any) for the time being unpaid on the shares respectively
held by them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD>We, the undersigned, namely,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0.5in; margin-left: 0.75in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address</B></FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bermudian Status</B></FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nationality</B></FONT></TD>
    <TD STYLE="width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Yes or No)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subscribed</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dawn Griffiths</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clarendon House</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">British</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 Church Street</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamilton, HM 11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bermuda</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clarendon House</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">British</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Garrod</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 Church Street</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamilton, HM 11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bermuda</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rovonne</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sampson</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clarendon House<BR>
2 Church Street</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">British</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamilton, HM 11</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bermuda</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">do hereby respectively agree to take
such number of shares of the Company as may be allotted to us respectively by the provisional directors of the Company, not exceeding
the number of shares for which we have respectively subscribed, and to satisfy such calls as may be made by the directors, provisional
directors or promoters of the Company in respect of the shares allotted to us respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD><TD>The Company is to be an <B>exempted </B>company as defined by the Companies Act 1981 (the &quot;Act&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify">The Company, with the consent of the Minister of Finance, has power to hold land situate in Bermuda not exceeding ____in all, including
the following parcels:- <B>N/A</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify">The authorised share capital of the Company is <B>US$100.00 </B>divided into shares of <B>US$0.01 </B>each.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD><TD>The objects for which the Company is formed and incorporated are unrestricted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD><TD>The following are provisions regarding the powers of the Company -</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to paragraph
6, the Company may do all such things as are incidental or conducive to the attainment of its objects and shall have the capacity, rights,
powers and privileges of a natural person, and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #2a2a2a">(i)</FONT></TD><TD STYLE="text-align: justify">pursuant to Section&nbsp;42 of the Act, the Company shall have the power to issue preference shares which are, at the option of the
holder, liable to be redeemed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #2a2a2a">(ii)</FONT></TD><TD STYLE="text-align: justify">pursuant to Section&nbsp;42A of the Act, the Company shall have the power to purchase its own shares for cancellation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; color: #2a2a2a">(iii)</FONT></TD><TD STYLE="text-align: justify">pursuant to Section&nbsp;42B of the Act, the Company shall have the power to acquire its own shares to be held as treasury shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Signed by each subscriber in the presence of at least one
witness attesting the signature thereof</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left">/s/ Dawn Griffiths</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left">/s/ Tina Trott</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Christopher Garrod</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Tina Trott</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Rovonne Sampson</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Tina Trott</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(Subscribers)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(Witnesses)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">SUBSCRIBED this 19th day of January&nbsp;2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>tm2114630d1_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;3.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">Bye-laws of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Valaris Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adopted by written resolution with effect from and including 30 April&nbsp;2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #003a5d"><B>CONYERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clarendon House, 2 Church Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hamilton HM 11, Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #003a5d"><B>conyers.com</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE OF CONTENTS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 89%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 6%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>interpretation</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>SHARES </B></FONT></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power to Issue Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of the Company to Purchase its Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD>
    <TD>Rights Attaching to Shares</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calls on Unpaid Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD>
    <TD>Forfeiture of Shares</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD>
    <TD>Share Certificates</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fractional Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>REGISTRATION OF SHARES</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>12</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Register of Members</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD>
    <TD>Registered Holder Absolute Owner</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD>
    <TD>Transfer of Registered Shares</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD>
    <TD>Transmission of Registered Shares</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>ALTERATION OF SHARE CAPITAL</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>15</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power to Alter Capital</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variation of Rights Attaching to Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>DIVIDENDS AND CAPITALISATION</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>15</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT></TD>
    <TD>Power to Set Aside Profits</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Method of Payment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalisation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>MEETINGS OF MEMBERS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>17</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual General Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special General Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Requisitioned Special General Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 89%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 6%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Giving Notice and Access</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.</B></FONT></TD>
    <TD>Changes to Arrangements for General Meetings</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic Participation and Security in Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quorum at General Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair of the Board to Preside at General Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting on Resolutions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>29.</B></FONT></TD>
    <TD>Power to Demand a Vote on a Poll</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.</B></FONT></TD>
    <TD>Voting by Joint Holders of Shares</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31.</B></FONT></TD>
    <TD>Instrument of Proxy</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>32.</B></FONT></TD>
    <TD>Representation of Corporate Member</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjournment of General Meeting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>34.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written Resolutions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>35.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors Attendance at General Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>36.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Proposals</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>DIRECTORS AND OFFICERS</B></FONT> <B></B></TD>
    <TD STYLE="text-align: right"><B>26</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>37.</B></FONT></TD>
    <TD>Election of Directors</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>38.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Directors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>39.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independence and No Share Qualification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>40.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retirement of Directors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>41.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Removal of Directors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>42.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vacancy in the Office of Director</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>43.</B></FONT></TD>
    <TD>Remuneration of Directors</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>44.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defect in Appointment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>45.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors To Manage Business</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>46.</B></FONT></TD>
    <TD>Powers of the Board</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>47.</B></FONT></TD>
    <TD>Chair of the Board and Chief Executive Officer</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>48.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Vice Presidents</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>49.</B></FONT></TD>
    <TD>Delegation to Committees</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>50.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Register of Directors and Officers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>51.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment of Officers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>52.</B></FONT></TD>
    <TD STYLE="width: 89%">Appointment of Secretary</TD>
    <TD STYLE="text-align: right; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>53.</B></FONT></TD>
    <TD>Duties of Officers</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>54.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved.]</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>55.</B></FONT></TD>
    <TD>Conflicts of Interest</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>56.</B></FONT></TD>
    <TD>Indemnification and Exculpation of Directors and Officers</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>MEETINGS OF THE BOARD OF DIRECTORS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>39</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>57.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>58.</B></FONT></TD>
    <TD>Notice of Board Meetings</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>59.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic Participation in Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>60.</B></FONT></TD>
    <TD>Quorum at Board Meetings</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>61.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board to Continue in the Event of Vacancy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>62.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair to Preside</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>63.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written Resolutions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>64.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validity of Prior Acts of the Board</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>CORPORATE RECORDS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>41</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>65.</B></FONT></TD>
    <TD>Minutes</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>66.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place Where Corporate Records Kept</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>67.</B></FONT></TD>
    <TD>Form and Use of Seal</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>ACCOUNTS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>41</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>68.</B></FONT></TD>
    <TD>Records of Account</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>69.</B></FONT></TD>
    <TD>Financial Year End</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>AUDITS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>42</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>70.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual Audit</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>71.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment of Auditor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>72.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remuneration of Auditor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>73.</B></FONT></TD>
    <TD>Duties of Auditor</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>74.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access to Records</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>75.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Statements and the Auditor's Report</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>76.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vacancy in the Office of Auditor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>VOLUNTARY WINDING-UP AND DISSOLUTION</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>43</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>77.</B></FONT></TD>
    <TD>Winding-Up</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>CHANGES TO CONSTITUTION</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>44</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>78.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes to Bye-laws</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>79.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discontinuance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>interpretation</B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Definitions</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.1.</FONT></TD><TD STYLE="text-align: justify">In these Bye-laws, the following words and expressions shall, where not inconsistent with the context,
have the following meanings, respectively:</TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0.5in; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Act&rdquo;</B></FONT></TD>
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Companies Act 1981 of Bermuda;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Applicable Law&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Appointed Stock Exchange&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any stock exchange appointed by the Minister of Finance of Bermuda under the Act;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Audit Committee&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the audit committee of the Board from time to time established/appointed in accordance with these Bye-laws;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Auditor&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">includes an individual, company or partnership appointed as auditor in accordance with these Bye-laws from time to time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Bankruptcy Code&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">title 11 of the United States Code, 11 U.S.C. &sect;&sect; 101&ndash;1532, as in effect as of the date these Bye-laws were adopted or thereafter amended, and the rules&nbsp;and regulations promulgated thereunder</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Bermuda Business Day&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any day other than a Saturday, Sunday or a day on which commercial banks located in Bermuda are required or authorised by law or executive order to be closed;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Board&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the board of directors (or, if the Company has only a single director, the sole director) of the Company appointed or elected pursuant to these Bye-laws from time to time and acting by resolution in accordance with the Act and these Bye-laws or the directors of the Company present at a meeting of directors at which there is a quorum;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0.5in; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Business Day&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any day other than a Saturday, Sunday or a day on which commercial banks located in Bermuda or New York are required or authorised by law or executive order to be closed;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Chief Executive Officer&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the chief executive officer of the Company, as may be appointed by the Board from time to time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;clear days&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in relation to a period of notice means that period excluding the day when the notice is given or deemed to be given and the day for which it is given or on which it is to take effect;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Common Shares&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">has the meaning given in Bye-law 4.1, and&nbsp;&nbsp;&ldquo;Common Share&rdquo; shall be construed accordingly;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Company&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valaris Limited, an exempted company incorporated under the Act with registered number 56245;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Compensation Committee&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the compensation committee of the Board from time to time established/appointed in accordance with these Bye-laws;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Director&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a director of the Company from time to time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Exchange Act&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the U.S. Securities Exchange Act of 1934;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Exchange Control Act&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Exchange Control Act 1972 and related regulations;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;indemnified party&rdquo; </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">has the meaning given in Bye-law 56.1;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0.5in; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;independent&rdquo; or &ldquo;independence&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in relation to a Director or proposed Director means that such Director or proposed Director is (a)&nbsp;independent as defined by Rule&nbsp;10A-3 promulgated by the Securities and Exchange Commission under the Exchange Act (or any successor rule&nbsp;thereto), with respect to members of the Audit Committee and (b)&nbsp;for all other purposes, independent as defined by the listing standards of the New York Stock Exchange or other Appointed Stock Exchange that is a Relevant Exchange, or if the Company is not subject to the listing standards of the New York Stock Exchange or other Appointed Stock Exchange, the listing standards of the New York Stock Exchange; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Interested Director&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">has the meaning given in Bye-law 55.2;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Member&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the person registered in the Register of Members as the holder of shares in the Company and, when two or more persons are so registered as joint holders of shares, means the person whose name stands first in the Register of Members as one of such joint holders or all of such persons, as the context so requires;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Nominating and Governance Committee&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the nominating and governance committee of the Board from time to time established/appointed in accordance with these Bye-laws;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;notice&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">written notice as further provided in these Bye-laws unless otherwise specifically stated;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Officer&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any person appointed by the Board to hold an office&nbsp;&nbsp;in the Company from time to time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Permission&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the permission granted to the Company by the Bermuda Monetary Authority on 4 March&nbsp;2021 pursuant to the Exchange Control Act;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Plan&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fourth Amended Joint Plan of Reorganization of Valaris plc and Debtors (as defined therein) as confirmed by the United States Bankruptcy Court on 3 March&nbsp;2021;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Preference Shares&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">has the meaning given in Bye-law 4.1, and&nbsp;&nbsp;&ldquo;Preference Share&rdquo; shall be construed accordingly;</FONT></TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-right: 0.5in; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;public announcement&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disclosure (i)&nbsp;in a press release distributed by a national news or wire service, (ii)&nbsp;in a document filed or furnished by the Company with or to the Securities and Exchange Commission pursuant to Section&nbsp;13, 14 or 15(d)&nbsp;of the Exchange Act and the rules&nbsp;and regulations promulgated thereunder, (iii)&nbsp;on the website of the Company, or (iv)&nbsp;in accordance with the rules&nbsp;and regulations of any Relevant Exchange;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Register of Directors and Officers&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the register of directors and officers referred to in these Bye-laws;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Register of Members&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the register of members referred to in these Bye-laws;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Relevant Exchange&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the securities exchange (if any) on which the Common Shares are listed from time to time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Resident Representative&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any person appointed to act as resident representative from time to time and includes any deputy or assistant resident representative from time to time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Secretary&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the person appointed to perform any or all of the duties of secretary of the Company from time to time and includes any deputy or assistant secretary and any person appointed by the Board to perform any of the duties of the Secretary, in each case from time to time; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;shares&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in relation to the Company means, unless the context requires otherwise, all classes of the shares in the Company and includes a fraction of a share in the Company, in each case having the rights set out in these Bye-laws, and includes the Common Shares and the Preference Shares;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Treasury Share&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a share of the Company that was or is treated as having been acquired and held by the Company and has been held continuously by the Company since it was so acquired and has not been cancelled; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Voting Shares&rdquo;</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Common Shares and any other shares of the Company that carry the right of voting at general meetings of the Company (excluding for the avoidance of doubt Treasury Shares).</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.2.</FONT></TD><TD STYLE="text-align: justify">In these Bye-laws, where not inconsistent with the context:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">words denoting the plural number include the singular number and <I>vice versa</I>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">words denoting the masculine gender include the feminine and neuter genders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">words importing persons include individuals, firms, governments, states or agency of a state, companies,
corporations, associations or bodies of persons whether corporate or not and whether or not having separate legal personality;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">the words:-</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">&quot;may&quot; shall be construed as permissive; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">&quot;shall&quot; shall be construed as imperative;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">a reference to a law, statute or statutory provision shall be deemed to include any amendment or re-enactment
thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">the phrase &quot;issued and outstanding&quot; in relation to shares, means shares in issue other than
Treasury Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">the word &quot;corporation&quot; means a corporation whether or not a company within the meaning of the
Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">any phrase introduced by the terms &ldquo;including&rdquo;, &ldquo;includes&rdquo;, &ldquo;in particular&rdquo;
or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding or following those terms;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">&ldquo;unissued shares&rdquo; means unissued shares by reference to the authorised share capital as set
out in Bye-law 4.1 or as such authorised share capital may be amended from time to time in accordance with the Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">&ldquo;non-assessable&rdquo; means that no further sums are required to be paid by the holders of such
shares in connection with the issue of such shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">unless otherwise provided herein, words or expressions defined in the Act shall bear the same meaning
in these Bye-laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.3.</FONT></TD><TD STYLE="text-align: justify">In these Bye-laws expressions referring to writing or its cognates shall, unless the contrary intention
appears, include facsimile, printing, lithography, photography, electronic mail and other modes of representing words in visible form.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.4.</FONT></TD><TD STYLE="text-align: justify">Headings used in these Bye-laws are for convenience only and are not to be used or relied upon in the
construction hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">1.5.</FONT></TD><TD STYLE="text-align: justify">Where the Company has a sole Member, any reference in these Bye-laws to a majority (or any other requisite
threshold) of members shall be satisfied by that sole Member.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SHARES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Power to Issue Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.1.</FONT></TD><TD STYLE="text-align: justify">Subject to these Bye-laws and to any resolution of the Members to the contrary, and without prejudice
to any special rights previously conferred on the holders of any existing shares or class of shares, the Board shall have the power to
issue any unissued shares of the Company on such terms and conditions as it may determine. However, the Company shall not issue any non-voting
shares to the extent prohibited by Section&nbsp;1123(a)(6)&nbsp;of the Bankruptcy Code; provided that such restriction (i)&nbsp;shall
have such force and effect only for so long as Section&nbsp;1123 of the Bankruptcy Code is in effect and applicable to the Company, (ii)&nbsp;shall
not have any further force or effect beyond that required under Section&nbsp;1123(a)(6)&nbsp;of the Bankruptcy Code and (iii)&nbsp;may
be amended or eliminated in accordance with Applicable Law from time to time in effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">2.2.</FONT></TD><TD STYLE="text-align: justify">Subject to the Act, any preference shares may be issued or converted into shares that (at a determinable
date or at the option of the Company or the holder) are liable to be redeemed on such terms and in such manner as may be determined by
the Board (before the issue or conversion).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Power of the Company to Purchase its Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.1.</FONT></TD><TD STYLE="text-align: justify">The Company may purchase its own shares for cancellation or acquire them as Treasury Shares in accordance
with the Act on such terms as the Board shall think fit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">3.2.</FONT></TD><TD STYLE="text-align: justify">The Board may exercise all the powers of the Company to purchase or acquire all or any part of its own
shares in accordance with the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rights Attaching to Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.1.</FONT></TD><TD STYLE="text-align: justify">At the date these Bye-laws are adopted, the authorised share capital of the Company is US$8,500,000 divided
into: 700,000,000 common shares of par value US$0.01 each (the &quot;Common Shares&quot;) and 150,000,000 preference shares of par value
US$0.01 each (the &ldquo;Preference Shares&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.2.</FONT></TD><TD STYLE="text-align: justify">The holders of Common Shares shall, subject to these Bye-laws (including, without limitation, the rights
attaching to any Preference Shares):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">be entitled to receive notice of and attend and vote at general meetings of the Company (and on written
resolutions in accordance with Bye-law 34) and be entitled to one vote per Common Share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">be entitled to such dividends as the Board may from time to time declare in accordance with these Bye-laws
and the Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">in the event of a return of assets on liquidation, winding-up or dissolution of the Company, whether voluntary
or involuntary or for the purpose of a reorganisation or otherwise or upon any distribution of capital, be entitled to any surplus assets
of the Company available for distribution among all holders of Common Shares on a pari passu and pro rata basis amongst the Members based
on the number of Common Shares held by each Member; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">generally be entitled to enjoy all of the rights attaching to shares of their class.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.3.</FONT></TD><TD STYLE="text-align: justify">The Board is authorised to provide for the issuance of the Preference Shares in one or more series, and
to establish from time to time the number of Preference Shares to be included in each such series, and to fix the terms, including designation,
powers, preferences, rights, qualifications, limitations and restrictions of the Preference Shares of each such series (and, for the avoidance
of doubt, such matters and the issuance of such Preference Shares shall not be deemed to vary the rights attached to the Common Shares
or, subject to the terms of any other series of Preference Shares, to vary the rights attached to any other series of Preference Shares).
The authority of the Board with respect to each series shall include, but not be limited to, determination of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the number of Preference Shares constituting that series and the distinctive designation of that series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the dividend rate on the Preference Shares of that series, whether dividends shall be cumulative and,
if so, from which date or dates, and the relative rights of priority, if any, of the payment of dividends on Preference Shares of that
series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">subject to Bye-law 2.1, whether the series shall have voting rights, in addition to the voting rights
provided by law and, if so, the terms of such voting rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">whether the series shall have conversion or exchange privileges (including, without limitation, conversion
into Common Shares) and, if so, the terms and conditions of such conversion or exchange, including provision for adjustment of the conversion
or exchange rate in such events as the Board shall determine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">whether or not the Preference Shares of that series shall be redeemable or repurchaseable and, if so,
the terms and conditions of such redemption or repurchase, including the manner of selecting Preference Shares for redemption or repurchase
if less than all Preference Shares are to be redeemed or repurchased, the date or dates upon or after which they shall be redeemable or
repurchaseable, and the amount per Preference Shares payable in case of redemption or repurchase, which amount may vary under different
conditions and at different redemption or repurchase dates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">whether that series shall have a sinking fund for the redemption or repurchase of Preference Shares of
that series and, if so, the terms and amount of such sinking fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">the right of the Preference Shares of that series to the benefit of conditions and restrictions upon the
creation of indebtedness of the Company or any subsidiary, upon the issue of any additional shares (including additional Preference Shares
of such series or any other series) and upon the payment of dividends or the making of other distributions on, and the purchase, redemption
or other acquisition by the Company or any subsidiary of any issued shares of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">the rights of the Preference Shares of that series in the event of voluntary or involuntary liquidation,
dissolution or winding up of the Company, and the relative rights of priority, if any, of payment in respect of Preference Shares of that
series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the rights of holders of that series to elect or appoint directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">any other relative participating, optional or other special rights, qualifications, limitations or restrictions
of that series.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.4.</FONT></TD><TD STYLE="text-align: justify">Any Preference Shares of any series which have been redeemed (whether through the operation of a sinking
fund or otherwise) or which, if convertible or exchangeable, have been converted into or exchanged for shares of any other class or classes
shall have the status of authorised and unissued Preference Shares of the same series and may be reissued as a part of the series of which
they were originally a part or may be reclassified and reissued as part of a new series of Preference Shares to be created by resolution
or resolutions of the Board or as part of any other series of Preference Shares, all subject to the conditions and the restrictions on
issuance set forth in the resolution or resolutions adopted by the Board providing for the issue of any series of Preference Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.5.</FONT></TD><TD STYLE="text-align: justify">At the discretion of the Board, whether or not in connection with the issuance and sale of any shares
or other securities of the Company, the Company may issue securities, contracts, warrants or other instruments evidencing any shares,
option rights, securities having conversion or option rights, or obligations on such terms, conditions and other provisions as are fixed
by the Board including, without limiting the generality of this authority, conditions that preclude or limit any person or persons owning
or offering to acquire a specified number or percentage of the issued Common Shares, Preference Shares, other shares, option rights, securities
having conversion or option rights, or obligations of the Company or transferee of the person or persons from exercising, converting,
transferring or receiving the shares, option rights, securities having conversion or option rights, or obligations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.6.</FONT></TD><TD STYLE="text-align: justify">All the rights attaching to a Treasury Share shall be suspended and shall not be exercised by the Company
while it holds such Treasury Share and, except where required by the Act, all Treasury Shares shall be excluded from the calculation of
any percentage or fraction of the share capital, or shares, of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">4.7.</FONT></TD><TD STYLE="text-align: justify">Each of the Preference Shares and the Common Shares are a separate class of shares from one another.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Calls on Unpaid Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.1.</FONT></TD><TD STYLE="text-align: justify">The Board may make such calls as it thinks fit upon the Members in respect of any moneys (whether in respect
of nominal value or premium) unpaid on the shares allotted to or held by such Members (and not made payable at fixed times by the terms
and conditions of issue) and, if a call is not paid on or before the day appointed for payment thereof, the Member may at the discretion
of the Board be liable to pay the Company interest on the amount of such call at such rate as the Board may determine, from the date when
such call was payable up to the actual date of payment. The Board may differentiate between the holders as to the amount of calls to be
paid and the times of payment of such calls. For the avoidance of doubt, all shares issued pursuant to or in connection with the Plan
are issued fully paid for the purposes of these Bye-laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.2.</FONT></TD><TD STYLE="text-align: justify">Any amount which, by the terms of allotment of a share, becomes payable upon issue or at any fixed date,
whether on account of the nominal value of the share or by way of premium, shall for the purposes of these Bye-laws be deemed to be an
amount on which a call has been duly made and payable on the date on which, by the terms of issue, the same becomes payable, and in case
of non-payment all the relevant provisions of these Bye-laws as to payment of interest, costs and expenses, forfeiture or otherwise shall
apply as if such amount had become payable by virtue of a duly made and notified call.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.3.</FONT></TD><TD STYLE="text-align: justify">The joint holders of a share shall be jointly and severally liable to pay all calls and any interest,
costs and expenses in respect thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">5.4.</FONT></TD><TD STYLE="text-align: justify">The Company may accept from any Member the whole or a part of the amount remaining unpaid on any shares
held by such Member, although no part of that amount has been called up or become payable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Forfeiture of Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.1.</FONT></TD><TD STYLE="text-align: justify">If any Member fails to pay, on the day appointed for payment thereof, any call in respect of any share
allotted to or held by such Member, the Board may, at any time thereafter during such time as the call remains unpaid, direct the Secretary
to forward such Member a notice in writing in the form, or as near thereto as circumstances admit, of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Notice of Liability to Forfeiture for Non-Payment
of Call</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Valaris Limited</B></FONT>
(the &quot;Company&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in; width: 76%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="text-align: justify">You have failed to pay the call of [amount of call] made on [date], in respect of the [number]
                                                                                ([number in figures]) [shares (including class)] standing in your name in the Register of Members of the Company, on [date], the day
                                                                                appointed for payment of such call. You are hereby notified that unless you pay such call together with interest thereon at the rate
                                                                                of [ ] per annum computed from the said [date] at the registered office of the Company the share(s)&nbsp;will be liable to be
                                                                                forfeited.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Dated this</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">[date]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: 1in; margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">[Signature of Secretary] By Order of the
Board</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.2.</FONT></TD><TD STYLE="text-align: justify">If the requirements of such notice are not complied with, any such share may at any time thereafter before
the payment of such call and the interest due in respect thereof be forfeited by a resolution of the Board to that effect, and such share
shall thereupon become the property of the Company and may be disposed of as the Board shall determine. Without limiting the generality
of the foregoing, the disposal may take place by sale, repurchase, redemption or any other method of disposal permitted by and consistent
with these Bye-laws and the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.3.</FONT></TD><TD STYLE="text-align: justify">A Member whose share or shares have been so forfeited shall, notwithstanding such forfeiture, be liable
to pay to the Company all calls owing on such share or shares at the time of the forfeiture, together with all interest due thereon and
any costs and expenses incurred by the Company in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">6.4.</FONT></TD><TD STYLE="text-align: justify">The Board may accept the surrender of any shares which it is in a position to forfeit on such terms and
conditions as may be agreed by the Board. Subject to those terms and conditions, a surrendered share shall be treated as if it had been
forfeited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Share Certificates</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.1.</FONT></TD><TD STYLE="text-align: justify">Subject to the provisions of this Bye-law 7, every Member shall be entitled to a certificate under the
common seal of the Company (or a facsimile thereof) or bearing the signature (or a facsimile thereof) of a Director or the Secretary or
a person expressly authorised to sign specifying the number and, where appropriate, the class of shares held by such Member and whether
the same are fully paid up and, if not, specifying the amount paid on such shares. The Board may by resolution determine, either generally
or in a particular case, that any or all signatures on certificates may be printed thereon or affixed by mechanical or electronic means.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.2.</FONT></TD><TD STYLE="text-align: justify">The Company shall be under no obligation to complete and deliver a share certificate unless specifically
called upon to do so by the person to whom the shares have been allotted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.3.</FONT></TD><TD STYLE="text-align: justify">If any share certificate shall be proved to the satisfaction of the Board to have been worn out, lost,
mislaid, or destroyed the Board may cause a new certificate to be issued and request an indemnity for the lost certificate if it sees
fit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">7.4.</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any provisions of these Bye-laws:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the Board shall, subject always to the Act and any other Applicable Laws and regulations and the facilities
and requirements of any relevant system concerned, have power to implement any arrangements it may, in its absolute discretion, think
fit in relation to the evidencing of title to and transfer of uncertificated shares and to the extent such arrangements are so implemented,
no provision of these Bye-laws shall apply or have effect to the extent that it is in any respect inconsistent with the holding or transfer
of shares in uncertificated form; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">unless otherwise determined by the Board and as permitted by the Act and any other Applicable Laws and
regulations, no person shall be entitled to receive a certificate in respect of any share for so long as the title to that share is evidenced
otherwise than by a certificate and for so long as transfers of that share may be made otherwise than by a written instrument.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Fractional Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 0.5in; width: 0.25in"></TD><TD STYLE="text-align: justify">The Company may issue its shares in fractional denominations and deal with such fractions to the
                                                                                   same extent as its whole shares and shares in fractional denominations shall have in proportion to the respective fractions
                                                                                   represented thereby all of the rights of whole shares including (but without limiting the generality of the foregoing) the right to
                                                                                   vote, to receive dividends and distributions and to participate in a winding-up.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Valaris
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>REGISTRATION
OF SHARES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Register of Members</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.1.</FONT></TD><TD STYLE="text-align: justify">The Board shall cause to be kept in one or more books a Register of Members and shall enter therein the
particulars required by the Act. Subject to the provisions of the Act, the Company may keep one or more branch registers in any place
in or outside of Bermuda and the Board may make, amend or revoke any regulations it thinks fit with respect to the keeping of such branch
registers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">9.2.</FONT></TD><TD STYLE="text-align: justify">The Register of Members shall be open to inspection without charge at the registered office of the Company
on every Bermuda Business Day in such location, subject to such reasonable restrictions as the Board may impose, so that not less than
two hours in each Bermuda Business Day in such location be allowed for inspection. The Register of Members may, after notice has been
given in accordance with the Act, be closed for any time or times not exceeding in the whole thirty days in each year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Registered Holder Absolute Owner</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 0%">&nbsp;</TD>
<TD STYLE="text-align: left; padding-left: 0.5in; width: 0.5in"></TD><TD STYLE="text-align: justify">The Register of Members shall be prima facie evidence of any
matters under the Act directed or authorised to be inserted therein. The Company shall be entitled to treat the registered holder of
any share (as shown in the Register of Members) as the absolute owner thereof and accordingly shall not be bound to recognise any equitable
claim or other claim to, or interest in, such share on the part of any other person.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Transfer of Registered Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">11.1.</FONT></TD><TD STYLE="text-align: justify">An instrument of transfer shall be in writing in the form of the following, or as near thereto as circumstances
admit, or in such other form as the Board may accept:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Transfer of a Share or Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Valaris Limited</B></FONT>
(the &quot;Company&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in; width: 76%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify">FOR <FONT STYLE="font-size: 10pt">VALUE RECEIVED&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..
                                                                                                                        ,&nbsp;I, </FONT>[name of transferor] of [address], hereby sell, assign and transfer unto [transferee] of [address] ([number in
                                                                                                                        figures)] [shares (including class)] of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DATED this [date]</FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signed by:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">In the presence of:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Witness</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signed by:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">In the presence of:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Witness</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">11.2.</FONT></TD><TD STYLE="text-align: justify">Such instrument of transfer shall be signed by (or in the case of a party that is a corporation, on behalf
of) the transferor and transferee, provided that, in the case of a fully paid share, the Board may accept the instrument signed by or
on behalf of the transferor alone. The transferor shall be deemed to remain the holder of such share until the same has been registered
as having been transferred to the transferee in the Register of Members.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">11.3.</FONT></TD><TD STYLE="text-align: justify">The Board may refuse to recognise any instrument of transfer unless it is accompanied by the certificate
in respect of the shares to which it relates (in case of certificated shares) and by such other evidence as the Board may reasonably require
showing the right of the transferor to make the transfer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">11.4.</FONT></TD><TD STYLE="text-align: justify">The joint holders of any share may transfer such share to one or more of such joint holders, and the surviving
holder or holders of any share previously held by them jointly with a deceased Member may transfer any such share to the executors or
administrators of such deceased Member.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">11.5.</FONT></TD><TD STYLE="text-align: justify">The Board shall refuse to register a transfer unless all applicable consents, authorisations and permissions
of any governmental body or agency in Bermuda (including the Bermuda Monetary Authority) have been obtained. As of the date of the adoption
of these Bye-laws, the Bermuda Monetary Authority has granted the Permission for the issue and transfer of the shares of the Company and
consequently the Board shall not refuse to register any transfer permitted by such Permission. If the Board refuses to register a transfer
of any share the Secretary shall, within three months after the date on which the transfer was lodged with the Company, send to the transferor
and transferee notice of the refusal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">11.6.</FONT></TD><TD STYLE="text-align: justify">Shares may be transferred without a written instrument if transferred by an appointed agent or otherwise
in accordance with the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">11.7.</FONT></TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in these Bye-laws, shares that are listed or admitted to trading
on an Appointed Stock Exchange may be transferred in accordance with the rules&nbsp;and regulations of such exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Transmission of Registered Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">12.1.</FONT></TD><TD STYLE="text-align: justify">In the case of the death of a Member, the survivor or survivors where the deceased Member was a joint
holder, and the legal personal representatives of the deceased Member where the deceased Member was a sole holder, shall be the only persons
recognised by the Company as having any title to the deceased Member's interest in the shares. Nothing herein contained shall release
the estate of a deceased joint holder from any liability in respect of any share which had been jointly held by such deceased Member with
other persons. Subject to the Act, for the purpose of this Bye-law, legal personal representative means the executor or administrator
of a deceased Member or such other person as the Board may, in its absolute discretion, decide as being properly authorised to deal with
the shares of a deceased Member.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">12.2.</FONT></TD><TD STYLE="text-align: justify">Any person becoming entitled to a share in consequence of the death or bankruptcy of any Member may be
registered as a Member upon such evidence as the Board may deem sufficient or may elect to nominate some person to be registered as a
transferee of such share, and in such case the person becoming entitled shall execute in favour of such nominee an instrument of transfer
in writing in the form, or as near thereto as circumstances admit, of the following:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Transfer by a Person Becoming Entitled on Death/Bankruptcy
of a Member</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Valaris Limited</B></FONT>
(the &quot;Company&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">I/We, having become entitled in consequence
of the [death/bankruptcy] of [name and address of deceased/bankrupt Member] to [number] [(number in figures)] [shares (including class)]
standing in the Register of Members of the Company in the name of the said [name of deceased/bankrupt Member] instead of being registered
myself/ourselves, elect to have [name of transferee] (the &quot;Transferee&quot;) registered as a transferee of such share(s)&nbsp;and
I/we do hereby accordingly transfer the said share(s)&nbsp;to the Transferee to hold the same unto the Transferee, his or her executors,
administrators and assigns, subject to the conditions on which the same were held at the time of the execution hereof; and the Transferee
does hereby agree to take the said share(s)&nbsp;subject to the same conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">DATED this</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">[date]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 1in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">Signed by:</FONT></TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: justify"><FONT STYLE="font-size: 10pt">In the presence of:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transferor</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Witness</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Signed by:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">In the presence of:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Transferee</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Witness</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">12.3.</FONT></TD><TD STYLE="text-align: justify">On the presentation of the foregoing materials to the Board, accompanied by such evidence as the Board
may require to prove the title of the transferor, the transferee shall be registered as a Member. Notwithstanding the foregoing, the Board
shall, in any case, have the same right to decline or suspend registration as it would have had in the case of a transfer of the share
by that Member before such Member's death or bankruptcy, as the case may be.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">12.4.</FONT></TD><TD STYLE="text-align: justify">Where two or more persons are registered as joint holders of a share or shares, then in the event of the
death of any joint holder or holders the remaining joint holder or holders shall be absolutely entitled to such share or shares and the
Company shall recognise no claim in respect of the estate of any joint holder except in the case of the last survivor of such joint holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ALTERATION
OF SHARE CAPITAL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>13.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Power to Alter Capital</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">13.1.</FONT></TD><TD STYLE="text-align: justify">The Company may if authorised by simple majority resolution of the Members increase, divide, consolidate,
subdivide, change the currency denomination of, diminish or otherwise alter or reduce its share capital in any manner permitted by the
Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">13.2.</FONT></TD><TD STYLE="text-align: justify">Where, on any alteration or reduction of share capital, fractions of shares or some other difficulty would
arise, the Board may deal with or resolve the same in such manner as it thinks fit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>14.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Variation of Rights Attaching to Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If, at any time, the share capital is
divided into different classes of shares, the rights attached to any class of shares (unless otherwise provided by the terms of issue
of the shares of that class) may, whether or not the Company is being wound-up, be varied with the consent in writing of the holders of
three-fourths of the issued shares of that class or with the sanction of a resolution passed by a majority of the votes cast at a separate
general meeting of the holders of the shares of the class at which meeting the necessary quorum shall be two persons at least holding
or representing by proxy one-third of the issued shares of the class. The rights conferred upon the holders of the shares of any class
or series issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of
that class or series, be deemed to be varied by the creation or issue of further shares ranking <I>pari passu</I> therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DIVIDENDS
AND CAPITALISATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>15.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Dividends</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">15.1.</FONT></TD><TD STYLE="text-align: justify">The Board may, subject to these Bye-laws and in accordance with the Act, declare a dividend to be paid
to the Members, in proportion to the number of shares of the relevant class held by them, and such dividend may be paid in cash or wholly
or partly in specie in which case the Board may fix the value for distribution in specie of any assets. No unpaid dividend shall bear
interest as against the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">15.2.</FONT></TD><TD STYLE="text-align: justify">The Board may fix any date as the record date for determining the Members entitled to receive any dividend
(which shall not be more than sixty (60) days before the date on which a dividend is declared, made or paid).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">15.3.</FONT></TD><TD STYLE="text-align: justify">The Company may pay dividends in proportion to the amount paid up on each share of the relevant class
where a larger amount is paid up on some shares of that class than on others.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">15.4.</FONT></TD><TD STYLE="text-align: justify">The Board may declare and make such other distributions (in cash or in specie) to the Members as may be
lawfully made out of the assets of the Company. No unpaid distribution shall bear interest as against the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>16.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Power to Set Aside Profits</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board may, before declaring a dividend,
set aside out of the surplus or profits of the Company, such amount as it thinks proper as a reserve to be used to meet contingencies
or for equalising dividends or for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>17.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Method of Payment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">17.1.</FONT></TD><TD STYLE="text-align: justify">Any dividend, interest, or other moneys payable in cash in respect of the shares may be paid by cheque
or bank draft sent through the post directed to the Member at such Member's address in the Register of Members, or to such person and
to such address as the Member may direct in writing, or by transfer to such account as the Member may direct in writing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">17.2.</FONT></TD><TD STYLE="text-align: justify">In the case of joint holders of shares, any dividend, interest or other moneys payable in cash in respect
of shares may be paid by cheque or bank draft sent through the post directed to the address of the holder first named in the Register
of Members, or to such person and to such address as the joint holders may direct in writing, or by transfer to such account as the joint
holders may direct in writing. If two or more persons are registered as joint holders of any shares any one can give an effectual receipt
for any dividend paid in respect of such shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">17.3.</FONT></TD><TD STYLE="text-align: justify">The Board may deduct from the dividends or distributions payable to any Member all moneys due from such
Member to the Company on account of calls or otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">17.4.</FONT></TD><TD STYLE="text-align: justify">Any dividend and/or other moneys payable in respect of a share which has remained unclaimed for six (6)&nbsp;years
from the date when it became due for payment shall, if the Board so resolves, be forfeited and cease to remain owing by the Company. The
payment of any unclaimed dividend or other moneys payable in respect of a share may (but need not) be paid by the Company into an account
separate from the Company's own account. Such payment shall not constitute the Company a trustee in respect thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">17.5.</FONT></TD><TD STYLE="text-align: justify">The Company shall be entitled to cease sending dividend cheques and drafts by post or otherwise to a Member
if those instruments have been returned undelivered to, or left uncashed by, that Member on at least two consecutive occasions or, following
one such occasion, reasonable enquiries have failed to establish the Member's new address. The entitlement conferred on the Company by
this Bye-law in respect of any Member shall cease if the Member claims a dividend or cashes a dividend cheque or draft.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>18.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Capitalisation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">18.1.</FONT></TD><TD STYLE="text-align: justify">The Board may capitalise any amount for the time being standing to the credit of any of the Company's
share premium or other reserve accounts or to the credit of the profit and loss account or otherwise available for distribution by applying
such amount in paying up unissued shares to be allotted as fully paid bonus shares pro rata (except in connection with the conversion
of shares of one class to shares of another class) to the Members.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">18.2.</FONT></TD><TD STYLE="text-align: justify">The Board may capitalise any amount for the time being standing to the credit of a reserve account or
amounts otherwise available for dividend or distribution by applying such amounts in paying up in full, partly or nil paid shares of those
Members who would have been entitled to such amounts if they were distributed by way of dividend or distribution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>MEETINGS
OF MEMBERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>19.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Annual General Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding the provisions of the
Act entitling the Members of the Company to elect to dispense with the holding of an annual general meeting, an annual general meeting
shall be held in each year (other than the year of incorporation) at such time and place as the Chief Executive Officer or the chair of
the Board (if any) or any two Directors or any Director and the Secretary or the Board shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>20.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Special General Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Chief Executive Officer or the chair
of the Board (if any) or any two Directors or any Director and the Secretary or the Board may convene a special general meeting whenever
in their judgment such a meeting is necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>21.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Requisitioned Special General Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board shall, on the requisition
of Members holding at the date of the deposit of the requisition not less than one-tenth of such of the paid-up share capital of the Company
(i.e. ten per cent (10%) of the issued and outstanding Voting Shares) as at the date of the deposit carries the right to vote at general
meetings, forthwith proceed to convene a special general meeting and the provisions of the Act shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>22.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Notice</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.1.</FONT></TD><TD STYLE="text-align: justify">Subject to Bye-law 22.4, not less than twenty-one (21) clear days' notice of an annual general meeting
shall be given to each Member entitled to attend and vote thereat, stating the date, place and time at which the meeting is to be held,
that the election of Directors will take place thereat, and as far as practicable, the other business to be conducted at the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.2.</FONT></TD><TD STYLE="text-align: justify">Subject to Bye-law 22.4, not less than fourteen (14) clear days' notice of a special general meeting shall
be given to each Member entitled to attend and vote thereat, stating the date, time, place and the general nature of the business to be
considered at the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.3.</FONT></TD><TD STYLE="text-align: justify">Subject to Applicable Law and the rules&nbsp;of the Relevant Exchange, the Board may fix any date as the
record date for determining the Members entitled to receive notice of and to vote at any general meeting (which shall not be more than
sixty (60) days nor less than ten (10)&nbsp;days before the date for the holding of the meeting).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.4.</FONT></TD><TD STYLE="text-align: justify">A general meeting shall, notwithstanding that it is called on shorter notice than that specified in these
Bye-laws, be deemed to have been properly called if it is so agreed by (i)&nbsp;all the Members entitled to attend and vote thereat in
the case of an annual general meeting; and (ii)&nbsp;by a majority in number of the Members having the right to attend and vote at the
meeting, being a majority together holding not less than ninety-five percent (95%) in nominal value of the shares giving a right to attend
and vote thereat in the case of a special general meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.5.</FONT></TD><TD STYLE="text-align: justify">The accidental omission to give notice of a general meeting to, or the non-receipt of a notice of a general
meeting by, any person entitled to receive notice shall not invalidate the proceedings at that meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">22.6.</FONT></TD><TD STYLE="text-align: justify">In addition to the Members, the notice of a general meeting shall be given to the Directors and the Auditor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>23.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Giving Notice and Access</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">23.1.</FONT></TD><TD STYLE="text-align: justify">A notice may be given by the Company to a Member:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">by delivering it to such Member in person, in which case the notice shall be deemed to have been served
upon such delivery; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">by sending it by post to such Member's address in the Register of Members, in which case the notice shall
be deemed to have been served seven (7)&nbsp;days after the date on which it is deposited, with postage prepaid, in the mail; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">by sending it by courier to such Member's address in the Register of Members, in which case the notice
shall be deemed to have been served two (2)&nbsp;days after the date on which it is deposited, with courier fees paid, with the courier
service; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">by transmitting it by electronic means (including facsimile and electronic mail, but not telephone) in
accordance with such directions as may be given by such Member to the Company for such purpose, in which case the notice shall be deemed
to have been served twenty-four (24) hours after it was sent; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">by delivering it in accordance with the provisions of the Act pertaining to delivery of electronic records
by publication on a website, in which case the notice shall be deemed to have been served at the time when the requirements of the Act
in that regard have been met.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">23.2.</FONT></TD><TD STYLE="text-align: justify">Any notice required to be given to a Member shall, with respect to any shares held jointly by two or more
persons, be given to whichever of such persons is named first in the Register of Members and notice so given shall be sufficient notice
to all the holders of such shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">23.3.</FONT></TD><TD STYLE="text-align: justify">In proving service under paragraphs 23.1(b), (c)&nbsp;and (d), it shall be sufficient to prove that the
notice was properly addressed and prepaid, if posted or sent by courier, and the time when it was posted, deposited with the courier,
or transmitted by electronic means (as applicable).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>24.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Changes to Arrangements for General Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board may, in its absolute discretion,
postpone, move to another location, cancel or make any other alterations in respect of any general meeting called in accordance with these
Bye-laws (other than a meeting requisitioned under Bye-law 21) provided that notice of postponement, movement, cancellation or other alteration
is given to the Members before the time for such meeting. Fresh notice of the date, time and place for a postponed meeting shall be given
to each Member in accordance with these Bye-laws. The Board may also postpone, move, cancel or make other arrangements in respect of the
rearranged general meeting under and in accordance with this Bye-law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>25.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Electronic Participation and Security in Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">25.1.</FONT></TD><TD STYLE="text-align: justify">Members may participate in any general meeting by such telephonic, electronic or other communication facilities
or means as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously, and participation
in such a meeting shall constitute presence in person at such meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">25.2.</FONT></TD><TD STYLE="text-align: justify">The Board may, and at any general meeting the chair of such meeting may, make any arrangement and impose
any requirement or restriction it or they consider appropriate to ensure the security of a general meeting including, without limitation,
requirements for evidence of identity to be produced by those attending the meeting, the searching of their personal property and the
restriction of items that may be taken into the meeting place. The Board is, and at any general meeting the chair of such meeting is,
entitled to refuse entry to a person who refuses to comply with any such arrangements, requirements or restrictions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>26.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Quorum at General Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">26.1.</FONT></TD><TD STYLE="text-align: justify">At any general meeting one or more persons present throughout the meeting and representing in person or
by proxy at least 50% of the total voting rights of all issued and outstanding Voting Shares in the Company shall form a quorum for the
transaction of business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">26.2.</FONT></TD><TD STYLE="text-align: justify">If within half an hour from the time appointed for the meeting a quorum is not present, then, in the case
of a meeting convened on a requisition under Bye-law 21, the meeting shall be deemed cancelled and, in any other case, the meeting shall
stand adjourned to the same day one week later, at the same time and place or to such other day, time or place as the Secretary may determine.
Fresh notice of the resumption of the meeting shall be given to each Member entitled to attend and vote thereat in accordance with these
Bye-laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>27.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Chair of the Board to Preside at General Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The chair of the Board or, the Chief
Executive Officer, or the president, if one has been appointed, shall preside as chair at a general meeting. If there is no chair of the
Board, Chief Executive Officer or president, or if at a meeting none of the foregoing is present and willing and able to act within five
(5)&nbsp;minutes after the time fixed for the start of the meeting or none is willing and able to act, the Directors present shall select
one of their number to be the chair of the general meeting. If only one Director is present and willing and able to act, he or she shall
be chair of the general meeting. In default, the Members present in person and entitled to vote shall choose one of their number to be
the chair of the general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>28.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Voting on Resolutions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">28.1.</FONT></TD><TD STYLE="text-align: justify">Subject to the Act and these Bye-laws, any question proposed for the consideration of the Members at any
general meeting shall be decided by the affirmative votes of a majority of the votes cast in accordance with these Bye-laws and in the
case of an equality of votes the resolution shall fail.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">28.2.</FONT></TD><TD STYLE="text-align: justify">No Member shall be entitled to vote at a general meeting unless such Member has paid all the calls on
all shares held by such Member.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">28.3.</FONT></TD><TD STYLE="text-align: justify">At any general meeting a resolution put to the vote of the meeting shall, in the first instance, be voted
upon by a show of hands and, subject to any rights or restrictions for the time being lawfully attached to any class of shares and subject
to these Bye-laws, every Member present in person and every person holding a valid proxy at such meeting shall be entitled to one vote
and shall cast such vote by raising his hand.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">28.4.</FONT></TD><TD STYLE="text-align: justify">In the event that a Member participates in a general meeting by telephone, electronic or other communication
facilities or means, the chair of the meeting shall direct the manner in which such Member may cast his vote on a show of hands.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">28.5.</FONT></TD><TD STYLE="text-align: justify">At any general meeting if an amendment is proposed to any resolution under consideration and the chair
of the meeting rules&nbsp;on whether or not the proposed amendment is out of order, the proceedings on the substantive resolution shall
not be invalidated by any error in such ruling.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">28.6.</FONT></TD><TD STYLE="text-align: justify">At any general meeting a declaration by the chair of the meeting that a question proposed for consideration
has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in a
book containing the minutes of the proceedings of the Company shall, subject to these Bye-laws, be conclusive evidence of that fact.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>29.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Power to Demand a Vote on a Poll</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.1.</FONT></TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, a poll may be demanded by any of the following persons:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the chair of the relevant general meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">at least three Members present in person or represented by proxy; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">any Member or Members present in person or represented by proxy and holding between them not less than
one-tenth of the total voting rights of all the Members having the right to vote at such meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">any Member or Members present in person or represented by proxy holding shares in the Company conferring
the right to vote at such meeting, being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total
amount paid up on all such shares conferring such right.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.2.</FONT></TD><TD STYLE="text-align: justify">Where a poll is demanded, subject to any rights or restrictions for the time being lawfully attached to
any class of shares, every person present at such meeting shall have one vote for each Voting Share of which such person is the holder
or for which such person holds a proxy and such vote shall be counted by ballot as described herein, or in the case of a general meeting
at which one or more Members are present by telephone, electronic or other communication facilities or means, in such manner as the chair
of the meeting may direct and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded
and shall replace any previous resolution upon the same matter which has been the subject of a show of hands. A person entitled to more
than one vote need not use all his votes or cast all the votes he or she uses in the same way.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.3.</FONT></TD><TD STYLE="text-align: justify">A poll demanded for the purpose of electing a chair of the meeting or on a question of adjournment shall
be taken forthwith. A poll demanded on any other question shall be taken at such time and in such manner during such meeting as the chair
(or acting chair) of the meeting may direct. Any business other than that upon which a poll has been demanded may be conducted pending
the taking of the poll.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">29.4.</FONT></TD><TD STYLE="text-align: justify">Where a vote is taken by poll, each person physically present and entitled to vote shall be furnished
with a ballot paper on which such person shall record his vote in such manner as shall be determined at the meeting having regard to the
nature of the question on which the vote is taken, and each ballot paper shall be signed or initialled or otherwise marked so as to identify
the voter and the registered holder in the case of a proxy. Each person present by telephone, electronic or other communication facilities
or means shall cast his vote in such manner as the chair of the meeting shall direct. At the conclusion of the poll, the ballot papers
and votes cast in accordance with such directions shall be examined and counted by one or more scrutineers appointed by the Board or,
in the absence of such appointment, by a committee of not less than two Members or proxy holders appointed by the chair of the meeting
for the purpose, and the result of the poll shall be declared by the chair of the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>30.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Voting by Joint Holders of Shares</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the case of joint holders, the vote
of the senior who tenders a vote (whether in person or by proxy) shall be accepted to the exclusion of the votes of the other joint holders,
and for this purpose seniority shall be determined by the order in which the names stand in the Register of Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>31.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Instrument of Proxy</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">31.1.</FONT></TD><TD STYLE="text-align: justify">A Member may appoint a proxy by</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">an instrument in writing in substantially the following form or such other form as the Board may determine
from time to time or the Board or the chair of the meeting shall accept:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Valaris Limited</B></FONT>
(the &quot;Company&quot;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 70%; margin-left: 1.5in"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">I/We, [insert names here], being a Member of the Company with [(number in figures)] [shares
                                                                             (including class)], HEREBY APPOINT [name] of [address] or failing him or her, [name] of [address] to be my/our proxy to vote for
                                                                             me/us at the meeting of the Members to be held on [date] and at any adjournment thereof. [Any restrictions on voting to be inserted
                                                                             here.]</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Signed this [date]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">_________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Member(s)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">such telephonic, electronic or other means as may be approved by the Board from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">31.2.</FONT></TD><TD STYLE="text-align: justify">The appointment of a proxy must be received by the Company at the registered office or at such other place
or in such manner as is specified in the notice convening the meeting or in any instrument of proxy sent out by the Company in relation
to the meeting at which the person named in the appointment proposes to vote, and appointment of a proxy which is not received in the
manner so permitted shall be invalid.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">31.3.</FONT></TD><TD STYLE="text-align: justify">A Member who is the holder of two or more shares may appoint more than one proxy to represent him or her
and vote on his behalf in respect of different shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">31.4.</FONT></TD><TD STYLE="text-align: justify">The decision of the chair of any general meeting as to the validity of any appointment of a proxy shall
be final.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>32.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Representation of Corporate Member</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">32.1.</FONT></TD><TD STYLE="text-align: justify">A corporation which is a Member may, by written instrument, authorise such person or persons as it thinks
fit to act as its representative at any meeting and any person so authorised shall be entitled to exercise the same powers on behalf of
the corporation which such person represents as that corporation could exercise if it were an individual Member, and that Member shall
be deemed to be present in person at any such meeting attended by its authorised representative or representatives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">32.2.</FONT></TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, the chair of the meeting may accept such assurances as he or she thinks
fit as to the right of any person to attend and vote at general meetings on behalf of a corporation which is a Member.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>33.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Adjournment of General Meeting</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">33.1.</FONT></TD><TD STYLE="text-align: justify">The chair of a general meeting at which a quorum is present may, with the consent of the Members holding
a majority of the voting rights of those Members present in person or by proxy (and shall if so directed by Members holding a majority
of the voting rights of those Members present in person or by proxy) adjourn the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">33.2.</FONT></TD><TD STYLE="text-align: justify">The chair of a general meeting may adjourn the meeting to another time and place without the consent or
direction of the Members if it appears to him or her that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">it is likely to be impractical to hold or continue that meeting because of the number of Members wishing
to attend who are not present; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the unruly conduct of persons attending the meeting prevents, or is likely to prevent, the orderly continuation
of the business of the meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">the facilities or security at the place of the meeting or the electronic or other communications facilities
provided for the meeting have become inadequate or are otherwise not sufficient to allow the meeting to be conducted as intended; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">an adjournment is otherwise necessary so that the business of the meeting may be properly conducted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">33.3.</FONT></TD><TD STYLE="text-align: justify">Unless the meeting is adjourned to a specific date, place and time announced at the meeting being adjourned,
fresh notice of the date, place and time for the resumption of the adjourned meeting shall be given to each Member entitled to attend
and vote thereat in accordance with these Bye-laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>34.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Written Resolutions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">34.1.</FONT></TD><TD STYLE="text-align: justify">Subject to these Bye-laws, anything which may be done by resolution of the Company in general meeting
or by resolution of a meeting of any class of the Members may be done without a meeting by written resolution in accordance with this
Bye-law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">34.2.</FONT></TD><TD STYLE="text-align: justify">Notice of a written resolution shall be given, and a copy of the resolution shall be circulated to all
Members who would be entitled to attend a meeting and vote thereon. The accidental omission to give notice to, or the non-receipt of a
notice by, any Member does not invalidate the passing of a resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">34.3.</FONT></TD><TD STYLE="text-align: justify">(a)&nbsp;Except as provided by Bye-law 34.3(b), a written resolution is passed when it is signed by (or
in the case of a Member that is a corporation, on behalf of) all the Members who at the date that the notice is given would be entitled
to attend, vote and pass a resolution at a general meeting of the company (or a meeting of any class of Members).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&nbsp;The requirements of Bye-law
34.3(a)&nbsp;shall not apply to any matter which is previously approved by the Board and such written resolution shall be passed when
it is signed by (or in the case of a Member that is a corporation, on behalf of) the requisite voting majority of the Members required
by Applicable Law or these Bye-laws who at the date that the notice is given would be entitled to attend, vote and pass such resolution
at a general meeting of the Company (or a meeting of any class of the Members).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">34.4.</FONT></TD><TD STYLE="text-align: justify">A resolution in writing may be signed in any number of counterparts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">34.5.</FONT></TD><TD STYLE="text-align: justify">A resolution in writing made in accordance with this Bye-law is as valid as if it had been passed by the
Company in general meeting or by a meeting of the relevant class of Members, as the case may be, and any reference in any Bye-law to a
meeting at which a resolution is passed or to Members voting in favour of a resolution shall be construed accordingly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">34.6.</FONT></TD><TD STYLE="text-align: justify">A resolution in writing made in accordance with this Bye-law shall constitute minutes for the purposes
of the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">34.7.</FONT></TD><TD STYLE="text-align: justify">This Bye-law shall not apply to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">a resolution passed to remove an Auditor from office before the expiration of his term of office; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">a resolution passed for the purpose of removing a Director before the expiration of his term of office.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">34.8.</FONT></TD><TD STYLE="text-align: justify">For the purposes of this Bye-law, the effective date of the resolution is the date when the resolution
is signed by (or in the case of a Member that is a corporation, on behalf of) the last Member whose signature results in the applicable
voting requirement set out in Bye-law 34.3 being achieved, and any reference in any Bye-law to the date of passing of a resolution is,
in relation to a resolution made in accordance with this Bye-law, a reference to such date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>35.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Directors Attendance at General Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Directors shall be entitled to receive
notice of, attend and be heard at any general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>36.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Business Proposals</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">36.1.</FONT></TD><TD STYLE="text-align: justify">Without prejudice to the provisions of the Act, the proposal of other business to be considered by the
Members at an annual general meeting may be made only by those persons set out in Bye-law 37.1(a)&nbsp;&ndash; (b)(ii)&nbsp;(inclusive).
For any other business to be properly brought before an annual general meeting by a Member pursuant to this Bye-law 36, the Member must
have given timely notice of such business in writing to the Secretary at the principal executive offices of the Company and such other
business must otherwise be a matter properly brought before the meeting. The Member&rsquo;s notice for business:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">to be timely, must be delivered or mailed to and received by the Secretary at the principal executive
offices of the Company not less than ninety (90) days nor more than one hundred and twenty (120) days before the anniversary of the last
annual general meeting, however, in the event the annual general meeting is called for a date that is not more than thirty (30) days before
or more than sixty (60) days after such anniversary, the notice must be given not later than ten (10)&nbsp;days following the earlier
of the date on which notice of the annual general meeting was posted to Members or the date on which public announcement of the date of
the annual general meeting was made; provided that in no event shall an adjournment of an annual general meeting or a postponement of
an annual general meeting for which notice of the meeting has already been given to the Members or a public announcement of the meeting
date has already been made, commence a new time period (or extend any time period) for the giving of a Member&rsquo;s notice as described
above. In relation to the first annual general meeting of the Company occurring after the date these Bye-laws were adopted, reference
to the anniversary of the last annual general meeting shall be 20 May&nbsp;2021; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">to be in the proper form, must comply with the requirements of Bye-law 37.3, as applicable, and include
a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text
of any resolutions proposed for consideration and in the event that such business includes a proposal to amend these Bye-laws, the language
of the proposed amendment), the reasons for conducting such business at the meeting and any substantial interest (within the meaning of
Item 5 of Schedule 14A under the Exchange Act) in such business of such Member and the beneficial owner (within the meaning of Section&nbsp;13(d)&nbsp;of
the Exchange Act), if any, on whose behalf the proposal is made.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">36.2.</FONT></TD><TD STYLE="text-align: justify">Subject always to the Act, only such business shall be conducted at a general meeting as shall have been
brought before the meeting by or at the direction of the Board or otherwise in accordance with the procedures set forth in Bye-law 21
or this Bye-law 36.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">36.3.</FONT></TD><TD STYLE="text-align: justify">Except as otherwise provided by the Act or these Bye-laws, the chair of the meeting shall have the power
and duty to determine whether any business proposed to be brought before the meeting pursuant to this Bye-law 36 was proposed in accordance
with the procedures set forth in this Bye-law 36 and, if any proposed business is not in compliance with such Bye-law, to declare that
such defective proposal shall be disregarded.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">36.4.</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provisions of this Bye-law 36, a Member shall also comply with all applicable
requirements of the Exchange Act and the rules&nbsp;and regulations thereunder with respect to the matters set forth in this Bye-law;
provided, however, that any references in this Bye-law to the Exchange Act or the rules&nbsp;promulgated thereunder are not intended to
and shall not limit the requirements applicable to proposals as to any business to be considered pursuant to Bye-law 36.1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">36.5.</FONT></TD><TD STYLE="text-align: justify">This Bye-law 36 shall not apply to a proposal proposed to be made by a Member if the Member has notified
the Company of his or her intention to present the proposal at an annual general meeting only pursuant to and in compliance with Rule&nbsp;14a-8
under the Exchange Act and such proposal has been included in a proxy statement that has been prepared by the Company to solicit proxies
for such meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DIRECTORS
AND OFFICERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>37.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Election of Directors</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.1.</FONT></TD><TD STYLE="text-align: justify">Only persons who are proposed or nominated in accordance with this Bye-law shall be eligible for election
as Directors. Nominations of persons for the appointment to the Board at an annual general meeting may be made only:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">by or at the direction of the Board; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">by any Member or Members of the Company who:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">is or are Member(s)&nbsp;of record (as evidenced by the Register of Members) and whose interest in shares,
individually or in aggregate, represent(s)&nbsp;at least one percent (1%) of the issued and outstanding Voting Shares, in each case on
the record date determined pursuant to Bye-law 22.3 for such annual general meeting and at the time of the annual general meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">is or are entitled to vote at the annual general meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">complies or comply with the notice procedures set forth in this Bye-law 37 as to such nomination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">This paragraph Bye-law 37.1(b)&nbsp;shall
be the exclusive means for a Member to make nominations of persons for appointment to the Board for consideration at an annual general
meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.2.</FONT></TD><TD STYLE="text-align: justify">For any nominations by a Member in accordance with Bye-law 37.1(b), the Member must have given timely
notice thereof in writing to the Secretary in accordance with this Bye-law 37.2 and Bye-law 37.3. To be timely, such notice must be delivered
or mailed to and received by the Secretary at the principal executive offices of the Company not less than ninety (90) days nor more than
one hundred and twenty (120) days before the anniversary of the last annual general meeting, however, in the event the annual general
meeting is called for a date that is not more than thirty (30) days before or more than sixty (60) days after such anniversary, the notice
must be given not later than ten (10)&nbsp;days following the earlier of the date on which notice of the annual general meeting was posted
to Members or the date on which public announcement of the date of the annual general meeting was made; provided that in no event shall
an adjournment of an annual general meeting or a postponement of an annual general meeting for which notice of the meeting has already
been given to the Members or a public announcement of the meeting date has already been made, commence a new time period (or extend any
time period) for the giving of a Member&rsquo;s notice as described above. In relation to the first annual general meeting of the Company
occurring after the date these Bye-laws were adopted, reference to the anniversary of the last annual general meeting shall be 20 May&nbsp;2021.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.3.</FONT></TD><TD STYLE="text-align: justify">To be in the proper form, a Member&rsquo;s notice must:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">set forth, as to the Member giving the notice and the beneficial owner, if any, on whose behalf the nomination
or proposal is made:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the name and address of such Member, as they appear in the Register of Members, and of such beneficial
owner, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">the class or series and number of shares of the Company which are owned of record by such Member and such
beneficial owner as of the date of the notice, and a representation that the Member will notify the Company in writing within five (5)&nbsp;Business
Days after the record date for such meeting of the class or series and number of shares of the Company owned of record by the Member and
such beneficial owner as of the record date of the meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">a representation that the Member (or a qualified representative of the Member) intends to appear in person
or by proxy at the meeting to make such nomination (or propose such business with respect to a notice under Bye-law 36);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">set forth, as to the Member giving the notice or, if the notice is given on behalf of a beneficial owner
on whose behalf the nomination is made (or the other business is proposed with respect to a notice under Bye-law 36), as to such beneficial
owner, and if such Member or beneficial owner is an entity, as to each director, executive, managing member or control person of such
entity (any such individual or control person, a &ldquo;control person&rdquo;):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">the class or series and number of shares of the Company, and the principal amount of any debt securities
or other indebtedness of the Company or any entity directly or indirectly wholly-owned or majority owned by the Company, in each case
which are beneficially owned by such Member or beneficial owner and by any control person as of the date of the notice, and a representation
that the Member will notify the Company in writing within five (5)&nbsp;Business Days after the record date for such meeting of the class
or series and number of shares of the Company and the principal amount of any debt securities or other indebtedness of the Company or
any entity directly or indirectly wholly-owned or majority owned by the Company, in each case beneficially owned by such Member or beneficial
owner and by any control person as of the record date for the meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">a description of any agreement, arrangement or understanding with respect to the nomination or other business
between or among such Member, beneficial owner or control person and any other person, including, without limitation, any agreements that
would be required to be disclosed pursuant to Item 5 or Item 6 of Exchange Act Schedule 13D (regardless of whether the requirement to
file a Schedule 13D is applicable) and a representation that the Member will notify the Company in writing within five (5)&nbsp;Business
Days after the record date for such meeting of any such agreement, arrangement or understanding in effect as of the record date for the
meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">a description of any agreement, arrangement or understanding (including, without limitation, any derivative
or short positions, profit interests, options, hedging transactions, and borrowed or loaned shares) that has been entered into as of the
date of the Member&rsquo;s notice by, or on behalf of, such Member, beneficial owner or control person, the effect or intent of which
is to mitigate loss, manage risk or benefit from changes in the share price of any class or series of the Company&rsquo;s shares, or maintain,
increase or decrease the voting power of the Member, beneficial owner or control person with respect to securities of the Company, and
a representation that the Member will notify the Company in writing within five (5)&nbsp;Business Days after the record date for such
meeting of any such agreement, arrangement or understanding in effect as of the record date for the meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify">a representation whether the Member or the beneficial owner, if any, will engage in a solicitation with
respect to the nomination (or other business) and, if so, the name of each participant in such solicitation (as defined in Item 4 of Schedule
14A under the Exchange Act) and whether such person intends or is part of a group which intends to deliver a proxy statement and/or form
of proxy to holders of shares representing at least fifty per cent (50%) of the voting power of the shares entitled to vote generally
in the election of Directors in the case of a nomination (or holders of at least the percentage of the Company&rsquo;s shares required
to approve or adopt the business to be proposed in the case of other business);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">set forth, as to each person, if any, whom the Member proposes to nominate for appointment or reappointment
to the Board:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">all information relating to such person that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant
to Section&nbsp;14 of the Exchange Act and the rules&nbsp;and regulations promulgated thereunder (including such person's written consent
to being named in the proxy statement as a nominee and to serving as a director if elected);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">a description of all direct and indirect compensation and other material monetary agreements, arrangements
and understandings during the past three years, and any other material relationships, between or among such Member and beneficial owner,
if any, and their respective control persons, affiliates and associates, or others acting in concert therewith, on the one hand, and each
proposed nominee, and his or her respective affiliates and associates, or others acting in concert therewith, on the other hand, including,
without limitation, all information that would be required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the Securities
and Exchange Commission under the Exchange Act if the Member making the nomination and any beneficial owner on whose behalf the nomination
is made, if any, or any control person, affiliate or associate thereof or person acting in concert therewith, were the &quot;registrant&quot;
for purposes of such rule&nbsp;and the nominee were a director or executive officer of such registrant; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify">with respect to each nominee for appointment or reappointment to the Board, include a completed and signed
questionnaire, representation and agreement required by Bye-law 37.6. The Company may require any proposed nominee to furnish such other
information as may reasonably be required by the Company to determine the eligibility of such proposed nominee to serve as an independent
director of the Company or that could be material to a reasonable Member&rsquo;s understanding of the independence, or lack thereof, of
such nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.4.</FONT></TD><TD STYLE="text-align: justify">Except as otherwise provided by the Act or these Bye-laws, the chair of the meeting shall have the power
and duty to determine whether a nomination is in accordance with the procedures set forth in this Bye-law 37 and, if any proposed nomination
is not in compliance with this Bye-law 37, to declare that such defective nomination shall be disregarded.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.5.</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any other provisions of this Bye-law 37, a Member shall also comply with all applicable
requirements of the Exchange Act and the rules&nbsp;and regulations thereunder with respect to the matters set forth in this Bye-law 37;
provided, however, that any references in the Bye-laws to the Exchange Act or the rules&nbsp;promulgated thereunder are not intended to
and shall not limit the requirements applicable to nominations pursuant to Bye-law 37.1(b)&nbsp;or Bye-law 37.7.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.6.</FONT></TD><TD STYLE="text-align: justify">To be eligible to be a nominee for appointment or reappointment as a Director, a person must deliver (in
accordance with the time periods prescribed for delivery of notice set forth in this Bye-law 37) to the Secretary a written questionnaire
with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination
is being made (which questionnaire shall be provided by the Secretary upon written request) and a written representation and agreement
(in the form provided by the Secretary upon written request) that such person:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">consents to serving as a Director if elected and to being named in the Company&rsquo;s proxy statement
and form of proxy as nominee and currently intends to serve as a Director for the full term for which such person is standing for election;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">is not and will not become a party to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any
person or entity as to how such person, if appointed as a director of the Company, will act or vote on any issue or question (a &quot;Voting
Commitment&quot;) that has not been disclosed to the Company; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">any Voting Commitment that could limit or interfere with such person's ability to comply, if appointed
as a director of the Company, with such person's fiduciary duties under Applicable Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">is not and will not become a party to any agreement, arrangement or understanding with any person or entity
other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service
or action as a director that has not been disclosed therein; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination
is being made, would be in compliance, if appointed as a director of the Company, and will comply with all applicable publicly disclosed
corporate governance, conflict of interest, confidentiality and share ownership and trading policies and guidelines of the Company and
any other Company policies and guidelines applicable to Directors (which will be promptly provided following a request therefor).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.7.</FONT></TD><TD STYLE="text-align: justify">Subject to these Bye-laws, if the Board (or Members following a requisition of the Members in accordance
with Bye-law 21) has convened a general meeting (other than an annual general meeting) for the purpose of appointing to the Board one
or more Directors nominated by or at the direction of the Board, as specified in the notice of meeting, nominations of alternative persons
for appointment to the Board may only be made by any Member or Members of the Company who:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">is or are Member(s)&nbsp;of record (as evidenced by the Register of Members) and whose interest in shares,
individually or in aggregate, represent(s)&nbsp;at least one percent (1%) of the issued and outstanding shares of the Company as carries
the right of voting at a general meeting, in each case on the record date determined pursuant to Bye-law 22.3 for such general meeting
and at the time of the general meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">is or are entitled to vote at the meeting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">complies or comply with the Member notice requirements set forth in Bye-laws 37.3(a)&nbsp;&ndash; (c)&nbsp;with
respect to any nomination (including the completed and signed questionnaire, representation and agreement required by Bye-law 37.6) provided
that such notice (and accompanying documentation) is delivered or mailed to and received by the Secretary at the principal executive offices
of the Company not later than ten (10)&nbsp;days following the earlier of the date on which notice of the special general meeting was
posted to Members or the date on which public announcement of the date of the special general meeting was made, subject to any other requirements
of Applicable Law. In no event shall any adjournment or postponement of a special general meeting or the announcement thereof commence
a new time period (or extend any time period) for the giving of a Member&rsquo;s notice as described above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.8.</FONT></TD><TD STYLE="text-align: justify">For the purpose of this Bye-law 37, where nominations of persons for appointment to the Board at a general
meeting are made by more than one Member, references to a Member in relation to notice and other information requirements shall apply
to each Member, respectively, as the context requires.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Valaris Limited</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.9.</FONT></TD><TD STYLE="text-align: justify">The number of nominees a Member may nominate for election at a general meeting (or in the case of a Member
giving the notice on behalf of a beneficial owner, the number of nominees a Member may nominate for election at a general meeting on behalf
of the beneficial owner) shall not exceed the number of Directors to be elected at such general meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.10.</FONT></TD><TD STYLE="text-align: justify">Where persons are validly proposed for re-election or election as a Director, such Directors shall be
elected or re-elected by a majority of votes cast at the relevant general meeting in accordance with these Bye-laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">37.11.</FONT></TD><TD STYLE="text-align: justify">At any general meeting the Members may authorise the Board to fill any vacancy in their number left unfilled
at a general meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>38.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Number of Directors</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board shall consist of such number
of Directors as the Board may from time to time determine, but shall be not less than 3 and not more than 15. The Board shall initially
be constituted as provided in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>39.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Independence and No Share Qualification</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">39.1.</FONT></TD><TD STYLE="text-align: justify">Unless the Board otherwise determines from time to time, a majority of Directors shall be independent,
subject to the listing requirements of the New York Stock Exchange or other Relevant Exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">39.2.</FONT></TD><TD STYLE="text-align: justify">A director is not required to hold any shares in the capital of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>40.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Retirement of Directors</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">40.1.</FONT></TD><TD STYLE="text-align: justify">At every annual general meeting, all the Directors then in office shall retire from office and may offer
themselves for re-election by the Members.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">40.2.</FONT></TD><TD STYLE="text-align: justify">Subject to the provisions of these Bye-laws, at the annual general meeting at which a Director retires
the Members may re-elect the Director, if he or she is willing to continue to act, or elect some other eligible person in the Director&rsquo;s
place in accordance with these Bye-laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">40.3.</FONT></TD><TD STYLE="text-align: justify">A Director who is re-elected is treated as continuing in office throughout. A Director who is not re-elected
shall retain office until the end of the relevant annual general meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>41.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Removal of Directors</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">41.1.</FONT></TD><TD STYLE="text-align: justify">Subject to any provision to the contrary in these Bye-laws, the Members entitled to vote for the election
of Directors may, at any special general meeting convened and held in accordance with these Bye-laws, remove a Director only with cause
(as defined below), provided that the notice of any such meeting convened for the purpose of removing a Director shall contain a statement
of the intention so to do and be served on such Director not less than fourteen (14) days before the meeting and at such meeting the Director
shall be entitled to be heard on the motion for such Director's removal. For the purposes of this Bye-law 41, &ldquo;cause&rdquo; shall
mean a conviction for a criminal offence or engaging in conduct which brings the Director or the Company into disrepute and/or which results
in material financial detriment to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">41.2.</FONT></TD><TD STYLE="text-align: justify">If a Director is removed from the Board under this Bye-law 41 the Members may fill the vacancy at the
meeting at which such Director is removed. In the absence of such election or appointment, the Board may fill the vacancy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">41.3.</FONT></TD><TD STYLE="text-align: justify">Notwithstanding any provision of these Bye-laws, nothing in these Bye-laws shall limit any right of the
Members to remove any Director under the Act, and any vacancy created by such a removal may be filled in accordance with the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>42.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Vacancy in the Office of Director</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">42.1.</FONT></TD><TD STYLE="text-align: justify">The office of Director shall be vacated if the Director:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">is removed from office pursuant to these Bye-laws or is prohibited from being a Director by Applicable
Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">is or becomes bankrupt, or makes any arrangement or composition with his creditors generally;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">is or becomes of unsound mind or dies; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">resigns his office by notice to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">42.2.</FONT></TD><TD STYLE="text-align: justify">The Members in general meeting or the Board shall have the power to appoint any person as a Director to
fill a vacancy on the Board occurring as a result of the death, disability, disqualification or resignation of any Director or as a result
of an increase in the size of the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">42.3.</FONT></TD><TD STYLE="text-align: justify">If the office of a Director is vacated for any reason, he or she shall cease to be a member of any committee
of the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>43.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Remuneration of Directors</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The remuneration (if any) of the Directors
may be determined by the Board or any committee or person authorised to do so by the Board in accordance with (as applicable) the Company&rsquo;s
policies in respect of the same from time to time and Applicable Law, rules&nbsp;or regulations (including the rules&nbsp;and regulations
of any Relevant Exchange).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>44.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Defect in Appointment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All acts done in good faith by the Board,
any Director, a member of a committee appointed by the Board, any person to whom the Board may have delegated any of its powers, or any
person acting as a Director shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any
Director or person acting as aforesaid, or that he or she was, or any of them were, disqualified, be as valid as if every such person
had been duly appointed and was qualified to be a Director or act in the relevant capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>45.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Directors To Manage Business</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The business and affairs of the Company
shall be managed and conducted by the Board, which may exercise all such powers of the Company as are not required by the Act or these
Bye-laws to be exercised by the Company in general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>46.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Powers of the Board</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">46.1.</FONT></TD><TD STYLE="text-align: justify">Without prejudice to the generality of the foregoing Bye-law 45, the Board may:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">appoint, suspend, or remove any manager, secretary, clerk, agent or employee of the Company and may fix
their remuneration and determine their duties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">exercise all the powers of the Company to borrow money and to mortgage or charge or otherwise grant a
security interest in its undertaking, property and uncalled capital, or any part thereof, and may issue debentures, debenture stock and
other securities whether outright or as security for any debt, liability or obligation of the Company or any third party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">appoint one or more Directors to the office of managing director or chief executive officer of the Company,
who shall, subject to the control of the Board, supervise and administer all of the general business and affairs of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">appoint a person to act as manager of the Company's day-to-day business and may entrust to and confer
upon such manager such powers and duties as it deems appropriate for the transaction or conduct of such business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">by power of attorney, appoint any company, firm, person or body of persons, whether nominated directly
or indirectly by the Board, to be an attorney of the Company for such purposes and with such powers, authorities and discretions (not
exceeding those vested in or exercisable by the Board) and for such period and subject to such conditions as it may think fit and any
such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the
Board may think fit and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and discretions so
vested in the attorney;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">procure that the Company pays all expenses incurred in promoting and incorporating the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify">delegate any of its powers (including the power to sub-delegate) to a committee in accordance with Bye-law
49;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify">delegate any of its powers (including the power to sub-delegate) to any person on such terms and in such
manner as the Board may see fit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify">present any petition and make any application in connection with the liquidation or reorganisation of
the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT></TD><TD STYLE="text-align: justify">in connection with the issue of any share, pay such commission and brokerage as may be permitted by law;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT></TD><TD STYLE="text-align: justify">authorise any company, firm, person or body of persons to act on behalf of the Company for any specific
purpose and in connection therewith to execute any deed, agreement, document or instrument on behalf of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>47.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Chair of the Board and Chief Executive Officer</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">47.1.</FONT></TD><TD STYLE="text-align: justify">The chair of the Board, if one has been appointed, shall perform such duties as may be delegated by the
Board. Any one of the chair of the Board, the Chief Executive Officer, or the president, if one has been appointed, shall preside at all
general meetings and, subject to Bye-law 62, the chair of the Board shall preside at all meetings of the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">47.2.</FONT></TD><TD STYLE="text-align: justify">Unless the Board shall otherwise delegate such duties, the Chief Executive Officer shall have general
and active management of the business of the Company, and shall see that all orders and resolutions of the Board are carried into effect.
The Chief Executive Officer shall execute bonds, mortgages and other contracts requiring a seal, under the seal of the Company, except
where required or permitted by law to be otherwise signed and executed, including designation of authority by power of attorney, or where
the signing and execution thereof shall be expressly delegated by the Board to some other Officer, person or agent of the Company in accordance
with these Bye-laws. The Chief Executive Officer or such other Officer as shall be authorised by him or her shall have such powers and
duties as usually pertain to the office of chief executive officer, except as the same may be modified by the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>48.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>President and Vice Presidents</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The president, executive vice president,
senior vice president, or vice president (if any), in the order of their seniority, unless otherwise determined by the Board, shall, in
the event of absence or disability of the Chief Executive Officer or the president, as the case may be, perform the duties and exercise
the powers of the absent or disabled Chief Executive Officer or president. They shall perform such other duties and have such other powers
as the Board may from time to time prescribe during the period of the absence or disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>49.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Delegation to Committees</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">49.1.</FONT></TD><TD STYLE="text-align: justify">The Board may delegate any of its powers, authorities and discretions (including the power to sub-delegate)
to a committee consisting of one or more persons (whether a member or members of the Board or not) as it thinks fit (subject to (if applicable)
the requirement for independent Directors as set out in Bye-law 49.7), provided that every such committee shall conform to such directions
as the Board shall impose on them and provided further that the meetings and proceedings of any such committee shall be governed by (i)&nbsp;the
provisions of these Bye-laws regulating the meetings and proceedings of the Board, so far as the same are applicable and are not superseded
by directions imposed by the Board, and (ii)&nbsp;the rules&nbsp;and regulations of any Relevant Exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">49.2.</FONT></TD><TD STYLE="text-align: justify">A committee may exercise its power to sub-delegate by sub-delegating to any person or persons (whether
or not a member or members of the Board or of the committee), subject to (if applicable) the requirement for independent Directors as
set out in Bye-law 49.7.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">49.3.</FONT></TD><TD STYLE="text-align: justify">Such committee or committees shall have such name or names as may be determined from time to time by resolution
of the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">49.4.</FONT></TD><TD STYLE="text-align: justify">The Board may retain or exclude its right to exercise the delegated powers, authorities or discretions
collaterally with the committee. The Board may at any time revoke the delegation or alter any terms and conditions or discharge the committee
in whole or in part. Where a provision of these Bye-laws refers to the exercise of a power, authority or discretion by the Board and that
power, authority or discretion has been delegated by the Board to a committee, the provision shall be construed as permitting the exercise
of the power, authority or discretion by the committee, save that no committee shall have the power or authority to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">adopt an agreement of merger, amalgamation, consolidation, scheme of arrangement or similar arrangement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">recommend to the Members the sale, lease or exchange of all or substantially all of the Company's property
and assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">recommend to the Members a winding up or dissolution of the Company or a revocation of a winding up or
dissolution; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify">unless the resolution of the Board constituting the committee expressly provides as such, to declare a
dividend or to authorise the allotment or issue of shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">49.5.</FONT></TD><TD STYLE="text-align: justify">Committee membership designations shall be subject to provisions regarding independence or other qualifications
for committee service which may be imposed by Applicable Laws, rules&nbsp;or regulations (including the rules&nbsp;and regulations of
any Relevant Exchange).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">49.6.</FONT></TD><TD STYLE="text-align: justify">The Board may designate one or more Directors as alternate members of any committee, who may replace any
absent or disqualified member at any meeting of the committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">49.7.</FONT></TD><TD STYLE="text-align: justify">As soon as reasonably practicable following the adoption of these Bye-laws, the Board shall establish
the Audit Committee, the Compensation Committee, and the Nominating and Governance Committee, each comprising of independent Directors,
and approve committee charters in respect of the same, in each case by reference to Applicable Law (and the rules&nbsp;and regulations
of any Relevant Exchange or, if the Company&rsquo;s shares are not then listed, the New York Stock Exchange).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>50.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Register of Directors and Officers</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board shall cause to be kept in
one or more books at the registered office of the Company a Register of Directors and Officers and shall enter therein the particulars
required by the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>51.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Appointment of Officers</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board may appoint such Officers
(who may or may not be Directors) as the Board may determine on such terms (including term of office) as the Board deems fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>52.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Appointment of Secretary</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Secretary shall be appointed by
the Board from time to time on such terms (including term of office) as the Board deems fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>53.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Duties of Officers</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Officers shall have such powers
and perform such duties in the management, business and affairs of the Company as may be delegated to them by the Board from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>54.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>[Reserved.]</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>55.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Conflicts of Interest</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">55.1.</FONT></TD><TD STYLE="text-align: justify">Subject to Applicable Law, rules&nbsp;or regulations (including the rules&nbsp;and regulations of any
Relevant Exchange), any Director, or any Director's firm, partner or any company with whom any Director is associated, may act in any
capacity for, be employed by or render services to the Company on such terms, including with respect to remuneration, as may be agreed
between the relevant person and the Company. Nothing herein contained shall authorise a Director or a Director's firm, partner or company
to act as Auditor to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">55.2.</FONT></TD><TD STYLE="text-align: justify">A Director who is directly or indirectly interested in a contract or proposed contract with the Company
(an &quot;Interested Director&quot;) shall declare the nature of such interest as required by the Act and any other requirements of Applicable
Law, rules&nbsp;or regulations (including the rules&nbsp;and regulations of any Relevant Exchange).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">55.3.</FONT></TD><TD STYLE="text-align: justify">Subject to the Company&rsquo;s policies and procedures, an Interested Director who has complied with the
requirements of the foregoing Bye-law 55.2 may:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">vote in respect of such contract or proposed contract; and/or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">be counted in the quorum for the meeting at which the contract or proposed contract is to be voted on,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and no such contract or proposed contract
shall be void or voidable by reason only that the Interested Director voted on it or was counted in the quorum of the relevant meeting
and the Interested Director shall not be liable to account to the Company for any profit realised thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>56.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Indemnification and Exculpation of Directors and Officers</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">56.1.</FONT></TD><TD STYLE="text-align: justify">The Directors, Resident Representative, Secretary and other Officers (such term to include any person
appointed to any committee by the Board) acting in relation to any of the affairs of the Company or any subsidiary thereof and the liquidator
or trustees (if any) acting in relation to any of the affairs of the Company or any subsidiary thereof and every one of them (whether
for the time being or formerly), and their heirs, executors and administrators (each of which an &quot;indemnified party&quot;), shall
be indemnified and secured harmless out of the assets of the Company from and against all actions, costs, charges, losses, damages and
expenses which they or any of them, their heirs, executors or administrators, shall or may incur or sustain by or by reason of any act
done, concurred in or omitted in or about the execution of their duty, or supposed duty, or in their respective offices or trusts, and
no indemnified party shall be answerable for the acts, receipts, neglects or defaults of the others of them or for joining in any receipts
for the sake of conformity, or for any bankers or other persons with whom any moneys or effects belonging to the Company shall or may
be lodged or deposited for safe custody, or for insufficiency or deficiency of any security upon which any moneys of or belonging to the
Company shall be placed out on or invested, or for any other loss, misfortune or damage which may happen in the execution of their respective
offices or trusts, or in relation thereto, provided that this indemnity shall not extend to any matter in respect of any fraud or dishonesty
in relation to the Company which may attach to any of the indemnified parties. Each Member agrees to waive any claim or right of action
such Member might have, whether individually or by or in the right of the Company, against any Director or Officer on account of any action
taken by such Director or Officer, or the failure of such Director or Officer to take any action in the performance of his duties with
or for the Company or any subsidiary thereof, provided that such waiver shall not extend to any matter in respect of any fraud or dishonesty
in relation to the Company which may attach to such Director or Officer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">56.2.</FONT></TD><TD STYLE="text-align: justify">The Company may purchase and maintain insurance for the benefit of any Director or Officer against any
liability incurred by him or her under the Act in his capacity as a Director or Officer or indemnifying such Director or Officer in respect
of any loss arising or liability attaching to him or her by virtue of any rule&nbsp;of law in respect of any negligence, default, breach
of duty or breach of trust of which the Director or Officer may be guilty in relation to the Company or any subsidiary thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">56.3.</FONT></TD><TD STYLE="text-align: justify">The Company may advance moneys to a Director or Officer for the costs, charges and expenses incurred by
the Director or Officer in defending any civil or criminal proceedings against him or her, on condition that the Director or Officer shall
repay the advance if any allegation of fraud or dishonesty in relation to the Company is proved against him or her.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>MEETINGS
OF THE BOARD OF DIRECTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>57.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Board Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board may meet for the transaction
of business, adjourn and otherwise regulate its meetings as it sees fit in accordance with these Bye-laws. Subject to these Bye-laws,
a resolution put to the vote at a Board meeting shall be carried by the affirmative votes of a majority of the votes cast and in the case
of an equality of votes the resolution shall fail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>58.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Notice of Board Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">58.1.</FONT></TD><TD STYLE="text-align: justify">A Director or the Chief Executive Officer may and the Secretary on the requisition of either of them shall,
at any time summon a Board meeting. Board meetings may be held in any jurisdiction as the Board sees fit, provided that no meeting of
the Board shall be held in a jurisdiction if the act of holding a Board meeting in such jurisdiction would be expected to have an adverse
impact on the Company&rsquo;s tax residency status.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">58.2.</FONT></TD><TD STYLE="text-align: justify">Notice of a Board meeting shall be given not less than twenty-four (24) hours before the time the meeting
is to be held, save that any Director may consent to receiving a shorter period of notice. Notice of a Board meeting shall be deemed to
be duly given to a Director if it is given to such Director verbally (including in person or by telephone) or otherwise communicated or
sent to such Director by post, electronic means or other mode of representing words in a visible form at such Director's last known address
or in accordance with any other instructions given by such Director to the Company for this purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>59.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Electronic Participation in Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A Director or committee member may participate
in a meeting of the Board or a meeting of a committee of the Board (as applicable) through the medium of conference telephone, video teleconference
or similar form of communication equipment if all persons participating in the meeting are able to hear and speak to each other throughout
the meeting. A person participating in this way is deemed to be present in person at the meeting and is counted in a quorum and entitled
to vote. Subject to the provisions of the Act, all business transacted in this way by the Board or a committee of the Board is for the
purposes of the Bye-laws deemed to be validly and effectively transacted at a meeting of the Board or a committee of the Board (even if
fewer than two Directors are physically present in the same place). The meeting is deemed to take place where the largest group of those
participating is assembled or, if there is no such group, where the chair of the meeting is physically located, subject in each case to
Bye-law 58.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>60.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Quorum at Board Meetings</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The quorum necessary for the transaction
of business at a Board meeting shall be a simple majority of the Directors for the time being in office. If there are only two (2)&nbsp;Directors
for the time being in office, the quorum shall be two (2)&nbsp;Directors whom may act for the purposes set out in Bye-law 61 only, and
if there is only one (1)&nbsp;Director for the time being in office, the quorum shall be one (1)&nbsp;Director whom may act for the purposes
set out in Bye-law 61 only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>61.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Board to Continue in the Event of Vacancy</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board may act notwithstanding any
vacancy in its number but, if and so long as its number is reduced below the number fixed by these Bye-laws as the quorum necessary for
the transaction of business at Board meetings, the continuing Directors or Director may act for the purpose of (i)&nbsp;summoning a general
meeting; or (ii)&nbsp;preserving the assets of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>62.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Chair to Preside</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board may appoint one of its body
as chair to preside at every Board meeting at which he or she is present and one or more deputy chair or chairs and decide the period
for which he or she is or they are to hold office (and may at any time remove him or her or them from office). If no chair or deputy chair
is elected, or if at a meeting neither the chair nor a deputy chair is present within five minutes of the time fixed for the start of
the meeting, the Directors present shall choose one of their number to be the chair of the meeting. If two or more deputy chairs are present,
the senior of them shall act as the chair, seniority being determined by length of office since their last appointment or reappointment
or deemed reappointment. As between two or more who have held office for an equal length of time, the deputy chair to act as the chair
of the meeting shall be decided by those Directors present. A chair or deputy chair may hold executive office or employment with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>63.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Written Resolutions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A resolution signed by all the Directors
(or all the members of the relevant committee, as applicable) unanimously, which may be in counterparts, shall be as valid as if it had
been passed at a Board meeting (or committee meeting, as applicable) duly called and constituted, such resolution to be effective on the
date on which the resolution is signed by the last Director (or committee member, as applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>64.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Validity of Prior Acts of the Board</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No regulation or alteration to these
Bye-laws made by the Company in general meeting shall invalidate any prior act of the Board which would have been valid if that regulation
or alteration had not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CORPORATE
RECORDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>65.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Minutes</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board shall cause minutes to be
duly entered in books provided for the purpose:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">of all elections and appointments of Officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">of the names of the Directors present at each Board meeting and of any committee appointed by the Board;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">of all resolutions and proceedings of general meetings of the Members, Board meetings, and meetings of
committees appointed by the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>66.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Place Where Corporate Records Kept</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Minutes prepared in accordance with
the Act and these Bye-laws shall be kept by the Secretary at the registered office of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>67.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;and Use of Seal</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">67.1.</FONT></TD><TD STYLE="text-align: justify">The Company may adopt a seal in such form as the Board may determine. The Board may adopt one or more
duplicate seals for use in or outside Bermuda.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">67.2.</FONT></TD><TD STYLE="text-align: justify">A seal may, but need not, be affixed to any deed, instrument or document, and if the seal is to be affixed
thereto, it shall be attested by the signature of (i)&nbsp;any Director, or (ii)&nbsp;any Officer, or (iii)&nbsp;the Secretary, or (iv)&nbsp;any
person authorised by the Board for that purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">67.3.</FONT></TD><TD STYLE="text-align: justify">A Resident Representative may, but need not, affix the seal of the Company to certify the authenticity
of any copies of documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ACCOUNTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>68.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Records of Account</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">68.1.</FONT></TD><TD STYLE="text-align: justify">The Board shall cause to be kept proper records of account with respect to all transactions of the Company
and in particular with respect to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">all amounts of money received and expended by the Company and the matters in respect of which the receipt
and expenditure relates;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">all sales and purchases of goods by the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">all assets and liabilities of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">68.2.</FONT></TD><TD STYLE="text-align: justify">Such records of account shall be kept at the registered office of the Company or, subject to the Act,
at such other place as the Board thinks fit and shall be available for inspection by the Directors during normal business hours.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">68.3.</FONT></TD><TD STYLE="text-align: justify">Such records of account shall be retained for a minimum period of five years from the date on which they
are prepared.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>69.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Financial Year End</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The financial year end of the Company
may be determined by resolution of the Board and failing such resolution shall be 31st December&nbsp;in each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>AUDITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>70.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Annual Audit</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to Applicable Law, rules&nbsp;or
regulations (including the rules&nbsp;and regulations of any Relevant Exchange) and to any rights to waive laying of accounts or appointment
of an Auditor pursuant to the Act, the accounts of the Company shall be audited at least once in every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>71.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Appointment of Auditor</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">71.1.</FONT></TD><TD STYLE="text-align: justify">Subject to the Act and any other requirements of Applicable Law, rules&nbsp;or regulations (including
the rules&nbsp;and regulations of any Relevant Exchange), the Members shall appoint an auditor to the Company to hold office for such
term as the Members deem fit or until a successor is appointed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">71.2.</FONT></TD><TD STYLE="text-align: justify">The Auditor may be a Member but no Director, Officer or employee of the Company shall, during his continuance
in office, be eligible to act as an Auditor of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>72.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Remuneration of Auditor</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">72.1.</FONT></TD><TD STYLE="text-align: justify">The remuneration of an Auditor appointed by the Members shall be fixed by the Company in general meeting
or in such manner as the Members may determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">72.2.</FONT></TD><TD STYLE="text-align: justify">The remuneration of an Auditor appointed by the Board to fill a casual vacancy in accordance with Bye-law
76 shall be fixed by the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>73.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Duties of Auditor</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">73.1.</FONT></TD><TD STYLE="text-align: justify">The financial statements provided for by these Bye-laws shall be audited by the Auditor in accordance
with generally accepted auditing standards. The Auditor shall make a written report thereon in accordance with generally accepted auditing
standards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">73.2.</FONT></TD><TD STYLE="text-align: justify">The generally accepted auditing standards referred to in this Bye-law 73 may be those of a country or
jurisdiction other than Bermuda or such other generally accepted auditing standards as may be provided for in the Act. If so, the financial
statements and the report of the Auditor shall identify the generally accepted auditing standards used.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>74.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Access to Records</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Auditor shall at all reasonable
times have access to all books kept by the Company and to all accounts and vouchers relating thereto, and the Auditor may call on the
Directors or Officers for any information in their possession relating to the books or affairs of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>75.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Financial Statements and the Auditor's Report</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">75.1.</FONT></TD><TD STYLE="text-align: justify">Subject to the following Bye-law 75.2, the financial statements and/or the auditor's report as required
by the Act shall:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">be laid before the Members at the annual general meeting; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">be received, accepted, adopted or approved by the Members by written resolution passed in accordance with
these Bye-laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">75.2.</FONT></TD><TD STYLE="text-align: justify">If all Members and Directors shall agree, either in writing or at a meeting, that in respect of a particular
interval no financial statements and/or auditor's report thereon need be made available to the Members, and/or that no auditor shall be
appointed then there shall be no obligation on the Company to do so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>76.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Vacancy in the Office of Auditor</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board may fill any casual vacancy
in the office of the auditor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>VOLUNTARY
WINDING-UP AND DISSOLUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>77.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Winding-Up</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Company shall be wound up the
liquidator may, with the sanction of a resolution of the Members, divide amongst the Members in specie or in kind the whole or any part
of the assets of the Company (whether they shall consist of property of the same kind or not) and may, for such purpose, set such value
as he or she deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between
the Members or different classes of Members. The liquidator may, with the like sanction, vest the whole or any part of such assets in
the trustees upon such trusts for the benefit of the Members as the liquidator shall think fit, but so that no Member shall be compelled
to accept any shares or other securities or assets whereon there is any liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Valaris
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CHANGES
TO CONSTITUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>78.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Changes to Bye-laws</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">No Bye-law
may be rescinded, altered or amended and no new Bye-law may be made save in accordance with the Act and until the same has been approved
by a resolution of the Board including the affirmative vote of not less than a majority of the Directors then in office and by a resolution
of the Members including the affirmative vote of shares carrying not less than a majority of the total voting rights of all issued and
outstanding Voting Shares.</FONT> If the Members have approved, by the affirmative vote of shares carrying not less than a majority of
the total voting rights of all issued and outstanding Voting Shares, any alterations or amendments to these Bye-laws at a requisitioned
meeting under Bye-law 21, the Board shall consider such alterations or amendments and, if it thinks fit, approve such alterations and
amendments (with any variation or modification thereto as the Board deems fit in its absolute and unfettered discretion) and propose those
alterations or amendments to the Members for approval in accordance with the Act and this Bye-law 78.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>79.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Discontinuance</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board may exercise all the powers
of the Company to discontinue the Company to a jurisdiction outside Bermuda pursuant to the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>tm2114630d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;4.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-top: Black 1pt solid; text-align: left; border-bottom: Black 2pt solid">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VALARIS LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SENIOR SECURED FIRST LIEN NOTES DUE 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INDENTURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of April&nbsp;30, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WILMINGTON SAVINGS FUND SOCIETY, FSB,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Trustee and First Lien Collateral Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 2pt solid; text-align: justify">&nbsp;<BR>
<BR>
</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECONCILIATION AND TIE BETWEEN TRUST INDENTURE
ACT OF 1939</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND INDENTURE, DATED AS OF APRIL 30, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CROSS-REFERENCE TABLE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; width: 49%"><FONT STYLE="font-size: 10pt">Trust<BR>
Indenture<BR>
Act<BR>
Section</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt">Indenture<BR>
Section</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">310(a)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.10</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.10</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(a)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">N.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(a)(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">N.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt">(a)(5)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">7.10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">7.03; <FONT STYLE="font-size: 10pt">7.08;&nbsp;7.10</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">N.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">311(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">N.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">312(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.05</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">12.02</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">12.02</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">313(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.06</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(b)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">11.03</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(b)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">11.03</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">7.06</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.06</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">314(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">4.03; 4.04</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">4:13</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">11.03</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(c)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">12.03</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(c)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">12.03</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(c)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">N.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">11.03</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">12.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">4.13</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">315(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.01</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.05;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.01</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">7.01</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">316(a)(last sentence)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">2.09</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(a)(1)(A)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.05</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(a)(1)(B)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">N.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.07</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">317(a)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.08</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">6.09</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; font-size: 10pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">318(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.05</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">N.A. means Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note:&#8239;&#8239;This Cross-Reference Table shall not, for any purpose,
be deemed to be part of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; width: 20%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: center; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Contents</B></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; width: 8%; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;1 DEFINITIONS AND INCORPORATION BY REFERENCE</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Definitions</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;of Construction</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation by Reference of Trust Indenture Act</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;1.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflict With Trust Indenture Act</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;2 THE NOTES</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;and Dating</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution and Authentication</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registrar and Paying Agent</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paying Agent to Hold Money and PIK Notes in Trust</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holder Lists</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer and Exchange</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replacement Notes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding Notes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.09</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Notes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.10</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Temporary Notes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.11</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.12</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defaulted Interest</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.13</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP and ISIN Numbers</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;2.14</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of Additional Notes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;3 REDEMPTION AND PREPAYMENT</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices to Trustee</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selection of Notes to Be Redeemed</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Redemption</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Notice of Redemption</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit of Redemption Price</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes Redeemed in Part</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.09</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer to Purchase by Application of Excess Proceeds</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;3.10</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Mandatory Sinking Fund</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;4 COVENANTS</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Notes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Office or Agency</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance Certificate</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stay, Extension and Usury Laws</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Restricted Payments</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.09</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.10</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Asset Sales</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.11</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Transactions with Affiliates</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.12</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Liens</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.13</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further Assurances; Additional Guarantees</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.14</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existence</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.15</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offer to Repurchase Upon Change of Control</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.16</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designation of Restricted and Unrestricted Subsidiaries</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.17</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Activities</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.18</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Additional Amounts</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.19</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suspended Covenants</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.20</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of Insurance</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.21</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;4.22</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARO JV Shareholder and ARO Indebtedness</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;5 SUCCESSORS</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">89</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger, Consolidation, or Sale of Assets</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;5.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor Substituted</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;6</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">91</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DEFAULTS AND REMEDIES</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">91</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Events of Default</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Remedies</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waiver of Past Defaults</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Control by Majority</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Suits</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Holders of Notes to Receive Payment</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection Suit by Trustee</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.09</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee is Authorized to File Proofs of Claim</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.10</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Priorities</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">96</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.11</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undertaking for Costs</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;6.12</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The First Lien Collateral Agent</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;7 TRUSTEE</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties of Trustee</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Trustee</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual Rights of Trustee</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&rsquo;s Disclaimer</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Defaults</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports by Trustee to Holders</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation and Indemnity</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Replacement of Trustee</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.09</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successor Trustee by Merger,&nbsp;etc.</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.10</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eligibility; Disqualification</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;7.11</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferential Collection of Claims Against the Issuer</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Option to Effect Legal Defeasance or Covenant Defeasance</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Defeasance and Discharge</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenant Defeasance</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions to Legal or Covenant Defeasance</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">105</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment to the Company</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">106</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;8.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discharge</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;9 AMENDMENT, SUPPLEMENT AND WAIVER</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">108</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without Consent of Holders of Notes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With Consent of Holders of Notes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with Trust Indenture Act</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consents in Connection with Purchase, Tender or Exchange</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revocation and Effect of Consents</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notation on or Exchange of Notes</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee to Sign Amendments,&nbsp;etc.</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;9.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts of Holders</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;10 GUARANTEES OF NOTES</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">114</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiary Guarantees</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Releases of Guarantees</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Guarantor Liability</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Trustee&rdquo; to Include Paying Agent</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Execution and Delivery</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subrogation</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">116</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;10.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jurisdiction Specific Riders</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;11 SECURITY</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">136</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collateral Documents; Additional Collateral</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letters of Quiet Enjoyment</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Releases of Collateral</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release Documentation</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved].</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Lien Collateral Agent. Subject to Section&nbsp;12.10</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchaser Protected</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved].</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">149</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.09</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization of Receipt of Funds by the Trustee Under the Collateral Documents</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">149</font></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.10</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left; width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers Exercisable by Receiver or Trustee</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">149</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.11</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation and Indemnification</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">149</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.12</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative Pledge</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">149</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;11.13</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floater Restructuring Transaction.</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Article&nbsp;12 MISCELLANEOUS</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">152</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">152</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communications by Holders with Other Holders</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">153</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate and Opinion as to Conditions Precedent</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">153</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements Required in Certificate or Opinion</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">154</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules&nbsp;by Trustee and Agents</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">154</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Personal Liability of Directors, Officers, Employees and Stockholders</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">154</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">155</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jurisdiction</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">155</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.09</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER OF JURY TRIAL</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">155</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.10</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intercreditor Agreement and Collateral Agency Agreement Control.</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">156</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.11</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Adverse Interpretation of Other Agreements</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">156</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.12</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">156</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.13</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">156</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.14</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Table of Contents, Headings,&nbsp;etc.</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">156</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.15</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">156</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.16</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Language of Notices, Etc.</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">156</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.17</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.A. PATRIOT Act</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">157</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.18</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force Majeure</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">157</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Section&nbsp;12.19</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign Sanction Regulations</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">157</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">RULE 144A/REGULATION S APPENDIX</TD><TD STYLE="text-align: right">1</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20%">&nbsp;</TD><TD STYLE="text-align: left; width: 72%">&nbsp;</TD><TD STYLE="text-align: justify; width: 8%">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">EXHIBIT&nbsp;I TO RULE 144A/REGULATION S APPENDIX</TD><TD STYLE="text-align: right">1</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">ANNEX
A - FOrm of Supplemental indenture</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">annex
b-1 - issue date collateral documents</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">annex
b-2 - post-issue date specified collateral documents</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">annex
c - lQe provisions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">annex
d - form of intercreditor agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">annex
e-1 - unrestricted floater subsidiary credit facility term sheet</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">annex
e-2 - unrestricted floater subsidiary iP license term sheet</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="text-transform: uppercase">Schedule
a - vessels operating in kingdom of saudi arabia</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This INDENTURE, dated as of
April&nbsp;30, 2021, is among Valaris Limited, an exempted company incorporated under the laws of Bermuda with registration number 56245
(the &ldquo;<I>Company</I>&rdquo;), the Guarantors listed on the signature pages&nbsp;hereto and Wilmington Savings Fund Society, FSB,
as Trustee and as First Lien Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, the Guarantors
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein)
of (a)&nbsp;the Company&rsquo;s Senior Secured First Lien Notes due 2028 issued on the Issue Date (the &ldquo;<I>Initial Notes</I>&rdquo;)
and (b)&nbsp;any PIK Notes (as defined herein) and Additional Notes (as defined herein) that may be issued after the Issue Date (all
such Notes in clauses (a)&nbsp;and (b)&nbsp;being referred to collectively as the &ldquo;<I>Notes</I>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;1</FONT><U><BR>
DEFINITIONS AND INCORPORATION BY REFERENCE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.01</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Definitions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>20K Contract</I>&rdquo;
means a contract requiring upgrades to an Other Vessel to enable the Other Vessel to work on wells where the anticipated reservoir pressures
require well control equipment whose pressure rating exceeds 15K PSI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<I>Acquired Debt</I>&rdquo; means, with
respect to any specified Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Indebtedness
(including Permitted Refinancing Indebtedness in respect thereof) of any other Person existing at the time such other Person is merged
with or into or became a Restricted Subsidiary of such specified Person (regardless of the form of the applicable transaction by which
such Person became a Subsidiary) or expressly assumed in connection with the acquisition of assets from any other such Person, provided
that such Indebtedness is not Incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming
a Restricted Subsidiary of, such specified Person, or the acquisition of assets from such other Person; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Indebtedness
(including Permitted Refinancing Indebtedness in respect thereof) secured by a Lien encumbering any asset acquired by such specified
Person, provided that such Indebtedness is not Incurred in connection with, or in contemplation of, such acquisition. Acquired Debt will
be deemed to be Incurred on the date the acquired Person becomes a Restricted Subsidiary of such Person or the date of the acquisition
of assets from such Person, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Additional Notes</I>&rdquo;
means Notes issued under this Indenture after the Issue Date and in compliance with <U>Sections 2.14</U>, <U>4.01,</U> and <U>4.09</U>
and <U>4.12</U>, it being understood that any Notes issued in replacement of any Initial Note shall not be an Additional Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Additional Secured
Debt Designation</I>&rdquo; means the written agreement of the First Lien Representative of holders of any series of First Lien Debt
or the Junior Lien Representative of holders of any series of Junior Lien Debt, as applicable, as set forth in the indenture, credit
agreement or other agreement governing such series of First Lien Debt or series of Junior Lien Debt, for the benefit of (i)&nbsp;all
holders of existing and future First Lien Debt, the First Lien Collateral Agent and each existing and future holder of First Liens, in
the case of each additional series of First Lien Debt and (ii)&nbsp;all holders of each existing and future series of Junior Lien Debt,
the applicable Junior Lien Collateral Agent and each existing and future holder of Junior Liens, in the case of each series of Junior
Lien Debt:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of any additional series of First Lien Debt, that all such First Lien Obligations will be and are secured equally and ratably
by all First Liens at any time granted by the Company or any Guarantor to secure any Obligations in respect of such series of First Lien
Debt, whether or not upon property otherwise constituting collateral for such series of First Lien Debt, and that all such First Liens
will be enforceable by the First Lien Collateral Agent for the benefit of all holders of First Lien Obligations, equally and ratably,
in each case subject to the exceptions that are applicable to Indebtedness incurred pursuant to clause (3)(a)&nbsp;of <U>Section&nbsp;4.09(b)</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of any additional series of Junior Lien Debt, that all such Junior Lien Obligations will be and are secured equally and ratably
by all Junior Liens at any time granted by the Company or any Guarantor to secure any Obligations in respect of such series of Junior
Lien Debt, whether or not upon property otherwise constituting collateral for such series of Junior Lien Debt, and that all such Junior
Liens will be enforceable by the Junior Lien Collateral Agent for the benefit of all holders of Junior Lien Obligations, equally and
ratably;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
such First Lien Representative or Junior Lien Representative, as applicable, and the holders of Obligations in respect of such series
of First Lien Debt or series of Junior Lien Debt, as applicable, are bound by the provisions of the Intercreditor Agreement, including
the provisions relating to the ranking of First Liens and Junior Liens and the order of application of proceeds from the enforcement
of First Liens and Junior Liens; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">appointing
the First Lien Collateral Agent or the Junior Lien Collateral Agent, as applicable, and consenting to the terms of the Intercreditor
Agreement and, in the case of any additional series of First Lien Debt, the Collateral Agency Agreement, including terms relating to
the direction of the First Lien Collateral Agent or the Junior Lien Collateral Agent, as applicable, and the performance by the First
Lien Collateral Agent or the Junior Lien Collateral Agent, as applicable, of its obligations under the Collateral Agency Agreement (if
applicable) and any other applicable security documents and the Intercreditor Agreement, including its obligations to comply with directions
given in accordance therewith, together with all such powers as are reasonably incidental thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Additional Subject
Jurisdictions</I>&rdquo; means any jurisdiction (other than any Initial Subject Jurisdiction) in which a Required Guarantor (i)&nbsp;owns
at least $50 million of assets (based on the book value thereof), or (ii)&nbsp;has at least $50 million of operations (based on annual
net revenues of such Required Guarantor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Adjusted Interest
Coverage Ratio</I>&rdquo; means, as of any date of determination, the ratio of (i)&nbsp;Consolidated EBITDA of the Company and the Restricted
Subsidiaries, plus 50% of the Consolidated EBITDA of ARO, for the most recently completed four quarter period for which internal financial
statements of the Company are available to (ii)&nbsp;Consolidated Interest Expense of the Company and the Restricted Subsidiaries (with
the interest expense for these Notes calculated assuming such interest was paid in cash), plus 50% of the Consolidated Interest Expense
of ARO (excluding interest accruing on the Shareholder Instruments held by the ARO JV Shareholder), for such period, subject to the Calculation
Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Affiliate</I>&rdquo;
means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person; provided that no Person will constitute an Affiliate of the Company or any parent of the Company
solely because such Person owns up to 25% of the Equity Interests of the Company or such parent. For the purposes of this definition,
 &ldquo;control,&rdquo; when used with respect to any specified Person, means the power to direct or cause the direction of the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. For
purposes of this definition, the terms &ldquo;controlling,&rdquo; &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;
have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Agent Members</I>&rdquo;
has the meaning provided in the Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Agents</I>&rdquo;
shall mean, collectively, the Trustee, the First Lien Collateral Agent, the Registrar, the Paying Agent and any other agents under the
Note Documents from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Applicable Materiality
Percentage</I>&rdquo; means in the case of a Subsidiary located in a Subject Jurisdiction in which the Company or any Guarantor has executed
and filed documentation for the perfection of Liens on the Collateral, 0.5% and otherwise 2.5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Applicable Premium</I>&rdquo;
means, with respect to any Note on any redemption date, the present value at such redemption date of all required interest payments due
on such Note (assuming cash interest payments) through April&nbsp;30, 2023, computed using a discount rate equal to the Treasury Rate
as of such redemption date plus 50 basis points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Calculation of the Applicable
Premium shall be made by the Company or on behalf of the Company by such Person as the Company shall designate; provided that such calculation
or the correctness thereof shall not be a duty or obligation of the Trustee and the Company will notify the Trustee of the Applicable
Premium promptly after the calculation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>ARO</I>&rdquo; means
Saudi Aramco Rowan Offshore Drilling Company, a limited liability company incorporated under the laws of the Kingdom of Saudi Arabia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>ARO JV Agreement</I>&rdquo;
means the Shareholders&rsquo; Agreement, dated as of November&nbsp;21, 2016, by and between Mukamala Oil Field Services Limited (as successor
to Saudi Aramco Development Company) and Valaris ARO Shareholder relating to ARO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>ARO JV Related Assets</I>&rdquo;
means collectively, (i)&nbsp;the Equity Interests of ARO owned, directly or indirectly, by the Company or its Subsidiaries, (ii)&nbsp;the
 &ldquo;Shareholder Instruments&rdquo; (as defined in the ARO JV Agreement) and any other loans, notes or other obligations of ARO to the
Company or any of its Subsidiaries, (iii)&nbsp;all right, title and interest of the Company or any of its Subsidiaries in and to the ARO
JV Agreement, (iv)&nbsp;the rights of the Company or any of its Subsidiaries under (x)&nbsp;any Drilling Contract or agreement to operate
between the Company or any of its Subsidiaries and ARO in respect of any Vessel and (y)&nbsp;any agreement pursuant to which the Company
or any of its Subsidiaries manages a Third Party Vessel for ARO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Asset Sale</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
sale, assignment, transfer, lease, conveyance, any Sale and Lease-Back Transaction or other disposition (including by means of amalgamation,
merger, consolidation or similar transaction), whether in a single transaction or a series of related transactions, of property or assets
of the Company or any of the Restricted Subsidiaries; provided that the sale, assignment, transfer, lease, conveyance or other disposition
of all or substantially all of the assets of the Company and the Restricted Subsidiaries, taken as a whole, will not be an &ldquo;Asset
Sale,&rdquo; but will be governed by the provisions of <U>Section&nbsp;4.15</U> and/or the provisions of <U>Section&nbsp;5.01</U> and
not by the provisions of <U>Section&nbsp;4.10</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
issuance or sale of Equity Interests of any Restricted Subsidiary, other than directors&rsquo; qualifying shares and/or other Equity Interests
that are required to be held by any Persons other than the Company or another Restricted Subsidiary under applicable law or regulation
(including local content regulations or requirements), whether in a single transaction or a series of related transactions; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
Involuntary Transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the preceding,
none of the following items will be deemed to be an Asset Sale under clause (1)&nbsp;or (2)&nbsp;above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
single transaction or series of related transactions that involves assets having a Fair Market Value of less than $5 million (and the
sale of such assets generates Net Proceeds of less than $5 million), but not more than $25 million in the aggregate for all such transactions
or series of related transactions during the term of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
transfer of Equity Interests or other assets between or among the Company and the Restricted Subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
issuance of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary; provided that, in the case
of such an issuance by a non-wholly owned Restricted Subsidiary, such issuance may also be made to any other owner of Capital Stock of
such non-wholly owned Restricted Subsidiary based on such owner&rsquo;s relative ownership interests (or lesser share) of the relevant
class of Capital Stock);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(x)&nbsp;the
sale or discount, in each case without recourse and in the ordinary course of business, of overdue accounts receivable and similar obligations
arising in the ordinary course of business, but only in connection with the compromise or collection thereof consistent with customary
industry practice (and not as part of any bulk sale or financing transaction) and (y)&nbsp;the use or hire of a Vessel and any related
assets in the ordinary course of business, including pursuant to a Drilling Contract;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Disposition in a single transaction or series of related transactions of assets, including damaged, worn-out or obsolete assets in the
ordinary course of business, the sale of which assets generates Net Proceeds of less than $1.5 million;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">sales
of assets to any customer purchased on behalf of or at the request of such customer and for which payment has been made in cash by such
customer and dispositions of inventory, in each case, in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
sale or other disposition of cash or Cash Equivalents, hedging contracts or other financial instruments;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">non-exclusive
licenses and sublicenses by the Company or any of the Restricted Subsidiaries of software or intellectual property in the ordinary course
of business, provided that such licenses and sublicenses do not interfere in any material respect with the conduct of the business of
the Company and the Restricted Subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
Restricted Payment that does not violate <U>Section&nbsp;4.07</U> or a Permitted Investment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
creation or perfection of any Permitted Lien, and any disposition of assets constituting Collateral resulting from foreclosure under any
such Lien by the First Lien Collateral Agent, or any disposition of assets not constituting Collateral resulting from foreclosure under
any such Lien;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(11)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims, in each
case when undertaken or entered into in the ordinary course of business or when consistent with the Company&rsquo;s past practice;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(12)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Permitted Asset Swap that complies with <U>Section&nbsp;4.10(a)(1)</U>&nbsp;as if such Permitted Asset Swap constituted an Asset Sale;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(13)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">leases
of real or personal property in the ordinary course of business</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(14)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
sale of Equity Interests of a Restricted Subsidiary issued as consideration for the acquisition, including by way of merger, of Capital
Stock, assets, or property of any Person primarily engaged in a Permitted Business, provided that such transaction is otherwise permitted
pursuant to this Indenture; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(15)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">abandoning,
failing to maintain, allowing to lapse or otherwise Disposing of intellectual property rights that are not material to the conduct of
the business of the Company and the Restricted Subsidiaries, taken as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Attributable Indebtedness</I>&rdquo;
in respect of a Sale and Lease-Back Transaction means, at the time any determination is to be made, the present value (discounted according
to GAAP at the cost of indebtedness implied in the lease; provided that if such discount rate cannot be determined in accordance with
GAAP, the present value shall be discounted at the interest rate borne by the Notes, compounded annually) of the total obligations of
the lessee for rental payments during the remaining term of the lease included in such Sale and Lease-Back Transaction (including any
period for which such lease has been extended); provided that if such Sale and Lease-Back Transaction results in a Capital Lease Obligation,
the amount of Indebtedness represented thereby will be determined in accordance with the definition of &ldquo;Capital Lease Obligation.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Bankruptcy Law</I>&rdquo;
means Title 11 of the United States Code, as may be amended from time to time, or any similar federal, state or foreign law for the relief
of debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Beneficial Owner</I>&rdquo;
has the meaning assigned to such term in Rule&nbsp;13d-3 and Rule&nbsp;13d-5 under the Exchange Act, except that in calculating the beneficial
ownership of any particular &ldquo;person&rdquo; (as that term is used in Section&nbsp;13(d)(3)&nbsp;of the Exchange Act), such &ldquo;person&rdquo;
will be deemed to have beneficial ownership of all securities that such &ldquo;person&rdquo; has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms
 &ldquo;Beneficially Owns&rdquo; and &ldquo;Beneficially Owned&rdquo; have corresponding meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Board of Directors</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to a corporation or company, the board of directors of the corporation or company or any committee thereof duly authorized to
act on behalf of such board of directors;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to a partnership, the Board of Directors (or other managing body) of the general partner of the partnership;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof or the
manager or any committee of managers; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to any other Person, the board or committee of such Person serving a similar function.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Business Day</I>&rdquo;
means any day other than a Saturday, Sunday or any other day on which banking institutions in New York, New York, London, United Kingdom
or any place of payment under this Indenture are authorized or required by law to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Calculation Principles</I>&rdquo;
means, with respect to calculations under this Indenture for any period, the following principles:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the Company or any of the Restricted Subsidiaries has Incurred any Indebtedness since the beginning of such period that remains outstanding
on the date a determination under this Indenture to which the Calculation Principles apply is to be made, or if the transaction giving
rise to the need to make such determination is an Incurrence of Indebtedness, or both (in each case other than working capital borrowings
under a revolving credit facility), Consolidated Cash Flow, Consolidated EBITDA and Consolidated Interest Expense for such period shall
be calculated after giving effect on a pro forma basis to such Indebtedness as if such Indebtedness had been Incurred on the first day
of such period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the Company or any of the Restricted Subsidiaries has repaid, repurchased, defeased, converted or otherwise discharged any Indebtedness
since the beginning of such period that is no longer outstanding on such date of determination, or if any Indebtedness is to be repaid,
repurchased, defeased, converted or otherwise discharged (in each case other than Indebtedness Incurred under any revolving credit facility
unless such Indebtedness has been permanently repaid and the related commitment has been terminated) on the date of the transaction giving
rise to the occasion to apply the Calculation Principles, Consolidated Cash Flow, Consolidated EBITDA and Consolidated Interest Expense
for such period shall be calculated on a pro forma basis as if such repayment, repurchase, defeasance, conversion or discharge had occurred
on the first day of such period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if,
since the beginning of such period, the Company or any Restricted Subsidiary shall have made any Asset Sale, Consolidated Cash Flow and
Consolidated EBITDA for such period shall be reduced by an amount equal to the Consolidated Cash Flow or Consolidated EBITDA, as the
case may be (in each case, if positive), directly attributable to the assets that are the subject of such Asset Sale for such period,
or increased by an amount equal to the Consolidated Cash Flow (if negative) directly attributable thereto for such period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if,
since the beginning of such period, any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company
or any Restricted Subsidiary since the beginning of such period shall have made any Asset Sale, any Investment or acquisition of assets
that would have required an adjustment pursuant to clause (3)&nbsp;above or clause (7)&nbsp;or (8)&nbsp;below if made by the Company or
a Restricted Subsidiary during such period, Consolidated Cash Flow, Consolidated EBITDA, Consolidated Fixed Charges and Consolidated Interest
Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset Sale,&nbsp;Investment or acquisition
had occurred on the first day of such period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if,
since the beginning of such period, any Person was designated as an Unrestricted Subsidiary or redesignated as or otherwise became a Restricted
Subsidiary, Consolidated Cash Flow, Consolidated EBITDA, Consolidated Fixed Charges and Consolidated Interest Expense shall be calculated
as if such event had occurred on the first day of such period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Consolidated
Cash Flow, Consolidated EBITDA, Consolidated Fixed Charges and Consolidated Interest Expense of discontinued operations recorded on or
after the date such operations are classified as discontinued in accordance with GAAP shall be excluded;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if,
since the beginning of such period, (i)&nbsp;by merger or otherwise, any Person becomes a Restricted Subsidiary or is merged with or into
the Company or a Restricted Subsidiary or there is otherwise an Investment into the Company or any Restricted Subsidiary, or (ii)&nbsp;the
Company or any Restricted Subsidiary shall have made an Investment, acquired a Qualified Vessel, sold, transferred or otherwise disposed
of a Vessel, or acquired, sold, transferred or otherwise disposed of assets constituting all or substantially all of an operating unit
of a business, Consolidated Cash Flow, Consolidated EBITDA, Consolidated Fixed Charges and Consolidated Interest Expense for such period
shall be calculated after giving pro forma effect thereto, as determined in good faith by a Financial Officer of the Company (including,
without limitation, the Incurrence of any Indebtedness) as if such merger,&nbsp;Investment, acquisition, sale, transfer or other disposition
had occurred on the first day of such period; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the Company or any Restricted Subsidiary shall have entered into an agreement to acquire a Qualified Vessel or to sell, transfer or otherwise
dispose of a Vessel, in each case that is scheduled for delivery no later than the date that is one year from the time of calculation,
then Consolidated Cash Flow, Consolidated EBITDA, Consolidated Fixed Charges and Consolidated Interest Expense for such period shall be
calculated giving pro forma effect to the delivery of such acquired Qualified Vessel or such sold, transferred or otherwise disposed of
Vessel as of the first day of such period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any pro forma calculations
giving effect to the acquisition of a Qualified Vessel or sale, transfer or other disposition of a Vessel or to a committed construction
contract with respect to a Qualified Vessel shall be made as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
amount of Consolidated Cash Flow, Consolidated EBITDA and Consolidated Fixed Charges attributable to such Qualified Vessel or Vessel shall
be calculated in good faith by a Financial Officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of Consolidated Cash Flow and Consolidated EBITDA under a Qualified Services Contract, the Consolidated Cash Flow and Consolidated
EBITDA shall be based on revenues actually earned pursuant to the Qualified Services Contract relating to such Qualified Vessels or Vessels,
and shall take into account, where applicable, only actual expenses Incurred without duplication in any measurement period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to any Qualified Vessels, the amount of Consolidated Cash Flow and Consolidated EBITDA shall be the lesser of the Consolidated
Cash Flow or Consolidated EBITDA, as the case may be, derived on a pro forma basis from revenues for (i)&nbsp;the first full year of the
Qualified Services Contract and (ii)&nbsp;the average of the Consolidated Cash Flow or Consolidated EBITDA, as the case may be, of each
year of such Qualified Services Contract for the term of the Qualified Services Contract; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to any expenses attributable to a Qualified Vessel or Vessel, if the actual expenses differ from the estimate, the actual amount
shall be used in such calculation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Capital Expenditures</I>&rdquo;
means expenditures made or liabilities incurred for the acquisition of any fixed assets or improvements, replacements, substitutions or
additions thereto that have a useful life of more than one year and that are capitalized in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Capital Lease Obligation</I>&rdquo;
means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time
be required to be capitalized on a balance sheet prepared in accordance with GAAP as in effect on the Issue Date, and the Stated Maturity
thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such
lease may be prepaid by the lessee without payment of a penalty; provided that in no event will any lease that would have been categorized
as an operating lease as determined in accordance with GAAP as of the Issue Date be considered a capital lease, regardless of any change
in GAAP following the Issue Date that would otherwise require such obligations to be recharacterized (on a prospective or retroactive
basis or otherwise) as a capital lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Capital Stock</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of a corporation or company, corporate stock or shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Cash Equivalents</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">securities
issued or directly and fully guaranteed or insured by the government of the United States or any other country whose sovereign debt has
a rating of at least A3 from Moody&rsquo;s and at least A- from S&amp;P or any agency or instrumentality thereof having maturities of
not more than 12 months from the date of acquisition;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">certificates
of deposit, demand deposits and Eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers&rsquo;
acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank organized under
the laws of any country that is a member of the Organization for Economic Cooperation and Development having capital and surplus in excess
of $500 million (or the equivalent thereof in any other currency or currency unit);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">marketable
general obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality
thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition thereof, having a credit rating
of &ldquo;A&rdquo; or better from either S&amp;P or Moody&rsquo;s;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clauses (1), (2)&nbsp;and (3)&nbsp;above
entered into with any financial institution meeting the qualifications specified in clause (2)&nbsp;above;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">commercial
paper having a rating not less than &ldquo;P1&rdquo; from Moody&rsquo;s or &ldquo;A1&rdquo; from S&amp;P, or carrying an equivalent rating
by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings or investments, and, in each
case, maturing within one year after the date of acquisition;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">money
market funds that comply with SEC rules&nbsp;applicable to all money market funds, including Rule&nbsp;2a-7 under the Investment Company
Act of 1940, that have a rating of AAA by Moody&rsquo;s, S&amp;P or Fitch, and that have portfolio assets of at least $1,000,000,000;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of the Company or any Subsidiary of the Company organized or having its principal place of business outside the United States,
investments denominated in the currency of the jurisdiction in which such Person is organized or has its principal place of business or
conducts business which are similar to the items specified in clauses (1)&nbsp;through (6)&nbsp;of this definition; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">investments
in Foreign Deposit Accounts and cash management obligations maintained at one of the three largest banks in the jurisdiction in which
the Company or any Restricted Subsidiary maintains its local office.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Cash Management
Arrangement</I>&rdquo; means with respect to any Person, any obligations of such person in respect of treasury management arrangements
including any of the following products, services or facilities: (a)&nbsp;demand deposit or operating account relationships or other cash
management services including, without limitation, any services provided in connection with operating, collections, payroll, trust, or
other depository or disbursement accounts, zero balance accounts, including automated clearinghouse fund transfer services, e-payable,
electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, automated clearinghouse
transactions, return items, overdrafts, interstate depository network services, lockbox and stop payment services; and (b)&nbsp;treasury
management line of credit, commercial card, merchant card services, purchase or debit cards, including, without limitation, stored value
cards and non-card e-payables services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Cash Management
Obligations</I>&rdquo; means obligations with respect to any Cash Management Arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Change of Control</I>&rdquo;
means the occurrence of any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
direct or indirect sale, assignment, transfer, conveyance or other disposition (other than by means of amalgamation, merger or consolidation
and other than operating leases arising as a result of a Drilling Contract or Internal Charter entered into in the ordinary course of
business), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and the
Restricted Subsidiaries, taken as a whole, to any &ldquo;person&rdquo; (as that term is used in Section&nbsp;13(d)&nbsp;of the Exchange
Act);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company is liquidated or dissolved, or a plan relating to the liquidation or dissolution of the Company is adopted; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
consummation of any transaction or any series of transactions (including, without limitation, any amalgamation, merger, consolidation
or other business combination), the result of which is that any Person (including any &ldquo;person&rdquo; (as defined above)), becomes
the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than
number of shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
the following shall be deemed not to be a Change of Control,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x)&nbsp;a transaction
or series of related transactions as to which the Company delivers to the Trustee an opinion from an Independent Financial Advisor stating
that following such transaction or transactions, the aggregate fair market value of the Collateral will equal at least 200% of the then
outstanding aggregate Obligations under the Notes, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(y)&nbsp;transactions
pursuant to which assets of the Company and any of its Subsidiaries are exchanged with another strategic purchaser for Related Business
Assets whose fair market value is reasonably equivalent to the exchanged assets as evidenced by an opinion from an Independent Financial
Advisor delivered to the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that any transaction or series of transactions
described in clause (x)&nbsp;or (y)&nbsp;above shall be deemed to be a Change of Control if (I)&nbsp;the Guarantees and the Collateral
are materially and adversely affected by such transaction or series of transactions; or (II)&nbsp;in the case of an amalgamation, consolidation,
merger or sale, or assignment, transfer, conveyance or otherwise disposition of all or substantially all of the properties or assets
of the Company, such transaction does not comply with the provisions of <U>Article&nbsp;5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Clearstream</I>&rdquo;
means Clearstream Banking, <I>Soci&eacute;t&eacute; Anonyme</I>, or any successor securities clearing agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Collateral Agency
Agreement</I>&rdquo; means that certain Collateral Agency Agreement, dated as of the Issue Date, among the Company, as a grantor, the
Guarantors and other grantors from time to time party thereto, the Trustee, as the First Lien Representative of the Holders, and the other
First Lien Representatives from time to time party thereto, and the First Lien Collateral Agent, as the same may be amended, supplemented,
restated, renewed, replaced or otherwise modified from time to time in accordance with the terms thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Collateral Documents</I>&rdquo;
means, collectively, any Security Agreement, each Mortgage, the Vessel Security Agreement, the Intercreditor Agreement, the Collateral
Agency Agreement, and each other instrument, document or agreement, including any assignment, security document or Pledge Agreement, creating
Liens in favor of the First Lien Collateral Agent as required by this Indenture, any of the Collateral Documents or the Intercreditor
Agreement, in each case, as the same may be in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Collateral Grantor</I>&rdquo;
means the Company and each Guarantor party hereto from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Collateral Vessels</I>&rdquo;
has the meaning provided in <U>Section&nbsp;11.01(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Company</I>&rdquo;
has the meaning provided in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated Cash
Flow</I>&rdquo; means, with respect to any period, the Consolidated Net Income of the Company for such period plus, without duplication:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">provision
for taxes based on income or profits of the Company and the Restricted Subsidiaries for such period, to the extent that such provision
for taxes was deducted in computing such Consolidated Net Income; <I>plus</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Consolidated
Interest Expense of the Company and the Restricted Subsidiaries for such period to the extent that such Consolidated Interest Expense
was deducted in computing such Consolidated Net Income; <I>plus</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">depreciation,
amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period)
and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses
in any future period or amortization of a prepaid cash expense that was paid in a prior period) of the Company and the Restricted Subsidiaries
for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated
Net Income; <I>minus</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">non-cash
items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business, in
each case, on a consolidated basis and determined in accordance with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated EBITDA</I>&rdquo;
means, with respect to any specified Person for any period without duplication, the sum of Consolidated Net Income, plus in each case
to the extent deducted in computing Consolidated Net Income for such period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">provision
for taxes based on income, profits or capital of such Person and its Restricted Subsidiaries for such period; <I>plus</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Consolidated Interest Expense of such Person and its Restricted Subsidiaries for such period; <I>plus</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
expenses, charges or other costs related to any equity offering, acquisition (including amounts paid in connection with the acquisition
or retention of one or more individuals comprising part of a management team retained to manage the acquired business; provided that such
payments are made at the time of such acquisition and are consistent with the customary practice in the industry at the time of such acquisition),
Joint Venture, disposition, recapitalization,&nbsp;Indebtedness permitted to be incurred by this Indenture, or the refinancing of any
other Indebtedness of such Person or any of its Restricted Subsidiaries (whether or not successful); <I>plus</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">depreciation,
amortization (including, without limitation, amortization of intangibles and deferred financing fees), and other non-cash expenses (including
without limitation write-downs and impairment of property, plant, equipment and intangibles and other long-lived assets and the impact
of purchase accounting on such Person and its Restricted Subsidiaries for such period), but excluding any non-cash items for which a future
cash payment will be required and for which an accrual or reserve is required by GAAP to be made; <I>plus</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
minority interest expense consisting of subsidiary income attributable to minority equity interests of third parties in any non-wholly
owned Subsidiary in such period or any prior period, except to the extent of dividends declared or paid on Capital Stock held by third
parties; <I>plus</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
charge (or minus any income) attributable to a post-employment benefit scheme other than the current service costs attributable to the
scheme; <I>minus</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">non-cash
items increasing such Consolidated Net Income for such period, other than (i)&nbsp;any items which represent the reversal in such period
of any accrual of, or cash reserve for, anticipated charges in any prior period where such accrual or reserve is no longer required; or
(ii)&nbsp;items related to percentage of completion accounting;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in each case, on a consolidated basis and determined
in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated Fixed
Charge Coverage Ratio</I>&rdquo; means, as of any date of determination, the ratio of (i)&nbsp;Consolidated Cash Flow for the Company&rsquo;s
most recently completed four quarter period for which internal financial statements are available to (ii)&nbsp;Consolidated Fixed Charges
of the Company and the Restricted Subsidiaries for such period, subject to the Calculation Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated Fixed
Charges</I>&rdquo; means, with respect to any Person for any period, the sum, without duplication, of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Consolidated Interest Expense of such Person and its Restricted Subsidiaries for such period, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
Capital Expenditures (if a positive number) made by such Person and its Restricted Subsidiaries during such period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated Interest
Expense</I>&rdquo; means, with respect to any Person for any period, the sum, without duplication, of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without
limitation, amortization of original issue discount, non-cash interest payments (including PIK interest), the interest component of any
deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with
respect to Attributable Indebtedness, commissions, discounts and other fees and charges Incurred in respect of letter of credit or bankers&rsquo;
acceptance financings, and net payments (if any) pursuant to interest rate Hedging Obligations, but excluding:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">amortization
of debt issuance costs; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
nonrecurring charges relating to any premium or penalty paid, write-off of deferred finance costs or original issue discount or other
charges in connection with redeeming or otherwise retiring any Indebtedness prior to its Stated Maturity, to the extent that any of such
nonrecurring charges constitute interest expense;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
consolidated interest expense of such Person and any Restricted Subsidiaries that was capitalized during such period; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
dividends, whether paid or accrued and whether or not in cash, in respect of any Preferred Stock of any Restricted Subsidiary or any Disqualified
Stock of the Company or any Restricted Subsidiary, other than (x)&nbsp;dividends payable solely in Equity Interests (other than Disqualified
Stock) and (y)&nbsp;dividends payable to the Company or any Restricted Subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated Net
Income</I>&rdquo; means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted
Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Net Income (but not loss) of any Person that is not a wholly owned Restricted Subsidiary or that is accounted for by the equity method
of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person
or a Restricted Subsidiary of the specified Person during such period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">[Reserved]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
cumulative effect of a change in accounting principles will be excluded;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">non-cash
gains and losses due solely to fluctuations in currency values will be excluded;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of a successor to the referenced Person by consolidation or merger or as a transferee of the referenced Person&rsquo;s assets,
any earnings (or losses) of the successor corporation prior to such consolidation, merger or transfer of assets will be excluded;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
transaction gain (or loss) in relation to any acquisition that is consummated after the Issue Date will be excluded;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
unrealized gain (or loss) in respect of Hedging Obligations will be excluded; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">non-cash
charges or expenses with respect to the grant of stock options, restricted stock or other equity compensation awards will be excluded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated Secured
Leverage Ratio</I>&rdquo; means, as of any date of determination, the ratio of (i)&nbsp;the aggregate amount of Consolidated Total Indebtedness
of the Company and its Restricted Subsidiaries as of such date (determined on a combined, consolidated basis in accordance with GAAP)
that is secured by a Lien to (ii)&nbsp;Consolidated EBITDA of the Company for the most recently completed four quarter period for which
internal financial statements of the Company are available as of such date, subject to the Calculation Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated Total
Indebtedness</I>&rdquo; means, with respect to any Person as of any date of determination, the sum, without duplication, of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
total amount of Indebtedness (other than Hedging Obligations) consisting of Capitalized Lease Obligations and Indebtedness for borrowed
money of such Person and its Restricted Subsidiaries outstanding on such date, plus</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
aggregate liquidation value of all Disqualified Stock of such Person and all Preferred Stock of the Restricted Subsidiaries of such Person,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">in each case, determined on
a consolidated basis in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Consolidated Total
Leverage Ratio</I>&rdquo; means, as of any date of determination, the ratio of (i)&nbsp;the aggregate amount of Consolidated Total Indebtedness
of the Company and its Restricted Subsidiaries as of such date (determined on a combined, consolidated basis in accordance with GAAP)
to (ii)&nbsp;Consolidated EBITDA of the Company for the most recently completed four quarter period for which internal financial statements
of the Company are available as of such date, subject to the Calculation Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Corporate Trust
Office of the Trustee</I>&rdquo; means the office of the Trustee in the United States at which at any time its corporate trust business
shall be administered, which office at the date hereof is located at 500 Delaware Avenue, Wilmington, Delaware, 19801, Attention: Corporate
Trust Administration , or such other address in the United States as the Trustee may designate from time to time by notice to the Holders
and the Company, or the principal corporate trust office in the United States of any successor Trustee (or such other address as a successor
Trustee may designate from time to time by notice to the Holders and the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Custodian</I>&rdquo;
means any receiver, trustee, assignee, liquidator, provisional liquidator, provisional supervisor, administrator, compulsory manager,
administrative receiver, sequestrator or similar official under any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Default</I>&rdquo;
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Depository</I>&rdquo;
has the meaning provided in the Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Discretionary Guarantor</I>&rdquo;
means each Immaterial Subsidiary of the Company, if any, that elects to provide a Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Disposition</I>&rdquo;
means the sale, transfer, license, lease, assignment, conveyance, exchange, alienation or other disposition (in one transaction or in
a series of transactions and whether effected pursuant to a division or otherwise) of any property by any Person (including any Sale-Leaseback
Transaction) and any issuance of Capital Stock by a direct Subsidiary of such Person), including any sale, assignment, transfer or other
disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. The terms &ldquo;<I>Disposal</I>&rdquo;,
 &ldquo;<I>Dispose</I>&rdquo; and &ldquo;<I>Disposed of</I>&rdquo; have the correlative meaning thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Disqualified Stock</I>&rdquo;
means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable,
in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable
(in each case other than in exchange for or conversion into Capital Stock that is not Disqualified Stock), pursuant to a sinking fund
obligation or otherwise, or is redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date
that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute
Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase or redeem such
Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such
Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase
or redemption complies with <U>Section&nbsp;4.07</U>. The amount of Disqualified Stock deemed to be outstanding at any time for purposes
of this Indenture will be the maximum amount that the Company and the Restricted Subsidiaries may become obligated to pay upon the maturity
of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Dollar Equivalent</I>&rdquo;
means, with respect to any monetary amount in a currency other than U.S. dollars, at any time of determination thereof by the Company,
the amount of U.S. dollars obtained by converting such other currency involved in such computation into U.S. dollars at the spot rate
for the purchase of U.S. dollars with such other currency as published in the &ldquo;Currency Rates&rdquo; section of the <I>Financial
Times </I>entitled &ldquo;Currencies, Bonds&nbsp;&amp; Interest Rates&rdquo; (or, if the <I>Financial Times </I>is no longer published,
or if such information is no longer available in the <I>Financial Times</I>, such source as may be selected in good faith by the Company)
on the date of such determination. Except as expressly provided otherwise, whenever it is necessary to determine whether the Company or
any of the Restricted Subsidiaries has complied with any covenant or other provision in this Indenture or if there has occurred an Event
of Default and an amount is expressed in a currency other than U.S. dollars, such amount will be treated as the Dollar Equivalent determined
as of the date such amount is initially determined in such non-dollar currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Drilling Contract</I>&rdquo;
means any drilling contract in respect of any Vessel or other contract for the use or hire of any Vessel, including charters, bareboat
charters, sub-charters, pool agreements, leases and other contracts of employment (except Internal Charters).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>DS-13</I>&rdquo;
means the vessel, expected to be named &ldquo;ATWOOD ARCHER&rdquo;, which as of the date hereof is under construction pursuant to that
certain Contract for the Construction and Sale of Drillship dated September&nbsp;2012 between Alpha Admiral Company and Daewoo Shipbuilding&nbsp;&amp;
Marine Engineering Co.,&nbsp;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>DS-14</I>&rdquo;
means the vessel, expected to be name &ldquo;ATWOOD ADMIRAL&rdquo;, which as of the date hereof is under construction pursuant to that
certain Contract for the Construction and Sale of Drillship dated June&nbsp;24, 2013 between Alpha Admiral Company and Daewoo Shipbuilding&nbsp;&amp;
Marine Engineering Co.,&nbsp;Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Equity Interests</I>&rdquo;
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security or loan that is
convertible into, or exchangeable for, Capital Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Equity Offering</I>&rdquo;
means a public or private offering of Capital Stock (other than Disqualified Stock) of the Company, or any parent thereof, made for cash
on a primary basis by the Company, or any parent thereof, after the Issue Date, other than (1)&nbsp;public offerings with respect to the
Company&rsquo;s, or any parent thereof, common stock registered on Form&nbsp;S-8 and (2)&nbsp;issuances to any Subsidiary of the Company,
or any parent thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Euroclear</I>&rdquo;
means the Euroclear System or any successor securities clearing agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Exchange Act</I>&rdquo;
means the Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations of the SEC thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Excluded Accounts</I>&rdquo;
means (a)&nbsp;deposit accounts specially and exclusively used in the ordinary course of business for payroll, payroll taxes and other
employee wage and benefit payments (or the equivalent thereof in non-U.S. jurisdictions) to or for the benefit of the Company and any
of its Subsidiaries&rsquo; salaried employees, which accounts are funded only in the ordinary course of business, (b)&nbsp;pension fund
accounts, 401(k)&nbsp;accounts and trust accounts (or the equivalent thereof in non-U.S. jurisdictions), (c)&nbsp;withholding tax and
other tax accounts (including sales tax accounts), fiduciary accounts, trust accounts, escrow accounts, and other accounts, in each case,
in which the Company or any Subsidiary holds funds on behalf of any third party, (d)&nbsp;accounts (which may be subject to an account
control agreement (or equivalent)) that hold cash collateral to secure letters of credit issued in connection with regulatory, tax or
customs liabilities or contract performance, and (e)&nbsp;deposit accounts subject to a deposit account control agreement (or equivalent)
pursuant to a cash collateralized letter of credit facility that is permitted under this Indenture; provided that the aggregate amount
of cash held in all deposit accounts referred to in this clause (e)&nbsp;shall at no time exceed $25 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Excluded Property</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
ARO JV Related Assets if and to the extent any restrictions on assignments and/or the creation of Liens with respect thereto remain outstanding;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent that the Company is not able, using its commercially reasonable efforts, to obtain any consent necessary to grant the First
Lien Collateral Agent a Lien on the same, the Other JV Related Assets;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
motor vehicles and other assets (other than, for the avoidance of doubt, Vessels and any associated equipment) subject to certificates
of title;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">rental
equipment the title to which is held by a third party (but, for the avoidance of doubt, rights in respect of or arising in connection
with any rental equipment agreement for such rental equipment that does not constitute Excluded Property under another clause of this
definition shall not constitute Excluded Property);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
commercial tort claims equal to or less than $7,500,000;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
accounts, contracts, licenses or other general intangibles, or any permits, instruments, promissory notes or chattel paper, if and to
the extent such account, contract, license, general intangible, permit, instrument, promissory note or chattel paper contains restrictions
on assignments and/or the creation of Liens, or under which such an assignment or Lien would cause a default to occur under, or a termination
pursuant to the terms of, such account, contract, license, general intangible, permit, instrument, promissory note or chattel paper (other
than to the extent that any such term would be rendered ineffective pursuant to Section&nbsp;9-406, 9-407, 9-408 or 9-409 of Article&nbsp;9
of the Uniform Commercial Code of any relevant jurisdiction or any other applicable law or principles of equity); provided that (i)&nbsp;immediately
upon the ineffectiveness, invalidity, lapse or termination of any such provisions, such accounts, contracts, licenses, general intangibles,
permits, instruments, promissory notes or chattel paper, as applicable, shall no longer constitute Excluded Property, and (ii)&nbsp;the
assignment of the proceeds of such accounts, contracts, licenses, general intangibles, permits, instruments, promissory notes or chattel
paper and receivables thereof is expressly deemed effective under the UCC (or similar provisions under applicable foreign law) notwithstanding
any prohibition or restriction referred to above);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
governmental licenses or state or local franchises, charters and authorizations, to the extent a security interest in any such license,
franchise, charter or authorization is prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions
of the UCC (or similar provisions under applicable foreign law), other than proceeds and receivables thereof, the assignment of which
is expressly deemed effective under the UCC (or similar provisions under applicable foreign law) notwithstanding such prohibition or restriction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
particular asset, if the pledge thereof or the security interest therein is prohibited by applicable law (including the requirement to
obtain the consent of any governmental authority or third party (other than a Collateral Grantor) to the extent such consent has not been
obtained after giving effect to the applicable anti-assignment provisions of the UCC (or similar provisions under applicable foreign law),
other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC (or similar provisions
under applicable foreign law) notwithstanding such prohibition or restriction);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)&nbsp;Equity
Interests in Restricted Subsidiaries that are subject to Liens that secure only Indebtedness (including Permitted Refinancing Indebtedness
in respect thereof) Incurred pursuant to clause (19)(i)&nbsp;of <U>Section&nbsp;4.09(b)</U>&nbsp;and (ii)&nbsp;other property and assets
owned by such Restricted Subsidiaries that are used in the operation, maintenance or repair of assets acquired with the proceeds of such
Indebtedness, or which are incidental thereto; provided that such Restricted Subsidiaries do not own any assets that are not Excluded
Property (including, for the avoidance of doubt, Excluded Property referred to in this clause (ii));</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">margin
stock;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(11)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
lease, license or agreement or any property subject to a purchase money security interest or similar arrangement, in each case entered
into in accordance with or otherwise permitted under this Indenture and to the extent that a grant of a security interest therein would
violate or invalidate such lease, license or agreement or purchase money arrangement or create a right of termination in favor of any
other party thereto after giving effect to the applicable anti-assignment provisions of the UCC (or similar provisions under applicable
foreign law), other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC (or similar
provisions under applicable foreign law) notwithstanding such violation or invalidation; provided that immediately upon the ineffectiveness,
invalidity, lapse or termination of any relevant provisions, such lease, license, agreement or property, as applicable, shall no longer
constitute Excluded Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(12)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
assets (other than Vessels) to the extent a security interest in such assets would result in material adverse tax consequences to the
Company or any of its direct or indirect Subsidiaries, as reasonably determined by the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(13)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">letter
of credit rights, except to the extent constituting a supporting obligation for other Collateral as to which perfection of the security
interest in such other Collateral may be accomplished by the filing of a UCC financing statement (it being understood that no actions
shall be required to perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(14)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
intent-to-use trademark application prior to the filing of a &ldquo;Statement of Use&rdquo; or &ldquo;Amendment to Allege Use&rdquo; with
respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein
would impair the validity or enforceability of such intent-to-use trademark application under applicable federal law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(15)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Excluded Accounts and any funds and other property held in or maintained in any such accounts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(16)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
(A)&nbsp;leasehold real property and (B)&nbsp;any fee simple real property (owned in fee) with a Fair Market Value equal to or less than
$10,000,000;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(17)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
other assets mutually agreed by the Company and the First Lien Collateral Agent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(18)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Excluded
Vessels; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(19)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
and all proceeds of any of the Excluded Property to the extent constituting Excluded Property described in clauses (1)&nbsp;through (18)
above, but expressly excluding any and all proceeds of any of the Excluded Property that are not themselves Excluded Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Excluded Subsidiary</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Subsidiary with respect to which, and only for so long as, the provision of a Guarantee of the Obligations by such Subsidiary would be
prohibited or restricted by: (i)&nbsp;any governmental authority with authority over such Subsidiary, (ii)&nbsp;applicable law or regulation
or analogous restriction, including general statutory limitations, &ldquo;thin capitalization&rdquo; rules, fraudulent preference, fraudulent
conveyance, illegality, criminal liability, personal liability of any officer or directors (or equivalent) and analogous principles that
would restrict a Restricted Subsidiary from providing a Guarantee, or such Subsidiary&rsquo;s Guarantee would result in substantial risk
to the officers or directors (or equivalent) of such Subsidiary of civil or criminal liability, or (iii)&nbsp;contractual restrictions
not entered into in contemplation of such Subsidiary providing a Guarantee (and not entered into in contemplation of, or following entry
of, this Indenture); provided that the Company or applicable Subsidiary shall use its commercially reasonable efforts to obtain any relevant
governmental consent or other authority that would permit such Subsidiary to become a Guarantor, to mitigate any risk of liability in
connection therewith or to lift any such contractual restriction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;(i)&nbsp;any non-wholly
owned Subsidiary that is a Joint Venture (provided that no Subsidiary that is wholly owned at any time shall be or be deemed to be an
 &ldquo;Excluded Subsidiary&rdquo; pursuant to this <U>clause (b)(i)</U>&nbsp;solely because a portion (but not all) of the Capital Stock
in such Subsidiary is sold or otherwise transferred to any Person that is not the Company or a Guarantor, and, notwithstanding such sale
or other transfer of a portion (but not all) of the Capital Stock in such Subsidiary, such Subsidiary shall remain a Guarantor to the
extent it does not otherwise constitute an Excluded Subsidiary); (ii)&nbsp;any Unrestricted Subsidiary; and (iii)&nbsp;any Immaterial
Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;(i)&nbsp;any wholly
owned Restricted Subsidiary acquired with pre-existing Indebtedness (or any Permitted Refinancing Indebtedness in respect thereof) (to
the extent not created in contemplation of such acquisition), the terms of which prohibit the provision of a Guarantee of the Obligations
by such Restricted Subsidiary, and (ii)&nbsp;any wholly owned Restricted Subsidiary that has incurred Indebtedness (or any Permitted Refinancing
Indebtedness in respect thereof) permitted by this Indenture in order to finance the acquisition of a Vessel, directly or indirectly,
the terms of which prohibit the provision of a Guarantee of the Obligations by such Restricted Subsidiary; in each case of clause (i)&nbsp;and
(ii)&nbsp;only for so long as such Indebtedness (or any Permitted Refinancing Indebtedness in respect thereof) remains outstanding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)&nbsp;the
ARO JV Shareholder and (ii)&nbsp;any Restricted Subsidiary that is the direct owner of an interest in any Joint Venture if, notwithstanding
its use of commercially reasonable efforts to obtain the same, such Restricted Subsidiary has not obtained any consent necessary to provide
a Guarantee; provided that, in each case, the direct parent of the ARO JV Shareholder or any such Restricted Subsidiary that is the direct
owner of an interest in a Joint Venture (so long as such Restricted Subsidiary is not otherwise excluded pursuant to the terms of clause
(a)&nbsp;through (c)&nbsp;of this definition) provides a Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Excluded Vessels</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;the DS-13 and the
DS-14 (in each case only until the relevant Vessel is delivered to the Company or any of its Restricted Subsidiaries, unless such Vessel
constitutes an Excluded Vessel at the time of such delivery pursuant to a different clause of this definition);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;the ENSCO DS-10 (IMO
No.&nbsp;9698666), ENSCO 110 (IMO No.&nbsp;9692404), Rowan Stavanger (IMO No.&nbsp;8769793) and Rowan Norway (IMO No.&nbsp;8770077) (in
each case, only for so long as such Vessel is subject to an existing (or the modification or extension of an existing) Drilling Contract
that prohibits encumbrances on such Vessel);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;up to two Other Vessels
to be identified for the purposes of 20K Contracts (in each case, only for so long as such Other Vessels are subject to an existing (or
the modification or extension of an existing) Drilling Contract or preliminary bid or award agreement that prohibits encumbrances on such
Other Vessels and the Company is not able, using its commercially reasonable efforts, to obtain the consent of its counterparty to such
Drilling Contract or agreement to the pledge of such Other Vessels to secure the First Lien Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;each Vessel that
is purchased, acquired or constructed with the proceeds of Indebtedness (including Permitted Refinancing Indebtedness in respect thereof)
permitted under this Indenture, and pledged in accordance with this Indenture to secure such Indebtedness, if and so long as such Indebtedness
prohibits the pledge of the Vessel to secure the First Lien Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;no more than two
Vessels, each of which is improved, repaired, renovated or upgraded with the proceeds of Indebtedness that has an initial aggregate principal
amount of at least $10 million (including Permitted Refinancing Indebtedness in respect thereof), which Indebtedness is otherwise permitted
under this Indenture, and pledged in accordance with this Indenture to secure such Indebtedness, if and so long as (i)&nbsp;such Indebtedness
is outstanding, (ii)&nbsp;the Company is not able, using its commercially reasonable efforts, to limit the Lien on such Vessels to the
relevant improvements, repairs, renovations and upgrades, and (iii)&nbsp;the lenders of such Indebtedness have required the release of
the Lien of the First Lien Collateral Agent as a condition for providing such financing and the Company is not able, using its commercially
reasonable efforts, to obtain the consent of such lenders to such Lien of the First Lien Collateral Agent becoming a second lien on the
relevant Vessel;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;Other Vessels not
required to be subject to a Vessel Mortgage pursuant to <U>Section&nbsp;11.01(b)</U>&nbsp;as certified by the Company in an Officers&rsquo;
Certificate delivered to the Trustee and the First Lien Collateral Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;any Other Vessel
contributed or otherwise transferred to the Unrestricted Floater Subsidiary pursuant to the Floater Restructuring Transaction or clause
(18) of the definition of Permitted Investments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;any Vessel contributed
to a Joint Venture pursuant to clause (13) of the definition of Permitted Investments; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;any Other Vessel
that is subject to a Drilling Contract, provided that (i)&nbsp;the Drilling Contract is entered into in the ordinary course and consistent
with past practice, (ii)&nbsp;such counterparty has required the release of the Lien of the First Lien Collateral Agent as a condition
for entering into the Drilling Contract and the Company is not able, using its commercially reasonable efforts, to obtain the consent
of such counterparty to the pledge of such Other Vessel to secure the First Lien Obligations, and (iii)&nbsp;the Board has approved such
Drilling Contract and the release of such Lien.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Fair Market Value</I>&rdquo;
means the value that would be paid by an informed and willing buyer to an unaffiliated, informed and willing seller in a transaction not
involving distress or necessity of either party, as determined in good faith by a Financial Officer of the Company, or, solely with respect
to such values in excess of $20 million, the Board of Directors of the Company (unless otherwise provided in this Indenture), and in all
cases where relevant, appropriately discounting the value of any idle Vessel based on the length and nature of its inactivity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Financial Officer</I>&rdquo;
means, with respect to any Person, the chief executive officer, chief financial officer, chief accounting officer or treasurer of such
Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;First Lien</I>&rdquo;
means a Lien granted by the Company or any other Guarantor in favor of the First Lien Collateral Agent, at any time, upon any property
of the Company or such other Guarantor to secure First Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>First Lien Cash
Management Obligations</I>&rdquo; means Cash Management Obligations owed to any provider or arranger of, or agent with respect to, any
First Lien Debt to the extent secured by First Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>First Lien Collateral
Agent</I>&rdquo; means Wilmington Savings Fund Society, FSB, in its capacity as collateral agent and/or security trustee under this Indenture
and the Collateral Documents, and its successors and permitted assigns in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>First Lien Debt</I>&rdquo;
means (a)&nbsp;the Notes issued on the date of this Indenture and any PIK Notes and the related Guarantees thereof and (b)&nbsp;any other
Indebtedness incurred under clause (3)(a)&nbsp;of <U>Section&nbsp;4.09(b)</U>&nbsp;secured by a Lien on Collateral that is pari passu
with the Liens securing the Notes and that is permitted to be incurred and so secured under the Note Documents (including any Additional
Notes); provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">on
or prior to the date of incurrence of such Indebtedness by the Company or any Guarantor, such Indebtedness (other than the Notes (including
any Additional Notes)) is designated by the Company, in an Officers&rsquo; Certificate delivered to each First Lien Representative and
the First Lien Collateral Agent, as &ldquo;First Lien Debt&rdquo; for the purposes of the First Lien Documents, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
First Lien Representative is designated with respect to such Indebtedness (other than the Notes (including any Additional Notes)) and
executes and delivers to the First Lien Collateral Agent (i)&nbsp;an Additional Secured Debt Designation on behalf of itself and all holders
of such Indebtedness and (ii)&nbsp;a joinder to the Collateral Agency Agreement on behalf of itself and all holders of such Indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>First Lien Documents&rdquo;
</I>means the Note Documents and any additional indenture, credit agreement or other agreement pursuant to which any other First Lien
Debt is incurred and secured in accordance with the terms of each applicable First Lien Document and the Collateral Documents related
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>First Lien Hedging
Obligations</I>&rdquo; means Hedging Obligations owed to any provider or arranger of, or agent with respect to, any First Lien Debt to
the extent secured by First Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>First Lien Obligations</I>&rdquo;
means all First Lien Debt and all other Obligations in respect thereof (including Notes Obligations, First Lien Hedging Obligations and
First Lien Cash Management Obligations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>First Lien Representative</I>&rdquo;
means (i)&nbsp;in the case of the Notes, the Trustee, and (ii)&nbsp;in the case of any other First Lien Obligations, the trustee, administrative
agent, collateral agent, security agent or similar agent that is named as the First Lien Representative in respect of such First Lien
Obligations in the applicable joinder agreement to the Intercreditor Agreement (each, in the case of this clause (ii), together with its
successors and assigns in such capacity, an &ldquo;<I>Additional First Lien Representative</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Fitch</I>&rdquo;
means Fitch Ratings Inc. and any successor to its rating agency business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Foreign Deposit
Account</I>&rdquo; means any account opened to (i)&nbsp;satisfy the requirement of any local law, statute, rule&nbsp;or regulation or
the requirements of any contract or (ii)&nbsp;establish a subsidiary or a local branch office in any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>GAAP</I>&rdquo;
means generally accepted accounting principles set forth in the Accounting Standards Codification of the Financial Accounting Standards
Board (or successor codifications, opinions, pronouncements or statements thereto) in the United States, which are in effect from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Global Intercompany
Note</I>&rdquo; means that certain Global Intercompany Note entered into by the Company and certain of its Subsidiaries and Joint Ventures
as lenders and certain of its Subsidiaries and Joint Ventures as borrowers, pursuant to which each borrower agrees to repay any intercompany
claims owed by it to the applicable lender(s), as the same may be amended, supplemented, restated, renewed, replaced or otherwise modified
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Global Note</I>&rdquo;
has the meaning provided in the Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Governmental Authority</I>&rdquo;
means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any inter-governmental or supra-national
bodies such as the European Union or the European Central Bank).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Government Securities</I>&rdquo;
means direct obligations of, or obligations guaranteed by, the United States of America and the payment for which the United States pledges
its full faith and credit, including U.S. Treasury strips.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>guarantee</I>&rdquo;
means a guarantee other than by endorsement of negotiable instrument for collection in the ordinary course of business, direct or indirect,
in any manner, including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement obligations in
respect thereof, of all or any part of any Indebtedness or other Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Guarantee</I>&rdquo;
means a guarantee of the Notes Obligations granted pursuant to the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Guarantor</I>&rdquo;
means each Required Guarantor and each Discretionary Guarantor. &ldquo;<I>Hedging Obligations</I>&rdquo; means, with respect to any specified
Person, the obligations of such Person under:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar
agreements designed to protect the Person or any of its Restricted Subsidiaries entering into the agreement against, or manage exposure
to, fluctuations in interest rates, or to otherwise reduce the cost of borrowing of such Person or any of such Restricted Subsidiaries,
with respect to Indebtedness Incurred;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">foreign
exchange contracts and currency protection agreements designed to protect the Person or any of its Restricted Subsidiaries entering into
the agreement against, or manage exposure to, fluctuations in currency exchanges rates;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
commodity futures contract, commodity swap, commodity option, commodity forward sale or other similar agreement or arrangement designed
to protect against, or manage exposure to, fluctuations in the price of commodities used by that Person or any of its Restricted Subsidiaries
at the time; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">other
agreements or arrangements designed to protect such Person or any of its Restricted Subsidiaries against, or manage exposure to, fluctuations
in interest rates, commodity prices or currency exchange rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Holder</I>&rdquo;
means a Person in whose name a Note is registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Immaterial Subsidiary</I>&rdquo;
means any Restricted Subsidiary which, as of the last day of the most recent recently completed four quarter period for which internal
financial statements are available, both (a)&nbsp;contributed less than the Applicable Materiality Percentage of Consolidated EBITDA
of the Company for such period and (b)&nbsp;contributed less than the Applicable Materiality Percentage of the Total Assets as of the
last day of such period; provided that as of such day, the combined (i)&nbsp;Consolidated EBITDA attributable to all Immaterial Subsidiaries
for such four quarter period shall not exceed 3.0% of Consolidated EBITDA of the Company for such period and (ii)&nbsp;Total Assets of
all Immaterial Subsidiaries shall not exceed 3.0% of the Total Assets as of the last day of such period, in each case, as determined
in accordance with GAAP (each of Consolidated EBITDA and Total Assets to be determined after eliminating intercompany obligations); provided
further that no Restricted Subsidiary shall be an Immaterial Subsidiary if such Restricted Subsidiary (1)&nbsp;owns and/or charters a
Vessel, (2)&nbsp;has any direct or indirect Subsidiary that owns and/or charters a Vessel, (3)&nbsp;has any direct or indirect Subsidiary
that owns Equity Interests in a Joint Venture that owns and/or charters a Vessel, (4)&nbsp;owns any Indebtedness for borrowed money of
any owner and/or charterer of any Vessel, (5)&nbsp;is party to any Drilling Contract or is entitled to receive earnings thereunder, or
(6)&nbsp;is integral to the operation or maintenance of one or more Vessels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Indebtedness</I>&rdquo;
means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
respect of borrowed money;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">evidenced
by bonds, notes, debentures or similar instruments;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">representing
reimbursement obligations in respect of letters of credit, bankers&rsquo; acceptances or other similar instruments, other than such reimbursement
obligations that relate to trade payables or other obligations that are not themselves Indebtedness, in each case, that were entered into
in the ordinary course of business of such Person to the extent such reimbursement obligations are satisfied within 10 Business Days following
payment on the letter of credit, bankers&rsquo; acceptance or similar instrument;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">representing
Capital Lease Obligations of such Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">representing
the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired
or such services are completed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">representing
Hedging Obligations of such Person; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">representing
Attributable Indebtedness of such Person in respect of Sale and Lease-Back Transactions, if and to the extent any of the preceding items
(other than letters of credit, Hedging Obligations and Attributable Indebtedness) would appear as a liability upon a balance sheet of
the specified Person prepared in accordance with GAAP. In addition, the term &ldquo;Indebtedness&rdquo; includes all Indebtedness of others
secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the
extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
 &ldquo;Indebtedness&rdquo; shall not include trade payables and accrued expenses (or intercompany reimbursement obligations in respect
thereof) arising in the ordinary course of business, deferred taxes, obligations assumed or liabilities incurred under any Drilling Contract,&nbsp;Internal
Charter, stacking agreements or other forms of service agreement in the ordinary course of business (e.g., bid bonds and performance guaranties),
prepayments for property or services under any Drilling Contract,&nbsp;Internal Charter, stacking agreements or other forms of service
agreement in the ordinary course of business or any indebtedness with respect to which cash or cash equivalents in an amount sufficient
to repay in full the principal and accrued interest on such indebtedness has been escrowed with the trustee or other depository for the
benefit of the holders in respect of such indebtedness but only to the extent the foregoing constitutes a complete defeasance of such
indebtedness pursuant to the applicable agreement governing such indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Indenture</I>&rdquo;
means this Indenture, as amended or supplemented from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Independent Financial
Advisor</I>&rdquo; means an accounting, appraisal or investment banking firm of international standing or generally recognized in the
shipping or offshore drilling industries as qualified to perform the tasks for which such firm has been engaged, including in respect
of determining Fair Market Value and the fairness of Affiliate Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Initial Notes</I>&rdquo;
has the meaning provided in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Initial Subject
Jurisdictions</I>&rdquo; means each of the United States of America (or any political subdivision thereof), the United Kingdom, Malta,
the British Virgin Islands, the Cayman Islands, Gibraltar, Bermuda, Hong Kong, Mexico, Australia, Luxembourg and Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Intercreditor Agreement</I>&rdquo;
means an intercreditor agreement between the Trustee, the First Lien Collateral Agent, the Junior Lien Collateral Agent, the Company,
the Guarantors and the other parties from time to time party thereto, which agreement shall be substantially in the form of Annex D, with
modifications that are not material in any respect to the holders of any First Lien Debt or the First Lien Collateral Agent, to the extent
necessary in order to conform to the specific circumstances of the Junior Debt, or in a form reasonably agreed to by the First Lien Collateral
Agent, in each case as may be amended, restated, amended and restated, replaced, supplemented, or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Interest Payment
Date</I>&rdquo; has the meaning provided in Exhibit&nbsp;1 to the Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Internal Charter</I>&rdquo;
means any charter or other contract respecting the use or operations of any Vessel between any Restricted Subsidiary that is a Vessel
owner (or an Internal Charterer of such Vessel) and any Internal Charterer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Internal Charterer</I>&rdquo;
means the Company or any Subsidiary that is not the owner of the relevant Vessel and that is a party to any Drilling Contract in respect
of a Vessel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Investment Grade
Rating</I>&rdquo; means any two of the following: (i)&nbsp;a rating of &ldquo;Baa1&rdquo; or higher by Moody&rsquo;s, (ii)&nbsp;a rating
of &ldquo;BBB+&rdquo; or higher by S&amp;P or (iii)&nbsp;a rating of &ldquo;BBB+&rdquo; or higher by Fitch; or the equivalent of such
rating by such rating organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Investments</I>&rdquo;
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms
of loans (including guarantees or other obligations), cash advances or capital contributions, purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance
sheet prepared in accordance with GAAP. If the Company or any of the Restricted Subsidiaries sells or otherwise disposes of any Equity
Interests of any direct or indirect Restricted Subsidiary such that, after giving effect to any such sale or disposition, such Person
is no longer a Restricted Subsidiary, the Company shall be deemed to have made an Investment on the date of any such sale or disposition
equal to the Fair Market Value of the Company&rsquo;s Investments in such Subsidiary that were not sold or disposed of in an amount determined
as provided in the last paragraph of <U>Section&nbsp;4.07</U>. The acquisition by the Company or any of its Subsidiaries of a Person that
holds an Investment in a third Person shall be deemed to be an Investment by the Company or such Subsidiary in such third Person that
is not a Subsidiary of such Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such
third Person in an amount determined as provided in the second-to-last paragraph of <U>Section&nbsp;4.07</U>. Except as otherwise provided
in this Indenture, the amount of an Investment shall be determined at the time the Investment is made and without giving effect to subsequent
changes in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: lightgrey"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: lightgrey"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Involuntary Transfer</I>&rdquo;
means, with respect to any property or asset of the Company or any Restricted Subsidiary, (a)&nbsp;any damage to such property or asset
that results in an insurance settlement with respect thereto on the basis of a total loss or a constructive or compromised total loss,
or receives any proceeds of any insurance coverage placed through a captive insurer as a result of any such total loss or constructive
or compromised total loss, the Fair Market Value of such property or asset, (b)&nbsp;the confiscation, condemnation, requisition, appropriation
or similar taking of such property or asset by any government or instrumentality or agency thereof, including by deed in lieu of condemnation,
or (c)&nbsp;foreclosure or other enforcement of a Lien or the exercise by a holder of a Lien of any rights with respect to it. An Involuntary
Transfer shall be deemed to have occurred (i)&nbsp;in the event of an actual loss of a Vessel, at the time and on the date of such loss
or if that is not known at noon Greenwich Mean Time on the date which such Vessel was last heard from, (ii)&nbsp;in the event of damage
which results in a constructive or compromised or arranged total loss of a Vessel, at the time and on the date of the event giving rise
to such damage, or (iii)&nbsp;in the case of an event referred to in clause (b)&nbsp;above, at the time and on the date on which such
event is expressed to take effect by the Person making the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Issue Date</I>&rdquo;
means the first date on which Notes are issued under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Jackup Rig</I>&rdquo;
means any mobile offshore drilling unit, the legs of which can be lowered to the seabed from the hull or platform thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Joint Venture</I>&rdquo;
means (x)&nbsp;any bona fide operating joint venture that owns, operates and/or charters Vessels or (y)&nbsp;any joint venture established
in accordance with local law or custom of the applicable jurisdiction of organization of such Joint Venture for the purposes of the Permitted
Business, in each case with any Person that is not an Affiliate of the Company through which the business of the Company and its Restricted
Subsidiaries is conducted, and in each case which (i)&nbsp;exists on the Issue Date (including each Person in which the Company owns,
directly or indirectly, any Equity Interests as of the Issue Date that is not a wholly-owned Subsidiary) or (ii)&nbsp;is formed or created
in the ordinary course of business, consistent with the Company&rsquo;s past practice and for a legitimate business purpose; provided
that commencement of operations by the Company in a jurisdiction where the Company previously did not operate shall not, by itself, be
deemed to be outside of the ordinary course of business and not consistent with the Company&rsquo;s past practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Junior Debt</I>&rdquo;
means any Indebtedness of the Company or any Guarantor that is contractually subordinated in right of payment to the Notes or any Guarantee
or that is unsecured or secured on a junior lien basis to the Notes or any Guarantee (excluding any intercompany Indebtedness between
or among the Company and any of the Restricted Subsidiaries).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Junior Lien</I>&rdquo;
means a Lien granted by the Company or any Guarantor in favor of the Junior Lien Collateral Agent, at any time, upon any Collateral to
secure Junior Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Junior Lien Collateral
Agent</I>&rdquo; means the collateral agent or agents or other representative or representatives of lenders or holders of Junior Lien
Obligations designated pursuant to the terms of the Junior Lien Documents and the Intercreditor Agreement, in each case, together with
its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Junior Lien Debt</I>&rdquo;
means Indebtedness secured by a Lien that is (x)&nbsp;junior in priority to First Lien Debt and (y)&nbsp;incurred pursuant to clause (3)(b)&nbsp;of
<U>Section&nbsp;4.09(b)</U>, that is permitted to be incurred and so secured under the Note Documents; provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">on
or before the date on which such Indebtedness is incurred by the Company or any Guarantor, the Company shall deliver to each First Lien
Representative and Junior Lien Representative complete copies of each applicable Junior Lien Document (which shall provide that each secured
party with respect to such Indebtedness shall be subject to and bound by the Intercreditor Agreement), along with an Officers&rsquo; Certificate
identifying the obligations constituting Junior Lien Obligations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">on
or before the date on which any such Indebtedness is incurred by the Company or any Guarantor, such Indebtedness is designated by the
Company, in an Officers&rsquo; Certificate delivered to the Junior Lien Representative and Junior Lien Collateral Agent as &ldquo;Junior
Lien Debt,&rdquo; and such Officers&rsquo; Certificate also certifies that such Indebtedness is permitted and with respect to any other
requirements set forth in the Intercreditor Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
Junior Lien Representative is designated with respect to such Indebtedness and executes and delivers an Additional Secured Debt Designation
on behalf of itself and all holders of such Indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Junior Lien Documents</I>&rdquo;
means, collectively, any indenture, credit agreement or other agreement or instrument pursuant to which Junior Lien Debt is incurred and
secured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Junior Lien Obligations</I>&rdquo;
means Junior Lien Debt and all other Obligations in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Junior Lien Representative</I>&rdquo;
means, in the case of any series of Junior Lien Debt, the trustee, agent or representative of the holders of such series of Junior Lien
Debt who is appointed as a representative of the Junior Lien Debt (for purposes related to the administration of the security documents)
pursuant to the indenture, credit agreement or other agreement governing such series of Junior Lien Debt, in each case together with its
successors in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>KSA Commercial Maritime
Law</I>&rdquo; means Royal Decree no. M/33, dated December&nbsp;12, 2018 Maritime Law, or any successor legislation thereto, as in effect
from time to time in the Kingdom of Saudi Arabia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Legal Requirement</I>&rdquo;
means, as to any Person, any law, statute, ordinance, decree, award, requirement, order, writ, judgment, injunction, rule, regulation
(or official interpretation of any of the foregoing) of, and the terms of any license or permit issued by, any Governmental Authority
which is binding on such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Letter of Quiet
Enjoyment</I>&rdquo; means: (i)&nbsp;a letter of quiet enjoyment that includes provisions consistent with those provisions listed in Part&nbsp;1
of Annex C, so long as the Company or the applicable Guarantor uses its commercially reasonable efforts to also include in such letter
of quiet enjoyment the provisions consistent with those listed in Part&nbsp;2 of Annex C, and otherwise does not include any material
obligations or material restrictions on the First Lien Collateral Agent other than such obligations or restrictions contained in the provisions
listed in Part&nbsp;1 or Part&nbsp;2 of Annex C, as certified by the Company in an Officers&rsquo; Certificate delivered to the First
Lien Collateral Agent; or (ii)&nbsp;a letter of quiet enjoyment substantially in the form of any letter of quiet enjoyment, subordination
and non-disturbance agreement or similar agreement in effect on the date hereof or approved in writing (including electronic mail) by
the First Lien Collateral Agent in its capacity as the DIP agent under that certain Senior Secured Superpriority Debtor in Possession
Credit Agreement, dated September&nbsp;25, 2020, entered into by the First Lien Collateral Agent as the DIP Agent, Valaris plc, as lead
borrower, certain other Subsidiaries of Valaris plc party thereto from time to time and certain lenders party thereto from time to time
(the &ldquo;<I>DIP Credit Agreement</I>&rdquo;), as certified by the Company in an Officers&rsquo; Certificate delivered to the First
Lien Collateral Agent; provided, that each such letter of quiet enjoyment, subordination and non-disturbance agreement or similar agreement
referred to in this clause (ii)&nbsp;shall only be approved for use with the applicable counterparty for which it was approved under the
DIP Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Lien</I>&rdquo;
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in such asset and any filing
of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Limited Recourse
Debt</I>&rdquo; means Indebtedness Incurred by a Restricted Subsidiary for the purpose of financing a portion of the purchase price of
one or more Vessels, as and to the extent permitted pursuant to clause (19) of <U>Section&nbsp;4.09(b)</U>, which Indebtedness may be
secured by Liens on such Vessels and on any other assets acquired with the proceeds of such Indebtedness pursuant to clause (28) of the
definition of Permitted Liens, and the sole recourse of the holder of such Indebtedness shall be to such pledged Vessels and such other
pledged assets, and such holder shall have no recourse to the borrower of such Indebtedness or to the Company or any other Restricted
Subsidiary, or to any other of their respective assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Management Incentive
Plan</I>&rdquo; means the 2021 Management Incentive Plan of the Company, as the same may be amended, supplemented or modified from time
to time, together with any applicable award agreement issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Management Incentive
Plan Award</I>&rdquo; means any award granted under the Management Incentive Plan to any current or former officer, director, employee
or independent contractor of the Company or any Restricted Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Material Adverse
Effect</I>&rdquo; means any event or occurrence which could reasonably be expected to result in a material adverse effect on (a)&nbsp;the
operations, business, assets or financial condition of the Company and the Guarantors taken as a whole; (b)&nbsp;the rights and remedies
of the Trustee or any holder of any Note under any Note Document; or (c)&nbsp;on the legality, validity, binding effect or enforceability
against any of the Company or a Guarantor of any Note Document to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Maturity Date</I>&rdquo;
means April&nbsp;30, 2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Moody&rsquo;s</I>&rdquo;
means Moody&rsquo;s Investors Service,&nbsp;Inc., or any successor to the rating agency business thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Mortgage</I>&rdquo;
means each Vessel Mortgage, each other mortgage, deed of trust, deed to secure debt and any other document or instrument under which any
Lien on property owned or leased by any Collateral Grantor is granted to secure First Lien Obligations under any First Lien Document or
under which rights or remedies with respect to any such Liens are governed, as the same may be amended, supplemented or modified from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Net Income</I>&rdquo;
means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction
in respect of preferred stock dividends, excluding, however:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with (a)&nbsp;any Asset Sale
or other asset dispositions (other than in the ordinary course of business) or (b)&nbsp;the disposition of any securities by such Person
or any of the Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of the Restricted Subsidiaries;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Net Proceeds</I>&rdquo;
means the aggregate cash proceeds and Cash Equivalents received by the Company or any Restricted Subsidiary in respect of any Asset Sale
(including, without limitation, any cash or Cash Equivalents received as dividends, distributions or other returns upon the sale or other
disposition of any non-cash consideration received in any Asset Sale), net of (1)&nbsp;the direct costs relating to such Asset Sale, including,
without limitation, legal, accounting and investment banking fees, sales commissions, relocation expenses incurred as a result of the
Asset Sale, and taxes paid or payable as a result of the Asset Sale after taking into account any available tax credits or deductions
and any tax-sharing arrangements, (2)&nbsp;amounts required to be applied to the repayment of Indebtedness secured by a Permitted Lien
on the properties or assets that were the subject of such Asset Sale (which Permitted Lien is and is permitted to be senior to the Liens
securing the Notes and the Guarantees or is on property or assets that do not constitute Collateral), or Indebtedness (other than Indebtedness
that is subordinated in right of payment to the Notes or the Guarantees or that is secured by a Lien that is junior in priority to the
Liens securing the Notes) which must by its terms, in order to obtain a necessary consent to such Asset Sale or by applicable law, be
repaid out of the proceeds from such Asset Sale, and (3)&nbsp;any amounts to be set aside in any reserve established in accordance with
GAAP or any amount placed in escrow, in either case for adjustment in respect of the sale price of such properties or assets, for indemnification
obligations of the Company or any Restricted Subsidiaries in connection with such Asset Sale or for other liabilities associated with
such Asset Sale and retained by the Company or any Restricted Subsidiaries until such time as such reserve is reversed or such escrow
arrangement is terminated, in which case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned
to the Company or the Restricted Subsidiaries from such escrow arrangement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Non-Recourse Debt</I>&rdquo;
means Indebtedness:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
to which neither the Company nor any of the Restricted Subsidiaries (a)&nbsp;provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness), (b)&nbsp;is directly or indirectly liable as a guarantor or otherwise, or
(c)&nbsp;constitutes the lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">no
default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an
Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Company or any of
the Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness to be accelerated
or payable prior to its Stated Maturity; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
to which the governing documentation provides that the lenders will not have any recourse to the stock or assets of the Company or any
of the Restricted Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Note Documents</I>&rdquo;
means this Indenture, the Notes, the Collateral Documents, the Guarantees and any agreement, instrument or other document evidencing or
governing any Notes Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Notes</I>&rdquo;
has the meaning provided in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Notes Custodian</I>&rdquo;
has the meaning provided in the Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Notes Obligations</I>&rdquo;
means all advances to, and debts, liabilities, obligations, covenants and duties of, the Company or any Guarantor arising under this Indenture,
the Notes, the Guarantees or the Collateral Documents (including all principal, premium, interest, penalties, fees, charges, expenses,
indemnifications, reimbursement obligations, damages, guarantees and other liabilities or amounts payable or arising thereunder), whether
direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising
and including interest and fees that accrue after the commencement by or against the Company or any Guarantor of any proceeding in bankruptcy
or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims
in such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Obligations</I>&rdquo;
means any principal, premium, if any, interest (including interest accruing on or after the filing of any petition in bankruptcy or for
reorganization, whether or not a claim for post-filing interest is allowed or allowable in such proceeding), penalties, fees, charges,
expenses, indemnifications, reimbursement obligations, damages, guarantees, and other liabilities or amounts payable under the documentation
governing any Indebtedness or in respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Officer</I>&rdquo;
means, with respect to any Person, the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, the Controller, the Secretary, any Manager, any Director, any Managing Director,
or any Senior Vice President, Executive Vice President or Vice President of such Person; provided that any Guarantor shall be permitted
to authorize an Officer of the Company to act as its Officer (including its Financial Officer) regardless of whether such Officer holds
one of the foregoing positions with such Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Officers&rsquo;
Certificate</I>&rdquo; means a certificate signed on behalf of any Person by two Officers and/or directors, one of whom must be a Financial
Officer of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Opinion of Counsel</I>&rdquo;
means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of <U>Section&nbsp;12.04</U>.
The counsel may be an employee of, or counsel to, the Company or any Subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Other JV Related
Assets</I>&rdquo; means collectively, (i)&nbsp;the Equity Interests of any Joint Venture (other than ARO), owned, directly or indirectly,
by the Company or its Subsidiaries, (ii)&nbsp;any loans, notes or other obligations of any such Joint Venture (other than ARO) to the
Company or any of its Subsidiaries, (iii)&nbsp;all right, title and interest of the Company or any of its Subsidiaries in and to any joint
venture, shareholder or similar agreement in respect of any such Joint Venture, (iv)&nbsp;the rights of the Company or any of its Subsidiaries
under (x)&nbsp;any Drilling Contract or agreement to operate between the Company or any of its Subsidiaries and any such Joint Venture
in respect of any Vessel owned by the Company or any of its Subsidiaries and (y)&nbsp;any agreement pursuant to which the Company or any
of its Subsidiaries manages a Third Party Vessel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Other Vessel</I>&rdquo;
means any drilling rig, drillship, semisubmersible drilling unit, mobile offshore drilling unit or vessel, the primary purpose of which
is the exploration and production drilling for crude oil or hydrocarbons, excluding any Jackup Rig.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted Asset
Swap</I>&rdquo; means the substantially concurrent purchase and sale or exchange of Related Business Assets or a combination of Related
Business Assets and cash or Cash Equivalents between the Company or any of the Restricted Subsidiaries, on the one hand, and another Person,
on the other hand; provided that (i)&nbsp;the aggregate amount of cash and Cash Equivalents received by the Company and the Restricted
Subsidiaries in any such purchase and sale or exchange shall be no more than 10% of the Fair Market Value of the Related Business Assets
sold or exchanged by the Company and the Restricted Subsidiaries, and (ii)&nbsp;the aggregate amount of cash and Cash Equivalents received
by the Company and the Restricted Subsidiaries in all such purchases and sales or exchanges shall not exceed $50 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted Business</I>&rdquo;
means a business in which the Company and the Restricted Subsidiaries were engaged on the Issue Date, and any business reasonably related
or complementary thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted Investments</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Investment in the Company or in any Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Investment in cash or Cash Equivalents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Investment by the Company or any Guarantor in a Person, if as a result of such Investment:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Person becomes a Guarantor; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Company or a Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Investment made as a result of the receipt of non-cash consideration from (a)&nbsp;an Asset Sale, whether in a single transaction or a
series of related transactions, of property or assets of the Company or any of the Restricted Subsidiaries, that was made pursuant to
and in compliance with <U>Section&nbsp;4.10</U> or (b)&nbsp;a disposition of properties or assets that does not constitute an Asset Sale;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the
Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Investments received in compromise or resolution of obligations of trade creditors or customers and any other settlement of amounts due
that were incurred in the ordinary course of business of the Company or any of the Restricted Subsidiaries, including pursuant to any
plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer and any Investments
obtained in exchange for any such Investments;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Investments
represented by Hedging Obligations permitted by clause (6)&nbsp;of <U>Section&nbsp;4.09(b)</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
guarantee of Indebtedness or other obligations of the Company or any Guarantor permitted to be incurred under this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Investments
that are in existence on the Issue Date, and any extension, modification or renewal thereof, but only to the extent not involving additional
advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of the accrual
or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of
such Investment as in effect on the Issue Date);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Investments
acquired after the Issue Date as a result of the acquisition by the Company or any Restricted Subsidiary of another Person in compliance
with this Indenture, including by way of a merger, amalgamation or consolidation, to the extent that such Investments were not made in
contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger,
amalgamation or consolidation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(11)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">loans
or advances referred to in clause (5)&nbsp;of <U>Section&nbsp;4.11(b)</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(12)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Investments
in any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility
and workers&rsquo; compensation, performance and other similar deposits made in the ordinary course of business by the Company or any
of the Restricted Subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(13)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Investments
in any Joint Ventures (but not in any Unrestricted Subsidiary) of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x)&nbsp;Vessels and direct
or indirect Equity Interests of Vessel owners, with an aggregate value not to exceed (A)&nbsp;with respect to any Investment of any Jackup
Rigs or Equity Interests of Jackup Rig owners, 20% of the combined book value of all Jackup Rigs (calculated on the basis of the book
value as of the Issue Date, with respect to any Jackup Rigs owned by the Company and any of its Subsidiaries as of the Issue Date, and
as of the date of its acquisition, with respect to any Jackup Rig acquired after the Issue Date) owned by the Company and its wholly-owned
Subsidiaries as of the date of any such Investment, and (B)&nbsp;with respect to any Investment of any Other Vessels or Equity Interests
of Other Vessel owners, 20% of the combined book value of all Other Vessels (calculated on the basis of the book value as of the Issue
Date, with respect to any Other Vessels owned by the Company and any of its Subsidiaries as of the Issue Date, and as of the date of its
acquisition, with respect to any Other Vessels acquired after the Issue Date) owned by the Company and its wholly-owned Subsidiaries on
the date of any such Investment, but in each case excluding the book value of all Vessels that constitute Excluded Vessels as of such
date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y)&nbsp;cash and Cash Equivalents,
in an amount not to exceed $175 million at any time outstanding or, following the Floater Restructuring Transaction, $125 million (at
any such time, calculated on a net basis taking into account prepayments or repayments of loans or advances, but not payments of interest,
fees, costs, expenses or premium, in each case with respect to any intercompany Indebtedness, and dividends and distributions in the form
of cash or Cash Equivalents); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z)&nbsp;any Vessels on Schedule
A operating in the Kingdom of Saudi Arabia as of the Issue Date in addition to four other Vessels identified by the Company in an Officers&rsquo;
Certificate delivered to the Trustee, in each case as and to the extent required pursuant to the KSA Commercial Maritime Law, but only
to the extent that (i)&nbsp;the Company is not able, using its commercially reasonable efforts, to obtain an exemption from such law as
to any such Vessel, and (ii)&nbsp;compliance with such law as to any such Vessel cannot be achieved by any other means that do not require
the payment of material costs or expenses or the incurrence of material additional obligations, which are materially adverse to the Company
and the Collateral, taken as whole, as compared with transfer of any such Vessel to a Joint Venture, including through the use of a bareboat
charter of such Vessel to a joint venture controlled or majority-owned by a Saudi national; and provided that in the event of any such
Investment of any such Vessels, (A)&nbsp;any cash and Cash Equivalents received by the Company or any of its Subsidiaries in respect thereof
shall be treated as Net Proceeds and shall be subject to the provisions of Section&nbsp;4.10(c), and (B)&nbsp;for the avoidance of doubt,
any Equity Interests or Indebtedness received by the Company or any of its Subsidiaries in respect thereof shall be deemed to constitute
Other JV Related Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that the Company or the applicable Restricted
Subsidiary shall use its commercially reasonable efforts to ensure that all Other JV Related Assets related to the applicable Joint Venture
are included in the Collateral;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(14)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Investments
in the ordinary course of business and consistent with past practice (x)&nbsp;in Restricted Subsidiaries, consisting of inventory, spare
parts and equipment, and cash or Cash Equivalents to fund operating and administrative expenses (including taxes), maintenance capital
expenditures and intercompany interest of the transferee Restricted Subsidiary, and (y)&nbsp;in Joint Ventures, consisting of spare parts
and equipment; provided that in each case, and notwithstanding anything in the Agreed Security Principles to the contrary, except for
Investments of inventory and assets with a book value equal to or less than $100,000, such Investments shall be subject to the Global
Intercompany Note, which shall be deemed to be an Instrument as defined under the U.S. Security Agreement, provided that no such Investments
may be made pursuant to this clause (14) unless they are subject to the Global Intercompany Note;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(15)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Investments
of cash and Cash Equivalents (i)&nbsp;in any Joint Venture in existence as of the Issue Date, to the extent required by the applicable
joint venture agreement (as such joint venture agreement exists on the Issue Date); (ii)&nbsp;in any other Joint Venture described in
clause (x)&nbsp;of the definition thereof (other than a Joint Venture that is the owner of a Silo Vessel (or a Vessel that would be a
Silo Vessel if it were owned by a Subsidiary), in an amount not to exceed $5 million at any time outstanding in respect of such Investments
in such other Joint Venture, to the extent required by the applicable joint venture agreement; or (iii)&nbsp;in any other Joint Venture
described in clause (y)&nbsp;of the definition thereof, in an amount not to exceed $100,000 at any time outstanding in respect of such
Investments in such other Joint Venture, to the extent required by the applicable joint venture agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(16)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Investments
of cash and Cash Equivalents in Restricted Subsidiaries that are not Guarantors in an aggregate amount not to exceed $1 million at any
time outstanding;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(17)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Investments contemplated by <U>Sections 11.13(c)</U>&nbsp;and <U>(d)</U>&nbsp;as and to the extent permitted therein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(18)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">following
the consummation of the Floater Restructuring Transaction in accordance with <U>Section&nbsp;11.13</U>,&nbsp;Investments by the Company
or any of its Restricted Subsidiaries in the Unrestricted Floater Subsidiary of Other Vessels; provided that immediately after giving
pro forma effect to any such Investment, the Adjusted Interest Coverage Ratio for the Company and its Restricted Subsidiaries would be
equal to or greater than 2.0 to 1.0;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(19)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
repurchase, redemption, defeasance or other acquisition or retirement for value of the Notes; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(20)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Investment (excluding Investment of any Vessel and any Equity Interest or Indebtedness of any owner of any Vessel) by the Company or a
Restricted Subsidiary in an amount not to exceed the greater of (x)&nbsp;$100 million (or, following the Floater Restructuring Transaction,
$50 million) and (y)&nbsp;4% of Total Assets, at any time outstanding; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that notwithstanding anything to the
contrary contained in this Indenture, neither the Company nor any of its Restricted Subsidiaries may make any Investment of any (v)&nbsp;accounts
receivable, (w)&nbsp;promissory notes or other intercompany Indebtedness, (x)&nbsp;ARO JV Related Assets, (y)&nbsp;Other JV Related Assets,
or (z)&nbsp;any Equity Interest or Indebtedness of any owner of any of such assets, in or to any Unrestricted Subsidiary, Joint Venture
or any other non-wholly owned Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted Jurisdiction</I>&rdquo;
means any of England, Wales, Scotland, Jersey, Bermuda, Cayman Islands,&nbsp;Ireland, Switzerland, Singapore, United States, Netherlands,
Luxembourg and Denmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted Liens</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
on assets of the Company or the Guarantors securing the Notes (excluding Additional Notes issued in accordance with this Indenture) and
the Guarantees thereof, and any other First Lien Debt;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
in favor of the Company or any Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
on property of a Person existing at the time such Person is merged with or into or amalgamated or consolidated with the Company or any
Restricted Subsidiary; provided that such Liens were in existence prior to such merger, amalgamation or consolidation, were not incurred
in contemplation thereof, and do not extend to any assets other than those of the Person merged into or amalgamated or consolidated with
the Company or any Restricted Subsidiary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Restricted Subsidiary,
provided that such acquisition is made in compliance with this Indenture; and provided further that such Liens were in existence prior
to such acquisition and were not incurred in contemplation thereof, and do not extend to any other property (including Capital Stock);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
to secure the performance of statutory obligations, workers&rsquo; compensation claims, unemployment insurance, old age pensions, social
security retirement benefits, other forms of governmental insurance, self-insurance obligations, surety bonds, importation bonds or other
obligations of a like nature incurred in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
existing on the Issue Date (other than Liens referred to in clause (1)&nbsp;of this definition);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
for taxes, assessments or governmental charges or claims (i)&nbsp;that are not yet delinquent or (ii)&nbsp;that are being contested in
good faith by appropriate proceedings promptly instituted and diligently conducted and for which any reserve or other appropriate provision
if required by GAAP has been made therefor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
imposed by law, such as suppliers&rsquo;, carriers&rsquo;, warehousemen&rsquo;s, landlords&rsquo; and mechanics&rsquo; Liens, in each
case, incurred in the ordinary course of business, for amounts (i)&nbsp;not more than 45 days past due or (ii)&nbsp;that are being contested
in good faith by appropriate proceedings promptly instituted and diligently conducted and for which any reserve or other appropriate provision
as required in conformity with GAAP has been made therefor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">minor
defects, irregularities and deficiencies in title to, and survey exceptions, easements or reservations of, or rights of others for, licenses,
rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to
the use of real property, including with respect to the physical placement and location of pipelines, that were not incurred in connection
with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their
use in the operation of the business of the applicable Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
on the Collateral securing Junior Lien Debt;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(11)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
to secure Indebtedness permitted to be Incurred under this Indenture to refinance any Indebtedness secured by Liens permitted to exist
pursuant to clause (3), (4), (6), (10)&nbsp;or this clause (11) of this definition (or Liens that otherwise replace Liens referred to
in such clauses); provided that;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
new Lien is limited to all or part of the same property and assets covered by the initial Lien (plus improvements and accessions to such
property, or proceeds or distributions thereof) or any after-acquired property that, pursuant to any after-acquired property clauses in
written agreements pursuant to which the original Lien arose, is required to be pledged to secure the original Indebtedness (plus improvements
and accessions to such property, or proceeds or distributions thereof);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Indebtedness or other obligation secured by the new Lien is not increased to any amount greater than the sum of (i)&nbsp;the outstanding
principal amount, or, if greater, committed amount, of the original Indebtedness or obligation and (ii)&nbsp;an amount necessary to pay
any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the initial Lien secured Indebtedness that is subordinated in right of payment to the Notes or a Guarantee, then the Indebtedness secured
by the new Lien shall be so subordinated on terms at least as favorable to the Holders; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
new Liens securing the refinancing Indebtedness have a Lien priority equal to or junior to the Liens securing the Refinanced Indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(12)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
arising by reason of any judgment, attachment, decree or order of any court or other governmental authority not giving rise to an Event
of Default, and prejudgment liens created by or existing as a result of any litigation or legal proceeding, in each case that are being
contested in good faith by appropriate proceedings promptly instituted and diligently conducted and for which any reserve or other appropriate
provision as required in conformity with GAAP has been made therefor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(13)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
securing Cash Management Obligations owing to a bank and rights of setoff in favor of a bank, imposed by law or granted in the ordinary
course of business on deposit accounts maintained with such bank and cash and Cash Equivalents in such accounts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(14)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
securing Hedging Obligations entered into in the ordinary course of business and not for speculative purposes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(15)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
to secure liabilities in respect of reimbursement or indemnification obligations of insurance carriers providing property, casualty or
liability insurance or any other insurance required to be maintained pursuant to any Securities Document to the Company or any Restricted
Subsidiary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(16)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
arising under a contract over goods, documents of title to goods and related documents and insurances and their proceeds, in each case
in respect of documentary credit transactions entered into with customers of the Company and the Restricted Subsidiaries in the ordinary
course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(17)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
incurred in the ordinary course of business to secure performance of tenders, bids, contracts, performance guarantees, leases, letters
of credit that are issued in connection with regulatory, tax or customs liabilities or contract performance, statutory obligations, performance
bonds, bid bonds, customs bonds and similar obligations entered into in the ordinary course of business, including without limitation
any rights of offset or liquidated damages, penalties, or other fees that may be contractually agreed to in conjunction with any tender,
bid, or contract entered into by the Company or its Subsidiaries in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(18)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
supersedeas bonds, appeal bonds, return-of-money or payment bonds and similar obligations related to judgments or litigation; provided
that the aggregate amount of such bonds and obligations (other than such bonds and obligations in respect of tax assessments or liabilities)
does not exceed $75 million at any time, and provided further that such bond or obligation secured is not for Indebtedness for borrowed
money and is not overdue, or if overdue, is being contested in good faith by appropriate proceedings and reserves in conformity with GAAP
have been provided therefor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(19)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Permitted
Rig Liens;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(20)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">legal
or equitable Liens deemed to exist by reason of negative pledge covenants and other covenants or undertakings of a like nature;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(21)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
encumbering inventory, work-in-process and related property in favor of customers or suppliers securing obligations and other liabilities
to such customers or suppliers to the extent such Liens are granted in the ordinary course of business and are consistent with past business
practices;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(22)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
arising under any retention of title or conditional sale arrangement or arrangements having similar effect in respect of goods supplied
in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(23)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
representing the interest in title of a lessor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(24)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(a)&nbsp;Liens
on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness (so long
as such defeasance, discharge or redemption is permitted under <U>Section&nbsp;4.07</U>) or (b)&nbsp;Liens arising under this Indenture
in favor of the Trustee for its own benefit and for the benefit of the First Lien Collateral Agent and similar Liens in favor of other
trustees, agents and representatives arising under instruments governing Indebtedness permitted to be incurred under this Indenture, provided
that such Liens are solely for the benefit of the trustees, agents or representatives in their capacities as such and not for the benefit
of the holders of such Indebtedness;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(25)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
securing Indebtedness (including Permitted Refinancing Indebtedness) Incurred pursuant to clause (13) or clause (20) of <U>Section&nbsp;4.09(b)</U>;
provided that such Liens extend only to (i)&nbsp;the assets purchased with the proceeds of such Indebtedness, (ii)&nbsp;Excluded Vessels
described in clause (e)&nbsp;of the definition thereof whose renovations, repairs, improvements or updates are financed with the proceeds
of such Indebtedness, or (iii)&nbsp;the renovations, repairs, improvements and upgrades financed with the proceeds of such Indebtedness;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(26)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
Incurred by the Company or any Restricted Subsidiary with respect to obligations that do not exceed the greater of (x)&nbsp;$150 million
(or, following the Floater Restructuring Transaction, $100 million) and (y)&nbsp;6% of Total Assets, at any one time outstanding; provided
that any such Liens upon Collateral shall be Junior Liens;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(27)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
securing Indebtedness Incurred pursuant to clauses (14) and (15) of <U>Section&nbsp;4.09(b</U>); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(28)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
on assets acquired with the proceeds of Indebtedness (including Permitted Refinancing Indebtedness in respect thereof) Incurred pursuant
to clause (19) of <U>Section&nbsp;4.09(b)</U>&nbsp;and, with respect to Indebtedness described in clause (19)(i)&nbsp;of <U>Section&nbsp;4.09(b)</U>,
(i)&nbsp;Liens on the Equity Interests of the Restricted Subsidiary that directly owns such assets and (ii)&nbsp;Liens on other assets
and property owned by any such Restricted Subsidiary that are used in the operation, maintenance or repair of such assets acquired with
the proceeds of such Indebtedness, or which are incidental thereto, which Liens, in each case, secure only such Indebtedness; provided
that such Restricted Subsidiary does not hold any assets that are not Excluded Property or property of the type referred to in clause
(ii)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of determining
compliance with this definition, (x)&nbsp;a Lien need not be Incurred solely by reference to one category of Permitted Liens described
in this definition but may be Incurred under any combination of such categories (including in part under one such category and in part
under any other such category), and (y)&nbsp;in the event that a Lien (or any portion thereof) meets the criteria of one or more of such
categories of Permitted Liens, the Company shall, in its sole discretion, divide, classify or reclassify such Lien (or any portion thereof)
in any manner that complies with this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted Prior
Lien</I>&rdquo; has the meaning provided in the Collateral Agency Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted Refinancing
Indebtedness</I>&rdquo; means any Indebtedness of the Company or any of the Restricted Subsidiaries issued in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or discharge, in whole or in part, other Indebtedness of the
Company or any of the Restricted Subsidiaries (other than intercompany Indebtedness) (the &ldquo;<I>Refinanced Indebtedness</I>&rdquo;)<I>;
</I>provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount of
the Refinanced Indebtedness (or, if the Refinanced Debt is exchanged or acquired for an amount less than the principal amount thereof
to be due and payable upon a declaration of acceleration thereof, such lesser amount) (plus all accrued and unpaid interest on the Refinanced
Indebtedness and the amount of all cash fees and expenses, including premiums, reasonably incurred in connection therewith);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Permitted Refinancing Indebtedness has a final maturity date that is either no earlier than the final maturity date of the Refinanced
Indebtedness, or is no earlier than the date that is 91 days after the Maturity Date, the terms of such Permitted Refinancing Indebtedness
shall not provide for any scheduled repayment, mandatory redemption or sinking fund obligation prior to the date that is 91 days after
the Maturity Date, and the Weighted Average Life to Maturity of such Permitted Refinancing Indebtedness at the time of its issuance is
equal to or greater than the Weighted Average Life to Maturity of the Refinanced Indebtedness;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the Refinanced Indebtedness is incurred by a Guarantor and is (a)&nbsp;subordinated in right of payment to the Notes or a Guarantee, then
such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes or such Guarantee, as the case may be, or (b)<I>&nbsp;pari
passu </I>in right of payment with the Notes or a Guarantee, then such Permitted Refinancing Indebtedness is subordinated to or <I>pari
passu </I>in right of payment with the Notes or such Guarantee, as the case may be, in the case of each of (a)&nbsp;and (b), on terms
at least as favorable to the Holders as those contained in the documentation governing the Refinanced Indebtedness;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
obligors with respect to such Permitted Refinancing Indebtedness do not include any Persons that were not obligors of such Refinanced
Debt; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of Permitted Refinancing Indebtedness in respect of secured indebtedness, the Liens securing such Permitted Refinancing Indebtedness
(a)&nbsp;have a Lien priority equal to or junior to the Liens securing the Refinanced Indebtedness and (b)&nbsp;do not extend to any assets
other than assets that secured the Refinanced Indebtedness or any after-acquired assets that, pursuant to any after-acquired property
clauses in written agreements pursuant to which the original Lien arose, are required to be pledged to secure the Refinanced Indebtedness
(plus improvements and accessions to such property, or proceeds or distributions thereof in accordance with the terms of the Refinanced
Indebtedness).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Permitted Rig Liens</I>&rdquo;
means, at any time with respect to a Vessel:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;Liens for crews&rsquo;
wages (including the wages of the master of the Vessel that are discharged in the ordinary course of business and have accrued for not
more than sixty (60) days (or such longer period provided for under any First Lien Documents) unless any such Lien is being contested
in good faith and by appropriate proceedings or other acts by the Company or relevant Restricted Subsidiary, and the Company or relevant
Restricted Subsidiary shall have set aside on its books adequate reserves with respect to such Lien and so long as such deferment in payment
shall not subject the Vessel to sale, forfeiture or loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Liens for salvage
(including contract salvage) or general average, and Liens for wages of stevedores employed by the owner of the Vessel, the master of
the Vessel or a charterer or lessee of such Vessel, which in each case have accrued for not more than sixty (60) days (or such longer
period provided for under any First Lien Documents), unless any such Lien is being contested in good faith and by appropriate proceedings
or other acts by the Company or relevant Restricted Subsidiary, and the Company or relevant Restricted Subsidiary shall have set aside
on its books adequate reserves with respect to such Lien and so long as such deferment in payment shall not subject the Vessel to sale,
forfeiture or loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;shipyard Liens and
other Liens arising by operation of law arising in the ordinary course of business in operating, maintaining, repairing, modifying, refurbishing,
or rebuilding the Vessel (other than those referred to in clauses (a)&nbsp;and (b)&nbsp;above), including maritime Liens for necessaries,
which in each case have accrued for not more than sixty (60) days (or such longer period provided for under any First Lien Documents),
unless any such Lien is being contested in good faith and by appropriate proceedings or other acts by the Company or relevant Restricted
Subsidiary, and the Company or relevant Restricted Subsidiary shall have set aside on its books adequate reserves with respect to such
Lien and so long as such deferment in payment shall not subject the Vessel to sale, forfeiture, or loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;Liens for damages
arising from maritime torts which are unclaimed or are covered by insurance (subject to reasonable deductibles), or in respect of which
a bond or other security has been posted on behalf of the Company or relevant Restricted Subsidiary with the appropriate court or other
tribunal to prevent the arrest or secure the release of the Vessel from arrest, unless any such Lien is being contested in good faith
and by appropriate proceedings or other acts by the Company or relevant Restricted Subsidiary, and the Company or relevant Restricted
Subsidiary shall have set aside on its books adequate reserves with respect to such Lien, and so long as such deferment in payment shall
not subject the Vessel to sale, forfeiture, or loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;Liens that, as indicated
by the written admission of liability therefor by an insurance company, are covered by insurance (subject to reasonable deductibles);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;Liens for Drilling
Contracts or subcharters or subleases that are effective as of the Issue Date or are subordinate to the lien of any relevant Vessel Mortgage,
and not otherwise prohibited under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Person</I>&rdquo;
means any individual, corporation, company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>PIK Interest</I>&rdquo;
means interest payable by increasing the principal amount of the Notes or by issuing PIK Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>PIK Notes</I>&rdquo;
means Notes issued in the form of PIK Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Pledge Agreement</I>&rdquo;
means each pledge agreement, share charge, share mortgage or similar instrument pursuant to which a Collateral Grantor grants to the First
Lien Collateral Agent a Lien in Equity Interests in a Subsidiary directly owned by such Collateral Grantor, in each case, as amended,
restated, supplemented or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Preferred Stock</I>&rdquo;
as applied to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however designated) that ranks
prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or
winding up of such Person, to shares of Capital Stock of any other class of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Public Company</I>&rdquo;
means any Person whose equity securities are listed on a national securities exchange or interdealer quotation system in the United States
or on a Designated Offshore Securities Market (as defined in Rule&nbsp;902(b)&nbsp;of Regulation S).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>QIB</I>&rdquo; means
a &ldquo;<I>qualified institutional buyer</I>&rdquo; as defined in Rule&nbsp;144A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Qualified Services
Contract</I>&rdquo; means, as of any date of determination, with respect to any Vessel acquired by, or committed to be delivered to, the
Company or any of the Restricted Subsidiaries, a bona fide contract or series of contracts, together with any amendments, supplements
or modifications thereto, that the Board of Directors of the Company, acting in good faith, designates as a &ldquo;Qualified Services
Contract&rdquo; pursuant to a resolution of the Board of Directors of the Company, which contract or contracts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">are
between the Company or one of the Restricted Subsidiaries, on the one hand, and a Person that is not an Affiliate of the Company, on the
other hand;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">provide
for services to be performed by the Company or one or more of the Restricted Subsidiaries involving the use of such Vessel by the Company
or one or more of the Restricted Subsidiaries, in either case for a minimum aggregate period of at least one year from (i)&nbsp;the date
of determination or (ii)&nbsp;a future date that is no later than the date that is three months from the date of determination (the period
during which such services are to be performed, the &ldquo;<I>Active Service Period</I>&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">provide
for a fixed or minimum day rate or fixed rate for such Vessel covering the entire Active Service Period contemplated by clause (2)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the avoidance of doubt,
neither a letter of intent nor a letter of award with respect to a Vessel is a Qualified Services Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Qualified Vessel</I>&rdquo;
means a Vessel that is subject to a Qualified Services Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Rating Agencies</I>&rdquo;
means S&amp;P, Moody&rsquo;s and Fitch or if no rating of S&amp;P, Moody&rsquo;s or Fitch is publicly available, as the case may be, the
equivalent of such rating selected by the Company by any other nationally recognized statistical ratings organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Ready for Sea Cost</I>&rdquo;
means, with respect to a Vessel to be acquired by the Company or any Restricted Subsidiary, the aggregate amount of all expenditures Incurred
to acquire or construct and bring such Vessel to the condition and location necessary for its intended use, including any and all inspections,
appraisals, repairs, modifications, additions, permits and licenses in connection with such acquisition or lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Refinanced Indebtedness</I>&rdquo;
has the meaning provided in the definition of &ldquo;Permitted Refinancing Indebtedness&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Regulation S</I>&rdquo;
has the meaning provided in the Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Related Business
Assets</I>&rdquo; means assets (other than cash or Cash Equivalents) used or useful in a Permitted Business; provided that any assets
received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary shall
not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person,
such Person would become a Restricted Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Relevant Business
Day</I>&rdquo; means, when used in connection with the creation of a Lien on any asset, any Business Day that is not a day on which banking
institutions in any jurisdiction the laws of which are relevant to the creation of such Lien are authorized or required by law to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Required Guarantor</I>&rdquo;
means any Restricted Subsidiary that is not an Excluded Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Responsible Officer</I>&rdquo;
when used with respect to the Trustee, means any officer within the corporate trust department of the Trustee having direct responsibility
for the administration of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Restricted Global
Note</I>&rdquo; has the meaning provided in the Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Restricted Investment</I>&rdquo;
means an Investment other than a Permitted Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Restricted Notes
Legend</I>&rdquo; has the meaning provided in the Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Restricted Subsidiary</I>&rdquo;
means any Subsidiary of the Company that is not then an Unrestricted Subsidiary; provided that (i)&nbsp;upon the occurrence of an Unrestricted
Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be a Restricted Subsidiary and (ii)&nbsp;notwithstanding anything
to the contrary in this Indenture, each Collateral Grantor shall at all times be a Restricted Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Rule&nbsp;144A</I>&rdquo;
has the meaning provided in the Appendix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>S&amp;P</I>&rdquo;
means Standard&nbsp;&amp; Poor&rsquo;s Rating Services, or any successor to the rating agency business thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Sale and Lease-Back
Transaction</I>&rdquo; means an arrangement relating to property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary
transfers such property to a Person and leases it from such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>SEC</I>&rdquo; means
the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Securities Act</I>&rdquo;
means the Securities Act of 1933, as amended, and the rules&nbsp;and regulations of the SEC thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Security Agreement</I>&rdquo;
means, collectively, the U.S. Security Agreement and each other security agreement or similar instrument executed by a Collateral Grantor
pursuant to which such Person grants to the First Lien Collateral Agent a Lien on the assets owned by such Person, in each case, as amended,
amended and restated, or supplemented from time to time in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Significant Subsidiary</I>&rdquo;
means any Restricted Subsidiary that would be a &ldquo;significant subsidiary&rdquo; as defined in Article&nbsp;1, Rule&nbsp;1-02 of Regulation
S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Issue Date, provided that notwithstanding anything
to the contrary in this Indenture, each Restricted Subsidiary that owns a direct or indirect interest in a Vessel shall be a Significant
Subsidiary at all times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Silo Vessel</I>&rdquo;
means a Vessel that (a)&nbsp;is owned by a Subsidiary that does not directly or indirectly own any Vessel that is not a Silo Vessel, and
(b)&nbsp;is acquired, or is owned by an Unrestricted Subsidiary that is acquired, with consideration that consists at least primarily
of Equity Interests of the Company or a Subsidiary; provided that (i)&nbsp;any Indebtedness Incurred in connection with any such acquisition
is and remains an obligation only of the acquiring Unrestricted Subsidiary (and any of its Subsidiaries), and neither the Company nor
any Restricted Subsidiary will have any liability in respect of such Indebtedness, and no Lien on any of their respective assets to secure
such Indebtedness will be granted, created or permitted to exist; and (ii)&nbsp;any Restricted Subsidiary that issues any Equity Interests
in connection with any such acquisition must be or must become an obligor on the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Stated Maturity</I>&rdquo;
means, with respect to any installment of interest or principal on any item or series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date or, if such item
or series is Incurred after the Issue Date, the date such item or series is Incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Subsidiary</I>&rdquo;
means, with respect to any specified Person, any corporation, company, partnership, joint venture, or other entity of which more than
50% of the outstanding capital stock or other Equity Interests having ordinary voting power (irrespective of whether or not at the time
capital stock or other Equity Interest of any other class or classes of such corporation, partnership, joint venture, or other entity
shall or might have voting power upon the occurrence of any contingency) is at the time owned directly or indirectly by such Person and,
in respect of an entity incorporated in Jersey, means a subsidiary within the meaning of Articles 2 and 2A of the Companies (Jersey) Law
1991. Unless otherwise provided or the context otherwise requires, the terms &ldquo;<U>Subsidiary</U>&rdquo; and &ldquo;<U>Subsidiaries</U>&rdquo;
refer to a Subsidiary or Subsidiaries of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Subject Jurisdictions</I>&rdquo;
means each Initial Subject Jurisdiction and each Additional Subject Jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Third Party Vessel</I>&rdquo;
means any Vessel that is now or hereafter managed by the Company or any Subsidiary but is not owned by the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Total Assets</I>&rdquo;
means the total assets of the Company and the Restricted Subsidiaries on a consolidated basis determined in accordance with GAAP, as shown
on the most recent consolidated balance sheet of the Company (with adjustments to exclude assets of any Unrestricted Subsidiary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Treasury Rate</I>&rdquo;
means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at
least two Business Days prior to the redemption date (or, if such statistical release is no longer published, any publicly available source
of similar market data)) most nearly equal to the period from the redemption date to April&nbsp;30, 2023; provided that if the period
from the redemption date to April&nbsp;30, 2023 is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year shall be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Trust Indenture
Act</I>&rdquo; or &ldquo;<I>TIA</I>&rdquo; means the Trust Indenture Act of 1939 as in force on the date as of which this instrument was
executed; provided that, in the event the Trust Indenture Act of 1939 is amended after such date, &ldquo;Trust Indenture Act&rdquo; or
 &lsquo;TIA&rdquo; means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Trustee</I>&rdquo;
means Wilmington Savings Fund Society, FSB, in its capacity as trustee under this Indenture, until a successor replaces it in accordance
with the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; means each Person who is then a Trustee thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Uniform Commercial
Code</I>&rdquo; means the Uniform Commercial Code as in effect in any applicable jurisdiction from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>U.S. Security Agreement</I>&rdquo;
means that certain U.S. Security Agreement, dated as of the Issue Date, entered into by the Company, the other grantors party thereto
from time to time and the First Lien Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Unrestricted Subsidiary</I>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Subsidiary of the Company that at the time of determination is an Unrestricted Subsidiary (as properly designated by the Company, as provided
below); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Subsidiary of an Unrestricted Subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may designate
any Subsidiary of the Company as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors unless such Subsidiary
or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Company or
any Restricted Subsidiary (other than solely any Subsidiary of the Subsidiary to be so designated); provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent any Indebtedness of such Subsidiary is not Non-Recourse Debt, any Guarantee or other credit support thereof by the Company
or any Restricted Subsidiary is permitted by <U>Section&nbsp;4.07</U> and <U>Section&nbsp;4.09</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Subsidiary to be so designated and each Subsidiary of such Subsidiary has not guaranteed or otherwise directly or indirectly provided
credit support for any Indebtedness of the Company or any of the Restricted Subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Subsidiary to be so designated and each Subsidiary of such Subsidiary are Persons with respect to which neither the Company nor any of
the Restricted Subsidiaries has any direct or indirect obligation to subscribe for additional Capital Stock or to maintain or preserve
such Person&rsquo;s financial condition or to cause such Person to achieve any specified levels of operating results;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">neither
the Subsidiary to be so designated nor any Subsidiary of such Subsidiary is (x)&nbsp;the owner, directly or indirectly, of any interests
in any Vessel or a Joint Venture that is the owner of a Vessel nor (y)&nbsp;a party to a Drilling Contract, except for (i)&nbsp;Other
Vessels and related contracts that are contributed or otherwise transferred to the Unrestricted Floater Subsidiary pursuant to the Floater
Restructuring Transaction or <U>clause (18)</U> of the definition of Permitted Investments, or (ii)&nbsp;a Silo Vessel or a Joint Venture
that is the owner a Silo Vessel (or a Vessel that would be a Silo Vessel if it were owned by a Subsidiary that is not a Joint Venture);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">neither
the Subsidiary to be so designated nor any Subsidiary of such Subsidiary is a &ldquo;restricted subsidiary&rdquo; (or equivalent) under
the definitive documentation for any Indebtedness of the Company or any Restricted Subsidiary (other than this Indenture); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">except
to the extent not prohibited by <U>Section&nbsp;4.11</U>, is not a party to any agreement, contract, arrangement or understanding with
the Company or any Restricted Subsidiary, unless the terms of any such agreement, contract, arrangement or understanding are no less favorable
to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the
Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Valaris ARO Shareholder</I>&rdquo;
means Rowan Rex Limited, a limited company organized and existing under the laws of the British Overseas Territory of the Cayman Islands,
for so long as it holds any of the Equity Interests in ARO, and any other Restricted Subsidiary that holds any of the Equity Interests
in ARO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Vessel</I>&rdquo;
means any Jackup Rig or Other Vessel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Vessel Mortgage</I>&rdquo;
means each first preferred or first priority mortgage and any other instruments, such as statutory mortgages and deeds, over any Collateral
Vessel, each duly registered in the relevant registry in favor of the First Lien Collateral Agent, in its capacity as security trustee,
as the same may be amended, restated, supplemented or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Vessel Security
Agreement</I>&rdquo; means that certain Vessel Security Agreement, dated as of the date hereof, by and among the Guarantors from time
to time party thereto and the First Lien Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Voting Stock</I>&rdquo;
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of
the Board of Directors of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Weighted Average
Life to Maturity</I>&rdquo; means, when applied to any Indebtedness at any date, the number of years obtained by dividing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
sum of the products obtained by multiplying (a)&nbsp;the amount of each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b)&nbsp;the number of years (calculated
to the nearest one-twelfth) that will elapse between such date and the making of such payment; by</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
then outstanding principal amount of such Indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.02</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Other
Definitions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Term</U></B></FONT></TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Defined in Section</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Act&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;9.08(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Additional Amounts&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.18(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Agreed Security Principles&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11.01(f)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Affiliate Transaction&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.11(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Appendix&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;2.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Asset Sale Offer&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.10(e)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Asset Sale Offer Amount&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;3.09(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Asset Sale Offer Period&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;3.09(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Asset Sale Offer Settlement Date&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;3.09(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Asset Sale Offer Termination Date&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;3.09(c)(i)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Authorized Agent&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;12.08</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Change of Control Offer&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.15(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Change of Control Payment&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.15(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Change of Control Payment Date&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.15(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Code&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.18(a)(8)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Collateral&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11.01(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Collateral Vessel&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11.01(a)(iii)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Covenant Defeasance&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;8.03</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Discharge&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;8.08(5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Event of Default&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;6.01</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Excess Proceeds&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.10(e)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Excluded Assets&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11.12(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Floater Restructuring Transaction&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11.13(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Incur&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.09(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Indemnified Taxes&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.18(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Intercompany Transfers&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.08(a)(3)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Legal Defeasance&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;8.02</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;MD&amp;A&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.03(a)(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Paying Agent&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;2.03</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Payment Default&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;6.01(e)(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Permitted Debt&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.09(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Principal Collateral&quot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11.01(f)(ii)(4)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Principal Jurisdiction&quot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11.01(d)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Register&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;2.03</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Registrar&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;2.03</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Restricted Payments&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.07(a)(4)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Reversion Date&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.19(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Shareholder Instruments&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Definition of ARO JV Related Assets</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Specified Tax Jurisdiction&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.18(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Successor Company&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;5.01(a)(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Successor Guarantor&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;5.01(b)(1)(A)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Suspended Covenants&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.19(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Suspension Period&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.19(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Taxes&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;4.18(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Unrestricted Floater Subsidiary&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11.13(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&ldquo;Unrestricted Floater Subsidiary Credit
    Facility&rdquo;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Section&nbsp;11.13(d)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.03</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Rules&nbsp;of
Construction</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the context otherwise
requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
term has the meaning assigned to it;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;or&rdquo;
is not exclusive;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">words
in the singular include the plural, and in the plural include the singular;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
meanings of the words &ldquo;will&rdquo; and &ldquo;shall&rdquo; are the same when used to express an obligation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">references
to sections of or rules&nbsp;under the Securities Act, the Exchange Act or the Trust Indenture Act shall be deemed to include substitute,
replacement or successor sections or rules&nbsp;adopted by the SEC from time to time;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;herein,&rdquo;
 &ldquo;hereof&rdquo; and other words of similar import refer to this Indenture as a whole (as amended or supplemented from time to time)
and not to any particular Article, Section&nbsp;or other subdivision of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;including&rdquo;
means &ldquo;including, without limitation&rdquo;;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">references
herein to Articles, Sections and Exhibits are to be construed as references to articles of sections of, and exhibits to, this Indenture,
unless the context otherwise requires; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">unless
otherwise expressly qualified herein, the words &ldquo;asset&rdquo; and &ldquo;property&rdquo; shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, contract
rights and real property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.04</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Incorporation
by Reference of Trust Indenture Act</U>. Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated
by reference in and made a part of this Indenture. The following Trust Indenture Act terms used in this Indenture have the following
meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;indenture
securities&rdquo; means the Notes and the Guarantees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;indenture
securityholder&rdquo; means a Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;indenture
to be qualified&rdquo; means this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;indenture
trustee&rdquo; or &ldquo;institutional trustee&rdquo; means the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;obligor
on the indenture securities&rdquo; means the Company, the Guarantors or any other obligor on the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
terms used in this Indenture that are defined by the Trust Indenture Act, defined by a Trust Indenture Act reference to another statute
or defined by Commission rule&nbsp;under the Trust Indenture Act and not otherwise defined herein have the meanings assigned to them
therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;1.05</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Conflict
With Trust Indenture Act</U>. If any provision hereof limits, qualifies or conflicts with any provision of the Trust Indenture Act or
another provision hereof required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such provision
of the Trust Indenture Act shall control to the extent so required. The preceding sentence shall not apply to any provision of this Indenture
that modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;2</FONT><U><BR>
THE NOTES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.01</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Form&nbsp;and
Dating</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provisions relating to the
Notes are set forth in the Rule&nbsp;144A/Regulation S Appendix attached hereto (the &ldquo;<I>Appendix</I>&rdquo;), which is hereby
incorporated in and expressly made part of this Indenture. The Notes and the Trustee&rsquo;s certificate of authentication therefor shall
be substantially in the form of Exhibit&nbsp;1 to the Appendix, which is hereby incorporated in and expressly made a part of this Indenture.
The Notes may have other notations, legends or endorsements required by law, stock exchange rule&nbsp;or usage. Each Note shall be dated
the date of its authentication. The terms of the Notes set forth in the Appendix are part of the terms of this Indenture. The Notes shall
be in minimum denominations of $1,000 and integral multiples thereof; provided that after any initial PIK Payment, the Notes shall be
in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms and provisions
contained in the Appendix and the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company, the
Guarantors and the Trustee, by their execution and delivery of this Indenture or a supplemental indenture hereto, as applicable, expressly
agree to such terms and provisions and to be bound thereby. However, to the extent any such provision conflicts with the express provisions
of this Indenture, the provisions of this Indenture shall govern and be controlling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.02</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Execution
and Authentication</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At least one Officer of the
Company shall sign the Notes on behalf of the Company by manual or facsimile signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Officer whose signature
is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Note shall not be valid
until an authorized signatory of the Trustee manually signs the certificate of authentication on the Note. The signature shall be conclusive
evidence that the Note has been authenticated under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Issue Date, the Trustee
shall authenticate and deliver Notes in an aggregate principal amount of $550,000,000 and, at any time and from time to time thereafter,
the Trustee shall authenticate and deliver Notes for original issue in an aggregate principal amount specified in an authentication order
of the Company, including PIK Notes and Additional Notes. Such order shall specify the aggregate principal amount of the Notes to be
authenticated, the date on which the original issue of Notes is to be authenticated and to whom the Notes shall be registered and delivered
and, in the case of an issuance of Additional Notes pursuant to <U>Section&nbsp;2.14</U> after the Issue Date, shall certify that such
issuance is in compliance with <U>Section</U>s <U>4.09</U> and <U>4.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may appoint an
authenticating agent reasonably acceptable to the Company to authenticate the Notes. Unless limited by the terms of such appointment,
an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by
the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent
for service of notices and demands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.03</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Registrar
and Paying Agent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall at all
times maintain an office or agency in the United States where Notes may be presented for registration of transfer or for exchange (the
 &ldquo;<I>Registrar</I>&rdquo;) and an office or agency in the contiguous United States where Notes may be presented for payment (the
 &ldquo;<I>Paying Agent</I>&rdquo;)<I>. </I>The Registrar shall keep a register of the Notes and of their transfer and exchange (the &ldquo;<I>Register</I>&rdquo;)<I>.
</I>The Company may have one or more co-registrars and one or more additional paying agents. The term &ldquo;Registrar&rdquo; includes
any co-registrar, and the term &ldquo;Paying Agent&rdquo; includes any additional paying agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall enter into
an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture, which shall incorporate the terms of
the Trust Indenture Act. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall
notify the Trustee in writing of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent,
the Trustee shall act as such. Other than for purposes of effecting a redemption or an offer to purchase described in <U>Sections 3.07</U>,
<U>3.09</U>, <U>4.10</U> or <U>4.15</U> or in connection with Legal Defeasance, Covenant Defeasance or Discharge, the Company or any
of its domestically organized wholly-owned Subsidiaries may act as Paying Agent or Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company initially appoints
the Trustee as Registrar and Paying Agent in connection with the Notes at the Corporate Trust Office of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.04</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Paying
Agent to Hold Money and PIK Notes in Trust</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to 11:00 a.m.&nbsp;New
York City time, on each date on which any principal, premium, if any, or interest on any Note is due and payable, the Company shall deposit
with the Paying Agent a sum sufficient to pay such principal, premium, if any, and cash interest, and increase the principal amount of
the Notes or issue PIK Notes to pay PIK Interest pursuant to an Authentication Order delivered to the Trustee specifying the PIK Note
amount to be issued on the applicable interest payment date, when so becoming due. The Company shall require each Paying Agent (other
than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money
held by the Paying Agent for the payment of principal of, or premium, if any, cash interest, if any, or Additional Amounts, if any, on,
the Notes and shall notify the Trustee of any default by the Company in making any such payment. If the Company or any of its Subsidiaries
acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund for the benefit of
the Holders. The Company at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee,
and the Trustee may at any time during the continuance of any Event of Default under <U>Section&nbsp;6.01(a)</U>&nbsp;or (<U>b</U>),
upon written request to a Paying Agent, require such Paying Agent to forthwith pay to the Trustee all sums so held in trust by such Paying
Agent and, in each case, to account for any funds disbursed by such Paying Agent. Upon complying with this Section, the Paying Agent
(if other than the Company or any of its Subsidiaries) shall have no further liability for the money delivered to the Trustee. Upon any
bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.05</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Holder
Lists</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall
otherwise comply with Section&nbsp;312(a)&nbsp;of the Trust Indenture Act. If the Trustee is not the Registrar, or to the extent otherwise
required under the Trust Indenture Act, the Company shall furnish to the Trustee in writing, at least five Business Days before each
Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee
may reasonably require of the names and addresses of Holders. The Company shall otherwise comply with Section&nbsp;312(a)&nbsp;of the
Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.06</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Transfer
and Exchange</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes shall be issued
in registered form and shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with the
Appendix. When a Note is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register
the transfer as requested if the requirements of this Indenture are met. When Notes are presented to the Registrar with a request to
exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the
same requirements are met. The Company may require payment of a sum sufficient to cover any taxes, assessments or other governmental
charges in connection with any transfer or exchange pursuant to this <U>Section&nbsp;2.06</U> (other than any such transfer taxes, assessments
or similar governmental charge payable upon exchange or transfer pursuant to <U>Sections 2.10</U>, <U>3.04</U>, <U>3.07</U>, <U>3.09</U>,
<U>4.10</U>, <U>4.15</U> or <U>9.06</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.07</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Replacement
Notes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a mutilated Note is surrendered
to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue
and the Trustee shall, upon its receipt of an authentication order from the Company, authenticate a replacement Note if the requirements
of Section&nbsp;8-405 of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee.
If required by the Registrar or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Trustee to
protect the Registrar, Paying Agent and the Trustee and in the judgment of the Company to protect the Company from any loss which any
of them may suffer if a Note is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every replacement Note is
an additional obligation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.08</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Outstanding
Notes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes outstanding at
any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in interests in a Global Note effected by the Trustee in accordance with the provisions hereof and those described in this <U>Section&nbsp;2.08
</U>as not outstanding. Except as set forth in <U>Section&nbsp;2.09</U>, a Note does not cease to be outstanding because the Company,
any Guarantor or an Affiliate of the Company or any Guarantor holds the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Paying Agent (other
than the Company or a Subsidiary thereof) holds in trust, in accordance with this Indenture, by 11:00 a.m.&nbsp;New York City time, on
a redemption date or other maturity date money sufficient to pay all principal, interest, premium, if any, and Additional Amounts, if
any, payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and
after that date such Notes (or portions thereof) shall cease to be outstanding and interest on them shall cease to accrue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.09</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Treasury
Notes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In determining whether the
Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, and for purposes of the payment
or reimbursement of expenses of the Holders of a majority in aggregate principal amount of the outstanding Notes pursuant to <U>Section&nbsp;7.07</U>,
Notes owned by the Company or any Guarantor, or by any Affiliate of the Company or any Guarantor, will be considered as though not outstanding,
except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent,
only Notes that the Trustee actually knows are so owned will be so disregarded. Notwithstanding anything in this Indenture to the contrary,
no Person shall be deemed or presumed to have any such controlling interest, or to be under common control of any other Person with the
Company or any Guarantor, solely as a result of such Person and/or such other Person being a Beneficial Owner of more than 10% of the
Company&rsquo;s outstanding Voting Stock, unless, such Person and/or such other Person (as determined in good faith by the Board of Directors
of the Company) has the power, directly or indirectly, to direct or cause the direction of the management and policies of the Company,
whether through the ownership of the Voting Stock of the Company, by contract, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.10</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Temporary
Notes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until definitive Notes are
ready for delivery, the Company may prepare and the Trustee shall, upon its receipt of an authentication order from the Company, authenticate
temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Company considers
appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive
Notes and deliver them in exchange for Temporary Notes. Holders of temporary Notes shall be entitled to all of the benefits under this
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.11</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Cancellation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company at any time may
deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange, replacement or payment. The Trustee and no one else shall cancel and destroy (subject
to the record retention requirements of the Exchange Act) all Notes surrendered for registration of transfer, exchange, replacement,
payment or cancellation. Upon written request, the Trustee will deliver a certificate of such cancellation to the Company. The Company
may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee for cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.12</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Defaulted
Interest</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company defaults in
a payment of interest on the Notes, the Company shall pay defaulted interest at the rate specified in the second paragraph of <U>Section&nbsp;4.01
</U>(plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest
to the Persons who are Holders on a subsequent special record date. The Company shall fix or cause to be fixed any such special record
date and payment date (which special record date shall not be less than 10 days prior to the related payment date) to the reasonable
satisfaction of the Trustee and shall promptly mail to each Holder a notice that states the special record date, the payment date and
the amount of defaulted interest to be paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.13</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>CUSIP
and ISIN Numbers</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company in issuing the
Notes may use &ldquo;CUSIP&rdquo; numbers and corresponding &ldquo;ISINs&rdquo; (if then generally in use) and, if so, the Trustee shall
use &ldquo;CUSIP&rdquo; numbers and corresponding &ldquo;ISINs&rdquo; in notices of redemption as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or
as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes,
and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee
of any changes in &ldquo;CUSIP&rdquo; or &ldquo;ISIN&rdquo; numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;2.14</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Issuance
of Additional Notes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall be entitled,
subject to its compliance with <U>Sections 4.09</U> and <U>4.12</U>, to issue not more than $150 million aggregate principal amount of
Additional Notes under this Indenture, which Additional Notes shall have identical terms and conditions as the Initial Notes issued on
the Issue Date, other than with respect to the date of issuance, issue price and the date from which interest will accrue. The Initial
Notes issued on the Issue Date, and any PIK Notes and Additional Notes, will be equally and ratably secured by the Liens granted to the
First Lien Collateral Agent on the Collateral and shall be treated as a single class for all purposes under this Indenture, including,
without limitation, waivers, amendments, redemptions and offers to purchase; provided that in the event any Additional Notes are not
fungible with the Notes for U.S. federal income tax purposes, such non-fungible Notes will be issued with a separate CUSIP or ISIN number
so they are distinguishable from the Notes issued on the Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to any Additional
Notes, the Company shall set forth in an Officers&rsquo; Certificate, which shall be delivered to the Trustee, the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture and the provision of
<U>Section</U>s <U>4.09</U> and 4.12 that the Company is relying on to issue such Additional Notes; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
issue price, the issue date (and the corresponding date from which interest shall accrue thereon and the first Interest Payment Date
therefor) and the CUSIP number and any corresponding ISIN of such Additional Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;3</FONT><U><BR>
REDEMPTION AND PREPAYMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.01</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Notices
to Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company elects to
redeem Notes pursuant to the optional redemption provisions of <U>Section&nbsp;3.07</U> or is required to redeem, or offer to redeem,
Notes pursuant to <U>Section&nbsp;</U>3.09, it shall furnish to the Trustee, at least five Business Days (unless a shorter period shall
be agreeable to the Trustee) before the date of giving notice of the redemption pursuant to <U>Section&nbsp;3.03</U>, an Officers&rsquo;
Certificate setting forth (i)&nbsp;either the clause of <U>Section&nbsp;3.07</U> pursuant to which the redemption shall occur or that
such redemption shall occur pursuant to <U>Section&nbsp;</U>3.09, (ii)&nbsp;the redemption date, (iii)&nbsp;the principal amount of Notes
to be redeemed, (iv)&nbsp;the redemption price or the method by which it will be determined, and (v)&nbsp;whether the Company requests
that the Trustee give notice of such redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.02</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Selection
of Notes to Be Redeemed</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If less than all of the Notes
are to be redeemed at any time, the Trustee will select the Notes to be redeemed on a <I>pro rata </I>basis, unless otherwise required
by law or applicable stock exchange or Depository requirements, from the outstanding Notes not previously called for redemption. In the
event of partial redemption other than on a <I>pro rata </I>basis, the particular Notes to be redeemed shall be selected, not less than
five Business Days (unless a shorter period shall be agreeable to the Trustee) prior to the giving of notice of the redemption pursuant
to <U>Section&nbsp;3.03</U>, by the Trustee from the outstanding Notes not previously called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall promptly
notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the
principal amount thereof to be redeemed. No Notes of $1.00 or less can be redeemed in part. Notes and portions of Notes selected shall
be in amounts of $1.00 or whole multiples of $1.00 in excess thereof; except that if all of the Notes of a Holder are to be redeemed,
the entire outstanding amount of Notes held by such Holder shall be redeemed. Provisions of this Indenture that apply to Notes called
for redemption also apply to portions of Notes called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.03</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Notice
of Redemption</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At least 30 days but not
more than 60 days before a redemption date (except that redemption notices may be delivered more than 60 days prior to a redemption date
if the notice is issued in connection with a Legal Defeasance, Covenant Defeasance or Discharge), the Company shall mail or cause to
be mailed, by first class mail, or otherwise given in accordance with the procedures of the Depository, a notice of redemption to each
Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee). Notices of redemption may be subject to
one or more conditions specified in the notice of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notice shall identify
the Notes to be redeemed and shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
redemption date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
redemption price or, if the redemption price is not then determinable, the manner in which it is to be determined;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
any Note is to be redeemed in part only, the portion of the principal amount of such Note that is to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in a principal amount equal to the unredeemed portion of the original
Note will be issued in the name or transferred by book entry to the applicable Holder upon cancellation of the original Note;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
name and address of the Paying Agent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that,
unless the Company defaults in making such redemption payment, interest on Notes called for redemption shall cease to accrue on and after
the redemption date and the only remaining right of the Holders of such Notes is to receive payment of the redemption price upon surrender
to the Paying Agent of the Notes redeemed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
paragraph of the Notes and/or Section&nbsp;of this Indenture pursuant to which the Notes called for redemption are being redeemed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
CUSIP (or ISIN) number, if any, and that no representation is made as to the correctness or accuracy of the CUSIP (or ISIN) number, if
any, listed in such notice or printed on the Notes; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
description of any conditions to the Company&rsquo;s obligations to complete the redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the Notes to be
redeemed is in the form of a Global Note, then the Company shall modify such notice to the extent necessary to accord with the procedures
of the Depository applicable to redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the Company&rsquo;s request,
the Trustee shall give the notice of redemption in the Company&rsquo;s name and at its expense; provided that the Company shall have
delivered to the Trustee, as provided in <U>Section&nbsp;3.01</U>, an Officers&rsquo; Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided in the second preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.04&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Effect
of Notice of Redemption</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once notice of redemption
is delivered in accordance with <U>Section&nbsp;3.03</U>, Notes (or portions thereof) called for redemption become irrevocably due and
payable on the applicable redemption date at the applicable redemption price, subject to the satisfaction of any conditions to the redemption
specified in the notice of redemption. If delivered in the manner provided for in <U>Section&nbsp;3.03</U>, the notice of redemption
shall be conclusively presumed to have been given whether or not a Holder receives such notice. Failure to give timely notice or any
defect in the notice shall not affect the validity of the redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.05</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Deposit
of Redemption Price</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to 11:00 a.m., New
York City time, on any redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary thereof is
acting as Paying Agent, segregate and hold in trust as provided in <U>Section&nbsp;2.04</U>) money sufficient in same day funds to pay
the redemption price of and accrued interest (including accrued and unpaid PIK Interest which for the avoidance of doubt shall be paid
in cash) on all Notes to be redeemed on that date. The Paying Agent shall promptly return to the Company any money deposited with the
Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of and accrued interest on all Notes to be
redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company complies with
the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions
of Notes called for redemption whether or not such Notes are presented for payment, and the only remaining right of the Holders of such
Notes shall be to receive payment of the redemption price upon surrender to the Paying Agent of the Notes redeemed. If any Note called
for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding
paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful,
on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in <U>Section&nbsp;4.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.06</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Notes
Redeemed in Part</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon surrender of a Note
that is redeemed in part, the Company shall issue in the name of the applicable Holder and the Trustee shall, upon its receipt of an
authentication order from the Company, authenticate and mail to such Holder (or cause to be transferred by book entry) at the expense
of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered representing the same Indebtedness
to the extent not redeemed; provided that each new Note shall be in a principal amount of $1.00 and integral multiples of $1.00 in excess
thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an authentication order and not an Opinion
of Counsel or Officers&rsquo; Certificate is required for the Trustee to authenticate such new Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.07</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Optional
Redemption</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
any time prior to April&nbsp;30, 2023, the Company may, at its option, redeem up to 35% of the aggregate principal amount of Notes (including
any Additional Notes) issued under this Indenture, at one time or from time to time, at a redemption price equal to 104.00% of the principal
amount thereof, plus accrued and unpaid cash interest, together with an amount of cash equal to all accrued and unpaid PIK Interest on
the Notes, and Additional Amounts, if any, to, but not including, the applicable redemption date (subject to the rights of Holders of
record on the relevant record date to receive interest due on the relevant Interest Payment Date), in an amount not greater than the
net cash proceeds received by the Company from one or more Equity Offerings; provided that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">at
least 65% of the aggregate principal amount of Notes (including any Additional Notes) issued under this Indenture (excluding any Notes
held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
redemption occurs within 120 days after the date of the closing of such Equity Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
any time prior to April&nbsp;30, 2023, the Company may, at its option, redeem the Notes, in whole or in part, at one time or from time
to time, upon at least 30 days (but not more than 60 days) prior written notice to Holders, at a redemption price equal to 104.00% of
the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid cash interest, together with an
amount of cash equal to all accrued and unpaid PIK Interest, and Additional Amounts, if any, to, but not including, the applicable redemption
date, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment
Date. The Company shall calculate, or cause the calculation of, the Applicable Premium and the Trustee shall have no duty to calculate
or verify the Company&rsquo;s calculations thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
or after April&nbsp;30, 2023, the Company may, at its option, redeem the Notes, in whole or in part, at one time or from time to time,
upon at least 30 days (but not more than 60 days) prior written notice to Holders, at the redemption prices (expressed as percentages
of principal amount) set forth below, plus accrued and unpaid cash interest, together with an amount of cash equal to all accrued and
unpaid PIK Interest, and Additional Amounts, if any, on the Notes redeemed, to, but not including, the applicable redemption date, subject
to the rights of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date, if redeemed
during the twelve-month period beginning on April&nbsp;30 of the years indicated below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Year</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Percentage</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left; text-indent: -0.1in; padding-left: 0.1in">2023</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">104.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.1in; padding-left: 0.1in">2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">103.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.1in; padding-left: 0.1in">2025</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">102.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.1in; padding-left: 0.1in">2026 and thereafter</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company may redeem the Notes, at its option, at any time in whole but not in part, at a redemption price equal to 100% of the outstanding
principal amount of Notes, plus accrued and unpaid cash interest, together with an amount of cash equal to all accrued and unpaid PIK
Interest (if any) to, but not including, the applicable redemption date, plus all Additional Amounts, if any, then due and which will
become due as a result of the redemption or otherwise (subject to the rights of Holders of record on the relevant record date to receive
interest due on the relevant Interest Payment Date), in the event that the Company determines in good faith that the Company or any Guarantor
has become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes or the Guarantees,
Additional Amounts, and such obligation cannot be avoided by taking reasonable measures available to the Company or the relevant Guarantor,
as applicable (including making payment through a Paying Agent located in another jurisdiction but not, for the avoidance of doubt, changing
the jurisdiction of incorporation of the Company or the relevant Guarantor ), as a result of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
change in or an amendment to the laws or treaties (including any regulations or rulings promulgated thereunder) of any Specified Tax
Jurisdiction affecting taxation, which change or amendment is announced or becomes effective on or after the Issue Date (or, if the Specified
Tax Jurisdiction was not a Specified Tax Jurisdiction on the Issue Date, the date on which such Specified Tax Jurisdiction became a Specified
Tax Jurisdiction); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
change in or amendment to any official position of a taxing authority in any Specified Tax Jurisdiction regarding the application, administration
or interpretation of such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction),
which change or amendment is announced or becomes effective on or after the Issue Date (or, if the Specified Tax Jurisdiction was not
a Specified Tax Jurisdiction on the Issue Date, the date on which such Specified Tax Jurisdiction became a Specified Tax Jurisdiction);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that in the case of Additional Amounts
required to be paid as a result of the Company or relevant Guarantor conducting business other than in the place of its incorporation
or organization, such amendment or change must be announced or become effective on or after the date in which it begins to conduct business
giving rise to the relevant withholding or deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
no such notice of redemption may be given earlier than 60 days prior to the earliest date on which the Company or the relevant Guarantor,
as applicable, would be obligated to pay Additional Amounts if a payment in respect of the Notes or the Guarantees were then due, and
at the time such notice is given, the obligation to pay Additional Amounts must remain in effect. Before the Company mails or delivers
notice of redemption of the Notes as described above, the Company shall deliver to the Trustee and Paying Agent (a)&nbsp;an Officers&rsquo;
Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that the conditions
precedent to the right of the Company to so redeem have occurred and (b)&nbsp;an opinion of independent legal counsel of recognized standing
that the Company or any Guarantor has or will become obligated to pay Additional Amounts as a result of the circumstances referred to
in clause (1)&nbsp;or (2)&nbsp;of the preceding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee and Paying Agent
will be entitled to conclusively rely upon the Officers&rsquo; Certificate and opinion of counsel as sufficient evidence of the satisfaction
of the conditions precedent described above, in which case they will be conclusive and binding on the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
redemption pursuant to this <U>Section&nbsp;3.07</U> shall be made pursuant to the provisions of <U>Section&nbsp;3.01</U> through <U>Section&nbsp;3.05</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.08</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>[Reserved]</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.09&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Offer
to Purchase by Application of Excess Proceeds</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that, pursuant to <U>Section&nbsp;4.10</U>, the Company shall be required to commence an Asset Sale Offer, it shall follow
the additional procedures specified below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Asset Sale Offer shall remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business
Days, except to the extent that a longer period is required by applicable law (the &ldquo;<I>Asset Sale Offer Period</I>&rdquo;)<I>.
</I>No later than five Business Days after the termination of the Asset Sale Offer Period (the &ldquo;<I>Asset Sale Offer Settlement
Date</I>&rdquo;), the Company shall apply all Excess Proceeds (the &ldquo;<I>Asset Sale Offer Amount</I>&rdquo;) to the purchase of the
Notes and other Indebtedness of the Company or the applicable Restricted Subsidiary as specified in <U>Section&nbsp;4.10</U> or, if less
than the Asset Sale Offer Amount has been validly tendered (and not validly withdrawn), all Notes and other Indebtedness of the Company
or such Restricted Subsidiary, as applicable, validly tendered (and not validly withdrawn) in response to the Asset Sale Offer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the commencement of an Asset Sale Offer, the Company shall send, by first class mail, or otherwise in accordance with the requirements
of the Depository, a notice to each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials
necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders.
The notice, which shall govern the terms of the Asset Sale Offer, shall state:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
the Asset Sale Offer is being made pursuant to this <U>Section&nbsp;3.09</U> and <U>Section&nbsp;4.10</U> and the length of time the
Asset Sale Offer shall remain open, including the time and date the Asset Sale Offer will terminate (the &ldquo;<I>Asset Sale Offer Termination
Date</I>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Asset Sale Offer Amount, the purchase price and the Asset Sale Offer Settlement Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
any Note not tendered or accepted for payment shall continue to accrue interest;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that,
unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue
interest on and after the Asset Sale Offer Settlement Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, properly endorsed
for transfer, together with the form entitled &ldquo;Option of Holder to Elect Purchase&rdquo; on the reverse of the Note completed and
such customary documents as the Company may reasonably request, to the Company or a Paying Agent at the address specified in the notice,
before the Asset Sale Offer Termination Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Holders shall be entitled to withdraw their election if the Company or the Paying Agent, as the case may be, receives, prior to the Asset
Sale Offer Termination Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note
the Holder delivered for purchase and a statement that such Holder is withdrawing its election to have such Note purchased;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that,
if the aggregate principal amount of Notes or other First Lien Debt surrendered by Holders and holders of such other First Lien Debt,
collectively, exceeds the Asset Sale Offer Amount, the Company shall select the Notes and such other First Lien Debt to be purchased
from the amount allocated therefor on a <I>pro rata </I>basis unless otherwise required by law or applicable stock exchange or Depository
requirements (with such adjustments as may be deemed appropriate by the Company so that only Notes and First Lien Debt in denominations
of $1.00 and integral multiples of $1.00 in excess thereof will be outstanding after such purchase); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the
Notes surrendered, which unpurchased portion must be equal to $1.00 in principal amount or an integral multiple of $1.00 in excess thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Promptly after the Asset
Sale Offer Termination Date, the Company shall, to the extent lawful, accept for payment Notes or portions thereof tendered pursuant
to the Asset Sale Offer in the aggregate principal amount required by <U>Section&nbsp;4.10</U>. Prior to 11:00 a.m., New York City time,
on the Asset Sale Offer Settlement Date, the Company, the Depository or the Paying Agent, as the case may be, shall mail or deliver to
each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase,
and the Company shall promptly issue a new Note, and the Trustee shall, upon its receipt of an authentication order from the Company,
authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder, in a principal amount equal
to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to
the Holder thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;3.10</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Mandatory Sinking Fund</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth under
<U>Sections 3.09</U>, <U>4.10</U> and <U>4.15</U>, the Company shall not be required to make mandatory redemption or sinking fund payments
with respect to the Notes or to repurchase the Notes at the option of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;4</FONT><U><BR>
COVENANTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.01&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Payment
of Notes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall pay or
cause to be paid the principal of, cash interest, premium, if any, and increase the principal amount of the Notes or issue PIK Notes
to pay the PIK Interest, on, the Notes on the dates and in the manner provided in the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the Company
determines to pay PIK Interest for any interest period, then Company will deliver a notice (a &ldquo;<U>PIK Election</U>&rdquo;) to the
Trustee no later than thirty days prior to the beginning of the relevant interest period, which notice will state the total amount of
interest to be paid on the Interest Payment Date in respect of such interest period and the amount of such interest to be paid as PIK
Interest. The Trustee, on behalf of the Company, will promptly deliver a corresponding notice provided by the Company to the Holders.
For the avoidance of doubt, interest on the Notes in respect of any interest period for which a PIK Election is not timely delivered
must be paid entirely in cash. Notwithstanding anything to the contrary herein, the payment of accrued interest in connection with any
purchase of Notes pursuant to Sections 4.10 and 4.13 hereof shall be made solely in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Principal, cash interest
and premium, if any, and any PIK Notes or any increased principal amount of Notes sufficient to pay all PIK Interest shall be considered
paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00 a.m., New York City time,
on the due date money deposited by the Company or a Guarantor in immediately available funds and designated for and sufficient to pay
all principal, cash interest and premium, if any, then due, and upon delivery of an Authentication Order to the Trustee on or prior to
the date the payment is due of any PIK Notes to be authenticated and delivered or any increased principal amount of the applicable Global
Notes sufficient to pay all PIK Interest. Subject to <U>Section&nbsp;4.18</U>, all payments made by the Company under or with respect
to the Notes will be made free and clear of and without withholding or deduction for, or on account of, any Taxes, unless the withholding
or deduction of such Taxes is then required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate equal to the then-applicable
interest rate on the Notes; and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest, if any (without regard to any applicable grace period), at the same rate as on overdue principal to
the extent lawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.02</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Maintenance
of Office or Agency</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall maintain
an office or agency (which may be an office of the Trustee, an affiliate of the Trustee, the Registrar or the Paying Agent) in the contiguous
United States where Notes may be presented or surrendered for payment and shall maintain an office or agency in the contiguous United
States (which may be an office of the Trustee, an affiliate of the Trustee, the Registrar or the Paying Agent) where Notes may be surrendered
for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture
may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office
or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee; provided that no office of the Trustee shall be an office or agency for the purpose of service of legal process against
the Company or any Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may also from
time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in the contiguous United States for such purposes. The Company shall give prompt
written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby designates
the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with <U>Section&nbsp;2.03</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.03</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Reports</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whether
or not the Company is then subject to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act, the Company shall furnish to the Trustee
and the Holders, so long as any Notes are outstanding:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">within
45 days after the end of each of the first three fiscal quarters of each fiscal year (or, for so long as the Company is then subject
to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act, such date as is required under the rules&nbsp;of the SEC for the filing
of any quarterly reports for such fiscal quarter (which shall include any extension as the result of any applicable U.S. securities laws
or SEC rules, regulations, guidance or guidelines), reports on Form&nbsp;10-Q or (in the event the Company is a &ldquo;foreign private
issuer&rdquo; subject to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act) Form&nbsp;6-K (or, in each case, any successor form)
containing, whether or not required, the Company&rsquo;s unaudited quarterly consolidated financial statements (including a balance sheet
and statement of income, changes in stockholders&rsquo; equity and cash flow) and a Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations (the &ldquo;<U>MD&amp;A</U>&rdquo;) (or equivalent disclosure) for and as of the end of such fiscal
quarter (with comparable financial statements for the corresponding fiscal quarter of the immediately preceding fiscal year);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">within
90 days after the end of each fiscal year (or, for so long as the Company is then subject to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of
the Exchange Act, by such date as is required under the rules&nbsp;of the SEC for the filing of an annual report for each fiscal year
(which shall include any extension as the result of any applicable U.S. securities laws or SEC rules, regulations, guidance or guidelines),
an annual report on Form&nbsp;10-K or (in the event the Company is a &ldquo;foreign private issuer&rdquo; subject to Section&nbsp;13(a)&nbsp;or
15(d)&nbsp;of the Exchange Act) Form&nbsp;20-F (or, in each case, any successor form) containing, whether or not required, the Company&rsquo;s
audited consolidated financial statements, a report thereon by the Company&rsquo;s certified independent accountants and an MD&amp;A
for such fiscal year); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)&nbsp;at
such times as would be required to be filed or furnished to the SEC if the Company was subject to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of
the Exchange Act (whether or not the Company is then subject to such requirements), current reports on Form&nbsp;8-K that the Company
would have been required to file or furnish pursuant thereto; or (ii)&nbsp;in the event that the Company is a &ldquo;foreign private
issuer&rdquo; subject to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act, all such other reports and information that the Company
is required to file or furnish pursuant thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All such reports shall be
prepared in all material respects in accordance with all of the rules&nbsp;and regulations applicable to such reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall electronically file or furnish, as the case may be, a copy of all such information and reports referred to in clauses (1)&nbsp;through
(3)&nbsp;in paragraph (a)&nbsp;above with the SEC for public availability within the time periods specified therein at any time the Company
is then subject to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act and make such information available to the Holders, and
if the Notes are represented by one or more Global Notes, the beneficial owners, of the Notes and prospective investors upon request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall be deemed to have furnished such reports referred to in paragraph (a)&nbsp;above to the Trustee and the Holders if the
Company has filed such reports with the SEC via the EDGAR filing system and such reports are publicly available. If, notwithstanding
the foregoing, the SEC will not accept the Company&rsquo;s filings for any reason, the Company will post the reports referred to in paragraph
(a)&nbsp;above on its website within the time periods that would apply to non-accelerated filers if the Company were required to file
those reports with the SEC. The Trustee shall have no obligation whatsoever to determine whether or not such information, documents or
reports have been filed pursuant to the EDGAR filing system (or its successor) or postings to any website have occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
addition, for so long as any Notes remain outstanding and are subject to restrictions on transfer by non-Affiliates under U.S. federal
securities laws, the Company will furnish to the Holders and prospective investors, upon their request, the information required to be
delivered pursuant to Rule&nbsp;144A(d)(4)&nbsp;under the U.S. Securities Act. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Delivery
of reports, information and documents to the Trustee pursuant to this <U>Section&nbsp;4.03</U> is for informational purposes only, and
the Trustee&rsquo;s receipt of such shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company&rsquo;s compliance with the covenants hereunder (as to which the Trustee is entitled
to conclusively rely exclusively on an Officers&rsquo; Certificate).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.04</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Compliance
Certificate</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall deliver to the Trustee, within 30 days of the delivery of the information required by <U>Section&nbsp;4.03(a)(2)</U>, an
Officers&rsquo; Certificate stating (i)&nbsp;that a review of the activities of the Company and the Restricted Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has
kept, observed, performed and fulfilled its obligations under this Indenture and the other Note Documents, and further stating, as to
each such Officer signing such certificate, that, to the best of his or her knowledge, the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture and the other Note Documents applicable to the Company and is not in default
in the performance or observance of any of the terms, provisions and conditions thereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking
or proposes to take with respect thereto), (ii)&nbsp;either (x)&nbsp;that all action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture and all amendments, supplemental indentures, financing statements, continuation statements
and other documents, as are necessary to maintain the perfected Liens created under the Collateral Documents under applicable law, subject
to the Agreed Security Principles and reciting the details of such action or referring to prior Officers&rsquo; Certificates in which
such details are given or (y)&nbsp;that no such action is necessary to maintain such Liens and (iii)&nbsp;whether the Company is in compliance
with <U>Section&nbsp;11.01(b)(ii)</U>&nbsp;as of the date of delivery of the information required by <U>Section&nbsp;4.03(a)(2)</U>.
The Issuer also shall comply with Section&nbsp;314(a)(4)&nbsp;of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, within 10 Business Days of any of its Officers becoming
aware of any Default or Event of Default, a written statement specifying the nature of such Default or Event of Default and what action
the Company is taking or proposes to take with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.05&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Taxes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall pay, and
shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such
as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material
respect to the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.06&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Stay,
Extension and Usury Laws</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Company and the
Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture; and each of the Company and the Guarantors (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any
such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution
of every such power as though no such law has been enacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.07</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
on Restricted Payments</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">declare
or pay any dividend or make any other payment or distribution on account of Equity Interests of the Company or any Restricted Subsidiary
(including, without limitation, any payment in connection with any merger, consolidation or amalgamation involving the Company or any
of the Restricted Subsidiaries) or to the direct or indirect holders of the Company&rsquo;s or any of the Restricted Subsidiaries&rsquo;
Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified
Stock) of the Company and excluding dividends or distributions payable to the Company or any Guarantor, including through the payment
of dividends or distributions to a non-Guarantor or a series of non-Guarantors if such dividend or distribution is immediately distributed
to another Guarantor or the Company upon receipt (and, if such Guarantor has holders of Equity Interests other than the Company or other
Restricted Subsidiaries, to its other holders of Equity Interests on a pro rata basis or on a basis that is more favorable to the Company
and the Restricted Subsidiaries than pro rata));</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">purchase,
repurchase, redeem, retire or otherwise acquire for value (including, without limitation, in connection with any merger, consolidation
or amalgamation involving the Company) any Equity Interests of the Company held by any Person (other than any such Equity Interests held
by the Company or any Guarantor ) or any Equity Interests of any Restricted Subsidiary held by an Affiliate of the Company (other than
Equity Interests held by the Company or any Guarantor) (in each case other than in exchange for Equity Interests of the Company that
do not constitute Disqualified Stock);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
any principal or premium payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, any Junior
Debt (excluding (a)&nbsp;interest payments on any Indebtedness, (b)&nbsp;any intercompany Indebtedness between or among the Company and
any of the Restricted Subsidiaries, (c)&nbsp;any such Indebtedness repaid, acquired or retired for value in anticipation of satisfying
a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of payment, acquisition
or retirement, (d)&nbsp;a payment of principal at the Stated Maturity of any such Indebtedness) and (e)&nbsp;payments with respect to
revolving Credit Facilities entered into after the Issue Date in accordance with the terms of this Indenture and as to which the Indebtedness
outstanding thereunder was at the time of its Incurrence permitted by the terms of this Indenture to be so Incurred); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
any Restricted Investment (all such payments and other actions set forth in these clauses (1)&nbsp;through (4)&nbsp;being collectively
referred to as &ldquo;<I>Restricted Payments</I>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of <U>Section&nbsp;4.07(a)</U>&nbsp;will not prohibit:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration
of the dividend or distribution or the date of the redemption notice, as the case may be, if at the date of declaration or notice, the
dividend, distribution or redemption payment would have complied with the provisions of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">so
long as no Default or Event of Default has occurred and is continuing or would occur as a result thereof, the making of any Restricted
Payment in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company)
of, Equity Interests of the Company (other than Disqualified Stock) or from the substantially concurrent contribution of common equity
capital to the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
repurchase, redemption, defeasance or other acquisition or retirement for value of Junior Debt with the net cash proceeds from a substantially
concurrent Incurrence of Permitted Refinancing Indebtedness;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">so
long as no Default or Event of Default has occurred and is continuing or would occur, the repurchase, redemption, cancellation, or other
acquisition or retirement for value of, or agreement to do any of the foregoing with respect to, any Equity Interests of the Company
or any Restricted Subsidiary granted pursuant to any Management Incentive Plan Award; provided that the aggregate price paid for all
such repurchased, redeemed, cancelled, acquired or retired Equity Interests may not exceed $2 million in any twelve-month period (with
any portion of such $2 million that is unused in any twelve-month period to be carried forward to successive twelve-month periods and
added to such amount, but with an overall limit in any twelve-month period of $3 million);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(a)&nbsp;the
purchase, redemption or other acquisition or retirement for value of Equity Interests deemed to occur upon the exercise or conversion
of stock options, warrants, rights to acquire Equity Interests or other convertible securities, to the extent such Equity Interests represent
a portion of the exercise or conversion price thereof, and (b)&nbsp;the purchase, redemption, net-settlement, or other acquisition or
retirement for value of Equity Interests of the Company or any Restricted Subsidiary held by any current or former officer, director
or employee of the Company or any Restricted Subsidiary in connection with the exercise, vesting or settlement of any equity compensation
(including, without limitation, any Management Incentive Plan Awards or other stock option, restricted stock or phantom stock award),
in each case in this <U>clause (b)</U>, solely in order to satisfy any tax withholding obligation with respect to such exercise, vesting
or settlement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
purchase, redemption, defeasance or other acquisition or retirement of any Junior Debt from proceeds of an Asset Sale or in the event
of a Change of Control, in each case only if prior to or simultaneously with such purchase, redemption, defeasance or other acquisition
or retirement, the Company or a Restricted Subsidiary has made the Asset Sale Offer or Change of Control Offer, as applicable, as provided
in this Indenture and has completed the repurchase of all Notes validly tendered for payment in connection with such Asset Sale Offer
or Change of Control Offer in accordance with the requirements of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">so
long as no Default or Event of Default has occurred and is continuing or would occur as a result thereof, the declaration and payment
of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of the Company or any Preferred Stock
of any Restricted Subsidiary of the Company issued on or after the Issue Date in accordance with <U>Section&nbsp;4.09</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">cash
payments in lieu of the issuance of fractional shares, or payments to dissenting stockholders (a)&nbsp;pursuant to applicable law or
(b)&nbsp;in connection with the settlement or other satisfaction of legal claims made pursuant to or in connection with a consolidation,
merger or transfer of assets in connection with a transaction that is not prohibited by this Indenture; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">so
long as no Default or Event of Default has occurred and is continuing or would occur as a result thereof, any Restricted Payment (excluding
the Investment of any Vessel and any Equity Interest or Indebtedness of any owner of any Vessel) so long as the amount of such Restricted
Payment, together with the aggregate amount of all other Restricted Payments made under this clause (9)&nbsp;since the Issue Date, does
not exceed $100 million (or, following the Floater Restructuring Transaction, does not exceed $50 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of all Restricted
Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s)&nbsp;or securities proposed
to be transferred or issued by the Company or any Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. For
purposes of determining compliance with this <U>Section&nbsp;4.07</U>, in the event that a Restricted Payment meets the criteria of more
than one of the categories of Restricted Payments described in the preceding clauses (1)&nbsp;through (9)&nbsp;of this <U>Section&nbsp;4.07(b)</U>&nbsp;or
as a Permitted Investment, the Company will be permitted to divide or classify (or later divide, classify or reclassify in whole or in
part in its sole discretion) such Restricted Payment in any manner that complies with this <U>Section&nbsp;4.07</U>. For the avoidance
of doubt, this Section&nbsp;4.07 will not restrict the making of any &ldquo;AHYDO catch up payment&rdquo; with respect to, and required
by the terms of, any Indebtedness of the Company or any Restricted Subsidiary permitted to be incurred under the terms of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.08&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, create or permit to become effective
any consensual encumbrance or restriction on the ability of any of the Restricted Subsidiaries to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">pay
dividends or make any other distributions on its Capital Stock to the Company or any of the Restricted Subsidiaries, or with respect
to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Company or any of the Restricted
Subsidiaries; provided that the priority that any series of preferred stock of a Restricted Subsidiary has in receiving dividends or
liquidating distributions before dividends or liquidating distributions are paid in respect of common stock of such Restricted Subsidiary
shall not constitute a restriction on the ability to make dividends or distributions on Capital Stock for purposes of this <U>Section&nbsp;4.08</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
loans or advances to the Company or any of the Restricted Subsidiaries; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">sell,
or transfer any of its properties or assets to the Company or any of the Restricted Subsidiaries (all such actions set forth in these
clauses (1)&nbsp;through (3)&nbsp;being collectively referred to as &ldquo;<I>Intercompany Transfers</I>&rdquo;)<I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
restrictions in <U>Section&nbsp;4.08(a)</U>&nbsp;will not apply to encumbrances or restrictions on the ability of any of the Restricted
Subsidiaries to make Intercompany Transfers existing under or by reason of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">agreements
governing Indebtedness outstanding, and any other limitations or restrictions contained in contracts and agreements, in each case as
such agreements and contracts are in effect on the Issue Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">restrictions
contained in, or in respect of, Hedging Obligations permitted to be Incurred by this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">this
Indenture, the Intercreditor Agreement, the other Collateral Documents, the Notes and the Guarantees;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">applicable
law, rule, regulation or order;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of the Restricted Subsidiaries as in effect
at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was Incurred in connection with or in contemplation
of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other
than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness
was permitted by the terms of this Indenture to be Incurred;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">customary
non-assignment provisions in contracts, leases and licenses entered into in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">purchase
money obligations for property acquired in the ordinary course of business, mortgage financings and Capital Lease Obligations that impose
restrictions on the property purchased, mortgaged or leased of the nature described in clause (3)&nbsp;of <U>Section&nbsp;4.08(a)</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
agreement for the sale or other disposition of the Capital Stock or all or substantially all of the assets of any Restricted Subsidiary
that restricts distributions by that Restricted Subsidiary pending the sale or other disposition;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Liens
permitted to be Incurred under the provisions of <U>Section&nbsp;4.12</U> that limit the right of the debtor to dispose of the assets
subject to such Liens;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">provisions
limiting the disposition or distribution of assets or property in joint venture agreements, partnership agreements, asset sale agreements,
sale-leaseback agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets that
are the subject of such agreements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(11)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">restrictions
on cash or other deposits or net worth imposed by customers or suppliers or required by insurance, surety or bonding companies, providers
of Cash Management Arrangements, in each case, under contracts entered into in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(12)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">encumbrances
or restrictions of the nature described in clause (3)&nbsp;of <U>Section&nbsp;4.08(a)</U>&nbsp;with respect to property under a charter,
lease, sub-lease or other agreement (including any Drilling Contracts, charterparty agreements, rig operating, service or management
agreements or pool agreements) that has been entered into in the ordinary course for the employment, charter or other hire of such property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(13)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">instruments
governing Indebtedness, Disqualified Stock or Preferred Stock that is permitted to be Incurred subsequent to the Issue Date pursuant
to <U>Section&nbsp;4.09</U>; provided that, at the time such Indebtedness, Disqualified Stock or Preferred Stock is Incurred, either
(a)&nbsp;such encumbrances or restrictions would not reasonably be expected to materially impair the Company&rsquo;s ability to make
scheduled payments of interest and principal on the Notes when due or any Guarantor&rsquo;s ability to make payment under its Guarantee,
as determined in good faith by the Board of Directors of the Company or a Financial Officer of the Company, or (b)&nbsp;the restrictions
therein are not materially more restrictive, taken as a whole, than those contained in this Indenture and the Notes, as determined in
good faith by the Board of Directors or a Financial Officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(14)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">restrictions
contained in Hedging Obligations permitted under this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(15)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts,
instruments or obligations referred to in clauses (1)&nbsp;through (14) above; provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, not materially
more restrictive with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment, modification,
restatement, renewal, increase, supplement, refunding, replacement or refinancing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(16)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to Section&nbsp;4.08(a)(3), (i)&nbsp;Drilling Contracts with respect to any Vessels; provided that such encumbrance or restriction
only extends to the Vessel or other such asset (other than cash or Cash Equivalents) subject to such Drilling Contract and (ii)&nbsp;any
joint venture agreement or similar arrangement with respect to any Joint Venture that imposes restrictions on the transfer or assignment
of the Equity Interests in such Joint Venture; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(17)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Permitted Refinancing Indebtedness, provided that the restrictions contained in the agreements or instruments governing such Permitted
Refinancing Debt are not materially more restrictive, taken as a whole, than those contained in the agreements or instruments governing
the Refinanced Indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.09</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation on Incurrence of Indebtedness and Issuance of
Preferred Stock</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee
or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, &ldquo;<I>Incur</I>,&rdquo;
and &ldquo;<I>Incurrence</I>,&rdquo; &ldquo;<I>Incurred</I>&rdquo; and &ldquo;<I>Incurring</I>&rdquo; shall have meanings correlative
to the foregoing) any Indebtedness (including Acquired Debt) or issue any Disqualified Stock, and the Company will not permit any of
the Restricted Subsidiaries to issue any shares of Preferred Stock; provided that the Company or any Guarantor may incur Indebtedness
(including Acquired Debt) or issue Disqualified Stock or Preferred Stock in an amount such that, after giving effect to such Incurrence
or issuance and the application of the proceeds therefrom, the Consolidated Fixed Charge Coverage Ratio would have been at least 2.0
to 1.0; and provided further, that (x)&nbsp;any such Indebtedness shall be unsecured and shall be guaranteed only by a Guarantor and
(y)&nbsp;the final maturity date of such Indebtedness shall be no earlier than the date that is 91 days after the Maturity Date, the
terms of such Indebtedness shall not provide for any scheduled repayment, mandatory redemption or sinking fund obligation prior to the
date that is 91 days after the Maturity Date, and the Weighted Average Life to Maturity of such Indebtedness at the time such Indebtedness
is incurred shall not be less than 91 days after the Weighted Average Life to Maturity at such time of the Notes issued on the Issue
Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of <U>Section&nbsp;4.09(a)</U>&nbsp;will not, however, prohibit the Incurrence of any of the following items of Indebtedness
(collectively, &ldquo;<I>Permitted Debt</I>&rdquo;)<I>:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Incurrence by the Company or any Guarantor of Indebtedness under the Notes (including the issuance of Notes as PIK Interest) and the
Guarantees thereof, in each case issued on the Issue Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Indebtedness
existing on the Issue Date and any guarantees thereof (other than Indebtedness described in clause (1)&nbsp;of this <U>Section&nbsp;4.09(b)</U>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Incurrence by the Company or any Guarantor of (a)&nbsp;Indebtedness consisting of First Lien Debt, the amount of which does not exceed
$275 million plus the amount of any future reduction in the outstanding principal amount of the Notes, and (b)&nbsp;Indebtedness consisting
of Junior Lien Debt or unsecured Indebtedness up to the greater of (A)&nbsp;$200 million and (B)&nbsp;8% of Total Assets; provided that
(I)&nbsp;any such Indebtedness incurred under this clause (3)&nbsp;shall be guaranteed only by a Guarantor and shall be secured only
by assets that constitute Collateral, and (II)&nbsp;(x)&nbsp;if such Indebtedness constitutes First Lien Debt, then except as to Indebtedness
constituting revolving credit loans and subject to the last paragraph of this <U>Section&nbsp;4.09(b), </U>the final maturity date of
such Indebtedness shall be no earlier than the Maturity Date, the terms of such Indebtedness shall not provide for any scheduled repayment,
mandatory redemption or sinking fund obligation prior to the Maturity Date (other than on account of customary asset sale, casualty event
and change of control provisions), and the Weighted Average Life to Maturity of such Indebtedness at the time such Indebtedness is incurred
shall not be less than the Weighted Average Life to Maturity at such time of the Notes issued on the Issue Date, and (y)&nbsp;if such
Indebtedness constitutes Junior Lien Debt, then, subject to the last paragraph of this <U>Section&nbsp;4.09(b)</U>, except for up to
$50 million of such Indebtedness, the final maturity date of such Indebtedness shall be no earlier than the date that is 91 days after
the Maturity Date, the terms of such Indebtedness shall not provide for any scheduled repayment, mandatory redemption or sinking fund
obligation prior to the date that is 91 days after the Maturity Date (other than on account of customary asset sale, casualty event and
change of control provisions), and the Weighted Average Life to Maturity of such Indebtedness at the time such Indebtedness is incurred
shall not be less than 91 days after the Weighted Average Life to Maturity at such time of the Notes issued on the Issue Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Incurrence by the Company or any Restricted Subsidiary of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of
which are used to renew, refund, refinance, replace, defease or discharge, in whole or in part, any Indebtedness (other than intercompany
Indebtedness) that was permitted by this Indenture to be Incurred under Section&nbsp;<U>4.09(a)</U>&nbsp;or clause (2)&nbsp;or (11) of
this <U>Section&nbsp;4.09(b)</U>&nbsp;or this clause (4);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Incurrence by the Company or any Restricted Subsidiary of intercompany Indebtedness between or among the Company and any of the Subsidiaries
or Joint Ventures; provided that;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness must
be unsecured and expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, in the case
of the Company, or the applicable Guarantees, in the case of a Guarantor, including, for the avoidance of doubt, in accordance with the
Global Intercompany Note; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">upon
any (i)&nbsp;subsequent issuance or transfer of Equity Interests or any other event that results in any such Indebtedness being held
by a Person other than the Company, a Subsidiary or a Joint Venture, or (ii)&nbsp;sale or other transfer of any such Indebtedness to
a Person that is not the Company, a Subsidiary or a Joint Venture, the exception provided by this clause (5)&nbsp;shall no longer be
applicable to such Indebtedness and such Indebtedness will be deemed to have been Incurred at the time of any such issuance, sale or
transfer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Incurrence by the Company or any Restricted Subsidiary of Hedging Obligations in the ordinary course of business and not for speculative
purposes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
guarantee by the Company or any Guarantor of Indebtedness of the Company or a Guarantor that was permitted to be Incurred by another
provision of this covenant; provided that if the Indebtedness being guaranteed is subordinated to or <I>pari passu</I> with the Notes
or a Guarantee, then the guarantee shall be subordinated or <I>pari passu</I>, as applicable, to the same extent as the Indebtedness
guaranteed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(a)&nbsp;the
Incurrence by the Company or any Restricted Subsidiary of Indebtedness in respect of bids, trade contracts, statutory obligations, workers&rsquo;
compensation claims, self-insurance obligations, surety, customs, importation or appeal bonds (other than surety or appeal bonds related
to judgments or litigation), performance bonds, bid bonds, performance guarantees, leases, letters of credit, or other Indebtedness of
a like nature, in each case in the ordinary course of business and (b)&nbsp;surety or appeal bonds, supersedeas bonds or payment bonds
and similar obligations related to judgments or litigation, provided that the aggregate amount of such bonds (other than such bonds in
respect of tax assessments or liabilities) under this clause (b)&nbsp;does not exceed $75 million at any time;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Incurrence by the Company or any Restricted Subsidiary of Indebtedness arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument inadvertently drawn against insufficient funds;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Incurrence by the Company or any Restricted Subsidiary of Indebtedness arising from agreements providing for indemnification, earn-outs,
adjustment of purchase price or similar obligations, or guarantees or letters of credit, surety bonds or performance bonds securing any
obligations of the Company or any Restricted Subsidiary pursuant to such agreements, in each case,&nbsp;Incurred in connection with the
acquisition or disposition of any business, assets or the Capital Stock of a Subsidiary or any Person, other than guarantees of Indebtedness
Incurred by any Person acquiring all or any portion of such business, assets or the Capital Stock of a Subsidiary or any Person for the
purpose of financing such acquisition; provided that, in the case of a disposition, the maximum aggregate liability in respect of all
such Indebtedness shall at no time exceed the gross proceeds (including non-cash proceeds (the Fair Market Value of such non-cash proceeds
being measured at the time received and without giving effect to any subsequent changes in value)) actually received by the Company and
the Restricted Subsidiaries in connection with such disposition;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(11)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Acquired
Debt of the Company or any Restricted Subsidiary in an amount equal to the greater of (x)&nbsp;$300 million in the aggregate and (y)&nbsp;the
amount that could be incurred (provided, after giving pro forma effect to the relevant transaction, no Default or Event of Default shall
exist) in satisfaction of the following leverage ratio tests:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
such Acquired Debt is secured, then (x)&nbsp;the Liens are only of the type that are permitted pursuant to clause (3)&nbsp;or (11) of
the definition of Permitted Liens, and (y)&nbsp;the Consolidated Secured Leverage Ratio shall be less than or equal to the greater of
(I)&nbsp;3.5:1.0 and (II)&nbsp;the Consolidated Secured Leverage Ratio immediately prior to the Incurrence of such Acquired Debt, calculated
after giving pro forma effect (which shall assume that any Indebtedness that is in the nature of a revolving or asset-based nature is
deemed to be fully drawn for purposes of such calculation, to the extent available to be drawn under such facility) to the acquisition
or merger and the Incurrence of such Acquired Debt; and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
such Acquired Debt is unsecured, then the Consolidated Total Leverage Ratio shall be less than or equal to the greater of (x)&nbsp;4.0:1.0
and (y)&nbsp;the Consolidated Total Leverage Ratio immediately prior to the Incurrence of such Acquired Debt, calculated after giving
pro forma effect (which shall assume that any Indebtedness that is in the nature of a revolving or asset-based nature is deemed to be
fully drawn for purposes of such calculation, to the extent available to be drawn under such facility) to the acquisition or merger and
the Incurrence of such Acquired Debt;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(12)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Incurrence by the Company or any Guarantor of Indebtedness, together with any other Indebtedness Incurred pursuant to this clause (12)
then outstanding, not in excess of the greater of $175 million and 7% of Total Assets; provided that (x)&nbsp;any such Indebtedness shall
be unsecured and shall be guaranteed only by a Guarantor, and (y)&nbsp;subject to the last paragraph of this <U>Section&nbsp;4.09(b)</U>,
the final maturity date of such Indebtedness shall be no earlier than the date that is 91 days after the Maturity Date, the terms of
such Indebtedness shall not provide for any scheduled repayment, mandatory redemption or sinking fund obligation prior to the date that
is 91 days after the Maturity Date (other than on account of customary asset sale, casualty event and change of control provisions),
and the Weighted Average Life to Maturity of such Indebtedness at the time such Indebtedness is incurred shall not be less than 91 days
after the Weighted Average Life to Maturity at such time of the Notes issued on the Issue Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(13)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Indebtedness
represented by Capital Lease Obligations, mortgage financings or purchase money obligations (or any guarantee thereof or indemnity with
respect thereto), in each case, (i)&nbsp;Incurred by the Company or any Guarantor in order to (x)&nbsp;renovate, repair, improve, install
or upgrade any Vessel or any other fixed or capital property, equipment or other assets, in each case used in the business of the Company
or any Guarantor, and Permitted Refinancing Indebtedness in respect thereof, or (y)&nbsp;acquire, lease, construct or otherwise finance
the purchase price of any fixed or capital property, equipment or other assets of the Company or any Guarantor, or (ii)&nbsp;Incurred
by any Restricted Subsidiary to (x)&nbsp;renovate, repair, improve, install or upgrade any Vessel or any other fixed or capital property,
equipment or other assets of such Restricted Subsidiary or (y)&nbsp;acquire, lease, construct or otherwise finance the purchase price
of any fixed or capital property, equipment or other assets of such Restricted Subsidiary, and Permitted Refinancing Indebtedness in
respect thereof, in an aggregate amount, together with any other Indebtedness Incurred pursuant to this clause (13) and Permitted Refinancing
Indebtedness in respect thereof then outstanding, not to exceed the greater of $75 million and 3% of Total Assets;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(14)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Cash
Management Obligations and obligations in respect of any agreement providing for credit cards or purchase cards;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(15)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Indebtedness
Incurred in the ordinary course of business to finance take-or-pay obligations contained in supply arrangements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(16)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
issuance of shares of Preferred Stock of a Restricted Subsidiary to the Company or another Restricted Subsidiary; provided that any subsequent
issuance or transfer of Equity Interests or any other event that results in any Restricted Subsidiary that holds such shares of Preferred
Stock ceasing to be a Restricted Subsidiary or any other transfer of any such shares of Preferred Stock (except to the Company or another
Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock not permitted by this clause (16);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(17)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Indebtedness
Incurred on behalf of, or representing guarantees of Indebtedness of, or Disqualified Stock or Preferred Stock of, Joint Ventures of
the Company or any of its Restricted Subsidiaries, and Permitted Refinancing Indebtedness in respect thereof, so long as the amount of
such Indebtedness, Disqualified Stock or Preferred Stock, together with any other Indebtedness, Disqualified Stock and Preferred Stock
Incurred or issued pursuant to this clause (17) then outstanding, does not exceed $25 million;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(18)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Indebtedness
Incurred or Disqualified Stock issued by the Company or any Restricted Subsidiary or Preferred Stock issued by any of the Restricted
Subsidiaries to the extent that the net proceeds thereof are promptly deposited with the Trustee to satisfy and discharge the Notes in
accordance with this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(19)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Incurrence by the Company or any Restricted Subsidiary of (i)&nbsp;Indebtedness, together with any other Indebtedness Incurred pursuant
to this clause (19) and Permitted Refinancing Indebtedness in respect thereof then outstanding, not to exceed $700 million, which may
be secured but only pursuant to clause (28) of the definition of Permitted Liens and (ii)&nbsp;Limited Recourse Debt, which may be secured
but only pursuant to clause (28) of the definition of Permitted Liens; in each case for the purpose of financing a portion of the purchase
price of one or more Vessels (including for the avoidance of doubt the DS-13 and the DS-14) in a single transaction or series of related
transactions, so long as the Indebtedness (including the Limited Recourse Debt) Incurred in such transaction or series of related transactions
pursuant to this clause (19) (other than such Indebtedness Incurred to finance a portion of the purchase price of the DS-13 and the DS-14)
is not more than 85% of the purchase price for such acquired Vessel;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(20)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Indebtedness
represented by Capital Lease Obligations, mortgage financings or purchase money obligations (or any guarantee thereof or indemnity with
respect thereto) Incurred by the Company or any Guarantor in order to fund the cost of up to two 20K Contracts in respect of Other Vessels
owned by the Company or such Guarantor, in an aggregate amount, together with any other Indebtedness Incurred pursuant to this clause
(20) then outstanding, not to exceed $300 million; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(21)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent constituting Indebtedness, prepayments for property or services under any Drilling Contract in the ordinary course of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of determining
compliance with this <U>Section&nbsp;4.09</U>, in the event that an item of proposed Indebtedness meets the criteria of more than one
of the categories of Permitted Debt described in clauses (1)&nbsp;through (20) above or could be Incurred pursuant to <U>Section&nbsp;4.09(a)</U>,
the Company or the applicable Restricted Subsidiary will be permitted to classify such item of Indebtedness (or any portion thereof)
on the date of its Incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this
<U>Section&nbsp;4.09</U>. The accrual of interest or dividends on Preferred Stock or Disqualified Stock, the accretion or amortization
of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms (including
the payment of paid-in-kind interest), the reclassification of Preferred Stock as Indebtedness due to a change in accounting principles,
and the payment of dividends on Preferred Stock or Disqualified Stock in the form of additional shares of the same class of Preferred
Stock or Disqualified Stock will not be deemed to be an Incurrence of Indebtedness or an issuance of Preferred Stock or Disqualified
Stock for purposes of this covenant; provided, in each such case, that the amount of any such accrual, accretion or payment (including
the payment of paid-in-kind interest) is included in Consolidated Interest Expense of the Company as accrued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the avoidance of doubt,
for purposes of determining compliance with this Section&nbsp;4.09, if any such Indebtedness is issued or incurred in reliance on Total
Assets and any Permitted Refinancing Indebtedness issued or incurred to refinance such Indebtedness would cause the percentage of Total
Assets (as measured at the time of incurrence) to be exceeded if calculated based on the Total Assets on the date of such refinancing,
such percentage of Total Assets will be deemed to not be exceeded, solely with respect to the Incurrence of such Permitted Refinancing
Indebtedness, to the extent such Permitted Refinancing Indebtedness does not exceed the amount permitted under clause (i)&nbsp;of the
definition of Permitted Refinancing Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any Indebtedness
outstanding as of any date will be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
principal amount of the Indebtedness, in the case of any other Indebtedness; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Fair Market Value of such assets at the date of determination; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
amount of the Indebtedness of the other Person; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of Hedging Obligations, the termination value of the agreement or arrangement giving rise to such Hedging Obligations that would
be payable by the specified Person at such date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
to the contrary in this Indenture, the Company will not, and will not permit any Guarantor to, directly or indirectly,&nbsp;Incur any
Indebtedness (including Acquired Indebtedness) that is subordinated or junior in right of payment to any Indebtedness of the Company
or such Guarantor, as the case may be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor&rsquo;s
Guarantee to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Company or such Guarantor,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of determining
compliance with any dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar Equivalent of the principal amount of
Indebtedness denominated in another currency will be utilized, calculated based on the relevant currency exchange rate in effect on the
date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the case of Indebtedness Incurred under
a revolving credit facility; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a currency
other than dollars, and such refinancing would cause the applicable dollar-denominated restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such refinancing, such dollar-denominated restriction will be deemed not to
have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness
being refinanced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision of this <U>Section&nbsp;4.09</U>, the maximum amount of Indebtedness that the Company or the applicable Restricted Subsidiary
may Incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency
values</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisos
regarding the final maturity date, scheduled repayment, mandatory redemption or sinking fund obligations and the Weighted Average Life
to Maturity set forth in (i)&nbsp;<U>Section&nbsp;4.09(b)(3)</U>&nbsp;as to First Lien Debt and Junior Lien Debt permitted thereunder
and (ii)&nbsp;<U>Section&nbsp;4.09(b)(12)</U> as to Indebtedness permitted thereunder, the Company or the Guarantors may Incur up to
$50 million of such First Lien Debt, such Junior Lien Debt or such Indebtedness, in the aggregate, which First Lien Debt, Junior Lien
Debt or Indebtedness does not comply with such provisos.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.10</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
on Asset Sales</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, consummate any Asset Sale unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company or the Restricted Subsidiary, as the case may be, receives consideration at the time of consummation of such Asset Sale at least
equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">at
least 75% of the consideration received in such Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or Cash
Equivalents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that the foregoing requirements shall
not apply with respect to any Involuntary Transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
purposes of <U>Section&nbsp;4.10(a)</U>, each of the following will be deemed to be cash:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Indebtedness or other liabilities, as shown on the Company&rsquo;s most recent consolidated balance sheet, of the Company or any Restricted
Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Guarantee) that
are assumed, repaid or retired by the transferee of any such assets so long as the Company or such Restricted Subsidiary is released
from further liability in respect thereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are, within
180 days after receipt thereof, converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, to the extent of
the cash or Cash Equivalents received in that conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Within
365 days after the receipt of any Net Proceeds (including, without limitation, an Involuntary Transfer), the Company or the applicable
Restricted Subsidiary, as the case may be, may apply such Net Proceeds at its option to any combination of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
purchase, repay or prepay First Lien Debt; provided that if any such purchase, repayment or prepayment is made pursuant to this clause
(1), the Company or the applicable Restricted Subsidiary shall equally and ratably repay or offer to repay Notes as provided in <U>Section&nbsp;3.07
</U>through open-market purchases (to the extent such purchases are at or above 100% of the principal amount there-of) or by making an
offer to Holders in accordance with the procedures set forth in <U>Section&nbsp;3.09</U> and this <U>Section&nbsp;4.10</U> for an Asset
Sale Offer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
acquire all or substantially all of the assets of, or any Capital Stock of, any Person primarily engaged in a Permitted Business, if,
in the case of any such acquisition of Capital Stock, such Person is or becomes a Restricted Subsidiary as a result of such acquisition;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
make a capital expenditure (other than a maintenance capital expenditure) that is used or useful in a Permitted Business; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business (including,
without limitation, Vessels, related assets and the payment of any related Ready for Sea Costs) or make any deposit, installment or progress
payment in respect of such assets or payment of any related Ready for Sea Costs,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that (x)&nbsp;a binding commitment made
within the 365-day period described above by the Company or the applicable Restricted Subsidiary to apply Net Proceeds in accordance
with clauses (2), (3)&nbsp;and/or (4)&nbsp;above shall satisfy the requirements of such clauses with respect to such Net Proceeds so
long as such Net Proceeds are actually so applied within 545 days from the receipt thereof from such Asset Sale and (y)&nbsp;if all or
any portion of the assets sold or transferred in such Asset Sale constituted Collateral, in the case of any application of Net Proceeds
pursuant to clause (2), (3)&nbsp;or (4)&nbsp;above, the Company shall, or shall cause the applicable Restricted Subsidiary to, as provided
in <U>Section&nbsp;11.01(f)(ii)</U>, subject to the Agreed Security Principles, pledge any assets (including, without limitation, any
acquired Capital Stock) acquired with such Net Proceeds to secure the Notes Obligations on a first-priority secured basis pursuant to
the Collateral Documents in accordance with this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Pending
the final application of any Net Proceeds, the Company or the applicable Restricted Subsidiary may apply the Net Proceeds to temporarily
reduce outstanding revolving credit Indebtedness of the Company or any of the Restricted Subsidiaries, respectively, or invest the Net
Proceeds in cash and Cash Equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
Net Proceeds that are not applied or invested as provided in <U>Section&nbsp;4.10(c)</U>&nbsp;will constitute &ldquo;<I>Excess Proceeds.&rdquo;
</I>When the aggregate amount of Excess Proceeds exceeds $25 million, the Company shall, within 10 Business Days thereof, make an offer
(an &ldquo;<I>Asset Sale Offer</I>&rdquo;) in accordance with <U>Section&nbsp;3.09</U> to all Holders and holders of any other First
Lien Debt containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem such
First Lien Debt with the proceeds of sales of assets to purchase, prepay or redeem the Notes and such other First Lien Debt on a <I>pro
rata</I> basis in an aggregate principal amount equal to the Excess Proceeds. The repurchase date in any Asset Sale Offer shall be specified
by the Company, which date will be no earlier than 30 days and no later than 60 days from the date the notice of such Asset Sale Offer
is delivered. The offer price in any Asset Sale Offer will be equal to 100% of the aggregate principal amount of the Notes, plus accrued
and unpaid cash interest and Additional Amounts, if any, together with an amount of cash equal to all accrued and unpaid PIK Interest
to, but not including, the date of purchase, subject to the rights of Holders of record on the relevant record date to receive interest
due on the relevant Interest Payment Date, and will be payable in cash; provided that if the Asset Sale Offer is occurring as the result
of an Asset Sale involving any of the ARO JV Related Assets or any of the Equity Interests held by the Valaris ARO Shareholder, then
the applicable offer price will instead be equal to the sum of (i)&nbsp;the lesser of (A)&nbsp;103% of the aggregate principal amount
of the Notes and (B)&nbsp;the applicable redemption price for the Notes (expressed as percentages of principal amount) pursuant to <U>Section&nbsp;3.07
</U>that the Company would have had to pay if it had elected to redeem Notes at such time, plus (ii)&nbsp;accrued and unpaid cash interest
and Additional Amounts, if any, together with an amount of cash equal to all accrued and unpaid PIK Interest to, but not including, the
date of purchase. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company and the Restricted Subsidiaries
may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes
or other First Lien Debt tendered in such Asset Sale Offer exceeds the amount of Excess Proceeds, the Company will select the Notes and
other First Lien Debt for purchase on a <I>pro rata </I>basis unless otherwise required by law or applicable stock exchange or Depository
requirements (with such adjustments as may be deemed appropriate by the Company so that only Notes and other First Lien Debt in denominations
of $1.00 and integral multiples of $1.00 in excess thereof will be outstanding after such purchase). For the purposes of calculating
the principal amount of any such Indebtedness not denominated in U.S. dollars, such Indebtedness shall be calculated by converting any
such principal amounts into their Dollar Equivalent determined as of the Business Day immediately prior to the date on which the Asset
Sale Offer is announced. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall comply with the requirements of Rule&nbsp;14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those requirements, laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset
Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the Asset Sale provisions of this Indenture,
the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under this <U>Section&nbsp;4.10</U> by virtue of such compliance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of this <U>Section&nbsp;4.10</U> with respect to the Company&rsquo;s obligation to make an Asset Sale Offer as a result of
an Asset Sale may be waived or modified at any time with the written consent of the Holders of a majority in aggregate principal amount
of the Notes then outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Anything
in this Indenture to the contrary notwithstanding, in no event shall (i)&nbsp;the Company or any Restricted Subsidiary sell, transfer
or otherwise dispose of a Vessel to (x)&nbsp;an Unrestricted Subsidiary, other than the transfer of Other Vessels to the Unrestricted
Floater Subsidiary as and to the extent permitted by this Indenture, or (y)&nbsp;an Excluded Subsidiary that is an Excluded Subsidiary
pursuant to clause (a)&nbsp;of the definition thereof or (ii)&nbsp;any Restricted Subsidiary that is an Excluded Subsidiary pursuant
to clause (a)&nbsp;of the definition thereof acquire a Vessel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.11</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
on Transactions with Affiliates</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will not, and will not permit any of the Restricted Subsidiaries to, make any payment to, or lease, sell, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each, an &ldquo;<I>Affiliate
Transaction</I>&rdquo;), unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Affiliate Transaction is on terms that are either (a)&nbsp;no less favorable to the Company or the relevant Restricted Subsidiary than
those that could have been obtained in a comparable arm&rsquo;s-length transaction by the Company or such Restricted Subsidiary with
a Person that is not an Affiliate of the Company or (b)&nbsp;if, in the good faith judgment of the Company&rsquo;s Board of Directors,
no comparable transaction is available with which to compare such Affiliate Transaction, such Affiliate Transaction is otherwise fair
to the Company or the relevant Restricted Subsidiary from a financial point of view; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $10 million,
the Company delivers to the Trustee a resolution adopted in good faith by the majority of the disinterested directors of the Board of
Directors approving such Affiliate Transaction or series of related Affiliate Transactions and set forth in an Officers&rsquo; Certificate
certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with clause (1)&nbsp;of this <U>Section&nbsp;4.11(a)</U>;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $100
million, the Company delivers to the Trustee a letter from an Independent Financial Advisor stating that such Affiliate Transaction or
series of related Affiliate Transactions complies with clause (1)&nbsp;of this <U>Section&nbsp;4.11(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
following items will not be deemed to be Affiliate Transactions, as applicable, and, therefore, will not be subject to the provisions
of <U>Section&nbsp;4.11(a)</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
employment agreement, employee benefit plan, compensation plan or arrangement, officer or director indemnification agreement or any similar
arrangement entered into by the Company or any of the Restricted Subsidiaries in the ordinary course of business and payments pursuant
thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">payment
of reasonable directors&rsquo; fees to directors of the Company or any Restricted Subsidiary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">transactions
solely between or among the Company and/or any of the Restricted Subsidiaries;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
issuance or sale of Equity Interests (other than Disqualified Stock) of the Company to, or receipt of capital contributions from, Affiliates
of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">loans
or advances to employees of the Company or any Restricted Subsidiary in the ordinary course of business not to exceed $5 million in the
aggregate at any one time outstanding;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">transactions
with a Person (other than an Unrestricted Subsidiary) that is an Affiliate of the Company that would otherwise constitute an Affiliate
Transaction solely because the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Restricted
Payments that do not violate the provisions of <U>Section&nbsp;4.07</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">transactions
between the Company or any of the Restricted Subsidiaries and any Person that would not otherwise constitute an Affiliate Transaction
except for the fact that one director of such other Person is also a director of the Company or such Restricted Subsidiary, as applicable;
provided that such director abstains from voting as a director of the Company or such Restricted Subsidiary, as applicable, on any matter
involving such other Person;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(9)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
agreement as in effect on the Issue Date or any amendments, renewals or extensions of any such agreement (so long as such amendments,
renewals or extensions are not materially less favorable, taken as a whole, to the Holders); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(10)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">transactions
with customers, clients, suppliers, Joint Venture partners or purchasers or sellers of goods or services, in each case in the ordinary
course of business of the Company and the Restricted Subsidiaries and otherwise in compliance with the terms of this Indenture; provided
that such transactions are on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that could
have been obtained at the same time of such transactions in a comparable transaction by the Company or such Restricted Subsidiary with
an unrelated Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.12</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
on Liens</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will not, and
will not permit any of the Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien of any
kind on any of its property or assets, except for Permitted Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.13</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Further
Assurances; Additional Guarantees</U>. Subject to the Agreed Security Principles:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If,
after the Issue Date, (i)&nbsp;the Company acquires or creates any Restricted Subsidiary that is not an Excluded Subsidiary, (ii)&nbsp;any
Subsidiary that is not an Excluded Subsidiary acquires any direct or indirect ownership interest in a Vessel, whether in use, idle or
otherwise, or any Equity Interests or Indebtedness of any owner of a Vessel, (iii)&nbsp;a Restricted Subsidiary or Subsidiary that was
previously an Excluded Subsidiary has ceased to meet the definition thereof or (iv)&nbsp;any Immaterial Subsidiary elects to provide
a Guarantee, then the Company shall or shall cause such Person to, (x)&nbsp;within 30 Business Days after the date on which such Restricted
Subsidiary is acquired or formed, the date of such acquisition, the date such Restricted Subsidiary ceases to meet the definition of
Excluded Subsidiary or the date on which such Immaterial Subsidiary elects to provide a Guarantee, as applicable, execute and deliver
to the Trustee a supplemental indenture substantially in the form of Annex A hereto pursuant to which such Person will become a Guarantor;
provided that such form may be modified as necessary or advisable to comply with applicable local law or otherwise modified in a manner
consistent with the Agreed Security Principles, and (y)&nbsp;use its commercially reasonable efforts to execute all applicable Collateral
Documents (and/or supplements or joinder agreements thereto, as applicable) pursuant to which it will grant a Lien on any Collateral
held by it in favor of the First Lien Collateral Agent, for the benefit of the Parity Lien Secured Parties (as defined in the Collateral
Agent Agreement), and become a Collateral Grantor thereunder, and cause such Liens to be perfected as required thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Guarantors will execute and deliver such further instruments and do such further acts as may be reasonably necessary
or proper to carry out more effectively the purpose of this Indenture. The Company and the Guarantors will do, execute, acknowledge,
deliver, record, re-record, file, re-file, register and re-register, as applicable, any and all such further acts, deeds, conveyances,
security agreements, assignments, financing statements and continuations thereof, termination statements, notices of assignment, transfers,
certificates, assurances and other instruments as may be reasonably required by the First Lien Collateral Agent from time to time, or
that the First Lien Collateral Agent from time to time may reasonably request (but shall have no duty to), in order to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">create
and perfect a Lien on any asset required to be Collateral;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">execute,
deliver and perform under each Collateral Document to which such Person is required to be a party;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">carry
out the terms and provisions of the Collateral Documents to which such Person is required to be a party;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">maintain
the validity, enforceability and priority of any of the required Collateral Documents and the Liens on the Collateral required to be
created thereby; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">assure,
convey, grant, assign, transfer, preserve, protect and confirm to the First Lien Collateral Agent any of the rights granted now or hereafter
intended by the parties thereto to be granted to the First Lien Collateral Agent (and the Security Trustee) under the required Collateral
Documents with respect to any asset required to be Collateral or under any other instrument executed in connection herewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, subject to the Agreed
Security Principles, each Restricted Subsidiary organized in any Subject Jurisdiction will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to create or perfect a Lien on the Equity Interests of such Restricted
Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding anything set forth
herein or in any other Note Documents, the parties hereto agree that each of Rowan Financial Holdings S.&agrave;.r.l. and ROWAN 240C#3,&nbsp;Inc.
shall be joined as a Guarantor within sixty (60) days of the Issue Date, regardless of whether it constitutes a &ldquo;Required Guarantor&rdquo;
as of the Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.14</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Existence</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to <U>Article&nbsp;5</U>,
the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.15</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Offer
to Repurchase Upon Change of Control</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
a Change of Control occurs, the Company shall make an offer (a &ldquo;<I>Change of Control Offer</I>&rdquo;) to each Holder to repurchase
all or any part (equal to a minimum amount of $1.00 and integral multiples of $1.00 in excess thereof) of that Holder&rsquo;s Notes at
a purchase price in cash (the &ldquo;<I>Change of Control Payment</I>&rdquo;) equal to 101% of the aggregate principal amount of Notes
repurchased (including any PIK Notes or any increased principal amount of Notes as payment for PIK Interest), plus accrued and unpaid
cash interest and Additional Amounts, if any, together with an amount of cash equal to all accrued and unpaid PIK Interest, on the Notes
repurchased to, but not including, the date of purchase (the &ldquo;<I>Change of Control Payment Date</I>&rdquo;), subject to the rights
of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date. No later than 30 days
following any Change of Control, the Company shall deliver a notice to the Trustee and paying agent and each Holder describing the Change
of Control and the related transaction or transactions and stating:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
the Change of Control Offer is being made pursuant to this <U>Section&nbsp;4.15</U> and that all Notes properly tendered and not withdrawn
pursuant to the Change of Control Offer will be accepted for payment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Change of Control Payment and the Change of Control Payment Date, which will be no earlier than 30 days and no later than 60 days from
the date such notice is delivered;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
any Note not properly tendered will continue to accrue interest;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that,
unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of
Control Offer shall cease to accrue interest on and after the Change of Control Payment Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, properly
endorsed for transfer, together with the form entitled &ldquo;Option of Holder to Elect Purchase&rdquo; on the reverse of the Notes completed
and such customary documents as the Company may reasonably request, to the Paying Agent at the address specified in the notice prior
to the close of business on the third Business Day prior to the Change of Control Payment Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Holders will be entitled to withdraw their election if the Paying Agent receives, prior to the close of business on the third Business
Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal
amount of Notes delivered for purchase, and a statement that such Holder is withdrawing its election to have the Notes purchased; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered, which unpurchased portion must be equal to $1.00 in principal amount or an integral multiple of $1.00 in excess
thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall comply
with the requirements of Rule&nbsp;14e-1 under the Exchange Act and any other securities laws and regulations to the extent those requirements,
laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent
that the provisions of any securities laws or regulations conflict with the provisions of this <U>Section&nbsp;4.15</U>, the Company
shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this <U>Section&nbsp;4.15
</U>by virtue of such compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">On
or before the Change of Control Payment Date, the Company shall, to the extent lawful:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">accept
for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">deposit
with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions Notes properly tendered and
not withdrawn; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">deliver
or cause to be delivered to the Trustee and Paying Agent the Notes properly accepted together with an Officers&rsquo; Certificate stating
the aggregate principal amount of Notes or portions of Notes being purchased by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
paying agent shall deliver to each Holder of Notes properly tendered and not withdrawn the Change of Control Payment for such Notes (including
cash in an amount equal to accrued and unpaid PIK Interest) (or, if all the Notes are then in global form, make such payment through
the facilities of the Depository) and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each
Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in this <U>Section&nbsp;4.15</U>, the Company shall not be required to make a Change of Control Offer upon a
Change of Control if (1)&nbsp;a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes
properly tendered and not withdrawn under such Change of Control Offer, or (2)&nbsp;notice of redemption of all Notes has been given
pursuant to <U>Section&nbsp;3.07</U>, unless there is a default in payment of the applicable redemption price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon
the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of
Control Offer is made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of this <U>Section&nbsp;4.15</U> relating to the Company&rsquo;s obligation to make a Change of Control Offer, including the
definition of &ldquo;Change of Control,&rdquo; may be waived or modified at any time (including after a Change of Control) with the written
consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.16</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Designation
of Restricted and Unrestricted Subsidiaries</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company would be permitted to make (i)&nbsp;a Permitted Investment or (ii)&nbsp;an Investment pursuant to <U>Section&nbsp;4.07</U>, in
either case, in an amount equal to the Fair Market Value of all outstanding Investments owned by the Company and the Restricted Subsidiaries
in such Subsidiary at the time of such designation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Restricted Subsidiary may be so designated in accordance with the definition of &ldquo;Unrestricted Subsidiary&rdquo;;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
designation would not constitute or cause (with or without the passage of time) a Default or Event of Default and no Default or Event
of Default would be in existence following such designation; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company delivers to the Trustee a certified copy of a resolution of the Board of Directors of the Company giving effect to such designation
and an Officers&rsquo; Certificate certifying that such designation complied with the preceding conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a Restricted Subsidiary
is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and
the Restricted Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of
the time of the designation and will reduce the amount available for Restricted Payments under <U>Section&nbsp;4.07</U> or under the
definition of Permitted Investments, as determined by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, at any time, any Unrestricted
Subsidiary designated as such would fail to meet the preceding requirements as an Unrestricted Subsidiary, then such Subsidiary will
thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary, and any Liens
on the assets of such Subsidiary will be deemed to be Incurred by a Restricted Subsidiary as of such date and, if such Indebtedness or
Liens are not permitted to be Incurred as of such date under <U>Section&nbsp;4.09</U> or <U>4.12</U>, the Company or the applicable Restricted
Subsidiary will be in default of such applicable Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company and the Restricted Subsidiaries may Incur the Indebtedness and Liens (and the Company and the Restricted Subsidiaries shall be
deemed to Incur such Indebtedness and Liens upon such designation) of such Subsidiary under <U>Sections 4.09</U> and <U>4.12</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
designation would not constitute or cause (with or without the passage of time) a Default or Event of Default and no Default or Event
of Default would be in existence following such designation; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company delivers to the Trustee a certified copy of a resolution of the Board of Directors of the Company giving effect to such designation
and an Officers&rsquo; Certificate certifying that such designation complied with the preceding conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.17</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Business
Activities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will not, and
will not permit any of the Restricted Subsidiaries to, engage in any business other than Permitted Businesses and ownership of Persons
engaged in Permitted Businesses, except to such extent as would not be material to the Company and the Restricted Subsidiaries taken
as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.18</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Payment
of Additional Amounts</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
payments made by or on behalf of the Company or any Guarantor under or with respect to the Notes or the Guarantees will be made free
and clear of and without withholding or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or
other governmental charge of whatever nature (including penalties, additions to tax, interest and other liabilities related thereto)
(hereinafter &ldquo;<I>Taxes</I>&rdquo;) unless the withholding or deduction of such Taxes is then required by law. If any deduction
or withholding for, or on account of, any Taxes imposed or levied by or on behalf of any jurisdiction in which the Company or any Guarantor
(including any successor entity) is incorporated, organized, carrying on a business through a branch, agency or permanent establishment
or is or is treated as resident for tax purposes or any political subdivision thereof or therein or any jurisdiction by or through which
payment is made by or on behalf of the Company or any Guarantor (including any successor entity) under or with respect to the Notes or
Guarantees or any political subdivision thereof or therein (each a &ldquo;<I>Specified Tax Jurisdiction</I>&rdquo; and such Taxes, &ldquo;<I>Indemnified
Taxes</I>&rdquo;), will at any time be required to be made from any payments made under or with respect to the Notes or the Guarantees,
the Company, the relevant Guarantor or other payor, as applicable, will pay such additional amounts (the &ldquo;<I>Additional Amounts</I>&rdquo;)
as may be necessary so that the net amount received in respect of such payments by each Holder after such withholding or deduction (including
any withholding or deduction from Additional Amounts) will not be less than the amount such Holder would have received if such Indemnified
Taxes had not been withheld or deducted; provided that Indemnified Taxes do not include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Taxes to the extent such Taxes would not have been so imposed but for the Holder (or a fiduciary, settlor, beneficiary, member or shareholder
of such Holder, if such Holder is an estate, a trust, a partnership, or a corporation) having any present or former connection with the
Specified Tax Jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member or shareholder)
being or having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein or having,
or having had, a permanent establishment therein (other than the mere acquisition, ownership, holding, enforcement, exercise of rights
or receipt of payment in respect of the Notes or the Guarantees);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
estate, inheritance, gift, sales, excise, transfer, capital gains, personal property Tax or similar Taxes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Taxes to the extent such Taxes are imposed as a result of the failure of the Holder or beneficial owner of the Notes to complete, execute
and deliver to the Company or the relevant Guarantor, as applicable, any form or document that such Holder or beneficial owner is legally
entitled to complete, execute, and deliver, that may be required by law or by reason of administration of such law and that is reasonably
requested in writing to be delivered to the Company or the relevant Guarantor in order to enable the Company or the relevant Guarantor
to make payments on the Notes without deduction or withholding for Taxes, or with deduction or withholding of a lesser amount, which
form or document will be delivered within 60 days of a written request therefor by the Company or the relevant Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Taxes to the extent such Taxes would not have been so imposed but for the beneficiary of the payment having presented a Note for payment
(in cases in which presentation is required) more than 30 days after the date on which such payment or such Note became due and payable
or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been entitled
to Additional Amounts had the Note been presented on the last day of such 30-day period);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Taxes to the extent such Taxes are imposed on a Note presented for payment by or on behalf of a Holder or beneficial owner who would
have been able to avoid such Tax by presenting the relevant Note to another Paying Agent in a member state of the European Union;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Taxes to the extent such Taxes are payable other than by deduction or withholding at source;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Taxes
imposed pursuant to sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the &ldquo;<I>Code</I>&rdquo;),
any regulations thereunder or official interpretations thereof, any intergovernmental agreement between the United States and another
jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, rules&nbsp;or practices implementing such
an intergovernmental agreement), or any agreement entered into pursuant to section 1471(b)(1)&nbsp;of the Code; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
combination of items (1)&nbsp;through (7)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
the Company or any Guarantor, as applicable, becomes obligated to pay Additional Amounts with respect to any payment under or with respect
to the Notes or the Guarantees, the Company or the relevant Guarantor, as applicable, will deliver to the Trustee and Paying Agent at
least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that
payment date, in which case the Company or the relevant Guarantor, as applicable, will deliver to the Trustee and Paying Agent promptly
thereafter but in no event later than five Business Days prior to the date of payment) an Officers&rsquo; Certificate stating the fact
that Additional Amounts will be payable and the amount so payable. The Officers&rsquo; Certificate must also set forth any other information
necessary to enable the Paying Agent to pay Additional Amounts to Holders on the relevant payment date. The Trustee and Paying Agent
will be entitled to rely solely on such Officers&rsquo; Certificate as conclusive proof as to the amount of such payments and that such
payments are necessary. The Company or the relevant Guarantor, as applicable, will provide the Trustee and Paying Agent with documentation
reasonably satisfactory to the Trustee and Paying Agent evidencing the payment of Additional Amounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company or the relevant Guarantor or applicable withholding agent, as applicable, will make all withholdings and deductions required
by law and will remit the full amount deducted or withheld to the relevant governmental authority on a timely basis in accordance with
applicable law. As soon as practicable, the Company or the relevant Guarantor or applicable withholding agent, as applicable, will provide
the Trustee and Paying Agent with an official receipt or, if official receipts are not obtainable, other documentation reasonably satisfactory
to the Trustee and Paying Agent evidencing the payment of the Taxes so withheld or deducted. Upon request, copies of those receipts or
other documentation, as the case may be, will be made available by the Company to the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whenever
in this Indenture or the Notes there is referenced, in any context, the payment of amounts based upon the principal amount of the Notes
or of principal, interest or any other amount payable under, or with respect to, the Notes or the Guarantees, such reference will be
deemed to include payment of Additional Amounts as described in this <U>Section&nbsp;4.18</U> to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof. For the avoidance of doubt, with respect to Notes represented by a Global Note,
a Holder with respect to Additional Amounts and the related provisions of this Indenture shall be deemed to include a Holder representing
the interests of a beneficial owner of the Notes or acting on behalf of a beneficial owner of the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company or the relevant Guarantor, as applicable, will pay any present or future stamp, issue, registration, value added, court or documentary
taxes or any other excise or property taxes, charges or similar levies (including penalties, additional amounts, interest and any other
liabilities and reasonable expenses related thereto) that arise in any Specified Tax Jurisdiction from the execution, delivery, enforcement
or registration of the Notes, the Guarantees, this Indenture or any other document or instrument in relation thereof, or the receipt
of any payments with respect to the Notes or the Guarantees, and the Company or the relevant Guarantor, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
obligations of the Company and the Guarantors under this <U>Section&nbsp;4.18</U> will survive any termination, defeasance or discharge
of this Indenture and any transfer by a Holder of its Notes, and will apply <I>mutatis mutandis </I>to any jurisdiction in which any
successor person to the Company or any Guarantor is organized, incorporated, engaged in business or is otherwise resident or treated
as resident for tax purposes or any jurisdiction from or through which payment is made or any political subdivision or authority or agency
thereof or therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.19</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Suspended
Covenants</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
any period of time (1)&nbsp;the Notes have an Investment Grade Rating and (2)&nbsp;no Default or Event of Default has occurred and is
continuing under this Indenture, the Company and the Restricted Subsidiaries will not be subject to the provisions of <U>Sections 4.07</U>,
<U>4.09</U>, <U>4.10</U> and <U>5.01(a)(3)</U>&nbsp;of this Indenture (collectively, the &ldquo;<I>Suspended Covenants</I>&rdquo;)<I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result
of <U>Section&nbsp;4.19(a)</U>&nbsp;and, subsequently, Moody&rsquo;s, S&amp;P or Fitch, as applicable, withdraws its rating or downgrades
the rating assigned to the Notes so that the Notes do not have an Investment Grade Rating, or an Event of Default (other than with respect
to the Suspended Covenants) occurs and is continuing (the &ldquo;<I>Reversion Date</I>&rdquo;), then the Company and the Restricted Subsidiaries
shall, on and after the Reversion Date, be subject to the Suspended Covenants. The period of time between the date the Suspended Covenants
become suspended and the Reversion Date is referred to herein as the &ldquo;<I>Suspension Period.&rdquo; </I>During the Suspension Period,
the Board of Directors of the Company may not designate any of the Restricted Subsidiaries as Unrestricted Subsidiaries pursuant to <U>Section&nbsp;4.16</U>.
Notwithstanding that the Suspended Covenants may be reinstated, no Default, Event of Default or breach of any kind under this Indenture
or the Notes will be deemed to have occurred as a result of a failure of the Company and the Restricted Subsidiaries to comply with a
Suspended Covenant during the Suspension Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Calculations
made on and after the Reversion Date of the amount available to be made as Restricted Payments under <U>Section&nbsp;4.07</U> will be
made as if <U>Section&nbsp;4.07</U> had been in effect at all times since the Issue Date, but not during the Suspension Period, and no
Default or Event of Default will be deemed to have occurred solely by reason of a Restricted Payment made during the Suspension Period.
On the Reversion Date, all Indebtedness Incurred during the continuance of the Suspension Period will be classified as having been incurred
pursuant to clause (2)&nbsp;of <U>Section&nbsp;4.09(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall provide the Trustee and Holders with prompt written notice of any event or events giving rise to a Suspension Period or
a Reversion Date, the date thereof and identifying the Suspended Covenants. The Trustee shall have no duty to monitor the ratings of
the Notes or the occurrence of a Suspension Period or a Reversion Date, or to notify Holders of the same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
that the Suspended Covenants may be reinstated, without causing a Default or Event of Default, following a Reversion Date the Company
and the Restricted Subsidiaries shall be permitted to honor any contractual commitments entered into during the Suspension Period; provided
that such contractual commitments were entered into during the Suspension Period and not in contemplation of a reversion of the Suspended
Covenants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.20</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Maintenance
of Insurance</U>. The Company shall maintain, with financially sound and reputable insurance companies, insurance (subject to customary
deductibles and retentions) in such amounts and against such risks as are customarily maintained by similarly situated companies engaged
in the same or similar businesses operating in the same or similar locations or as is appropriate, as such customary industry practices
change from time to time, and cause the Company and the Guarantors to be listed as insured and shall use its best efforts (it being acknowledged
and agreed that such standard shall not require the Company to change its insurer unless it is commercially reasonable to do so) to:
(x)&nbsp;cause the First Lien Collateral Agent to be listed as loss payee on property and property casualty policies with respect to
the Collateral Vessels; and (y)&nbsp;cause the First Lien Collateral Agent to be listed as an additional insured (or equivalent) on liability
policies with respect to the Collateral Vessels, or as loss payee on liability policies, in the format customary for the applicable market,
with respect to the Collateral Vessels; provided that in the case of each of the foregoing clause (x)&nbsp;and clause (y), so long as
the relevant insurer has not received notice of a Notified Parity Lien Default (as defined in the Collateral Agency Agreement), any insurance
proceeds payable by such insurer pursuant to any such insurance policy shall be paid to the Company or the relevant Guarantor; provided,
further that any such proceeds received by the Company or any Guarantor shall be applied in accordance with <U>Section&nbsp;4.10</U>.
Notwithstanding the foregoing, self-insurance by the Company or any Subsidiary, through deductibles, self-insured retentions or coinsurance,
coverage placed through captive insurance or otherwise, shall not be deemed a violation of this <U>Section&nbsp;4.20</U> so long as such
self-insurance is reasonable and prudent considering the Company&rsquo;s and the Guarantors&rsquo; business, properties and loss history,
applicable governmental requirements, and applicable customary industry practices (including without limitation those in connection with
deepwater operations), in each case as they change from time to time; provided that any proceeds of any insurance coverage placed through
a captive insurer shall be treated in the same manner as the proceeds of insurance maintained with an insurance company. The Company
may maintain its Guarantors&rsquo; insurance on behalf of them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.21</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>[Reserved]</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;4.22</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>ARO
JV Shareholder and ARO Indebtedness</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not permit ARO JV Shareholder to engage in any material business other than as incidental to its ownership of ARO JV Related
Assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event that the Company or any of its Subsidiaries receives cash or Cash Equivalents in respect of any repayment or prepayment of
any Indebtedness of ARO, such cash and Cash Equivalents shall be treated as Net Proceeds and shall be subject to the provisions of <U>Section&nbsp;4.10(c)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;5</FONT><U><BR>
SUCCESSORS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;5.01</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Merger,
Consolidation, or Sale of Assets</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will not, directly or indirectly: (A)&nbsp;amalgamate, consolidate or merge with or into another Person (whether or not the Company
is the Person formed by or surviving any such amalgamation, consolidation or merger); or (B)&nbsp;sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Company and the Restricted Subsidiaries, taken as a whole, in
each case, in one transaction or a series of related transactions, including by way of liquidation or dissolution, to another Person,
unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">either
(x)&nbsp;the Company will be the surviving or continuing Person or (y)&nbsp;the Person formed by or surviving any such amalgamation,
consolidation or merger or to which such sale, assignment, transfer, conveyance or other disposition has been made is a Person organized
or existing under the laws of a Permitted Jurisdiction (the Company or such Person, as the case may be, being herein called the &ldquo;<I>Successor
Company</I>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Successor Company (if other than the Company) assumes all the obligations of the Company under the Notes and the other Notes Obligations
and the Collateral Documents to which the Company is a party, if any, and agrees to be bound by all the provisions of this Indenture
and such Collateral Documents pursuant to a supplemental indenture or an amendment thereto, as applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">immediately
before and after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the event that the Successor Company is organized in a jurisdiction that is different from the jurisdiction in which the Company was
organized immediately before giving effect to such transaction, the Successor Company has delivered to the Trustee an Opinion of Counsel
stating that the obligations of the Successor Company under this Indenture are enforceable under the laws of such Permitted Jurisdiction,
subject to customary exceptions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
applicable, the Successor Company causes such amendments, supplements or other instruments with respect to the Collateral Documents to
be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve and
protect the Lien of the First Lien Collateral Agent on any Collateral owned by or transferred to the Successor Company and delivers an
opinion of counsel as to the enforceability thereof and such other matters as the Trustee may reasonably request;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Collateral owned by or transferred to the Successor Company shall (a)&nbsp;continue to constitute Collateral under this Indenture and
the Collateral Documents, (b)&nbsp;be subject to the Lien in favor of the First Lien Collateral Agent for the benefit of the Parity Lien
Secured Parties (as defined in the Collateral Agency Agreement), and (c)&nbsp;not be subject to any other Lien other than Permitted Liens;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company or Successor Company delivers to the Trustee an Officers&rsquo; Certificate and Opinion of Counsel, in each case, stating that
such amalgamation, consolidation, merger or transfer and any supplemental indentures and each amendment comply with this <U>Section&nbsp;5.01(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the foregoing,
entry by the Company or any Subsidiary of the Company into one or more Drilling Contracts with respect to any Vessels entered into in
the ordinary course of business will be deemed not to constitute a sale, assignment, transfer, conveyance or other disposition subject
to this <U>Section&nbsp;5.01(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not permit any Guarantor to, directly or indirectly, amalgamate, consolidate or merge with or into (whether or not such
Guarantor is the surviving Person), another Person or sell, assign, transfer, convey or otherwise dispose of all or substantially all
of the properties or assets of such Guarantor, in one transaction or a series of related transactions, including by way of liquidation
or dissolution, to another Person, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">immediately
after giving effect to such transaction or series of related transactions, no Default or Event of Default exists;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(x)&nbsp;such
Guarantor is the surviving Person or (y)&nbsp;the Person formed by or surviving any such amalgamation, consolidation or merger or to
which such sale, assignment, transfer, conveyance or other disposition has been made is a Person organized or existing under the laws
of a Permitted Jurisdiction (such Guarantor or such Person, as the case may be, being herein called the &ldquo;Successor Guarantor&rdquo;),
if other than such Guarantor, expressly assumes all the obligations of such Guarantor under this Indenture and its Guarantee and any
Collateral Documents pursuant to a supplemental indenture or other documents or instruments;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the event that the Successor Guarantor is organized in a jurisdiction that is different from the jurisdiction in which such Guarantor
was organized immediately before giving effect to such transaction, the Successor Guarantor has delivered to the Trustee and Collateral
Agent an opinion of counsel stating that the obligations of the Successor Guarantor under this Indenture, the Notes and the Collateral
Documents are enforceable under the laws of such Permitted Jurisdiction, subject to customary exceptions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(C)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
applicable, the Successor Guarantor causes such amendments, supplements or other instruments with respect to the Collateral Documents
to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve
and protect the Lien of the First Lien Collateral Agent on any Collateral owned by or transferred to the Successor Guarantor and delivers
an Opinion of Counsel as to the enforceability thereof and such other matters as the Trustee may reasonably request;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(D)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Collateral owned by or transferred to the Successor Guarantor shall (a)&nbsp;continue to constitute Collateral under this Indenture and
the Collateral Documents, (b)&nbsp;be subject to the Lien in favor of the First Lien Collateral Agent for the benefit of the holders
of the First Lien Obligations, and (c)&nbsp;not be subject to any other Lien other than Permitted Liens; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(E)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company delivers to the Trustee an Officers&rsquo; Certificate and Opinion of Counsel, each stating that such amalgamation, merger, consolidation
or transfer and any supplemental indentures and amendments delivered in connection therewith comply with this <U>Section&nbsp;5.01(b)</U>;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
amalgamation, consolidation, merger or transfer does not violate the provisions of <U>Section&nbsp;4.10;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that, notwithstanding the foregoing,
any Guarantor may, directly or indirectly, amalgamate, consolidate or merge with or into the Company or another Guarantor and any Guarantor
may sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of such Guarantor, in
one transaction or a series of related transactions, including by way of liquidation or dissolution, to the Company or another Guarantor,
provided that the Company or the applicable Guarantor(s)&nbsp;shall comply with the Agreed Security Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;5.02</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Successor
Substituted</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon any amalgamation, consolidation
or merger, or any sale, assignment, transfer, conveyance or other disposition of all or substantially all of the properties or assets
of the Company or a Guarantor in accordance with <U>Section&nbsp;5.01</U> in which the Company or such Guarantor is not the surviving
entity, the Successor Company or Successor Guarantor shall succeed to, and be substituted for (so that from and after the date of such
amalgamation, consolidation or merger, sale, assignment, transfer, conveyance or other disposition, the provisions of this Indenture
referring to the &ldquo;Company&rdquo; or the &ldquo;Guarantor&rdquo; shall refer instead to the Successor Company or Successor Guarantor
and not to the Company or such Guarantor, respectively), and may exercise every right and power of, the Company or the Guarantor under
this Indenture with the same effect as if the Successor Company or Successor Guarantor had been named as the Company or a Guarantor in
this Indenture; provided that the Company or such Guarantor shall not be relieved from the obligation to pay the principal of and interest
on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all or substantially all of the Company&rsquo;s
assets that meets the requirements of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010000"><FONT STYLE="text-transform: uppercase">Article&nbsp;6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DEFAULTS AND REMEDIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.01</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Events
of Default</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the following is
an &ldquo;<I>Event of Default</I>&rdquo;<I>:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">default
in any payment of interest or any Additional Amounts with respect to the Notes when due, which default continues for 30 days;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">default
in the payment when due (at maturity, upon optional redemption, upon declaration of acceleration or otherwise) of the principal of, or
premium, if any, on, the Notes or failure by the Company to redeem or repurchase the Notes when required pursuant to this Indenture or
the Notes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">failure
by the Company or any Guarantor to comply with <U>Section&nbsp;5.01</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">failure
by the Company or any of the Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at least
25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any covenant or agreement (other
than a default referred to in clauses (a)&nbsp;and (b)&nbsp;above) contained in this Indenture, the Collateral Documents or the Notes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
default under mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Company or any of the Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any
of the Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the Issue Date, if that default:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">is
caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the grace period
provided in such Indebtedness on the date of such default (a &ldquo;<I>Payment Default</I>&rdquo;)<I>; </I>or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">results
in the acceleration of such Indebtedness prior to its Stated Maturity,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and, in either case, the principal amount of
any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default
or the maturity of which has been so accelerated, aggregates $50 million or more; provided that if any such default is cured or waived
or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 60 days from the continuation of such default
beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential
acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">failure
by the Company or any of the Restricted Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction aggregating
in excess of $50 million, which judgments are not paid, discharged or stayed for a period of 60 days and, in the event such judgments
are covered by insurance (and the applicable insurance provider has been notified of such judgments and has not denied coverage), an
enforcement action proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(1)&nbsp;the
Collateral Documents shall for any reason cease to create a valid and perfected first-priority Lien (except to the extent creation of
such perfected first-priority Lien is not required under the Agreed Security Principles) on any portion of the Collateral having a Fair
Market Value in excess of $25 million (in each case, other than in accordance with the terms of this Indenture, the Intercreditor Agreement
or the terms of the Collateral Documents) or (2)&nbsp;the Company or any Restricted Subsidiary asserts in writing that any Lien created
under the Collateral Documents is invalid or unenforceable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">except
as permitted by this Indenture or any Guarantee, any Guarantee of a Significant Subsidiary is held in any judicial proceeding to be unenforceable
or invalid or ceases for any reason to be in full force and effect, or any Guarantor that is a Significant Subsidiary, or any Person
duly acting on behalf of any such Guarantor, denies or disaffirms its obligations under its Guarantee;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary, pursuant to or within the meaning of Bankruptcy Law:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">commences
a voluntary case,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">consents
in writing to the entry of an order for relief against it in an involuntary case,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">consents
in writing to the appointment of a Custodian of it or for all or substantially all of its property,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">makes
a general assignment for the benefit of its creditors, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">admits
in writing it generally is not paying its debts as they become due;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">is
for relief against the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that,
taken as a whole, would constitute a Significant Subsidiary, in an involuntary case;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">appoints
a Custodian (x)&nbsp;of the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary, or (y)&nbsp;for all or substantially all of the property of the Company,
any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken as a whole, would constitute
a Significant Subsidiary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">orders
the liquidation of the Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that,
taken as a whole, would constitute a Significant Subsidiary; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">and
the order or decree remains unstayed and in effect for 60 consecutive days; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
event of default shall occurred under the Unrestricted Floater Subsidiary Credit Facility by reason of (i)&nbsp;a change of control (as
provided in Annex E-1) or (ii)&nbsp;a violation of the anti-hoarding provisions thereof (as described in Annex E-1) and either the lender(s)&nbsp;thereunder
shall fail to terminate the Unrestricted Floater Subsidiary Credit Facility and accelerate the Indebtedness thereunder or, having accelerated
such Indebtedness, shall fail to undertake all commercially reasonable efforts to collect such Indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.02</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Acceleration</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the succeeding
sentence, if any Event of Default occurs and is continuing, the Trustee, by written notice to the Company, or the Holders of at least
25% in aggregate principal amount of the then outstanding Notes, by written notice to the Company and the Trustee, may declare all the
Notes to be due and payable immediately. Notwithstanding the preceding sentence, if an Event of Default specified in clause (i)&nbsp;or
(j)&nbsp;of <U>Section&nbsp;6.01</U> occurs, all outstanding Notes shall become due and payable immediately without further action or
notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Holders of a majority
in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes,
rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events
of Default (except with respect to nonpayment of principal, interest, premium or Additional Amounts, if any, that have become due solely
because of the acceleration) have been cured or waived. No such rescission shall affect any subsequent Default or impair any right consequent
thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.03</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Other
Remedies</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Event of Default occurs
and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and interest, premium, if any,
and Additional Amounts, if any, on, the Notes or to enforce the performance of any provision of the Notes or this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.04</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Waiver
of Past Defaults</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Holders of a majority
in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes,
waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of Default
in the payment of principal of, premium, if any, interest, if any, or Additional Amounts, if any, on, the Notes (other than a Payment
Default or payment Event of Default that resulted from an acceleration that has been rescinded). Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture, but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.05</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Control
by Majority</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Holders of a majority
in aggregate principal amount of the then outstanding Notes have the right to direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or the First Lien Collateral Agent or of exercising any trust or power conferred on
the Trustee or the First Lien Collateral Agent, including arising under or in connection with this Indenture, the Collateral Documents
or applicable law. However, the Trustee or the First Lien Collateral Agent, as the case may be, may refuse to follow any direction that
conflicts with law or this Indenture or that the Trustee or First Lien Collateral Agent, as the case may be, determines may be unduly
prejudicial to the rights of other Holders of Notes or that may involve the Trustee in any financial or personal liability. In case an
Event of Default has occurred and is continuing, prior to taking any action hereunder, the Trustee and First Lien Collateral Agent shall
be entitled to indemnification or security (or both) satisfactory to the Trustee and First Lien Collateral Agent, respectively, against
all loss, liability and expenses caused by the taking or not taking of such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.06</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
on Suits</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except to enforce the right
to receive payment of principal, premium, if any, or interest or Additional Amounts, if any, when due, pursuant to <U>Section&nbsp;6.07</U>,
no Holder may pursue any remedy with respect to this Indenture or the Notes unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Holder has previously given the Trustee written notice that an Event of Default is continuing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Holders
of at least 25% in aggregate principal amount of the then outstanding Notes have made a written request to the Trustee to pursue the
remedy;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Holders have offered the Trustee, and the Trustee has received (if requested), security or indemnity (or both) satisfactory to the Trustee
against any loss, liability or expense;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee has not complied with such request within 60 days after its receipt of the request and the offer of security or indemnity (or
both) satisfactory to it; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Holders
of a majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction inconsistent with such
request within such 60-day period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Holder may not use this
Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.07</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Rights
of Holders of Notes to Receive Payment</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision of this Indenture, the rights of any Holder to receive payment of principal of, premium, if any, interest, if any, or Additional
Amounts, if any, on, the Notes, on or after the respective due dates expressed in the Notes (including in connection with an offer to
purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.08</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Collection
Suit by Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Event of Default specified
in <U>Section&nbsp;6.01(a)</U>&nbsp;or (<U>b</U>)&nbsp;occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Company and the Guarantors for the whole amount of principal of, interest, premium,
if any, and Additional Amounts, if any, remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest
and Additional Amounts, if any, and such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.09</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Trustee
is Authorized to File Proofs of Claim</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
and First Lien Collateral Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee,
First Lien Collateral Agent, and each of their agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative
to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive
and distribute any money or other property payable or deliverable on any such claims, and any custodian in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee and First Lien Collateral Agent any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee and
First Lien Collateral Agent under <U>Section&nbsp;7.07.</U> To the extent that the payment of any such compensation, expenses, disbursements
and advances of the Trustee, First Lien Collateral Agent, and each of their agents and counsel, and any other amounts due the Trustee
and First Lien Collateral Agent under <U>Section&nbsp;7.07</U> out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities
and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of
any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.10</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Priorities</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Trustee collects any
money pursuant to this Article&nbsp;6, subject to the Intercreditor Agreement and the Collateral Agency Agreement, it shall pay out the
money in the following order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>First:
</I>to the Trustee and its agents and attorneys for amounts due under <U>Section&nbsp;7.07</U>, including payment of all compensation,
expense and liabilities incurred, and all advances made, by the Trustee and costs and expenses of collection incurred by the Trustee;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Second:
</I>to the Holders for amounts due and unpaid on the Notes for principal, premium, if any, interest, if any, and Additional Amounts,
if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium,
if any, interest, if any, and Additional Amounts, if any, respectively; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>Third:
</I>to the Company or to such other Person as a court of competent jurisdiction shall direct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may fix a record
date and payment date for any payment to Holders of Notes pursuant to this <U>Section&nbsp;6.10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.11</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Undertaking
for Costs</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a
court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and
the court in its discretion may assess reasonable costs, including reasonable attorneys&rsquo; fees, against any party litigant in the
suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This <U>Section&nbsp;6.11
</U>does not apply to a suit by the Trustee, a suit by a Holder pursuant to <U>Section&nbsp;6.07</U>, or a suit by Holders of more than
10% in aggregate principal amount of the then outstanding Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;6.12</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>The
First Lien Collateral Agent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever in the exercise
of any remedy available to the Trustee or the exercise of any trust or power conferred on it with respect to the Notes, the Trustee may
also direct the First Lien Collateral Agent in the exercise of any of the rights and remedies available to the First Lien Collateral
Agent pursuant to the Collateral Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;7</FONT><U><BR>
TRUSTEE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.01</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Duties
of Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture,
and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct
of such person&rsquo;s own affairs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
during the continuance of an Event of Default:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those
duties that are specifically set forth in this Indenture, as modified or supplemented by a supplemental indenture, if any, and no others,
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.
However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Trustee may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure to act, or its own
willful misconduct, except that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">this
clause (c)&nbsp;does not limit the effect of clause (b)&nbsp;of this <U>Section&nbsp;7.01</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee
was grossly negligent in ascertaining the pertinent facts; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to <U>Section&nbsp;6.05.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to clauses
(a), (b), (c)&nbsp;and (f)&nbsp;of this <U>Section&nbsp;7.01.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its rights to be indemnified,
are extended to, and shall be enforceable by, the Trustee, the First Lien Collateral Agent and the other Agents, in each of its capacities
hereunder and in its capacity as Trustee and First Lien Collateral Agent under any other agreement executed in connection with this Indenture
to which the Trustee or First Lien Collateral Agent is a party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of the Trust Indenture Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.02</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Rights
of Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Before
the Trustee acts or refrains from acting, it may require an Officers&rsquo; Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers&rsquo; Certificate or Opinion
of Counsel. The Trustee may consult with counsel of its own selection and the written advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed
by it with due care.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights
or powers conferred upon it by this Indenture; provided that the Trustee&rsquo;s conduct does not constitute willful misconduct or gross
negligence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed
by an Officer of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under
this Indenture at the request or direction of any Holders unless such Holders have offered to the Trustee, and the Trustee has received,
indemnity or security (or both) satisfactory to the Trustee against any loss, liability or expense that might be incurred by it in compliance
with such request or direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Trustee shall not be deemed to have knowledge of any Default or Event of Default except: (1)&nbsp;any Event of Default occurring pursuant
to <U>Section&nbsp;6.01(a)</U>&nbsp;or <U>6.01(b)</U>, if the Trustee is also the Paying Agent; or (2)&nbsp;any Default or Event of Default
of which a Responsible Officer of the Trustee shall have received written notification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
permissive rights of the Trustee to act hereunder shall not be construed as a duty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Trustee may request that the Company deliver an Officers&rsquo; Certificate setting forth the names of individuals and titles of officers
authorized at such times to take specified actions pursuant to this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.03</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Individual
Rights of Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company, any Guarantor or any of their
Affiliates with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest (as defined in the Trust Indenture Act of 1939, amended), it must eliminate that conflict within 90 days or resign. Any Agent
may do the same with like rights and duties. The Trustee is also subject to <U>Section&nbsp;7.10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.04</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Trustee&rsquo;s
Disclaimer</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or any other Note Document, it
shall not be accountable for the Company&rsquo;s use of the proceeds from the Notes or any money paid to the Company or upon the Company&rsquo;s
direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any
Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes
or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.05</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notice
of Defaults</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a Default or Event of
Default occurs and is continuing and if, in accordance with <U>Section&nbsp;7.02(g)</U>, the Trustee has knowledge thereof, the Trustee
shall deliver to the Holders a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default
or Event of Default in payment of principal of, or interest, premium, or Additional Amounts, if any, on, any Note, the Trustee may withhold
the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.06</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Reports
by Trustee to Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Within 60 days after each
December&nbsp;31 beginning December&nbsp;31, 2021, the Trustee shall mail to each Holder a brief report dated as of such December&nbsp;31
that complies with Section&nbsp;313(a)&nbsp;of the Trust Indenture Act if and to the extent required thereby. The Trustee also shall
comply with Section&nbsp;313(c)&nbsp;of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of each report at
the time of its mailing to Holders shall be filed with the SEC and each stock exchange (if any) on which the Notes are listed. The Company
agrees to notify the Trustee promptly in writing whenever the Notes become listed on any stock exchange and of any delisting thereof
and the Trustee shall comply with Section&nbsp;313(d)&nbsp;of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.07</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Compensation
and Indemnity</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall pay to
the Trustee from time to time such reasonable compensation as the Company and the Trustee may agree in writing for the Trustee&rsquo;s
acceptance of this Indenture and services hereunder. The Trustee&rsquo;s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances
and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee&rsquo;s agents and counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Guarantors
shall indemnify the Trustee, jointly and severally, against any and all losses, liabilities, damages, claims or expenses incurred by
it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and
expenses (including, without limitation, fees and expenses of counsel) of enforcing this Indenture against the Company and the Guarantors
(including this <U>Section&nbsp;7.07)</U> and defending itself against any claim (whether asserted by the Company, any Guarantor or any
Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except
to the extent any such loss, liability, damage, claim or expense may be attributable to its gross negligence or willful misconduct as
determined by a court of competent jurisdiction in a final, nonappealable judgment. The Trustee shall notify the Company and the Guarantors
promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company and the Guarantors shall not relieve
the Company or the Guarantors of their obligations hereunder. The Company and the Guarantors shall defend the claim and the Trustee shall
cooperate in the defense. The Trustee may have separate counsel and the Company and the Guarantors shall pay the reasonable fees and
expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent shall
not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Guarantors,
jointly and severally, agree: (i)&nbsp;to pay to agents, counsel, accountants and experts retained by the Holders of a majority in aggregate
principal amount of the outstanding Notes (as a single group) compensation for their respective services to the Holders of a majority
in aggregate principal amount of the outstanding Notes incurred in connection with the negotiations, preparation, execution and delivery
of the Collateral Documents, and (ii)&nbsp;to reimburse the Holders of a majority in aggregate principal amount of the outstanding Notes
(as a single group) upon request for all reasonable out-of-pocket expenses that they Incur or pay in connection with the enforcement
or protection of their rights under or in connection with this Indenture and the other Collateral Documents, including costs of collection
(such expenses shall include the reasonable compensation and expenses, disbursements and advances of, as applicable, agents, counsel,
accountants and experts), including, in each case, the costs and expenses of enforcing this Indenture or other Collateral Documents against
the Company and the Guarantors (including this <U>Section&nbsp;7.07</U>) and defending themselves against any claim asserted by the Company,
the Guarantors or any other Person (other than a Holder in its capacity as such)) or liability in connection with this Indenture or any
other Collateral Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the Company
and the Guarantors under this <U>Section&nbsp;7.07</U> shall survive the satisfaction and discharge of this Indenture and the resignation
or removal of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To secure the Company&rsquo;s
and the Guarantors&rsquo; payment obligations in this <U>Section&nbsp;7.07</U>, the Trustee shall have a Lien prior to the Notes on all
money or property held or collected by the Trustee, except that held in trust to pay principal, premium, if any, and interest or Additional
Amounts, if any, on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture and the resignation or
removal of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When the Trustee incurs expenses
or renders services after an Event of Default specified in <U>Section&nbsp;6.01(i)</U>&nbsp;or <U>6.01(j)</U>&nbsp;occurs, the expenses
and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses
of administration under any Bankruptcy Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The immunities, protections
and exculpations available to the Trustee under this Indenture shall also be available to the First Lien Collateral Agent and each other
Agent, and the Company&rsquo;s and each Guarantor&rsquo;s obligations under this <U>Section&nbsp;7.07</U> to compensate and indemnify
the Trustee shall extend likewise to the First Lien Collateral Agent and each other Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.08</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Replacement
of Trustee</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A resignation or removal
of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee&rsquo;s acceptance of appointment
as provided in this <U>Section&nbsp;7.08</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may resign in
writing upon thirty (30) days&rsquo; notice at any time and be discharged from the trust hereby created by so notifying the Company.
The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee
and the Company in writing and may appoint a successor trustee. The Company may remove the Trustee if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee fails to comply with <U>Section&nbsp;7.10</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
receiver, Custodian or public officer takes charge of the Trustee or its property; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Trustee becomes incapable of acting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Trustee resigns or
is removed or if a vacancy exists in the office of Trustee for any reason, the Holders of a majority in aggregate principal amount of
the then outstanding Notes may appoint a successor trustee; provided that if such Holders do not reasonably promptly appoint a successor
Trustee, then the Company shall appoint a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a successor Trustee does
not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of
at least 10% of the aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction, at the
expense of the Company, for the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Trustee, after written
request by any Holder of a Note who has been a Holder of a Note for at least six months, fails to comply with <U>Section&nbsp;7.10</U>,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of
the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under
this Indenture. The successor Trustee shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject
to the Lien provided for in <U>Section&nbsp;7.07</U>. Notwithstanding replacement of the Trustee pursuant to this <U>Section&nbsp;7.08</U>,
the Company&rsquo;s and the Guarantors&rsquo; obligations under <U>Section&nbsp;7.07</U> shall continue for the benefit of the retiring
Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.09</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Successor
Trustee by Merger,&nbsp;etc.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Trustee consolidates
with, or merges or converts into, or transfers or sells all or substantially all of its corporate trust business or assets to, another
corporation or banking association, the successor corporation or banking association without any further act shall be the successor Trustee.
As soon as practicable, the successor Trustee shall mail a notice of its succession to the Company and the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.10</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Eligibility;
Disqualification</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There shall at all times
be a Trustee hereunder that satisfies the requirements of Section&nbsp;310(a)(1), (2)&nbsp;and (5)&nbsp;of the Trust Indenture Act in
every respect. The Trustee shall be a corporation organized and doing business under the laws of the United States of America or of any
state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by
federal or state authorities and that has a combined capital and surplus of at least $100 million as set forth in its most recent published
annual report of condition. No obligor upon the Notes shall serve as a Trustee. The Trustee shall comply with Section&nbsp;310(b)&nbsp;of
the Trust Indenture Act&#894; provided that there shall be excluded from the operation of Section&nbsp;310(b)(1)&nbsp;of the Trust Indenture
Act any indenture or indentures under which other securities or certificates of interest or participation in other securities of the
Issuer are outstanding if the requirements for such exclusion set forth in Section&nbsp;310(b)(1)&nbsp;of the Trust Indenture Act are
met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;7.11</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Preferential
Collection of Claims Against the Issuer</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall comply
with Section&nbsp;311(a)&nbsp;of the Trust Indenture Act, excluding any creditor relationship listed in Section&nbsp;311(b)&nbsp;of the
Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section&nbsp;311(a)&nbsp;of the Trust Indenture Act
to the extent indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;8</FONT><U><BR>
LEGAL DEFEASANCE AND COVENANT DEFEASANCE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.01</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Option
to Effect Legal Defeasance or Covenant Defeasance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may, at any time,
elect to have either <U>Section&nbsp;8.02</U> or <U>Section&nbsp;8.03</U> be applied with respect to all outstanding Notes and all obligations
of the Guarantors upon compliance with the conditions set forth below in this <U>Article&nbsp;8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.02</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Legal
Defeasance and Discharge</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the Company&rsquo;s
exercise under <U>Section&nbsp;8.01</U> of the option applicable to this <U>Section&nbsp;8.02</U>, subject to the satisfaction of the
conditions set forth in <U>Section&nbsp;8.04</U>, the Company shall be deemed to have discharged its obligations with respect to all
outstanding Notes and, to the extent related to the Notes and the Guarantees, the Collateral Documents to which it is a party, each Guarantor
shall be deemed to have discharged its obligations with respect to its Guarantee and, to the extent related to the Notes and the Guarantees,
the Collateral Documents to which it is a party and each other Collateral Grantor shall be deemed to have discharged its obligations
with respect to the Collateral Documents, to the extent related to the Notes and the Guarantees, to which it is a party, on the date
the conditions set forth in <U>Section&nbsp;8.04</U> below are satisfied (hereinafter, &ldquo;<I>Legal Defeasance</I>&rdquo;)<I>. </I>For
this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Notes, and each Guarantor shall be deemed to have paid and discharged its Guarantee (which in each case shall thereafter
be deemed to be &ldquo;outstanding&rdquo; only for the purposes of <U>Section&nbsp;8.05</U> and the other Sections of this Indenture
referred to in clauses (a)&nbsp;and (b)&nbsp;below) and to have satisfied all its other obligations under the Notes or such Guarantees
and this Indenture, and the Company and the other Collateral Grantors shall be deemed to have satisfied all of their obligations under
the Collateral Documents, to the extent related to the Notes and the Guarantees (and the Trustee, on demand of and at the expense of
the Company, shall execute such instruments reasonably requested by the Company acknowledging the same), except for the following provisions
which shall survive until otherwise terminated or discharged hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, and premium, interest (including PIK Interest)
and Additional Amounts, if any, on, such Notes when such payments are due from the trust referred to in <U>Section&nbsp;8.04</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company&rsquo;s obligations with respect to the Notes under <U>Sections 2.03</U>, <U>2.04</U>, <U>2.06</U>, <U>2.07</U>, <U>2.10</U>
and <U>4.02</U> and the Appendix;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
rights, powers, trusts, duties, indemnities and immunities of the Agents, and the Company&rsquo;s and the Guarantors&rsquo; obligations
in connection therewith and under <U>Section&nbsp;7.07</U>; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Legal Defeasance and Covenant Defeasance provisions of this <U>Article&nbsp;8</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to compliance with
this <U>Article&nbsp;8</U>, the Company may exercise its option under this <U>Section&nbsp;8.02</U> notwithstanding the prior exercise
of its option under <U>Section&nbsp;8.03</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.03</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Covenant
Defeasance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the Company&rsquo;s
exercise under <U>Section&nbsp;8.01</U> of the option applicable to this <U>Section&nbsp;8.03</U>, the Company and each of the Guarantors
shall, subject to the satisfaction of the conditions set forth in <U>Section&nbsp;8.04</U>, be released from their respective obligations
under the covenants contained in <U>Article&nbsp;4</U> (other than those in <U>Sections 4.01</U>, <U>4.02</U>, <U>4.04</U>, <U>4.06</U>,
<U>4.14</U>, and <U>4.18</U>) and in Article&nbsp;11 and under all Collateral Documents, to the extent related to the Notes and the Guarantees,
to which it is a party on and after the date the conditions set forth in <U>Section&nbsp;8.04</U> are satisfied (hereinafter, &ldquo;<I>Covenant
Defeasance</I>&rdquo;), and the Notes shall thereafter be deemed not &ldquo;outstanding&rdquo; for the purposes of any direction, waiver,
consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue
to be deemed &ldquo;outstanding&rdquo; for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding
for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Guarantees, the
Company and any Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth
in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute
a Default or an Event of Default under <U>Section&nbsp;6.01</U>, but, except as specified above, the remainder of this Indenture and
such Notes shall be unaffected thereby. In addition, upon the Company&rsquo;s exercise under <U>Section&nbsp;8.01</U> of the option applicable
to this <U>Section&nbsp;8.03</U>, subject to the satisfaction of the conditions set forth in <U>Section&nbsp;8.04</U>, <U>Sections 6.01(e)</U>&nbsp;through
<U>6.01(h)</U>&nbsp;shall not constitute Events of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.04</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Conditions
to Legal or Covenant Defeasance</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to exercise either
Legal Defeasance or Covenant Defeasance:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government
Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in such amounts as will be sufficient, in
the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal
of, and premium, if any, and cash interest and Additional Amounts, if any, on, the outstanding Notes (including an amount of cash equal
to all accrued and unpaid PIK Interests to the applicable date) on the stated date for payment thereof or on the applicable redemption
date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated date for payment or to a particular
redemption date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of an election under <U>Section&nbsp;8.02</U>, the Company shall have delivered to the Trustee, the Registrar and the Paying
Agent an Opinion of Counsel confirming that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">since
the Issue Date, there has been a change in the applicable U.S. federal income tax law,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in either case to the effect that, and based
thereon such Opinion of Counsel will confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of an election under <U>Section&nbsp;8.03</U>, the Company shall have delivered to the Trustee, the Registrar and the Paying
Agent an Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">no
Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default
resulting from, or otherwise in connection with, the borrowing of funds to be applied to such deposit pursuant to this <U>Section&nbsp;8.04
</U>(and any similar concurrent deposit relating to other Indebtedness) or the grant of any Lien securing such borrowing);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement
or instrument (other than this Indenture) to which the Company or any of the Restricted Subsidiaries is a party or by which the Company
or any of the Restricted Subsidiaries is bound;</FONT></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company must deliver to the Trustee an Officers&rsquo; Certificate stating that the deposit was not made by the Company with the intent
of preferring the Holders over the other creditors of the Company or any Guarantor with the intent of defeating, hindering, delaying
or defrauding any creditors of the Company, any Guarantor or others; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.05</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to <U>Section&nbsp;8.06</U>,
all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to <U>Section&nbsp;8.04
</U>or <U>8.08</U> in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or any of its Subsidiaries
acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect
of principal, interest, premium, if any, and Additional Amounts, if any, but such money need not be segregated from other funds except
to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities
deposited pursuant to <U>Section&nbsp;8.04</U> or <U>8.08</U> or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Anything in this <U>Article&nbsp;8
</U>to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request of the
Company any money or non-callable Government Securities held by it as provided in <U>Section&nbsp;8.04</U> or <U>8.08</U> which, in the
opinion of a nationally recognized investment banking, appraisal firm or firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under <U>Section&nbsp;8.04(a)</U>), are in excess
of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance, Covenant Defeasance or Discharge,
as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.06</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Repayment
to the Company</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to applicable escheat
and abandoned property laws, any money or non-callable Government Securities deposited with the Trustee or any Paying Agent, or then
held by the Company, in trust for the payment of the principal of, or interest, premium, if any, or Additional Amounts, if any, on, any
Note and remaining unclaimed for two years after such principal, interest, premium, if any, or Additional Amounts, if any, has become
due and payable shall be paid to the Company on its written request or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Note shall thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money or non-callable Government Securities, and all liability of the Company as trustee
thereof, shall thereupon cease; provided that the Trustee or such Paying Agent, before being required to make any such repayment, shall
at the written request and expense of the Company cause to be published once, in the <I>New York Times </I>or <I>The Wall Street Journal
</I>(national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.07</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Reinstatement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Trustee or the Paying
Agent is unable to apply any money or non-callable Government Securities in accordance with <U>Section&nbsp;8.05</U>, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company&rsquo;s
and the Guarantors&rsquo; obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to <U>Section&nbsp;8.02</U> or <U>8.03</U> until such time as the Trustee or the Paying Agent is permitted to apply all such
money in accordance with <U>Section&nbsp;8.05</U>; provided that, if the Company or any Guarantor makes any payment of principal of,
interest, premium, if any, or Additional Amounts, if any, on, any Note following the reinstatement of its obligations, the Company or
such Guarantor, as applicable, shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money
or Government Securities deposited with or held by the Trustee or the Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;8.08</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Discharge</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Indenture, the Guarantees
and, to the extent related to the Notes and the Guarantees, all Collateral Documents shall be discharged and shall cease to be of further
effect as to all Notes issued hereunder (except as to (x)&nbsp;the rights of Holders of outstanding Notes to receive solely from the
trust fund described in clause (1)(b)&nbsp;of this <U>Section&nbsp;8.08</U>, and as more fully set forth in such clause (1)(b), payments
in respect of the principal of and interest, premium, if any, and Additional Amounts, if any, on, such Notes when such payments are due,
(y)&nbsp;the Company&rsquo;s obligations with respect to such Notes under <U>Sections 2.03</U>, <U>2.04</U>, <U>2.05</U>, <U>2.06</U>,
<U>2.07</U>, <U>2.10</U> and <U>4.02</U> and the Appendix and (z)&nbsp;the rights of the Trustee and each Agent under <U>Section&nbsp;7.07
</U>and the Company&rsquo;s obligations in connection therewith), and the Trustee, at the expense of the Company, shall execute such
instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture with respect to all the Notes,
when:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment
money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
Notes that have not been delivered to the Trustee for cancellation have become due and payable or will become due and payable within
one year by reason of the mailing of a notice of redemption or otherwise and the Company or any Guarantor has irrevocably deposited or
caused to be deposited with the Paying Agent as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient,
without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the
Trustee for cancellation of principal, premium and Additional Amounts, if any, and accrued interest, if any, on the Notes to the date
of maturity or redemption;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
respect of clause (1)(b)&nbsp;of this <U>Section&nbsp;8.08</U>, the deposit will not result in a breach or violation of, or constitute
a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound
(other than with respect to the borrowing of funds to be applied concurrently to make the deposit required to effect such satisfaction
and discharge and any similar concurrent deposit relating to such other instrument, and in each case the granting of Liens to secure
such borrowings);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or on the redemption date, as the case may be; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company has delivered (a)&nbsp;an Officers&rsquo; Certificate to the Trustee stating that all conditions precedent to satisfaction and
discharge of this Indenture (&ldquo;<I>Discharge</I>&rdquo;) have been satisfied and (b)&nbsp;an Opinion of Counsel to the Trustee stating
that all conditions precedent to Discharge have been satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;9</FONT><U><BR>
AMENDMENT, SUPPLEMENT AND WAIVER</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.01</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Without
Consent of Holders of Notes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
of <U>Section&nbsp;9.02</U>, without the consent of any Holder, the Company, the Guarantors, the Trustee and, if any amendment relates
to any Collateral Document, the First Lien Collateral Agent, may amend or supplement this Indenture, the Notes, the Guarantees and the
Collateral Documents in the following circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
cure any ambiguity, defect or inconsistency;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
provide for uncertificated Notes in addition to or in place of certificated Notes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
provide for the assumption of the Company&rsquo;s or a Guarantor&rsquo;s obligations to the Holders in the case of a merger or consolidation
or sale of all or substantially all of the Company&rsquo;s or such Guarantor&rsquo;s assets, as applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights
under this Indenture of any such Holder in any material respect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">[reserved];</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
evidence and provide for the acceptance of the appointment under this Indenture and the Collateral Documents of a successor Trustee or
First Lien Collateral Agent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
enter into additional or supplemental Collateral Documents and to add additional assets as Collateral to secure the Notes and the Guarantees;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
release Collateral or any Guarantee when permitted or required by this Indenture, the other Collateral Documents, or to amend or supplement
any Collateral Document in accordance its terms;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
allow any Guarantor to execute a supplemental indenture and/or a Guarantee with respect to the Notes and to add any additional Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
provide for the issuance of PIK Notes or the increase of the principal amount of the Notes to pay PIK Interest in accordance with the
terms of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the event that any PIK Notes are issued as Definitive Notes, to make appropriate amendments to this Indenture to reflect a minimum denomination
of certificated PIK Notes of $1.00 and establish minimum redemption amounts for certificated PIK Notes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
enter into any and all Collateral Documents and the transactions contemplated thereby respecting the registration and mortgaging of any
of the Collateral Vessels and to perfect the security interests and Liens granted therein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
accept and consent to, and to take, any and all steps to perfect a security interest in any of the Collateral Vessels and other Collateral
granted pursuant to the Collateral Documents; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
comply with requirements of the Trust Indenture Act of 1939, as amended, if applicable, or any securities exchange on which the Notes
are listed for trading or quotation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Intercreditor
Agreement and the Collateral Agency Agreement may be amended in accordance with their terms and without the consent of any Holder or
the Trustee with the consent of the parties thereto or otherwise in accordance with their terms, including to add additional Indebtedness
as First Lien Obligations or Junior Lien Obligations and to add as parties thereto persons holding such Indebtedness (or any authorized
agent thereof or trustee therefor) and to establish that the Liens on any Collateral securing such Indebtedness shall rank equally with
the Liens on such Collateral securing the First Lien Obligations or Junior Lien Obligations, as applicable, then outstanding, in each
case to the extent permitted by the First Lien Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the request of the Company,
and upon receipt by the Trustee of the documents described in <U>Section&nbsp;9.07</U>, the Trustee shall join with the Company and the
Guarantors in the execution of any amendment or supplemental indenture authorized or permitted by the terms of this Indenture and to
make any further appropriate agreements and stipulations that may be therein contained, but neither the Trustee nor the First Lien Collateral
Agent shall be obligated to enter into any such amendment or supplemental indenture that affects the Trustee and/or First Lien Collateral
Agent&rsquo;s own rights, duties or immunities under this Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.02</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>With
Consent of Holders of Notes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided above
in <U>Section&nbsp;9.01</U> and below in this <U>Section&nbsp;9.02</U>, the Company, the Guarantors, the Trustee and the First Lien Collateral
Agent may amend or supplement this Indenture, the Notes and the Collateral Documents by the execution of a supplemental indenture or,
in the case of any amendment or supplement to the Collateral Documents, by the execution of an appropriate amendment or supplement thereto,
with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) and, subject to <U>Sections
6.04</U> and <U>6.07</U>, any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes, the
Guarantees or any Collateral Document may be waived with the consent of the Holders of a majority in aggregate principal amount of the
then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes), in each case in addition to any required consent of holders of other First Lien Obligations that may be required with
respect to an amendment of or waiver under a Collateral Document. However, without the consent of each Holder of an outstanding Note
affected thereby, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">reduce
the percentage of principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">reduce
the principal of, or change the fixed maturity of, any Note or alter the premium payable upon any redemption or repurchase of the Notes
pursuant to <U>Sections 3.07</U>, <U>3.09</U>, <U>4.10</U> or <U>4.15</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">reduce
the rate of or change the time for payment of interest, including default interest, on any Note;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">waive
a Default or Event of Default in the payment of principal of, or premium, if any, interest, if any, or Additional Amounts, if any, on,
the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the
then outstanding Notes and a waiver of the Payment Default that resulted from such acceleration);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
any Note payable in money other than that stated in the Notes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders to receive payments of principal
of, or premium, if any, interest, if any, or Additional Amounts, if any, on, the Notes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">waive
a redemption or repurchase payment with respect to any Note (other than a payment required by <U>Section&nbsp;3.07</U>, <U>3.09</U>,
<U>4.10</U> or <U>4.15</U>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">release
any Guarantor from any of its obligations under its Guarantee or this Indenture, except in accordance with the terms of this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">subordinate
the Notes or the Guarantees in right of payment to any other Indebtedness;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">amend
or impair the contractual right of any Holder to institute suit for the enforcement of any payment due in respect of Notes on or after
the Maturity Date (or, in the case of redemption or repurchase, on or after the redemption or repurchase date); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">make
any change in the preceding amendment, supplement and waiver provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, except as otherwise
provided in this Indenture or any Collateral Document, and subject to the Requirements of the Trust Indenture Act, the consent of Holders
of at least two-thirds in aggregate principal amount of the then outstanding Notes will be required to release Liens for the benefit
of the Holders on all or substantially all of the Collateral, other than in accordance with this Indenture, the Intercreditor Agreement
and the other Collateral Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the request of the Company
and upon the receipt by the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt
by the Trustee of the documents described in <U>Section&nbsp;9.07</U>, the Trustee shall join with the Company and the Guarantors in
the execution of such amendment, supplement or waiver, unless such amendment, supplement or waiver affects the Trustee&rsquo;s own rights,
duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to,
enter into such amendment, supplemental indenture or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It shall not be necessary
for the consent of the Holders under this <U>Section&nbsp;9.02</U> to approve the particular form of any proposed amendment, supplement
or waiver, but it shall be sufficient if such consent approves the substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After an amendment, supplement
or waiver under this <U>Section&nbsp;9.02</U> becomes effective, the Company shall deliver to the Holders a notice briefly describing
the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such amendment, supplement or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.03</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Compliance
with Trust Indenture Act</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every amendment or supplement
to this Indenture, any Guarantee or the Notes will be set forth in an amended or supplemental indenture that complies with the Trust
Indenture Act as then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.04</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Consents
in Connection with Purchase, Tender or Exchange</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A consent to any amendment,
supplement or waiver under this Indenture by any Holder given in connection with a purchase, tender or exchange of such Holder&rsquo;s
Notes shall not be rendered invalid by such purchase, tender or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.05</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Revocation
and Effect of Consents</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until an amendment, supplement
or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of such Note and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder&rsquo;s Note, even if notation of the consent
is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the
Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement
or waiver becomes effective in accordance with its terms and, except as provided in the second succeeding paragraph, thereafter binds
every Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or
waiver. If a record date is fixed, then notwithstanding the second to last sentence of the immediately preceding paragraph, those Persons
who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such
amendment, supplement or waiver or revoke any consent previously given, whether or not such Persons continue to be Holders after such
record date. No consent shall be valid or effective for more than 90 days after such record date except to the extent that the requisite
number of consents to the amendment, supplement or waiver have been obtained within such 90-day period or as set forth in the next paragraph
of this <U>Section&nbsp;9.05</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After an amendment, supplement
or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (a)&nbsp;through (j)&nbsp;of
<U>Section&nbsp;9.02</U>, in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented
to it and every subsequent Holder of a Note or portion of a Note that evidences the same indebtedness as the consenting Holder&rsquo;s
Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.06</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notation
on or Exchange of Notes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may place an
appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company, in exchange for all
Notes, may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. Failure to make the appropriate
notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.07</FONT><FONT STYLE="text-transform: uppercase">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Trustee
to Sign Amendments,&nbsp;etc.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee shall sign any
amendment or supplemental indenture or grant any waiver authorized pursuant to this <U>Article&nbsp;9</U> if the amendment or supplemental
indenture or waiver does not adversely affect its rights, duties, liabilities or immunities. If any such amendment, supplemental indenture
or waiver does adversely affect the rights, duties, liabilities or immunities of the Trustee, the Trustee may, but need not, sign such
amendment, supplemental indenture or grant such waiver. In executing any such amendment, supplemental indenture or waiver, the Trustee
shall be entitled to receive and (subject to <U>Section&nbsp;7.01</U>) shall be fully protected in relying upon, an Officers&rsquo; Certificate
and an Opinion of Counsel stating that the execution of such amendment, supplemental indenture or waiver is authorized or permitted by
this Indenture and the Collateral Documents, constitutes the legal, valid and binding obligation of the Company, enforceable against
it in accordance with its terms and that all conditions precedent to such supplemental indenture have been complied with, subject to
customary assumptions and qualifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;9.08</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Acts
of Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given, made or taken
by Holders shall be in writing may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the &ldquo;<I>Act</I>&rdquo;
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and (subject to <U>Section&nbsp;7.01</U>) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Without limiting the generality
of this Section, unless otherwise provided in or pursuant to this Indenture, (i)&nbsp;a Holder, including the Depository or its nominee
that is a Holder of a Global Note, may give, make or take, by an agent or agents duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other action provided in or pursuant to this Indenture to be given, made or taken by Holders, and
the Depository or its nominee that is a Holder of a Global Note may duly appoint in writing as its agent or agents members of, or participants
in, the Depository holding interests in such Global Note in the records of the Depository; and (ii)&nbsp;with respect to any Global Note,
any consent or other action given, made or taken by an Agent Member by electronic means in accordance with the &ldquo;Automated Tender
Offer Procedures&rdquo; system or other customary procedures of, and pursuant to authorization by, the Depository shall be deemed to
constitute the Act of the Holder of such Global Note, and such Act shall be deemed to have been delivered to the Company and the Trustee
upon the delivery by the Depository of an &ldquo;agent&rsquo;s message&rdquo; or other notice of such consent or other action having
been so given, made or taken in accordance with the applicable policies and procedures of the Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution
or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a Person acting in a capacity
other than such Person&rsquo;s individual capacity, such certificate or affidavit shall also constitute sufficient proof of the authority
of the Person executing the same. The fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems sufficient.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
ownership of Notes shall be proved by the Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Without
limiting the foregoing, a Holder entitled hereunder to give, make or take any action hereunder with regard to any particular Note may
do so, or duly appoint in writing any Person or Persons as its agent or agents to do so, with regard to all or any part of the principal
amount of such Note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;10</FONT><U><BR>
GUARANTEES OF NOTES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.01</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Subsidiary
Guarantees</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to this <U>Article&nbsp;10</U>,
each of the Guarantors hereby absolutely and unconditionally guarantees, jointly with the other Guarantors and severally, as primary
obligor and not merely as surety, on a senior basis to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and their respective successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the Obligations
of the Company hereunder and thereunder, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
principal of, and premium, if any, interest, if any, on, or Additional Amounts, if any, on, the Notes will be promptly paid in full when
due, whether at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise, and interest on the overdue principal of,
and premium, if any, and (to the extent permitted by law) interest, if any, on, and Additional Amounts, if any, on, the Notes, and all
other payment Obligations of the Company to the Holders, the Trustee or the First Lien Collateral Agent under this Indenture or the Notes
will be promptly paid in full and performed, all in accordance with the terms hereof and thereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
case of any extension of time of payment or renewal of any Notes or any of such other Obligations, the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether
at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failing payment when so due
of any amount so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately.
Each Guarantor agrees that this is an absolute, unconditional, present and continuing guarantee of payment and performance (and not a
guarantee of collection) and is in no way conditioned upon any attempt to collect from the Company or any other Guarantor or any other
action, occurrence or circumstance whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Guarantors hereby agree
that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or
thereof, the recovery of any judgment against the Company which does not satisfy in full the Guaranteed Obligations, any action to enforce
the same or any other circumstance (other than complete performance) which might otherwise constitute a legal or equitable discharge
or defense of a Guarantor. Each Guarantor further, to the extent permitted by law, hereby waives diligence, presentment, demand of payment,
filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against
the Company, protest, notice and all demands whatsoever and covenants that its Subsidiary Guarantee will not be discharged except by
complete performance of the Obligations contained in the Notes and this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any Holder, the Trustee
or the First Lien Collateral Agent is required by any court or otherwise to return to the Company, the Guarantors, or any Custodian,
trustee or other similar official acting in relation to any of the Company or the Guarantors, any amount paid by the Company or any Guarantor
to the Trustee, First Lien Collateral Agent or such Holder, the Subsidiary Guarantees, to the extent theretofore discharged, shall be
reinstated in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Guarantor further agrees
that, as between the Guarantors, on the one hand, and the Holders, the Trustee and the First Lien Collateral Agent, on the other hand,
(a)&nbsp;the maturity of the Obligations guaranteed hereby may be accelerated as provided in <U>Article&nbsp;6</U> for the purposes of
its Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed
thereby, and (b)&nbsp;in the event of any declaration of acceleration of such Obligations as provided in <U>Article&nbsp;6</U>, such
Obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of its Subsidiary
Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right
does not impair the rights of the Holders under the Guarantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.02</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Releases
of Guarantees</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Guarantee of a Guarantor
will be automatically and unconditionally released: (1)&nbsp;in connection with any sale, transfer or other disposition (including by
merger, consolidation, amalgamation, distribution, dividend or otherwise) of all or substantially all of the assets of such Guarantor
to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, if the sale
or other disposition is conducted in accordance with <U>Sections 4.10</U> and <U>5.01(b)</U>, as applicable; (2)&nbsp;in connection with
any sale, transfer or other disposition (including by merger, consolidation, amalgamation, distribution, dividend or otherwise) of all
of the Capital Stock of such Guarantor, following which such Guarantor is no longer a Restricted Subsidiary of the Company, if the sale
or other disposition is conducted in accordance with <U>Sections 4.10</U> and <U>5.01(b)</U>, as applicable; (3)&nbsp;upon Legal Defeasance,
Covenant Defeasance or Discharge in accordance with <U>Article&nbsp;8</U> or all amounts due and payable by the Company under this Indenture
or the Notes shall have been paid in full; (4)&nbsp;unless an Event of Default has occurred and is continuing, upon the dissolution or
liquidation of such Guarantor in compliance with <U>Section&nbsp;5.01(b)</U>; or (5)&nbsp;if the Company designates such Guarantor as
an Unrestricted Subsidiary in accordance with this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon delivery by the Company
to the Trustee of an Officers&rsquo; Certificate and an Opinion of Counsel to the effect that any of the conditions described in the
foregoing clauses (1)&nbsp;through (5)&nbsp;has occurred, the Trustee shall execute any documents reasonably requested by the Company
at the Company&rsquo;s expense in order to evidence the release of any Guarantor from its obligations under its Guarantee. Any Guarantor
not released from its obligations under its Guarantee shall remain liable for the full amount of principal of and interest, premium,
if any, and Additional Amounts, if any, on, the Notes and for the other obligations of such Guarantor under this Indenture as provided
in this <U>Article&nbsp;10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.03</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
on Guarantor Liability</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Guarantor, and by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state or foreign law to the extent applicable to any Guarantee. The obligations of each Guarantor
under its Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities
of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect
of the obligations of such other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, result
in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal
or state or foreign law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally.
Each Guarantor that makes a payment under its Guarantee shall be entitled, upon payment in full of all guaranteed Obligations under this
Indenture, to seek contribution from each other Guarantor in an amount equal to such other Guarantor&rsquo;s <I>pro rata </I>portion
of such payment based on the respective net assets of all Guarantors at the time of such payment determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.04</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>&ldquo;Trustee&rdquo;
to Include Paying Agent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In case at any time any Paying
Agent other than the Trustee shall have been appointed and be then acting hereunder, the term &ldquo;Trustee&rdquo; as used in this <U>Article&nbsp;10
</U>shall in each case (unless the context shall otherwise require) be construed as extending to and including such Paying Agent within
its meaning as fully and for all intents and purposes as if such Paying Agent were named in this <U>Article&nbsp;10</U> in place of the
Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.05</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Execution
and Delivery</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The execution by each Guarantor
of this Indenture (or a supplemental indenture hereto) evidences the Guarantee of such Guarantor, whether or not the person signing as
an Officer of the Guarantor still holds that office at the time of authentication of any Note. The delivery of any Note by the Trustee
after authentication constitutes due delivery of the Guarantee set forth in this Indenture on behalf of each Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.06</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Subrogation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Guarantor shall be subrogated
to all rights of Holders against the Company in respect of any amounts paid by the Guarantor pursuant to the provisions of <U>Section&nbsp;10.01</U>;
provided that no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation
until all amounts then due and payable by the Company under this Indenture or the Notes shall have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;10.07</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Jurisdiction
Specific Riders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Angola</U>.
Notwithstanding anything set out to the contrary in this Indenture and in any other Note Document:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything set out to the contrary in this Indenture or any other Note Document:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
obligation of any Guarantor incorporated under the laws of Angola (an &ldquo;<I>Angola Guarantor</I>&rdquo;) to grant any Guarantee and
the obligations of any Angola Guarantor under this Indenture and any Guarantee Agreement and Collateral Document shall be subject to
proper compliance with the Angolan law requirements and formalities and limited to what is legally permitted under Angolan laws and the
articles of association of such Angola Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
maximum secured amount of the obligations of any Guarantor incorporated under the laws of Angola to $7,500,000;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
capacity and authority of any Angola Guarantor are governed by Angolan laws are limited to what is legally permitted under Angolan laws
and the articles of association of such Angola Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
obligation of any Angola Guarantor to grant any Guarantee and the obligations of any Angola Guarantor under this Indenture and any Guarantee
Agreement and Collateral Document are subject to compliance with any applicable foreign exchange licensing requirements and any applicable
taxes under Angolan law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
obligations in respect of (i)&nbsp;distribution of dividends of an Angola Guarantor and (ii)&nbsp;hedging agreements imposed on an Angola
Guarantor are limited to what is legally permitted under Angolan laws and under the articles of association of such Angola Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
choice of jurisdiction under any Collateral Document to which an Angola Guarantor is party is limited to what is legally permitted under
the Angolan procedural courts; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
judgment in respect of this Indenture or any Note Document or Collateral Document obtained in a foreign court on private law matters
not subject to the exclusive jurisdiction of Angolan courts would be recognised and enforced by a court in Angola without re-litigation
or re-examination of the merits of such judgment provided that (a)&nbsp;the party who wishes to have the award recognised and confirmed
in Angola submits a request with the Supreme Court for such purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Australia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For the purposes of this <U>Section&nbsp;10.07(b)</U>,
 &ldquo;<I>Australian PPSA</I>&rdquo; means the <I>Personal Property Securities Act 2009 </I>(Cth) and each reference to &ldquo;Guarantor&rdquo;
shall be read as a reference to each Guarantor which is incorporated in Australia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor represents and warrants to the Trustee that it does not enter into this document or hold any of the Collateral as trustee of
any trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor will perform the Obligations in the manner provided in this document or in any other Note Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor will ensure that no Event of Default occurs. Without affecting the liability of any Guarantor or any power in any other respect
(including where a breach of this <U>Section&nbsp;10.07(b)(iii)</U>&nbsp;is a breach of any other provision of any Note Document), no
Guarantor is liable in damages for a breach of its obligations under this <U>Section&nbsp;10.07(b)(iii)</U>&nbsp;but the Trustee may
exercise the powers following any breach of this <U>Section&nbsp;10.07(b)(iii)</U>&nbsp;in accordance with the Note Documents during
the period the Event of Default is continuing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor will notify the Trustee in writing:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">promptly
of any details necessary for the registration by the Collateral Agent of an effective financing statement including the serial numbers
of any Collateral that must be described by serial number in a financing statement under the Australian PPSA acquired by it after the
date of this document; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 1in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">promptly
(and in any event within 5 Business Days (as defined in the Australian PPSA)) of an event in <U>Section&nbsp;10.07(b)(iv)(2)(A)</U>&nbsp;or
<U>Section&nbsp;10.07(b)(iv)(2)(B)</U>&nbsp;occurring:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
it is allocated a new or different ARBN; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
it does not have an ACN, ABN or ARBN, of any change to its name.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor will take all steps necessary to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">ensure
that there are no provisions in its constitution that may restrict any transfer of the shares of the Equity Interests in that Guarantor
in connection with the enforcement of any Lien granted under any Note Document; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">notwithstanding
any provision contained in its constitution, approve any transfer of the shares of Equity Interests in that Guarantor where the transfer
arises in connection with the enforcement of any Lien granted under any Note Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
the purposes of sections 115(1)&nbsp;and 115(7)&nbsp;of the Australian PPSA:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Collateral Agent need not comply with sections 95, 118, 121(4), 125, 130, 132(3)(d)&nbsp;or 132(4); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">sections
142 and 143 are excluded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
the purposes of section 115(7)&nbsp;of the Australian PPSA, the Collateral Agent need not comply with sections 132 and 137(3).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor agrees not to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">exercise
its rights to make any request of the Collateral Agent under section 275 of the Australian PPSA;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">authorise
the disclosure of any information under that section; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">waive
any duty of confidentiality that would otherwise permit non-disclosure under that section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor waives its rights to receive any notice that is required by any provision of the Australian PPSA (including a notice of a verification
statement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Nothing
in <U>Sections 10.07(b)(vi)</U>&nbsp;to <U>10.07(b)(ix)</U>&nbsp;prohibits the Collateral Agent from giving a notice under the Australian
PPSA or any other law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(xi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as required by law, for purposes of section 275(6)&nbsp;of the Australian PPSA, each Guarantor and the Collateral Agent agrees not to
disclose information of the kind mentioned in section 275(1)&nbsp;of the Australian PPSA except to the extent a party is permitted to
disclose such information pursuant to this Agreement or any other Note Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cayman
Islands</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor incorporated in the Cayman Islands shall, subject to the Agreed Security Principles, immediately upon execution of this Indenture,
make an entry of details of the security interests created by this Indenture on its Register of Mortgages and Charges maintained at its
registered office in the Cayman Islands pursuant to section 54 of the Companies Act (as revised) in the Cayman Islands (the &ldquo;<I>Cayman
Register of Mortgages and Charges</I>&rdquo;) and, provide a certified copy of such Cayman Register of Mortgages and Charges to the First
Lien Collateral Agent within 14 Business Days from the execution of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor which grants a security interest over Equity Interests issued by an exempted company incorporated in the Cayman Islands shall,
within the timeframes set out in the relevant Pledge Agreement and subject to the Agreed Security Principles, deliver or procure to be
delivered to the First Lien Collateral Agent, the ancillary documents set out in the relevant Pledge Agreement, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
duly executed and undated instrument of transfer in respect of such Equity Interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">share
certificates representing the Equity Interests being secured (if applicable);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">executed
and dated irrevocable proxies in respect of such Equity Interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">executed
but undated resignation letters and executed authorisation letters signed by all the directors in respect of such company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">executed
letter of undertaking in respect of such company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">shareholder
resolutions amending its memorandum and articles of such company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">executed
notice of mortgage to registered office provider in respect of such company; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
certified copy of the register of members of such company which has been updated to include a notation acknowledging the security interests
created hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor hereby irrevocably waives any right to require a proceeding first against the Company or any other Person, any right to request
the division of their payment obligation among the Guarantors and any right to request that collateral be foreclosed upon, however such
rights may be denominated under the laws of any jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Brazil</U>.
Notwithstanding anything to the contrary in this Indenture or any other Note Document, the obligation of any Guarantor incorporated under
the laws of the Federative Republic of Brazil (&ldquo;<U>Brazilian Guarantor</U>&rdquo;) under any Guarantee and / or any Collateral
Document shall be subject and / or limited to what is legally permitted under Brazilian law, including, but not limited to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
the Guarantee and/or the Collateral granted by any Brazilian Guarantor is deemed to be an ancillary obligation, according to the Brazilian
law, any judgment obtained in a court outside Brazil against the Brazilian Guarantor for the enforcement of such Guarantee and/or Collateral
in respect to the underlying obligations arising from this Indenture or any Note Document which were declared or considered null, void
or unenforceable, may not be confirmed by the Brazilian courts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
decision by a non-Brazilian court against the Brazilian Guarantor (except for a decision involving real estate located in Brazil, declaration
of bankruptcy of a Brazilian entity or declaration of insolvency of any individual domiciled in Brazil, for which the Brazilian courts
have exclusive jurisdiction) is enforceable in Brazil if previously confirmed by the Brazilian Superior Court of Justice (<I>Superior
Tribunal de Justi&ccedil;a</I>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">even
though the agreement which formalizes the Guarantee and/or the Collateral expressly stipulates that it is governed by any foreign law,
such law will only be recognized and enforced in Brazil if not against Brazilian national sovereignty, human dignity, morality or public
policy <I>(soberania nacional, dignidade da pessoa humana, bons costumes </I>or <I>ordem p&uacute;blica);</I>and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
binding effect and enforceability of the obligations assumed by the Brazilian Guarantor under the Guarantee and / or the Collateral Documents
are subject to all limitations arising from (1)&nbsp;bankruptcy <I>(fal&ecirc;ncia)</I>, insolvency <I>(insolv&ecirc;ncia civil), </I>liquidation,
reorganization and judicial or extrajudicial recovery <I>(recupera&ccedil;&atilde;o judicial or extrajudicial)</I>; (2)&nbsp;certain
credits, such as costs related to these proceedings (<I>i.e.</I>, trustees' fees), credits granted to the Brazilian Guarantor after filing
of judicial recovery <I>(recupera&ccedil;&atilde;o judicial)</I>, labor claims, secured credits by fiduciary or <I>in rem</I> guarantees
up to the value of the secured assets, social security and tax claims (except for tax penalties) and other claims enjoying special or
general privilege or statutorily preferred claims, which may have preference if any of the events described in item (1)&nbsp;occurs;
(3)&nbsp;possible unavailability of remedies for specific performance or injunctive relief; (4)&nbsp;concepts of materiality, reasonableness,
good faith, public policy and fair dealing, such as contractual conditions providing that a certain act or fact shall be determined solely
by one party (<I>condi&ccedil;&atilde;o potestativa</I>); (5)&nbsp;other laws of general application relating to or affecting the rights
of creditors generally, including (without limitation) fraudulent conveyance or intervention by the Brazilian governmental.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>British
Virgin Islands</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor incorporated in the British Virgin Islands shall, subject to the Agreed Security Principles, as soon as reasonably practicable
and within 14 days after the date of any Collateral Document under which such Guarantor grants any security interest enter details of
any such security interest created by such Guarantor in its register of charges in accordance with section 162 of the BVI Business Companies
Act, 2004 (as amended) of the British Virgin Islands (the &ldquo;<I>BVI Act</I>&rdquo;) and shall provide the First Lien Collateral Agent
with a certified copy of such register so updated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor incorporated in the British Virgin Islands shall, subject to the Agreed Security Principles, as soon as reasonably practicable
and within 14 days after the date of any Collateral Document under which such Guarantor grants any security interest, effect registration,
or assist the First Lien Collateral Agent in effecting registration, of the security interests created pursuant to each applicable Collateral
Document with the Registrar of Corporate Affairs pursuant to section 163 of the BVI Act by making the required filing, in the approved
form with the Registrar of Corporate Affairs and (if applicable) deliver or procure to deliver to the First Lien Collateral Agent, the
certificate of registration of charge issued by the Registrar of Corporate Affairs evidencing the requirements of section 163 of the
BVI Act as to registration of the security interests created pursuant to each applicable Collateral Document has been complied with and
the filed stamped copy of the approved form containing the relevant particulars of the security interests created;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor which grants a security interest over Equity Interests issued by a company incorporated in the British Virgin Islands shall,
within the timeframes set out in the relevant Pledge Agreement and subject to the Agreed Security Principles, deliver or procure to be
delivered to the First Lien Collateral Agent, the ancillary documents set out in the relevant Pledge Agreement, including (subject to
the terms of the relevant Pledge Agreement):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
duly executed and undated instrument of transfer in respect of such Equity Interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">share
certificates representing the Equity Interests being secured (if applicable and to the extent not already in the possession of the First
Lien Collateral Agent);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">executed
irrevocable proxies in respect of such Equity Interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">executed
but undated resignation letters and executed authorisation letters signed by all the directors of such company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">shareholder
resolutions amending the memorandum and articles of such company (where required by the terms of the applicable Pledge Agreement); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">notice
of mortgage to registered agent in respect of such company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor hereby irrevocably waives any right to require a proceeding first against the Company or any other Person, any right to request
the division of their payment obligation among the Guarantors and any right to request that collateral be foreclosed upon, however such
rights may be denominated under the laws of any jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indonesia</U>.
For the purposes of this <U>Section&nbsp;10.07(f)</U>, each reference to &ldquo;Guarantor&rdquo; shall be read as a reference to each
Guarantor which is incorporated in Indonesia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor undertakes to each of the Holders that whenever the Company does not pay any amount when due under or in connection with the
Notes, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor, in respect of that amount and for
that purpose each Guarantor hereby waives, in favor of each of the Holders, any and all of its rights, protections, privileges and defenses
provided by law to a guarantor and in particular waives the provisions in Articles 1402, 1430, 1439, 1831, 1833, 1837, 1838, 1843 and
1847 to 1850 (inclusive) of the Indonesian Civil Code (the &ldquo;<U>ICC</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor confirms that its guarantee under this <U>&lrm;Article&nbsp;10</U> is binding on it as an indivisible debt under the ICC;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor agrees that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent
and primary obligation, indemnify each of the Holders immediately on demand against any cost, loss or liability it incurs as a result
of the Company not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under
the Notes on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount
it would have had to pay under the Notes if the amount claimed had been recoverable on the basis of a guarantee. Such indemnity is an
independent undertaking and constitutes that entity&rsquo;s (as an Indonesian Guarantor) own debt and obligation, as meant by or in accordance
with Article&nbsp;1316 of the ICC, separate from the guarantee contained in paragraph (i)&nbsp;above; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor shall at its cost comply with all reporting requirements issued by Bank Indonesia and the Indonesian Ministry of Finance in
respect of the guarantee issued under this <U>&lrm;Article&nbsp;10</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Jersey</U>.
In each Note Document, where it relates to a person, at any relevant time: (w)&nbsp;incorporated (or dissolved) under the Companies (Jersey)
Law 1991; (x)&nbsp;established, constituted or formed in Jersey; (y)&nbsp;which carries on, or has carried on, business in Jersey; or
(z)&nbsp;that has immovable property at such time in Jersey, a reference to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
composition, compromise, assignment or arrangement with any creditor winding up, liquidation, administration, dissolution, insolvency
event or insolvency includes, without limitation, &ldquo;bankruptcy&rdquo; (as that term is interpreted pursuant to Article&nbsp;8 of
the Interpretation (Jersey) Law 1954), a compromise or arrangement of the type referred to in Article&nbsp;125 of the Companies (Jersey)
Law 1991 and any procedure or process referred to in Part&nbsp;21 of the Companies (Jersey) Law 1991;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
 &ldquo;liquidator&rdquo;, &ldquo;receiver&rdquo;, &ldquo;administrative receiver&rdquo;, &ldquo;administrator&rdquo; or the like includes,
without limitation, the Viscount of the Royal Court of Jersey, <I>Autoris&eacute;s</I> or any other person performing the same function
of each of the foregoing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Security&rdquo;
or a &ldquo;security interest&rdquo; includes, without limitation, any <I>hypoth&eacute;que </I>whether conventional, judicial or arising
by operation of law and any security interest created pursuant to the Security Interests (Jersey) Law 1983 or the SIJL and any related
legislation; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
equivalent or analogous procedure or step being taken in connection with insolvency includes any corporate action, legal proceedings
or other formal procedure or step being taken in connection with an application for a declaration of <I>en d&eacute;sastre</I> being
made in respect of any property of such Person (or the making of such declaration).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Gibraltar</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor incorporated in Gibraltar shall, subject to the Agreed Security Principles, immediately upon execution of this Indenture, make
an entry of details of the security interests created by this Indenture on its Register of Mortgages and Charges maintained at its registered
office in Gibraltar pursuant to section 177 of the Gibraltar Companies Act (the &ldquo;<I>Gibraltar Register of Mortgages and Charges</I>&rdquo;)
and, provide a certified copy of such Gibraltar Register of Mortgages and Charges to the First Lien Collateral Agent within 14 Business
Days from the execution of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor which grants a security interest over Equity Interests issued by a company incorporated in Gibraltar shall, within the timeframes
set out in the relevant Pledge Agreement and subject to the Agreed Security Principles, deliver or procure to be delivered to the First
Lien Collateral Agent, the ancillary documents set out in the relevant Pledge Agreement, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
duly executed and undated instrument of transfer in respect of such Equity Interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">share
certificates representing the Equity Interests being secured (if applicable);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">executed
and dated irrevocable proxies in respect of such Equity Interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">executed
but undated resignation letters and executed authorisation letters signed by all the directors in respect of such company; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
certified copy of the register of members of such company which has been updated to include a notation acknowledging the security interests
created hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor incorporated in Gibraltar hereby irrevocably waives any right to require a proceeding first against the Company or any other
Person, any right to request the division of their payment obligation among the Guarantors and any right to request that collateral be
foreclosed upon, however such rights may be denominated under the laws of any jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Hong
Kong</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor incorporated under the laws of Hong Kong shall promptly and in any event within the time period prescribed by law:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">create
and maintain a register of charges, to the extent this has not already been done, (the &ldquo;<I>Register of Charges</I>&rdquo;) and
enter particulars of any registerable security interest created pursuant to any Collateral Document in such Register of Charges in accordance
with the requirements of the laws of Hong Kong;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">deliver
or procure to be delivered to the First Lien Collateral Agent a certified copy of the updated Register of Charges recording the particulars
of any registerable security interest created pursuant to any Collateral Document;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">effect
the timely registration of the particulars of any registerable security interest created or intended to be created pursuant to any Collateral
Document with all relevant public registers in Hong Kong which the First Lien Collateral Agent reasonably considers necessary or desirable
to perfect, protect and/or preserve any such security interest (and/or the priority thereof) including, without limitation, the registers
maintained by the Hong Kong Companies Registry, in accordance with the requirements under all applicable laws and regulations of Hong
Kong and provide such assistance to the First Lien Collateral Agent in respect thereof which the First Lien Collateral Agent may reasonably
require;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Guarantor incorporated under the laws of Hong Kong hereby irrevocably authorises the First Lien Collateral Agent to make such filings
and/or registrations of any registerable security interest created or intended to be created under any Collateral Document and to take
any and all appropriate action and to complete and execute any and all documents and instruments which the First Lien Collateral Agent
reasonably considers necessary or desirable (including, without limitation, the registrations described in <U>Section&nbsp;10.07(i)(i)(3)</U>&nbsp;above)
for the purposes of perfecting, protecting and/or preserving any such security interest (and/or the priority thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Collateral Grantor of a security interest over Equity Interests issued by a company incorporated under the laws of Hong Kong shall within
90 days from the Issue Date (or such later date as the First Lien Collateral Agent reasonably agree) deliver to the First Lien Collateral
Agent valid and duly issued original share certificate(s)&nbsp;with respect to all of such Equity Interests, duly executed but undated
original instruments of transfer and bought and sold notes in respect of such Equity Interests (in each case with the names of the transferees
left blank) and such other instruments and documents as may be necessary, or as the First Lien Collateral Agent may reasonably request,
subject to the Agreed Security Principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Luxembourg</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
the purposes of this <U>Section&nbsp;10.07(j)</U>,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>&ldquo;Luxembourg
Guarantor&rdquo;</I> shall mean any Guarantor whose registered office, head office, place of effective management, domicile, establishment,
habitual residence and/ or place of central administration is in Luxembourg and whose centre of main interest (as that term is used in
Article&nbsp;3(1)&nbsp;of the Regulation (EU) No 2015/848 of the European Parliament and of the Council of 20 May&nbsp;2015 on insolvency
proceedings (recast) is in Luxembourg.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>&ldquo;Group&rdquo;
</I>shall mean the Company and its Subsidiaries from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Luxembourg
legal concepts expressed in English terms in this Agreement and any other Note Document may not correspond to the original French or
German terms relating thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
this Agreement and any other Note Document, where it relates to a Luxembourg Guarnator, a reference to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
winding up, dissolution or administration includes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">being
declared bankrupt (<I>faillite d&eacute;clar&eacute;e</I>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">being
subject to <I>liquidation judiciaire</I>; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">C.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">having
filed for controlled management (<I>gestion contr&ocirc;l&eacute;e</I>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">D.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
trustee in bankruptcy includes a <I>curateur;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">E.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
administrator includes a <I>commissaire</I> or a <I>juge d&eacute;l&eacute;gu&eacute;</I>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">F.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
moratorium includes a reprieve from payment (<I>sursis de paiements</I>) or a <I>concordat pr&eacute;ventif de faillite</I>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">G.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
receiver or an administrative receiver does not include a <I>juge commissaire </I>or a <I>curateur</I>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">H.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
attachment includes a <I>saisie.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
any provisions to the contrary in any Note Document, the aggregate obligations and liabilities of any Luxembourg Guarantor for the obligations
of any Collateral Grantor or any other Person in which such Luxembourg Guarantor has no direct or indirect equity interest, shall be
limited at any time to an amount not to exceed the greater of ninety-five percent (95%) of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
sum of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Luxembourg Guarantor&rsquo;s &ldquo;<I>capitaux propres</I>&rdquo; (as referred to in Annex I to the Grand Ducal Regulation, dated December&nbsp;18,
2015, setting out the form and content of the presentation of the balance sheet and profit and loss account, enforcing the Law of December&nbsp;19,
2002 on the register of commerce and companies and the accounting and annual accounts of undertakings, as amended) (the &ldquo;<B>Own
Funds</B>&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">debt
owed to such Luxembourg Guarantor by any other member of the Group, which is subordinated in right of payment (whether generally or specifically)
to any claim of any Holder under any of the Note Documents (the &ldquo;<B>Lux Subordinated Debt</B>&rdquo;),</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">each as determined on the basis of the
then latest available annual accounts of such Luxembourg Guarantor duly established in accordance with applicable accounting rules, as
at the date of this Agreement, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
sum of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Luxembourg Guarantor&rsquo;s Own Funds and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Luxembourg Guarantor&rsquo;s Lux Subordinated Debt,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">each as determined on the basis of the
then latest available annual accounts of such Luxembourg Guarantor duly established in accordance with applicable accounting rules, as
at the date of this Agreement is called.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Where
for the purpose of the determination to be made under clause (iv), no duly established annual accounts are available for the relevant
reference period (which, for the avoidance of doubt, includes circumstances in which no final annual accounts have been established in
due time in respect of the then most recently ended financial year) the relevant Luxembourg Guarantor shall, promptly, establish unaudited
interim accounts (as of the date of the end of the then most recent financial quarter) or annual accounts (as applicable) duly established
in accordance with applicable accounting rules, pursuant to which the relevant Luxembourg Guarantor&rsquo;s Own Funds and Lux Subordinated
Debt will be determined.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary, no Luxembourg Guarantor guarantees any amounts due under the Notes Documents if and to the extent the granting
of a guarantee for such amounts would constitute an unlawful financial assistance violating article 1500-7 of the Luxembourg law dated
August&nbsp;10, 1915 on commercial companies, as amended, to the extent applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
limitation in sub-paragraph (iv)&nbsp;above shall not apply to any amounts borrowed by the Luxembourg Guarantor or by any of its direct
or indirect Subsidiaries under this Agreement or any amounts borrowed, or made available, under any Note Document and on lent to the
Luxembourg Guarantor or to any of its direct or indirect Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Malta</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">It
is hereby expressly acknowledged that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
choice of the law of the State of New York as the law in accordance with which this Agreement shall be governed is a valid choice of
law under the laws of Malta, and should be recognised and applied by the courts of Malta to the extent that such laws are not deemed
to be against Maltese public policy;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
judgement enforcing this Agreement against any Guarantor incorporated under the laws of Malta (the &ldquo;<I>Maltese Guarantor</I>&rdquo;)
is subject to procedural rules&nbsp;regulating the recognition and enforcement of judgements in Malta which allow the judgment debtor
to challenge recognition and enforcement on a limited number of grounds including where the judgment is manifestly contrary to public
policy in Malta;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">notwithstanding
anything to the contrary herein or in any other Note Document, it should be noted <I>inter alia, </I>that in the event of an enforcement
of this Agreement in the Maltese Courts, (assuming that they have jurisdiction), the Maltese Courts can in particular instances be expected
to apply Maltese law as the <I>lex fori </I>in respect of procedural matters and other particular matters such as those relating to prescription
(time-bar) where the law of the forum is applicable under private international law rules. In terms of Maltese Law, the Maltese Courts
may raise the plea of prescription <I>ex officio </I>despite waiver of such claim by the Maltese Guarantor<I>;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">notwithstanding
anything to the contrary herein or in any other Note Document, it should be noted <I>inter alia, </I>in terms of Article&nbsp;1926 of
the Maltese Civil Code (Chapter 16 of the Laws of Malta) a guarantee can only exist in respect of a valid obligation. Moreover, in terms
of Article&nbsp;1927 of the Maltese Civil Code, the guarantee under this Agreement cannot exceed what is due by the Company and may not
be enforced to the extent contracted under more onerous conditions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
enforceability of the rights and remedies under this Agreement in the Maltese Courts is also limited and subject to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
plea of set-off which in terms of Section&nbsp;1196(2)&nbsp;of the Maltese Civil Code, operates <I>ipso jure </I>and even without the
knowledge of the debtors, unless otherwise agreed; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
laws of insolvency, bankruptcy and moratorium which generally affect the enforceability of creditors&rsquo; rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Maltese Guarantor hereby irrevocably waives and renounces any right to require a proceeding first against the Company or any other Person
(<I>the benefit of discussion</I>) and any right to request the division of their payment obligation among the Guarantors (<I>the benefit
of division</I>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Mexico</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
any other provisions in this Indenture to the contrary, with respect to any action or proceedings arising out of or relating to this
Indenture involving any Guarantor incorporated under the laws of Mexico, each of the parties hereto:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">expressly,
irrevocably and unconditionally agrees to submit to the jurisdiction of the United States District Court for the Southern District of
New York (or the state courts sitting in the Borough of Manhattan in the event the Southern District of New York lacks subject matter
jurisdiction), and any appellate court from any thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">expressly,
irrevocably and unconditionally waives any other jurisdiction to which it may be entitled by reason of its present or future domicile
or otherwise; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">expressly,
irrevocably and unconditionally waives any object to those courts on the ground of venue or <I>forum non conveniens</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Switzerland</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
and to the extent that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
Guarantor incorporated in Switzerland and/or having its registered office in Switzerland (a &ldquo;<I>Swiss Guarantor</I>&rdquo;) guarantees
obligations other than obligations of one of its wholly owned direct or indirect subsidiaries (the &ldquo;<I>Restricted Obligations</I>&rdquo;);
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
payment in fulfilling such obligations would in accordance with applicable Swiss law constitute a repayment of capital (<I>Einlager&uuml;ckgew&auml;hr</I>),
a violation of the legally protected reserves (<I>gesetzlich gesch&uuml;tzte Reserven</I>) or the payment of a (constructive) dividend
(<I>Gewinnaussch&uuml;ttung</I>) by such Swiss Guarantor or would otherwise be restricted under then applicable mandatory Swiss law,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">such Restricted Obligations (and the amount of
any payment in relation thereto) shall from time to time be limited to the amount as determined in accordance with applicable Swiss law
as then in effect (the &ldquo;<I>Swiss Available Amount</I>&rdquo;). This limitation shall not release the Swiss Guarantor from its obligations
in excess of the Swiss Available Amount, but merely postpone the performance date thereof until such times as performance is again permitted
under applicable Swiss law. Any and all indemnities and guarantees of such Swiss Guarantor contained in any Note Documents shall be construed
in a manner consistent with this Section&nbsp;<U>10.07(m).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
case a Swiss Guarantor who must make a payment in respect of Restricted Obligations under this Indenture is obliged to withhold Swiss
Withholding Tax in respect of such payment, such Swiss Guarantor shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">use
its best efforts that such payments can be made without deduction of Swiss Withholding Tax, or with deduction of Swiss Withholding Tax
at a reduced rate, by discharging the liability for such tax by notification pursuant to applicable law (including double tax treaties)
rather than payment of the tax;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the notification procedure pursuant to the preceding sub-paragraph does not apply, deduct Swiss Withholding Tax at the rate of 35% (or
such other rate as in force from time to time), or if the notification procedure pursuant to the preceding sub-paragraph applies for
a part of the Swiss Withholding Tax only, deduct Swiss Withholding Tax at the reduced rate resulting after the discharge of part of such
tax by notification under applicable law, from any payment made by it in respect of Restricted Obligations and promptly pay any such
taxes to the Swiss Federal Tax Administration;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">notify
the First Lien Collateral Agent that such notification, or as the case may be, deduction has been made and provide the First Lien Collateral
Agent with evidence that such a notification of the Swiss Federal Tax Administration has been made or, as the case may be, such taxes
deducted have been paid to the Swiss Federal Tax Administration;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
the case of a deduction of Swiss Withholding Tax, use its best efforts to ensure that any person other than the First Lien Collateral
Agent, which is entitled to a full or partial refund of the Swiss Withholding Tax deducted from such payment in respect of Restricted
Obligations, will, as soon as possible after such deduction:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">be
in a position to apply for a refund of the Swiss Withholding Tax under applicable law (including tax treaties) and pay to the First Lien
Collateral Agent upon receipt any amounts so refunded; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">if
the First Lien Collateral Agent, the Trustee or a Holder is entitled to a full or partial refund of the Swiss Withholding Tax deducted
from such payment and if requested by the First Lien Collateral Agent, provide the First Lien Collateral Agent, the Trustee or a Holder
those documents that are required by law and applicable tax treaties to be provided by the payer of such tax in order to enable the First
Lien Collateral Agent, the Trustee or a Holder to prepare a claim for refund of Swiss Withholding Tax. The First Lien Collateral Agent,
the Trustee and any Holder shall co-operate with each other to secure such refund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
a Swiss Guarantor is obliged to withhold Swiss Withholding Tax in accordance with paragraph (ii)&nbsp;above, the First Lien Collateral
Agent shall be entitled to further request payment under the Guarantee and other indemnity granted to it under this Indenture or any
other Note Document and apply proceeds therefrom against the Restricted Obligations up to an amount which is equal to that amount which
would have been obtained if no withholding of Swiss Withholding Tax were required, whereby such further payments shall always be limited
to the Swiss Available Amount. In case the proceeds irrevocably received by the First Lien Collateral Agent, the Trustee or the Holder
pursuant to paragraph (ii)(4)&nbsp;above and this paragraph (iii)&nbsp;have the effect that the proceeds received by the Frist Lien Collateral
Agent, the Trustee and the Holder exceed the obligations, then the First Lien Collateral Agent, the Trustee or the Holder shall promptly
return such overcompensation to the Swiss Guarantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
and to the extent requested by the First Lien Collateral Agent and if and to the extent this is from time to time permitted under applicable
Swiss mandatory law notwithstanding the restrictions referred to in <U>Section&nbsp;10.07(m)</U>, in order to allow the First Lien Collateral
Agent, the Holders and the Trustee to obtain a maximum benefit under the Note Documents and, in particular, the Guarantee, the Swiss
Guarantor shall take all such measures and/or promptly procure the fulfilment of all such prerequisites, in each case to the extent within
its power, as are necessary and appropriate to achieve, without delay, payment under the Guarantee towards the discharge of the Restricted
Obligations and to enable it to promptly perform its obligations under this Indenture and make the (required) payment(s)&nbsp;thereunder
from time to time, including the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
preparation of an up-to-date (interim) audited balance sheet of the Swiss Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
confirmation of the auditors of the Swiss Guarantor that the relevant amount represents (the maximum of) freely distributable reserves;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
passing of unanimous written resolutions of the quotaholders of the Swiss Guarantor approving the (resulting) distribution;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
conversion of restricted reserves into profits and reserves freely available for the distribution as dividends (to the extent permitted
by mandatory Swiss law);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent permitted by applicable Swiss law, (A)&nbsp;write up or realize any of its assets shown in its balance sheet with a book value
that is significantly lower than the market value of the assets, in case of a realization, however, only if such assets are not necessary
for the Swiss Guarantor&rsquo;s business (<I>nicht betriebsnotwendig</I>) and/or (B)&nbsp;reduce its quota capital; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
such other measures necessary or useful and/or to promptly procure the fulfilment of all prerequisites reasonably necessary to allow
the Swiss Guarantor to promptly make the payments and perform the obligations agreed hereunder from time to time with a minimum of limitations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Thailand</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Guarantors who shall enter into this Indenture in favor of the Holders are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Ensco
(Thailand) Limited (&ldquo;<U>Thai Entity</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
shareholders of the Thai Entity, namely (i)&nbsp;Ensco Oceanics Company LLC (ii)&nbsp;Ensco Offshore International Holdings Limited and
(iii)&nbsp;Ensco Overseas Limited (&ldquo;<U>Shareholders of the Thai Entity</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything set out to the contrary in this Indenture or any other Note Document to the contrary, the provisions in this <U>Section&nbsp;(n)</U>&nbsp;shall
be applied to the Thai Entity to the extent not contrary of Thai laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Guarantee by the Thai Entity shall take effect from Issue Date of relevant Notes to the date on which all sum expressed to be payable
by the Company under this Indenture or any other Note Document have been unconditionally and irrevocably paid and discharged in full
or, alternatively, upon a defeasance or discharge as provided in <U>Section&nbsp;8.08</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Thai Entity&rsquo;s obligations hereunder shall remain in full force and effect until the principal of, and premium, if any, interest,
if any, on, or Additional Amounts, if any, on, the Notes is paid in full and interest on the overdue principal of, and premium, if any,
and (to the extent permitted by law) interest, if any, on, and Additional Amounts, if any, on, the Notes, and all other payment Obligations
of the Company to the Holders, the Trustee or the First Lien Collateral Agent under this Indenture or the Notes is paid in full. If at
any time any payment of the principal of, and premium, if any, interest, if any, on, or Additional Amounts, if any, on, the Notes or
any other amount payable by the Company under this Indenture or any other Note Document is rescinded or must be otherwise restored or
returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the Thai Entity&rsquo;s obligations hereunder
with respect to such payment will be reinstated as though such payment had been due but not made at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">To
the extent permitted under applicable law, the Thai Entity irrevocably waives acceptance hereof, presentment, demand, protest and any
notice not provided for herein, as well as any requirement that at any time any action be taken by any person against or any other person.
In particular, the Thai Entity irrevocably waives its right to require the Trustee to pursue or exhaust the Trustee&rsquo;s legal or
equitable remedies against the Company prior to exercising the Trustee&rsquo;s rights under the Guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Thai Entity irrevocably waives, to the extent permitted by applicable law, any rights which it may have under Sections 684, 687, 688,
689, 690, 697 or 701 of the Civil and Commercial Code of Thailand (&ldquo;<U>CCC</U>&rdquo;) or any other similar provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
acceleration of the time for payment of any amount payable by the Company under this Indenture or any other Note Document is stayed upon
the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of this
Indenture or any other Note Document are nonetheless payable by the Thai Entity hereunder forthwith on demand by the Trustee or the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary to this Article&nbsp;10, the Thai Entity, and by its acceptance of a Note, each Holder, hereby confirms that
it is the intention of all such parties for the Guarantee not to constitute a fraudulent conveyance under applicable fraudulent conveyance
provisions of the United States Bankruptcy Code or any comparable law of any other jurisdiction. To effectuate that intention, the Trustee,
the Holders and the Thai Entity hereby irrevocably agree that the obligations of the Thai Entity under this Guarantee are limited in
an amount not to exceed the maximum amount that can be guaranteed by the Thai Entity without rendering the Guarantee voidable under applicable
law relating to fraudulent conveyance or fraudulent transferor similar laws affecting the rights of creditors generally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
maximum amount of liability of the Thai Entity under this <U>Article&nbsp;10</U> shall be capped at an amount equal to 125 percent of
the outstanding aggregate principal amount of the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Holders, the Trustee and the First Lien Collateral Agent, shall, within 60 days from the date the Company is in default, issue a written
demand to the Thai Entity calling on the guarantee pursuant to Section&nbsp;686 of the CCC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Egypt</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Under
Egyptian law, claims may become time-barred; limitation periods vary under Egyptian law depending on the nature of the claim in question,
with 15 years being the maximum time period for claims to be brought. Egyptian law prohibits the waiver of any prescription right or the
amendment of the prescription periods provided under Egyptian law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Under
Egyptian law, a guarantee is only valid if the underlying guaranteed obligation is valid. In addition, a guarantor&rsquo;s obligations
towards a Holder cannot be more burdensome than the guaranteed obligation (i.e. the guaranteed obligation cannot be more onerous than
the underlying debt). In addition to the above, a Holder (i.e. the beneficiary of a guarantee) cannot claim monies or enforce obligations
under the guarantee from the guarantor, until the Holder has taken action against the Company, as the initial debtor. However, the guarantor
may waive such right in the guarantee agreement. The guarantee of a future or contingent debt or obligation is null and void unless the
guaranteed amount is determined or capped in advance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
addition, Egyptian or other applicable laws, including laws with respect to fraudulent conveyance or voidable preferences, necessary corporate
power and the issuance of proper corporate resolutions, could render the guarantee partially or entirely voidable or otherwise ineffective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Under
Egyptian law, the payment of interest and fees made by an Egyptian entity to a non-resident holder of the Notes may be subject to a withholding
tax at the rate of 20%. That being said, there is no established precedent related to the applicable Egyptian tax regime to payments made
by an Egyptian resident guarantor guaranteeing a foreign issuer of notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Further,
this Agreement will be subject to stamp duty tax, in accordance with Egyptian law, to be paid when used in Egypt for a legal purpose,
for example such as a claim by the Holders for payment in Egypt or any other legal procedures where the required stamp duty tax must
be paid. Currently, the stamp duty tax amounts to approximately EGP 1 per page.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Nigeria</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Guarantor
under this Section&nbsp;10.07(p)&nbsp;shall refer to each Guarantor incorporated under the Laws of the Federal Republic of Nigeria (&ldquo;Nigerian
Guarantor&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
obligation and security interest created by a Nigerian Guarantor under this Indenture or any Collateral Documents shall be subject to
applicable Nigerian law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Where
the Collateral provided by each Nigerian Guarantor under this Indenture and the Collateral Documents, represents 50% or more of the current
book value of the Nigerian Guarantor&rsquo;s assets, the shareholders of the Nigerian Guarantor must approve same by special resolution
(i.e., three-fourths votes) or by simple majority, subject to its memorandum and articles of association;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Nigerian Guarantor shall enter the particulars of all security interests created pursuant to this Indenture and the Collateral Documents,
into its register of charges (the &ldquo;Nigerian Register of Charges&rdquo;) which particulars shall include the date of the creation
of the security interest, the amount secured, description of the security i.e. mortgage, debenture or charge, the assets or interests
subject to the security and the person(s)&nbsp;entitled to the same;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Collateral Documents executed by each Nigerian Guarantor must be stamped at the applicable stamp duty rate at the relevant Stamp Duties
Office of the Nigerian Federal Inland Revenue Service within forty (40) days, if executed in Nigeria, and if executed outside Nigeria,
within 30 of the receipt of the Collateral Documents in Nigeria;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Nigerian Guarantor shall within ninety (90) days of the creation of any registrable security interest over its property and/or assets,
lodge the instrument in respect of the same for registration and the requisite statutory forms at the Corporate Affairs Commission of
Nigeria, which shall upon payment of the applicable fees, issue a registration certificate constituting prima facie evidence of due compliance
with the provisions of the Companies and Allied Matters Act 2020 on the registration of security interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
respect of a Lien over Vessels pursuant to this Indenture and the Collateral Documents, each Nigerian Guarantor shall lodge and record
at the Nigerian Central Ship Registry the particulars of any Liens by way of mortgage, debentures or charges or similar security created
over any Nigerian registered Vessels wholly or part owned by it;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Nigerian Guarantor shall deliver and procure to be delivered to the First Lien Collateral Agent, the updated Nigerian Register of Charges
in Section&nbsp;10.07(p)(iv), a certified true copy of the registration certificates in Section&nbsp;10.07(p)(vi)&nbsp;and in Section&nbsp;10.07(p)(vii).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Kingdom
of Saudi Arabia</U>. For the purpose of this section 10.07(q), each reference to a &ldquo;Guarantor&rdquo; shall be read as reference
to each Guarantor which is incorporated in the Kingdom of Saudi Arabia:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Guarantors who shall enter into this Indenture in favor of the Holders are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">ENSCO
Arabia limited (&ldquo;Saudi Entity&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
shareholder of the Saudi Entity, namely Ensco Maritime Limited (the &ldquo;Shareholder of the Saudi Entity&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
obligation of the Saudi Entity and/or the Shareholder of the Saudi Entity to grant any security to the Holder shall be limited to the
extent permitted under the Saudi Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
security to be created or perfected over a property or any movable or immovable asset of the Saudi Entity in contrary of the Saudi Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
security over the shares of the Saudi Entity shall be perfected without the registration of a pledge share agreement with the Ministry
of Commerce.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Saudi Entity will register the securities with the Ministry of Commerce and/or any other applicable authority within Saudi Arabia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Saudi Entity will register the mortgage of assets and vessels with the relevant authorities within Saudi Arabia in accordance with the
applicable rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Shareholders of the Saudi Entity shall take any action necessary to affect the transfer or sale of the shares or any other asset owned
by the Saudi Entity in compliance with the Saudi Arabian laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Saudi Entity does not guarantee or promise issuance and/or registration of any mortgage over its vessels or otherwise in Saudi Arabia
subject to any limitation applicable under the relevant regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
collateral shall be limited to what is permitted under the applicable law in Saudi Arabia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(x)&#8239;&#8239;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Saudi Entity may not be able to obtain insurance of indebtedness or insurance for failure to fulfil its obligation under the issued security
note(s)&nbsp;for any pledge of shares or mortgage of its assets in Saudi Arabia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(xi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
pledge of shares in the Kingdom of Saudi Arabia and subsequent transfer of shares to a non-Saudi person may be subject to applicable tax.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>United
Arab Emirates</U>. Each Guarantor incorporated in the United Arab Emirates agrees that the provisions of Articles 1089, 1092, 1101 and
1105 of the UAE Federal Law No (5)&nbsp;of 1985 regarding the law of civil transactions (as amended) (the &ldquo;UAE Civil Code&rdquo;)
shall not apply to the guarantee provided by such Guarantor pursuant to this Indenture and, without limiting the generality of the foregoing,
each Guarantor further agrees that, in relation to Article&nbsp;1092 of the UAE Civil Code, neither the Trustee nor any Holder (nor any
person(s)&nbsp;acting on their behalf) shall be obliged to make any demand under the guarantee set forth in this Indenture within the
six-month period mentioned in that Article.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;11</FONT><U><BR>
SECURITY</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.01</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Collateral
Documents; Additional Collateral</U>. Subject to the Agreed Security Principles:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Obligations will be secured by the following (collectively, the &ldquo;<I>Collateral</I>&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
first-priority perfected Lien on 100% of the Equity Interests of each Restricted Subsidiary, the Unrestricted Floater Subsidiary and each
other Unrestricted Subsidiary directly owned by the Company or any Guarantor; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
first-priority perfected Lien on substantially all other assets of the Company and each Guarantor, including (A)&nbsp;all Vessels owned
by the Company or any Guarantor (other than any Excluded Vessel) (all such Vessels, the &ldquo;<I>Collateral Vessels</I>&rdquo;), (B)&nbsp;all
accounts receivable, general intangibles, equipment, spare parts, Drilling Contracts and Internal Charters, and (C)&nbsp;all deposit accounts,
securities accounts and commodity accounts in any Subject Jurisdiction (other than Excluded Accounts), which accounts shall be required
to be subject to account control agreements (or other similar arrangements) to the extent provided in clause (v)&nbsp;of <U>Section&nbsp;11.01(f)</U>;
provided that notwithstanding anything to the contrary herein or in any other Note Document, the Collateral shall not include any Excluded
Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)&nbsp;At
all times from and after the Issue Date, but subject to the time periods set forth in <U>Section&nbsp;11.01(b)(ii)</U>&nbsp;with respect
to any Jackup Rigs acquired after the Issue Date, all Jackup Rigs owned by the Company and its Subsidiaries (other than any Excluded Vessels)
shall be subject to Vessel Mortgages, and (ii)&nbsp;as of the Issue Date, and as of each date that is sixty dates after the date of delivery
of the Company&rsquo;s most recent annual consolidated balance sheet in accordance with <U>Section&nbsp;4.03</U> during each year after
the Issue Date, subject to <U>Section&nbsp;11.13</U>, Other Vessels having an aggregate value, as reflected on the most recent annual
consolidated balance sheet of the Company, of at least 70% of the aggregate value of all Other Vessels (excluding any Excluded Vessel
described in clause (c)&nbsp;or (i)&nbsp;of the definition thereof) owned by the Company and its Subsidiaries on the Issue Date shall
be subject to Vessel Mortgages.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">[Reserved].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">After
the Issue Date, the Company shall cause each Guarantor to make all filings in each Subject Jurisdiction (including, without limitation,
filings of continuation statements and amendments to Uniform Commercial Code financing statements in the United States (or the applicable
political subdivision, territory or possession thereof) that may be necessary to continue the effectiveness of such Uniform Commercial
Code financing statements), and take all other actions as are reasonably necessary or required by the Collateral Documents to maintain
(at the sole cost and expense of the Company and the Guarantors) the security interest created by the Collateral Documents in the Collateral
as a first-priority perfected Lien; provided that, other than with respect to such filings (i)&nbsp;in the Principal Jurisdictions that
are solely within the control of the Company or any Guarantor, and do not require the approval or countersignature of any other Person,
including the First Lien Collateral Agent (except to the extent that the First Lien Collateral Agent has granted such approval or countersignature)
and (ii)&nbsp;listed on Annex B-1, the Company shall be deemed to satisfy the requirements of this <U>Section&nbsp;11.01(d)</U>&nbsp;if
the Company shall use its commercially reasonable efforts to make such filings and take all other actions as are reasonably necessary
or required by the Collateral Documents to maintain (at the sole cost and expense of the Company and the Guarantors) the security interest
created by the Collateral Documents in the Collateral as a first-priority perfected Lien, in each case within the time periods set forth
in this <U>Section&nbsp;11.01</U> and the Collateral Documents. &ldquo;<I>Principal Jurisdictions</I>&rdquo; means the United States,
the United Kingdom and, if different, the jurisdiction of formation or organization of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">[Reserved].</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything else herein or in any other Note Documents to the contrary, in determining whether any Guarantee shall be given or any Lien or
security interest shall be created or perfected, the obligations of the Company and any Subsidiary shall be subject to the following security
principles in all respects (such principles, the &ldquo;<I>Agreed Security Principles</I>&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Collateral Documents and perfection steps listed on Annex B-1 shall be entered into or completed, as applicable, prior to or on and substantially
contemporaneously with the occurrence of the Issue Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Collateral Documents and perfection steps listed on Annex B-2 shall be entered into or completed, as applicable, within sixty (60) days
of the Issue Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">With
respect to any Collateral existing on the Issue Date and not subject to such initial Collateral Documents and perfection steps listed
on Annex B-1 or Annex B-2, the Company and the Guarantors shall, within sixty (60) days of the Issue Date, use commercially reasonable
efforts to deliver Collateral Documents, and take any required perfection steps, with respect to such Collateral in accordance with this
<U>Article&nbsp;11</U>; provided that if it is reasonably expected that such Collateral may be delivered or any such required perfection
steps may be taken within a longer period of time, continue to use commercially reasonable efforts to do so, until such time as it is
no longer reasonable to expect that such Collateral may be delivered or such perfection steps could be taken using commercially reasonable
efforts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
accordance with the provisions of <U>Section&nbsp;4.13</U> and this <U>Article&nbsp;11</U>, if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
asset of the type which is required to constitute Collateral pursuant to this Indenture or the Collateral Documents is acquired by the
Company or any Guarantor, or any such asset no longer constitutes Excluded Property, and such asset is not automatically subject to a
first-priority perfected Lien in favor of the First Lien Collateral Agent (excluding Vessels, which are covered by clause (2)&nbsp;of
this <U>Section&nbsp;11.01(f)(ii))</U>; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
Subsidiary of the Company that is not already a Guarantor is required to become a Guarantor pursuant to <U>Section&nbsp;4.13</U>,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">then the Company, such Guarantor
or such Subsidiary, as the case may be, shall use its commercially reasonable efforts to, within the applicable time period set forth
in <U>Section&nbsp;11.01(f)(ii)(2)</U>&nbsp;for Vessels, or otherwise, within sixty (60) days of (I)&nbsp;the date of acquisition of any
such Collateral, or (II)&nbsp;the date on which a Subsidiary becomes a Guarantor pursuant to <U>Section&nbsp;4.13</U>, as applicable,
execute and deliver the necessary Collateral Documents in order to grant to the First Lien Collateral Agent a first-priority perfected
Lien in all assets of such Guarantor or such other Subsidiary that are required to, but do not already, constitute Collateral. In each
case described above, each Guarantor shall execute and deliver such other Collateral Documents, deliver any certificates (including in
the case of real property (other than any Excluded Property), title insurance) to the First Lien Collateral Agent in respect of the applicable
Collateral as required by this Indenture and the applicable Collateral Documents and take all other appropriate actions to ensure the
First Lien Collateral Agent, for the benefit of the Holders and holders of other First Lien Obligations, has a first-priority perfected
Lien therein in accordance with this <U>Section&nbsp;11.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, upon delivery of any Vessel under construction to the Company or any Guarantor as owner thereof after the Issue Date (to
the extent such Vessel is not an Excluded Vessel), the acquisition by the Company or any Guarantor of any Vessel after the Issue Date
(to the extent such Vessel is not an Excluded Vessel or already subject to a Vessel Mortgage), the Company shall within thirty (30) days
for Vessels registered in Liberia and within ninety (90) days for all other Vessels of such delivery, acquisition (provided that such
initial thirty (30) day period or ninety (90) day period, as applicable, referred to above with respect to any such Vessel shall be automatically
extended by an additional thirty (30) days at the expiration thereof if the Company is diligently pursuing the applicable steps required
by this clause (3)<U>)</U>, use its commercially reasonable efforts to execute and deliver, or cause such Guarantor to execute and deliver,
and cause to be filed for recording (or make arrangements for recording thereof) in the appropriate vessel or ship registry, a Vessel
Mortgage or, if applicable, an assignment and assumption of an existing Vessel Mortgage as shall be necessary or appropriate to grant
to the First Lien Collateral Agent a Lien over such Vessel owned by the Company or any of its Guarantors, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Anything
to the contrary in this Indenture or any Note Document notwithstanding, neither the Company nor any Guarantor shall (A)&nbsp;Dispose of
(t)&nbsp;any Collateral Vessel, (u)&nbsp;any ARO JV Related Assets, (v)&nbsp;any Equity Interests of any Joint Venture that owns or charters
any Vessel, or any Equity Interests of any Subsidiary of the Company or such Guarantor that owns any such Equity Interests in any such
Joint Venture, (w)&nbsp;any deposit account, securities account or commodity account, (x)&nbsp;any accounts receivable, (y)&nbsp;any Drilling
Contract with respect to a Collateral Vessel or (z)&nbsp;any insurance policy insuring any Collateral Vessel (collectively, &ldquo;<I>Principal
Collateral</I>&rdquo;), in each case on which the First Lien Collateral Agent has a first priority perfected Lien, to any other Subsidiary
of the Company, including in a transaction between the Company or any Guarantor permitted pursuant to <U>Section&nbsp;5.01(b)</U>, or
(B)&nbsp;reflag any Collateral Vessel on which the First Lien Collateral Agent has a first priority perfected Lien, unless&mdash;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(I)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Subsidiary, if it is not already a Guarantor, becomes a Guarantor pursuant to <U>Section&nbsp;4.13</U>, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(II)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">contemporaneously
with any such Disposition of such Principal Collateral or reflagging of a Collateral Vessel, such Subsidiary shall grant to the First
Lien Collateral Agent, a first priority perfected Lien on such Principal Collateral; provided that so long as the Company or any Subsidiary
is using its commercially reasonable efforts to provide the First Lien Collateral Agent with such a first priority perfected Lien, failure
to create or perfect such a first priority perfected Lien shall not constitute a Default or Event of Default if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Company or the relevant Guarantor is using commercially reasonable efforts to create and perfect such first priority perfected Lien as
soon as reasonably practicable,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
first priority perfected Lien is created or perfected within sixty (60) days of such Disposition or reflagging, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(C)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">at
any time, which for these purposes shall include a period of ninety (90) days after the time a relevant Lien is created and perfected,
there shall not be more than three (3)&nbsp;Collateral Vessels and, in addition to any such Collateral Vessels, other Principal Collateral
with an aggregate Fair Market Value, as reasonably determined by the Company, in excess of $100 million as to which a Lien remains uncreated
or unperfected in reliance on this proviso and clause (C)&nbsp;of this <U>Section&nbsp;11.01(f)(ii)(4)(II)</U>, in the aggregate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The provisions of this <U>Section&nbsp;11.01(f)(ii)(4)</U>&nbsp;shall
not apply to any transaction(s)&nbsp;permitted under <U>Section&nbsp;11.13</U> or any Investment made pursuant to clause (18) of the definition
of Permitted Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of <U>Section&nbsp;11.01(f)(ii)(4)</U>&nbsp;shall apply mutatis mutandis to (x)&nbsp;Principal Collateral transferred to a
Successor Company pursuant to clause (6)&nbsp;of <U>Section&nbsp;5.01(a)</U>; (y)&nbsp;Principal Collateral transferred to a Successor
Guarantor pursuant to clause (D)&nbsp;of <U>Section&nbsp;5.01(b)</U>; and (z)&nbsp;any Principal Collateral acquired with Net Proceeds
of an Asset Sale of Principal Collateral in accordance with <U>Section&nbsp;4.10</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything to
the contrary, and for the avoidance of doubt, failure to create or perfect any Lien or security interest in any Collateral in accordance
with this <U>Section&nbsp;11.01(f)(ii)</U>&nbsp;shall not constitute a Default or Event of Default so long as the Company or the applicable
Subsidiary has used its commercially reasonable efforts to create or perfect such Lien or security interest within the time periods required
herein or in the Collateral Documents, if and to the extent that any such time period is permitted herein or therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Note Documents shall not require any party to take steps to create or perfect any Lien in Excluded Property, and the Excluded Property
shall be deemed to be excluded from the coverage of any representations, warranties or covenants in each Collateral Document. All references
to a &ldquo;first-priority perfected Lien&rdquo; in this <U>Section&nbsp;11.01</U> shall be understood to be subject to Permitted Prior
Liens, if any, and the terms of the Intercreditor Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Perfection
through account control agreements or other actions shall not be required for any deposit accounts, securities accounts or commodities
accounts other than:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
accounts (other than Excluded Accounts) established and maintained by the Company or any Guarantor in any Principal Jurisdiction; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
other deposit accounts, securities accounts or commodities accounts (other than Excluded Accounts) established and maintained by the Company
or any Guarantor to the extent that, at any time in the last six months, such account, together with all other accounts established and
maintained at the same branch of the relevant financial institution, has had an average balance over a 5-calendar day period in excess
of $10 million;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">provided that the aggregate
amount maintained in all deposit accounts, securities accounts and commodities accounts established and maintained by the Company or any
of its Restricted Subsidiaries outside of the Principal Jurisdictions that are not subject to account control agreements or other actions
that perfect the Liens of the First Lien Collateral Agent in such accounts, may not exceed $50 million at any time; provided, however,
that an additional $10 million in the aggregate may be held in deposit accounts, securities accounts and commodities accounts established
and maintained by the Company or any of its Restricted Subsidiaries outside of the Principal Jurisdictions that are not subject to account
control agreements or other actions that perfect the Liens of the First Lien Collateral Agent in such accounts to the extent that such
amount is unable to be transferred to accounts established and maintained by the Company or any Guarantor in the Principal Jurisdictions
or otherwise subject to account control agreements or other actions that perfect the Liens of the First Lien Collateral Agent in such
accounts because such transfer would: (1)&nbsp;be prohibited by applicable laws, rules&nbsp;or regulations (but only to the extent of
such prohibition); (2)&nbsp;have a material tax impact (but only to the extent of such impact); or (3)&nbsp;result in a material loss
due to currency conversion requirements that cannot be avoided by the exercise of commercially reasonable efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">None
of the Company or the Guarantors shall be required to take any actions under the U.S. Security Agreement or otherwise with respect to
the creation or perfection of Liens on any Collateral within or subject to the laws of the United States of America, other than actions
relating to or arising in connection with:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
delivery of certificated securities and the delivery of debt instruments (including intercompany promissory notes, but only to the extent
governed by the laws of the United States) with a value in excess of $5 million individually, or $10 million in the aggregate, and the
Global Intercompany Note;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
execution and delivery of, and performance under, a security agreement governed by the laws of the United States and any required short-form
intellectual property documentation with respect to any material intellectual property, if any;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent the Collateral consists of deposit accounts, securities accounts or commodities accounts established and maintained in the
United States, the execution and delivery of, and performance under, account control agreements for each such deposit account, each such
securities account and each such commodities account;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
filing of UCC-1 financing statements and UCC-3 continuation statements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent the Collateral consists of a Collateral Vessel flagged in the United States, the execution, delivery and submission for filing
of a Vessel Mortgage, to the extent required pursuant to clause (ii)&nbsp;of <U>Section&nbsp;11.01(a)</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">to
the extent the Collateral consist of fee owned real property, the execution, delivery and filing of real estate mortgages and fixture
filings;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(7)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
security interest filings in the U.S. Patent and Trademark Office and the U.S. Copyright Office required under the U.S. Security Agreement;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(8)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">other
actions reasonably and mutually agreed between the First Lien Collateral Agent and the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">None
of the Company or the Guarantors shall be required to take any actions with respect to the creation or perfection of Liens on any Collateral
that are within or subject to the laws of any jurisdiction other than:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Subject Jurisdictions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">solely
with respect to any Collateral Vessel, (I)&nbsp;execution of a Vessel Mortgage and registration thereof in the relevant jurisdiction in
which such Collateral Vessel is flagged, to the extent required pursuant to clause (ii)&nbsp;of <U>Section&nbsp;11.01(a)</U>; and (II)&nbsp;(1)&nbsp;the
filing of UCC-1 financing statements and UCC-3 continuation statements with respect to or including the Collateral Vessel, and (2)&nbsp;to
the extent it may be done using commercially reasonable efforts in any other relevant Subject Jurisdiction, the filing of a similar charge
(or the taking of similar action) with respect to or including the Collateral Vessel; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(I)&nbsp;solely
with respect to the ARO JV Related Assets, if at any time the ARO JV Related Assets do not constitute Excluded Collateral, the jurisdiction
of organization of the ARO JV Shareholder, to the extent it is possible to grant a security interest over such ARO JV Related Assets in
such jurisdiction by the use of commercially reasonable efforts, and (II)&nbsp;with respect to the Equity Interests of the ARO JV Shareholder,
to the extent it is possible to grant a security interest over such Equity Interests in such jurisdiction by the use of commercially reasonable
efforts, the jurisdiction(s)&nbsp;of organization of the holder(s)&nbsp;of such Equity Interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(I)&nbsp;solely
with respect to any Other JV Related Assets, if at any time such Other JV Related Assets do not constitute Excluded Collateral, the jurisdiction
of organization of any applicable Restricted Subsidiary that owns such Other JV Related Assets, to the extent it is possible to grant
a security interest over such Other JV Related Assets in such jurisdiction by the use of commercially reasonable efforts; and (II)&nbsp;with
respect to the Equity Interests of any Other JV Related Assets, to the extent it is possible to grant a security interest over such Equity
Interests in such jurisdiction by the use of commercially reasonable efforts, the jurisdiction(s)&nbsp;of organization of the holder(s)&nbsp;of
such Equity Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth in clause
(y)&nbsp;of the foregoing sentence, no Guarantee or Collateral Document shall be required to be delivered under the laws of any jurisdiction
other than the Subject Jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">General
statutory limitations, &ldquo;thin capitalization&rdquo; rules, fraudulent preference, fraudulent conveyance, illegality, criminal liability,
personal liability of any officer or directors (or equivalent) and analogous principles may restrict a Restricted Subsidiary from providing
a Guarantee or granting Liens on its assets or may require that any Guarantee and/or security be limited to a certain amount. To the extent
that any such limitations, rules&nbsp;and/or principles referred to above require that the Guarantee and/or security is limited by an
amount or otherwise in order to make such guarantee or security legal, valid, binding or enforceable or to avoid the relevant Restricted
Subsidiary from breaching any applicable law or otherwise in order to avoid personal or criminal liability of the officers or directors
(or equivalent) of the Company or any Guarantor, the limit shall be no less than the maximum limit required by those limitations, rules&nbsp;or
principles. To the extent the maximum limit can be increased, or any such limitations, rules&nbsp;or principles avoided, by actions or
omissions on the part of the Company or any Guarantor, the Company or such Guarantor, as applicable, shall use commercially reasonable
efforts to take such actions or not to take actions (as appropriate) in order to increase the maximum limit permitted by those limitations,
rules&nbsp;or principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to <U>Section&nbsp;11.01(f)(i)</U>&nbsp;and <U>Section&nbsp;11.01(f)(ii)</U>, from and after the Issue Date, to the extent not otherwise
completed concurrently with the Issue Date, the Company and any applicable Guarantors shall use their commercially reasonable efforts
to register any Liens created under any Collateral Document and take other legal formalities and perfection steps, if required under applicable
law or regulation or where customary or consistent with market practice in the relevant Subject Jurisdiction(s)&nbsp;as soon as reasonably
practicable in line with applicable market practice after such security is granted and, in any event, within the time periods specified
by applicable law or regulation (to the extent that if registration is made after the time period specified by applicable law or regulation,
such Lien will not be perfected or enforceable), in order to ensure due priority, perfection and enforceability of the Liens on the Collateral
required to be created by the relevant Collateral Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
security interest granted in motor vehicles and other assets (other than any Vessels) subject to certificates of title shall be required
to be perfected (other than to the extent such rights can be perfected by filing a UCC-1 financing statement (or the local equivalent
in any Subject Jurisdiction)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to <U>Section&nbsp;11.01(f)(ii)</U>, <U>Section&nbsp;11.01(f)(iii)</U>, <U>Section&nbsp;11.01(f)(vi)&nbsp;</U>and <U>Section&nbsp;11.01(f)(xi)</U>,
the Company and the Guarantors shall pledge, or cause to be pledged, the Equity Interests of each Subsidiary (other than a Subsidiary
that is a Joint Venture) that&mdash;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">is
a Guarantor;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">owns
a Vessel or becomes the owner of a Vessel;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">is
a party to a Drilling Contract;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">is
the owner, directly or indirectly, of an interest in any Joint Venture to which the Company or any Subsidiary is a party;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(5)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">is
the Unrestricted Floater Subsidiary; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(6)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">has
assets, as reflected in the most recent annual consolidated balance sheet of the Company delivered pursuant to <U>Section&nbsp;4.03</U>,
of in excess of $50 million,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">except in each case to the
extent that and for so long as such Equity Interests secure, and are expressly permitted hereunder to secure, other Indebtedness, and
such pledge is prohibited by the terms of such other Indebtedness; provided that the Equity Interests of any Discretionary Guarantor shall
only be required to be pledged if such Equity Interests are owned by the Company or another Guarantor and not otherwise excluded from
the Collateral pursuant to any other provision of the Agreed Security Principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Collateral Document in respect of a pledge of Equity Interests of (x)&nbsp;any Subsidiary incorporated, organized or formed in the United
States will be governed by the laws of the State of New York, and (y)&nbsp;any Subsidiary that is incorporated, organized or formed outside
of the United States may be governed by the laws of such Subsidiary&rsquo;s jurisdiction of formation or organization if such jurisdiction
is a Subject Jurisdiction or if such jurisdiction is not a Subject Jurisdiction, then by the laws of the State of New York. Neither the
Company nor any Guarantor shall be required to provide any security or take any perfection step in respect of any Equity Interests held
in any direct Subsidiary of the Company or any Guarantor incorporated, organized or formed outside a Subject Jurisdiction, unless such
security can be granted under a customary composite &ldquo;all asset&rdquo; security document under the laws of a Subject Jurisdiction;
it being understood and agreed that, absent an Event of Default that is continuing, there shall be no requirement (and the First Lien
Collateral Agent shall not request) that any local law perfection steps or collateral documents with respect to Equity Interests be taken
in any jurisdiction other than a Subject Jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Other
than with respect to (A)&nbsp;a Collateral Vessel, (B)&nbsp;a pledge of accounts as provided in <U>Section&nbsp;11.01(f)(iv)</U>, (C)&nbsp;a
pledge of Equity Interests as provided in <U>Section&nbsp;11.01(f)(x)</U>, (D)&nbsp;a pledge of intellectual property as provided in <U>Section&nbsp;11.01(f)(xiv)</U>,
(E)&nbsp;Drilling Contracts, (F)&nbsp;insurance policies and (G)&nbsp;so long as possible in the applicable Subject Jurisdiction using
commercially reasonable efforts, the Global Intercompany Note, in each case within or governed by the laws of the applicable Subject Jurisdiction,
security interests granted by any entity organized in a Subject Jurisdiction where composite &ldquo;all asset&rdquo; security is customary
shall be limited to a floating charge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Information,
such as lists of assets, if required by applicable law or market practice in any Subject Jurisdiction to be provided in order to create
or perfect any security under any Collateral Document, will be specified in such Collateral Document, and all such information shall be
provided by the Company or the applicable Restricted Subsidiary, as applicable, at intervals no more frequent than annually (unless it
is market practice in any Subject Jurisdiction to provide such information more frequently in order to perfect or protect such security
under such Collateral Document, but in any case not more often than quarterly) or, so long as an Event of Default is continuing, following
the First Lien Collateral Agent&rsquo;s request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xiv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
registration of the Liens on intellectual property constituting Collateral shall be required other than in the United States Patent and
Copyright Office or other relevant federal registry, as applicable, or the equivalent offices or registries in any other Principal Jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor any Guarantor shall be required to give notice of any security interest created over any of its book debts or accounts
receivable to the relevant debtors, unless an Event of Default has occurred and is continuing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xvi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
documentation with respect to the creation or perfection of liens shall be required for spare parts and equipment other than as would
be customarily provided for in a Vessel Mortgage over the applicable Vessel, except to the extent (A)&nbsp;such security can be granted
under a customary composite &ldquo;all asset&rdquo; security document under the laws of a Subject Jurisdiction or (B)&nbsp;the fair market
value of any such asset reasonably capable of becoming Collateral exceeds $30,000,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xvii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
lien searches shall be required other than customary searches in the United States and, upon the request of the First Lien Collateral
Agent, in any other Principal Jurisdictions, it being understood that no such searches, other than in the United States, will be performed
prior to the Issue Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xviii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Even
if these Agreed Security Principles do not require the Company or any Guarantor to create or perfect a security interest over any particular
asset or property, the Company or any such Guarantor may elect in writing to create or perfect such security interest, and in such case
these Agreed Security Principles shall not be read to exclude such asset or property from the Collateral.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.02</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Letters
of Quiet Enjoyment</U></FONT><FONT STYLE="font-size: 10pt">. The First Lien Collateral Agent shall, promptly
upon the written request of the Company (and in any case within 10 Business Days of receipt of any such written request), execute each
Letter of Quiet Enjoyment required by a counterparty to any Drilling Contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.03</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Releases
of Collateral</U></FONT><FONT STYLE="font-size: 10pt">. &#8239;&#8239;&#8239;&#8239;&#8239;The Notes Obligations will no longer be
required to be secured by Liens on Collateral, and subject to the terms of the Intercreditor Agreement and the other Collateral Documents,
the Liens securing the Notes Obligations will be released automatically:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
whole, upon the full and final payment and performance of all Notes Obligations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
part, with respect to any asset constituting Collateral, if such Collateral is sold or otherwise disposed of to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
Person that is not (either before or after giving effect to such transaction) the Company or a Guarantor in a transaction that is not
prohibited by this Indenture, subject to compliance with <U>Section&nbsp;4.10</U> (other than the provisions thereof relating to the future
use of the proceeds of such sale or other disposition), and, in each case, the Company has delivered to the First Lien Collateral Agent
and the Trustee an Officers&rsquo; Certificate certifying to such effect and, if such Collateral has a Fair Market Value that exceeds
$50,000,000, an Opinion of Counsel (with customary assumptions and qualifications for such types of opinion); provided that (A)&nbsp;pending
its application or use in compliance with <U>Section&nbsp;4.10</U>, any cash received from a disposition of Collateral shall be deposited
in a deposit account controlled by the First Lien Collateral Agent and held as Collateral and, from such deposit account, the applicable
Collateral Grantor may withdraw funds to deploy the proceeds of an Asset Sale in compliance with <U>Section&nbsp;4.10</U>, and (B)&nbsp;to
the extent that any Collateral is sold or otherwise disposed of for non-cash consideration in accordance with the terms of <U>Section&nbsp;4.10</U>,
the non-cash consideration received shall be pledged as Collateral under the Collateral Documents in accordance with the requirements
of this Indenture and the Collateral Documents, including <U>Section&nbsp;11.01(f)(ii)(4)</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
Person that is (either before or after giving effect to such transaction) the Company or a Guarantor in a transaction that is not prohibited
by this Indenture, but only with respect to any Lien created under the laws of the jurisdiction of organization of the applicable transferor
(it being acknowledged and agreed that any Lien attaching to such Collateral upon its transfer to the applicable transferee shall not
be released, and any such transaction shall comply with <U>Section&nbsp;11.01(f)(ii)(4)</U>, if applicable);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
whole, upon Legal Defeasance pursuant to <U>Section&nbsp;8.02</U>, Covenant Defeasance pursuant to <U>Section&nbsp;8.03</U> or Discharge
pursuant to <U>Section&nbsp;8.08</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
part, with respect to the assets of any Guarantor that is released from its Guarantee in accordance with <U>Section&nbsp;10.02</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
part, with respect to (I)&nbsp;any Other Vessel (A)&nbsp;if it is not necessary for such Other Vessel to be subject to a Vessel Mortgage
in order for the Company to comply with <U>Section&nbsp;11.01(b)(ii)</U>; (B)&nbsp;if a Floater Restructuring Transaction shall occur
and such Other Vessel has been or will be contributed to the Unrestricted Floater Subsidiary in a transaction permitted by this Indenture;
and (C)&nbsp;if such Other Vessel becomes or will become an Excluded Vessel pursuant to clauses (c)&nbsp;or (i)&nbsp;of the definition
thereof, (II)&nbsp;any Vessel if such Vessel has been or will be contributed to a Joint Venture pursuant to clause (13) of the definition
of Permitted Investments, and (III)&nbsp;as to any Vessel, if such Vessel becomes or will become an Excluded Vessel pursuant to clauses
(e)&nbsp;of the definition thereof; provided that in each case, the Company has delivered to the First Lien Collateral Agent and the Trustee
an Officers&rsquo; Certificate certifying to such effect and, if such Collateral has a Fair Market Value that exceeds $50,000,000, an
Opinion of Counsel (with customary assumptions and qualifications for such types of opinion);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
whole or in part, with the consent of the requisite Holders as provided in <U>Section&nbsp;9.02</U>;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
part, with respect to the Equity Interests in any Restricted Subsidiary that are required to be subject to Liens that secure only Indebtedness
(including Permitted Refinancing Indebtedness) Incurred pursuant to clause (19)(i)&nbsp;of <U>Section&nbsp;4.09(b)</U>&nbsp;pursuant to
the terms of such Indebtedness, provided that such Restricted Subsidiary does not hold any other assets or property that is not Excluded
Property; and provided further that the Company has delivered to the First Lien Collateral Agent and the Trustee an Officers&rsquo; Certificate
certifying to such effect and, if such Collateral has a Fair Market Value that exceeds $50,000,000, an Opinion of Counsel (with customary
assumptions and qualifications for such types of opinion); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">in
whole or in part, as provided in the Intercreditor Agreement or the other Collateral Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will cause Section&nbsp;313(b)&nbsp;of
the Trust Indenture Act, relating to reports, Section&nbsp;314(b)&nbsp;of the Trust Indenture Act, relating to evidence of recording of
Supplemental Indentures, and Section&nbsp;314(d)&nbsp;of the Trust Indenture Act, relating to the release of property or securities or
relating to the substitution therefor of any property or securities to be subjected to the Lien of the Collateral Documents, to be complied
with. Any certificate or opinion required by Section&nbsp;314(d)&nbsp;of the Trust Indenture Act may be made by an Officer except in cases
where Section&nbsp;314(d)&nbsp;of the Trust Indenture Act requires that such certificate or opinion be made by an independent Person,
which Person will be an independent engineer, appraiser or other expert selected or reasonably satisfactory to the Trustee. To the extent
the Company is required to furnish to the Trustee an Opinion of Counsel pursuant to Section&nbsp;314(b)(2)&nbsp;of the Trust Indenture
Act, the Company shall furnish such opinion not more than 60 but not less than 30 days prior to March&nbsp;31 of each calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything to
the contrary in the preceding paragraph, the Company will not be required to comply with all or any portion of Section&nbsp;314(d)&nbsp;of
the Trust Indenture Act if it determines, in good faith based on advice of counsel, that under the terms thereof and/or any interpretation
or guidance as to the meaning thereof of the SEC and its staff, including &ldquo;no action&rdquo; letters or exemptive orders (whether
issued to Company or to any other Person), all or any portion of Section&nbsp;314(d)&nbsp;of the Trust Indenture Act is inapplicable to
the released Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will not be required
to comply with Section&nbsp;314(d)&nbsp;of the Trust Indenture Act with respect to any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">cash
payments (including for the scheduled repayment of Indebtedness) in the ordinary course of business or consistent with past practice&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">sales
or other dispositions of inventory in the ordinary course of business or consistent with past practice&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">collections,
sales or other dispositions of accounts receivable in the ordinary course of business or consistent with past practice&#894; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">sales
or other dispositions in the ordinary course of business or consistent with past practice of any property the use of which is no longer
necessary or desirable in, and is not material to, the conduct of the business of the Company and its Subsidiaries&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">provided, however, the Company&rsquo;s
right to rely on the above will be conditioned upon the Company&rsquo;s delivering to the Trustee, within 30 calendar days following the
end of each year, an Officers&rsquo; Certificate to the effect that all releases during such year in respect of which the Company did
not comply with Section&nbsp;314(d)&nbsp;of the Trust Indenture Act in reliance on the above were made in the ordinary course of business
or consistent with past practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will otherwise
comply with the provisions of Section&nbsp;314 of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.04</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Release
Documentation</U>. Upon compliance with the conditions to the release of all or any portion of the Collateral set forth in Section&nbsp;11.03,
the First Lien Collateral Agent shall forthwith take all action reasonably requested by the Company (at the expense of the Company, and
accompanied by an Officers&rsquo; Certificate and, if required pursuant to Section&nbsp;11.03, an Opinion of Counsel, that the conditions
precedent to such release have been satisfied) to release and re-convey to the applicable Collateral Grantor the applicable portion of
the Collateral, without recourse or warranty of any kind or nature, that is authorized to be released pursuant to Section&nbsp;11.03,
and shall deliver such Collateral in its possession to the applicable Collateral Grantor, including, without limitation, executing and
delivering releases and satisfactions wherever required. Notwithstanding anything herein to the contrary, in the event of any transfer,
sale or other disposition of all or any part of the assets of a Collateral Grantor constituting Collateral to the Company or any other
Collateral Grantor (including by way of merger, consolidation or amalgamation) or a reflagging of a Collateral Vessel in a transaction
permitted by the terms of this Indenture, the First Lien Collateral Agent shall forthwith take all action reasonably requested by the
Company (at the expense of the Company, and accompanied by an Officers&rsquo; Certificate and, if such Collateral has a Fair Market Value
that exceeds $50,000,000, an Opinion of Counsel that the conditions precedent to such release have been satisfied) to release such Collateral,
but only if and to the extent necessary to consummate such transfer, sale or disposition; provided that, if required pursuant to the
Agreed Security Principles, arrangements have been made for the contemporaneous pledge of such Collateral by the successor in accordance
with the terms of the Collateral Documents and this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.05</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>[Reserved].</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.06</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>First
Lien Collateral Agent</U>. Subject to Section&nbsp;12.10:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee and each of the
Holders by acceptance of the Notes hereby designate and appoint the First Lien Collateral Agent as the Trustee&rsquo;s and the Holders&rsquo;
collateral agent, and as applicable, security trustee, under the Collateral Documents, and the Trustee and each of the Holders by acceptance
of the Notes hereby irrevocably authorize the First Lien Collateral Agent, in such capacity and, as applicable, as security trustee, to
execute and deliver the Collateral Documents and to take such action on their behalf under the provisions of the Collateral Documents
and to exercise such powers and perform such duties as are expressly delegated to the First Lien Collateral Agent by the terms of this
Indenture and the Collateral Documents, together with such powers as are reasonably incidental thereto. The First Lien Collateral Agent
hereby accepts such designation and appointment and agrees to act as the First Lien Collateral Agent, and as applicable, security trustee,
on the conditions contained in this <U>Section&nbsp;11.06</U>. Each Holder agrees that any action taken by the First Lien Collateral Agent
in accordance with the provisions of this Indenture and the Collateral Documents, and the exercise by the First Lien Collateral Agent
of any rights or remedies set forth herein and therein, shall be authorized and binding upon all Holders. The First Lien Collateral Agent
may resign and be removed and its successor appointed in accordance with the provisions of <U>Section&nbsp;7.08</U> governing the resignation
and removal of the Trustee and the appointment of a successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee is authorized
and directed by the Holders, and the Holders by acquiring the Notes are deemed to have authorized the Trustee, as applicable, to (i)&nbsp;enter
into the Intercreditor Agreement and the Collateral Agency Agreement, (ii)&nbsp;bind the Holders on the terms as set forth in the Intercreditor
Agreement and the Collateral Agency Agreement, (iii)&nbsp;perform and observe its obligations and exercise its rights and powers under
the Intercreditor Agreement and the Collateral Agency Agreement, including entering into amendments permitted by the terms of this Indenture,
the Intercreditor Agreement and the other Collateral Documents and (iv)&nbsp;cause the First Lien Collateral Agent to enter into and perform
its obligations under the Collateral Documents. The First Lien Collateral Agent is authorized and directed by the Trustee and the Holders,
and the Holders by acquiring the Notes are deemed to have authorized the First Lien Collateral Agent, to (i)&nbsp;enter into the Collateral
Documents to which it is a party, (ii)&nbsp;bind the Trustee and the Holders on the terms as set forth in such Collateral Documents and
(iii)&nbsp;perform and observe its obligations and exercise its rights and powers under such Collateral Documents, including entering
into amendments permitted by the terms of this Indenture or the Collateral Documents. Each Holder, by its acceptance of a Note, is deemed
to have consented and agreed to the terms of the Intercreditor Agreement and each other Collateral Document, as originally in effect and
as amended, restated, replaced, supplemented or modified from time to time in accordance with its terms or the terms of this Indenture.
Each of the Trustee and the Holders by acquiring the Notes is hereby deemed to (i)&nbsp;agree that it will be bound by and will take no
actions contrary to the provisions of the Intercreditor Agreement and (ii)&nbsp;acknowledge that it has received a copy of the Intercreditor
Agreement and that the exercise of certain of the Trustee&rsquo;s rights and remedies hereunder may be subject to, and restricted by,
the provisions of the Intercreditor Agreement. Each of the Holders by acquiring the Notes is hereby deemed to direct the Trustee to appoint,
and by the First Lien Collateral Agent&rsquo;s acceptance of each Mortgage is deemed to appoint on behalf of each of the Holders with
respect to each such Mortgage, the First Lien Collateral Agent as its mortgagee trustee to (i)&nbsp;receive, hold, administer and enforce
the Mortgages covering the Vessels, and (ii)&nbsp;act on its behalf with regard to (a)&nbsp;the security, powers, rights, titles, benefits
and interests (both present and future) constituted by and conferred thereon under, or pursuant to each such Mortgage (including, without
limitation, the benefit of all covenants, undertakings, representations, warranties and obligations given, made or undertaken by the Company
or the relevant Restricted Subsidiaries in each such Mortgage), (b)&nbsp;all monies, property and other assets paid or transferred thereto
or vested therein or in any agent thereof or received or recovered thereby or by any agent thereof pursuant to, or in connection with,
each such Mortgage, whether from the Company, a Restricted Subsidiaries or any other person, and (c)&nbsp;all monies, investments, property
or other assets at any time representing or deriving from any of the foregoing, including all interest, income and other sums at any time
received or receivable thereby or by any agent thereof in respect of the same (or any part thereof). Notwithstanding anything to the contrary,
the First Lien Collateral Agent may, at the sole expense of the Company, request the direction of the Holders of at least a majority in
aggregate principal amount of the outstanding Notes with respect to any action or matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The First Lien Collateral
Agent shall have no obligation whatsoever to the Trustee or any of the Holders to assure that the Collateral exists or is owned by the
Company or any of the Collateral Grantors or is cared for, protected or insured or has been encumbered, or that the First Lien Collateral
Agent&rsquo;s Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled
to any particular priority, or to determine whether all of the Collateral Grantors&rsquo; property constituting Collateral intended to
be subject to the Lien and security interest of the Collateral Documents has been properly and completely listed or delivered, as the
case may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto. The First Lien Collateral Agent shall
have no obligation to exercise in any particular manner or under any duty of disclosure or fidelity, any of the rights, authorities and
powers granted or available to the First Lien Collateral Agent pursuant to this Indenture or any Collateral Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The grant of permissive rights
or powers to the First Lien Collateral Agent shall not be construed to impose duties to act. For the avoidance of doubt, nothing herein
shall require the First Lien Collateral Agent or Trustee to file financing statements or continuation statements or file or record any
document or instrument, or be responsible for perfecting or maintaining the security interests purported to be created by the Collateral
Documents and such responsibility shall be solely that of the Company, nor shall the First Lien Collateral Agent or the Trustee be responsible
for, and neither the First Lien Collateral Agent nor the Trustee makes any representation regarding, the validity, effectiveness or priority
of any of the Collateral Documents or the security interests or Liens intended to be created thereby. Notwithstanding anything to the
contrary set forth in any Collateral Document, the First Lien Collateral Agent shall not be required to take any enforcement action outside
of the United States; provided that the First Lien Collateral Agent will cooperate with the Holders and the Company in the appointment
of a sub agent with respect to enforcement actions outside of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything else
to the contrary herein, the First Lien Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whether or not expressly stated
therein, in acting under any Collateral Document, the First Lien Collateral Agent shall be entitled to all of the rights, privileges,
immunities and indemnities granted to it under this Indenture, as if such rights, privileges, immunities or indemnities were set forth
in such Collateral Document. The First Lien Collateral Agent shall be entitled to all of the rights, privileges, immunities and indemnities
granted to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the Trustee nor the
First Lien Collateral Agent shall be liable or responsible for the failure of the Company or any Guarantors to maintain insurance on the
Collateral, nor shall either of them be responsible for any loss due to the insufficiency of such insurance or by reason of the failure
of any insurer to pay the full amount of any loss against which it may have insured to the Company, the Guarantors, the Trustee, the First
Lien Collateral Agent or any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the receipt by the First
Lien Collateral Agent of a written request of the Company in the form of an Officers&rsquo; Certificate, the First Lien Collateral Agent
is hereby authorized to execute and enter into, and shall execute and enter into, without the further consent of any Holder or the Trustee,
any Collateral Document to be executed after the Issue Date that is permitted or authorized by the terms of this Indenture. Such Officers&rsquo;
Certificate shall (i)&nbsp;state that it is being delivered to the First Lien Collateral Agent pursuant to this <U>Section&nbsp;11.06</U>
and (ii)&nbsp;instruct the First Lien Collateral Agent to execute and enter into such Collateral Document. Any such execution of a Collateral
Document shall be at the direction and expense of the Company, upon delivery to the First Lien Collateral Agent of an Officers&rsquo;
Certificate and Opinion of Counsel stating that all conditions precedent to the execution and delivery of the Collateral Document have
been satisfied</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.07</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Purchaser
Protected</U>. No purchaser or grantee of any property or rights purporting to be released from the Liens in favor of the First Lien
Collateral Agent shall be bound to ascertain the authority of the First Lien Collateral Agent or Trustee to execute the release or to
inquire as to the existence of any conditions herein prescribed for the exercise of such authority so long as the conditions set forth
in Section&nbsp;11.03 have been satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.08</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>[Reserved].</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.09</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Authorization
of Receipt of Funds by the Trustee Under the Collateral Documents</U>. The Trustee is authorized to receive any funds for the benefit
of Holders distributed under the Collateral Documents and to apply such funds as provided in Section&nbsp;6.10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.10</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Powers
Exercisable by Receiver or Trustee</U>. In case any Collateral shall be in the possession of a receiver or trustee, lawfully appointed,
the powers conferred in this Article&nbsp;11 upon the Company or any Collateral Grantor, as applicable, with respect to the release,
sale or other disposition of such property may be exercised by such receiver or trustee, and an instrument signed by such receiver or
trustee shall be deemed the equivalent of any similar instrument of the Company or any Collateral Grantor, as applicable, or of any officer
or officers thereof required by the provisions of this Article&nbsp;11.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.11</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Compensation
and Indemnification</U>. The First Lien Collateral Agent shall be entitled to the compensation and indemnification set forth in Section&nbsp;7.07
(with the references to the Trustee therein being deemed to refer to the First Lien Collateral Agent).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.12</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Negative
Pledge</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If (and only if) the Company
or any Restricted Subsidiary has Incurred Junior Debt permitted under <U>Section&nbsp;4.09(b)(3)(b)</U>&nbsp;or any Indebtedness that
is unsecured and permitted under <U>Sections 4.09(a)</U>, <U>(b)(3)(b)</U>, <U>(b)(4)</U>, <U>(b)(12)</U> or <U>(b)(17)</U>, any portion
of which Indebtedness or of any Permitted Refinancing Indebtedness in respect thereof remains outstanding, each of the Company and the
Restricted Subsidiaries shall comply with this <U>Section&nbsp;11.12.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this <U>Section&nbsp;11.12</U>,
 &ldquo;<I>Excluded Assets</I>&rdquo; shall mean each of the following assets, but only for so long as the First Lien Collateral Agent
does not have a perfected first priority Lien (subject to Permitted Prior Liens) on such assets:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x)&nbsp;the ARO JV Related
Assets described in clauses (i), (ii)&nbsp;and (iii)&nbsp;of the definition thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y)&nbsp;any Other JV Related
Assets (but only if such Other JV Related Assets are in respect of Joint Ventures that are engaged in owning or chartering a Vessel) described
in clauses (i), (ii)&nbsp;or (iii)&nbsp;of the definition thereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z)&nbsp;any Excluded Vessel
referred to in clauses (a), (b), (c), (d), (e)&nbsp;or (i)&nbsp;of the definition thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provisions of this Indenture or the Collateral Documents, each Subsidiary that is either (I)&nbsp;the direct owner of any Excluded Asset,
(II)&nbsp;the first Guarantor in the chain of ownership of the Subsidiaries that directly or indirectly own such Excluded Asset (the &ldquo;<I>First
Guarantor</I>&rdquo;), but solely if the First Lien Collateral Agent does not have a perfected first priority Lien on the assets of such
First Guarantor or (III)&nbsp;a Subsidiary of the First Guarantor, but solely if the First Lien Collateral Agent does not have a perfected
first priority Lien on the assets of such Subsidiary, shall not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">grant,
create or permit to exist any Lien on in its assets, other than (x)&nbsp;Liens permitted pursuant to clauses (1), (3), (4), (5), (6),
(7), (8), (9), (11; but not as applied to clause (10)), (12), (13), (16), (17), (18), (20), (21), (22), (23) and (27) of the definition
of Permitted Liens, and (y)&nbsp;in the case of any such Subsidiary that owns an Excluded Vessel, Liens permitted pursuant to clauses
(19), (25) and (28) of the definition of Permitted Liens; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Incur
any Indebtedness (other than intercompany Indebtedness or First Lien Debt), including any guarantee of any Indebtedness, except (x)&nbsp;Indebtedness
permitted pursuant to clauses (1), (2), (4; but not as applied, directly or indirectly, to clause (4.09(a)), (5), (8), (9), (10), (11),
(13), (14), (15), (16), (18) and (21) of <U>Section&nbsp;4.09(b)</U>, and (y)&nbsp;in the case of any such Subsidiary that owns an Excluded
Vessel,&nbsp;Indebtedness permitted pursuant to clauses (13)(ii), (19) and (20) of <U>Section&nbsp;4.09(b)</U>; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">engage
in any business or activity other than (x)&nbsp;as related to its direct or indirect ownership or operation of an Excluded Asset or an
Excluded Asset Non-Guarantor Subsidiary, and all activities incidental thereto, and (y)&nbsp;any business or activity conducted by such
Subsidiary prior to or as of the Issue Date, including ownership of any Collateral owned by such Subsidiary prior to or as of the Issue
Date and all activities incidental thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;11.13</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Floater
Restructuring Transaction.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Anything
in this Indenture or the Collateral Documents to the contrary notwithstanding, the Company and any of the Restricted Subsidiaries shall
be permitted to transfer and contribute to a wholly-owned Unrestricted Subsidiary (together with any successor thereto by reason of a
merger, amalgamation, sale of substantially all assets or other business combination transaction, the &ldquo;<I>Unrestricted Floater Subsidiary</I>&rdquo;),
in a single transaction or a series of transactions, all or substantially all of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Other Vessels owned by the Company and the Restricted Subsidiaries; and/or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Equity Interests in one or more Subsidiaries that owns and/or operates such Other Vessels;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">on the terms and conditions set forth
in this <U>Section&nbsp;11.13</U> (such transfer, the &ldquo;<I>Floater Restructuring Transaction</I>&rdquo;); provided, however, that
(A)&nbsp;no Default or Event of Default has occurred and is continuing under this Indenture or would result from the Floater Restructuring
Transaction, and (B)&nbsp;immediately after giving pro forma effect to the Floater Restructuring Transaction, the Adjusted Interest Coverage
Ratio for the Company and its Restricted Subsidiaries would be equal to or greater than 2.0 to 1.0. For these purposes, &ldquo;substantially
all&rdquo; shall mean Other Vessels or Equity Interests in Subsidiaries owning Other Vessels having an aggregate value equal to at least
51% of the aggregate value of all Other Vessels at the time owned by the Company and the Restricted Subsidiaries, as reflected on the
most recent consolidated balance sheet of the Company determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall provide notice to the Trustee of the Floater Restructuring Transaction at least thirty (30) days prior to the date on which
the Floater Restructuring Transaction is consummated, which notice shall include (i)&nbsp;the name and jurisdiction of formation of the
Unrestricted Floater Subsidiary; (ii)&nbsp;the anticipated date of consummation of the Floater Restructuring Transaction; (iii)&nbsp;the
identity of all Other Vessels and/or Equity Interests included in the Floater Restructuring Transaction and the value thereof as reflected
on the most recent consolidated balance sheet of the Company determined in accordance with GAAP; (iv)&nbsp;the kind and amount of all
other assets to be transferred and contributed to the Unrestricted Floater Subsidiary as permitted by this <U>Section&nbsp;11.13</U>;
and (v)&nbsp;the Company&rsquo;s calculations of its Adjusted Interest Coverage Ratio after giving pro rata effect to the Floater Restructuring
Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Concurrently
with or at any time after the Floater Restructuring Transaction, in addition to the Other Vessels and Equity Interests in Subsidiaries
owning and/or operating Other Vessels transferred or contributed in accordance with <U>Section&nbsp;11.13(a)</U>, the Company and any
Restricted Subsidiary shall be permitted to transfer and contribute to the Unrestricted Floater Subsidiary or any Subsidiary thereof:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Up
to $150 million in cash or Cash Equivalents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
equipment and spare parts that are used exclusively in the operation, maintenance or repair of the contributed Other Vessels (including,
for the avoidance of doubt, any Other Vessels owned by any Subsidiary whose Equity Interests were contributed to the Unrestricted Floater
Subsidiary in accordance with <U>Section&nbsp;11.13(a)(ii)</U>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
Drilling Contracts associated with the contributed Other Vessels (including, for the avoidance of doubt, any Other Vessels owned by any
Subsidiary whose Equity Interests were contributed to the Unrestricted Floater Subsidiary in accordance with <U>Section&nbsp;11.13(a)(ii)</U>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
other assets incidental to the operation of the contributed Other Vessels (but no other material assets or property) (collectively, the
assets described in <U>clauses (c)(i)</U>&nbsp;through <U>(iii)</U>&nbsp;are referred to herein as the &ldquo;<I>Floater Related Assets</I>&rdquo;);
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Equity Interests in one or more Subsidiaries that owns the Floater Related Assets, and any ordinary course accounts payable and accounts
receivable owned by any Subsidiary whose Equity Interests were contributed to the Unrestricted Floater Subsidiary in accordance with <U>Section&nbsp;11.13(a)(ii)</U>&nbsp;or
this <U>clause (v)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and/or its Restricted Subsidiaries shall be permitted from time to time to enter into one or more unsecured revolving credit facilities
(collectively, an &ldquo;<I>Unrestricted Floater Subsidiary Credit Facility</I>&rdquo;) with the Unrestricted Floater Subsidiary, providing
for borrowing capacity not to exceed $350 million in principal amount in the aggregate for all such facilities (and additional amounts
necessary to pay interest on such facilities), having the terms set forth on Annex E-1 to this Indenture, and otherwise having customary
terms for facilities of this type.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Unrestricted Floater Subsidiary shall be permitted to utilize the intellectual property of the Company and/or its Restricted Subsidiaries
in the ordinary course and consistent with past practice, subject to the Unrestricted Floater Subsidiary&rsquo;s entering into an agreement
with the Company and/or its Restricted Subsidiaries for a non-exclusive royalty free license to use such intellectual property, having
the terms set forth on Annex E-2 to this Indenture, and otherwise having customary terms for an agreement of this type.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
assets of the Company or its Restricted Subsidiaries constituting Collateral that are transferred and contributed to the Unrestricted
Floater Subsidiary shall, upon such contribution and transfer in accordance with this <U>Section&nbsp;11.13</U>, cease to constitute Collateral,
and shall be released from the lien and security interest of this Indenture, as provided in <U>Article&nbsp;11</U>; provided that all
of the equity interests of the Company or any of its Restricted Subsidiaries in the Unrestricted Floater Subsidiary shall at all times
constitute Collateral, subject to the provisions on maintenance, perfection and release of Collateral generally under <U>Article&nbsp;11</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Other
than as provided in this <U>Section&nbsp;11.13</U>, all contracts, agreements and arrangements between the Company and any Restricted
Subsidiary, on the one hand, and the Unrestricted Floater Subsidiary, on the other, including any contract, agreement or arrangement whereby
the Company or any Restricted Subsidiary provides any goods or services to the Unrestricted Floater Subsidiary, or furnishes any performance
or similar guarantee on behalf of the Unrestricted Floater Subsidiary to a third party not otherwise prohibited by the terms of this Indenture,
shall be at arms&rsquo; length and on terms no less favorable to the Company or any relevant Restricted Subsidiary as would have been
negotiated with an unaffiliated third party. Any such contract, agreement or arrangement shall be subject to the provisions of <U>Section&nbsp;4.11</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">For
the avoidance of doubt, and notwithstanding anything to the contrary in this Indenture, except as expressly permitted by this <U>Section&nbsp;11.13</U>,
no contribution, transfer, sale, assignment or other disposition of assets of the Company or any Restricted Subsidiary to the Unrestricted
Floater Subsidiary shall be deemed a Permitted Investment or a Restricted Payment that is permitted in accordance with <U>Section&nbsp;4.07</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #010000">Article&nbsp;12</FONT><U><BR>
MISCELLANEOUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.01</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices and other communications
by the Company, any Guarantor or the Trustee to the other parties hereto shall be duly given if in writing in the English language and
delivered in person or mailed by first class mail (registered or certified, return receipt requested), facsimile or e-mail transmission
or overnight air courier guaranteeing next day delivery, to their respective addresses set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If to the Company or any Guarantor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">2 Church Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Hamilton HM 11, Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attention: Michael McGuinty, Senior Vice
President and General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Email: Michael.McGuinty@valaris.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">with a copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Kirkland&nbsp;&amp; Ellis LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">609 Main Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Houston, TX US 77002</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attention: Julian J. Seiguer, P.C. and
Michael W. Rigdon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Email: Julian.seiguer@kirkland.com and
Michael.rigdon@kirkland.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If to the Trustee or First
Lien Collateral Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Wilmington Savings Fund Society, FSB<BR>
500 Delaware Avenue<BR>
Wilmington, Delaware 19801<BR>
Attention: Geoffrey J. Lewis<BR>
Facsimile: (302) 421-9137<BR>
Email: glewis@wsfsbank.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices and communications
(other than those sent to Holders) shall be deemed to have been duly given (a)&nbsp;at the time delivered by hand, if personally delivered,
(b)&nbsp;five Business Days after being deposited in the mail, postage prepaid, if mailed, (c)&nbsp;when receipt is acknowledged, if transmitted
by facsimile or e-mail, and (d)&nbsp;the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery, in each case to the address shown above or to such other address or addresses as the Company, any Guarantor or the
Trustee, by written notice to the other parties hereto, may designate from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notice or communication
to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the Register kept by the Registrar. All notices and communications to a Holder shall be deemed
to have been duly given (a)&nbsp;five Business Days after being deposited in the mail, postage prepaid, if mailed, and (b)&nbsp;the next
Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery, in each case to the
address of the Holder shown on the Register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect
in it shall not affect its sufficiency with respect to other Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If either the Company or any
Guarantor mails a notice or communication to any Holder, it shall mail a copy to the Trustee and each Agent at the same time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of notice by any Holder shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
to the contrary contained herein, as long as the Notes are in the form of a Global Note, notice to the Holders thereof may be made electronically
in accordance with the applicable procedures of the Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.02</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Communications
by Holders with Other Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders may communicate pursuant
to Section&nbsp;312(b)&nbsp;of the Trust Indenture Act with other Holders with respect to their rights under this Indenture or the Notes.
The Company, the Trustee, the Registrar and anyone else shall have the protection of Section&nbsp;312(c)&nbsp;of the Trust Indenture
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon any request or application
by the Company to the Trustee or any Agent to take any action or refrain from taking any action under this Indenture, the Trustee or
such Agent shall be entitled to receive from the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.03</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Certificate
and Opinion as to Conditions Precedent</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon any request or application
by the Company to the Trustee or any Agent to take any action or refrain from taking any action under this Indenture, the Trustee or
such Agent shall be entitled to receive from the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
Officers&rsquo; Certificate (which shall include the statements set forth in <U>Section&nbsp;12.04</U>) stating that, in the opinion
of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been
satisfied; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">an
Opinion of Counsel (which shall include the statements set forth in <U>Section&nbsp;12.04</U>) stating that, in the opinion of such counsel,
all such conditions precedent and covenants have been satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.04</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Statements
Required in Certificate or Opinion</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to
Section&nbsp;314(a)(4)&nbsp;of the Trust Indenture Act) shall comply with the provisions of Section&nbsp;314(e)&nbsp;of the Trust Indenture
Act and shall include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
statement that the person making such certificate or opinion has read such condition or covenant;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or
her to express an informed opinion as to whether or not such condition or covenant has been satisfied; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.05</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Rules&nbsp;by
Trustee and Agents</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee may make reasonable
rules&nbsp;for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules&nbsp;and set reasonable
requirements for its functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.06</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>No
Personal Liability of Directors, Officers, Employees and Stockholders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No present, past or future
director, officer, employee, incorporator or stockholder of the Company, the Company or any Guarantor, as such, will have any liability
for any obligations of the Company, the Company or any Guarantor under this Indenture, the Notes, the Guarantees or the Collateral Documents
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder, by accepting a Note, waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.07</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Governing
Law</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS INDENTURE, THE NOTES
AND THE GUARANTEES WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.08</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Jurisdiction</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and Guarantors
agree that any suit, action or proceeding against the Company or any Guarantors brought by any Holder or the Trustee arising out of or
based upon this Indenture, the Notes or the Guarantees may be instituted in any state or Federal court in the Borough of Manhattan, New
York, New York, and any appellate court thereof, and each of them irrevocably submits to the non-exclusive jurisdiction of such courts
in any suit, action or proceeding. The Company and any Guarantors irrevocably waive, to the fullest extent permitted by law, any objection
to any suit, action, or proceeding that may be brought in connection with this Indenture, the Notes or the Guarantees, if any, including
such actions, suits or proceedings relating to the securities laws of the United States of America or any state thereof, in such courts
whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in
an inconvenient forum. The Company and any Guarantors agree that final judgment in any such suit, action or proceeding brought in such
court shall be conclusive and binding upon the Company or such Guarantors, as the case may be, in the manner provided by this Indenture
or by any other legal means. Each of the Company and each Guarantor has appointed CSC Corporation (the &ldquo;<I>Authorized Agent</I>&rdquo;)
as agent for service of process in any suit, action or proceeding arising out of or based upon this Indenture, the Notes and any Guarantees
which may be instituted in any U.S. federal or New York state court located in the City of New York, New York, by any Holder or the Trustee,
and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. Each of the
Company and each Guarantor hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act
as said agent for service of process, and the Company and the Guarantors agree to take any and all action, including the filing of any
and all documents that may be necessary to continue such respective appointment in full force and effect as aforesaid. Service of process
upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company and such Guarantors. Notwithstanding
the foregoing, any action involving the Company or such Guarantor arising out of or based upon this Indenture, the Notes or any Guarantees
may be instituted by any Holder or the Trustee in any court of competent jurisdiction in New York, New York. Each of the Company and
any Guarantor agrees to take any and all action as may be necessary to maintain the designation and appointment of an agent in full force
and effect until the Notes are paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.09</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>WAIVER
OF JURY TRIAL</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EACH OF THE COMPANY, THE
GUARANTORS, THE FIRST LIEN COLLATERAL AGENT AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES
OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.10</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Intercreditor
Agreement and Collateral Agency Agreement Control.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent the terms of
this Indenture directly conflict with a provision in either the Intercreditor Agreement or the Collateral Agency Agreement, the terms
of the Intercreditor Agreement or the Collateral Agency Agreement, as applicable, shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.11</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>No
Adverse Interpretation of Other Agreements</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Indenture may not be
used to interpret any other indenture, loan or debt agreement of the Company, the Company or their respective Subsidiaries or of any
other Person. Except as provided in <U>Section&nbsp;12.10</U>, any such indenture, loan or debt agreement may not be used to interpret
this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.12</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Successors</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All agreements of the Company
and the Guarantors in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee and the First
Lien Collateral Agent in this Indenture shall bind their respective successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.13</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Severability</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In case any provision in
this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.14</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Table
of Contents, Headings,&nbsp;etc.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Table of Contents and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.15</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The parties hereto may sign
any number of copies of this Indenture. This Indenture may be signed in counterparts and by the different parties hereto in separate
counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. The
exchange of copies of this Indenture and of signature pages&nbsp;by facsimile or portable document format (.pdf) transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all
purposes. Signature of the parties hereto transmitted by facsimile or .pdf shall be deemed to be their original signatures for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.16</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Language
of Notices, Etc.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any request, demand, authorization,
direction, notice, consent, waiver or Act required or permitted under this Indenture shall be in writing and in the English language,
except that any published notice may be in an official language of the country of publication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.17</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>U.S.A.
PATRIOT Act</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The parties hereto acknowledge
that in order to help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal
regulations that became effective on October&nbsp;1, 2003 (Section&nbsp;326 of the USA PATRIOT Act), all financial institutions are required
to obtain, verify, record and update information that identifies each person establishing a relationship or opening an account. The parties
to this Indenture agree that they will provide to the Trustee and First Lien Collateral Agent such information as it may request, from
time to time, in order for the Trustee and First Lien Collateral Agent to satisfy the requirements of the USA PATRIOT Act, including
but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or
entity who is establishing the relationship or opening the account and may also ask for formation documents such as articles of incorporation
or other identifying documents to be provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.18</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Force
Majeure</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the Trustee nor any
Agent shall incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of
any occurrence beyond the control of the Trustee or such Agent that prevents the Trustee or such Agent from performing such act or fulfilling
such duty, obligation or responsibility hereunder (including but not limited to any act or provision of any present or future law or
regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism,
or the unavailability of the Federal Reserve Bank wire, facsimile or other wire or communication facility).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Section&nbsp;12.19</FONT><FONT STYLE="text-transform: uppercase">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Foreign
Sanction Regulations</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company agrees to comply
in all material respects with applicable economic, financial or trade sanctions regulations, including but not limited to, those administered
by the Office of Foreign Assets Control of the U.S. Treasury Department, it being understood that this covenant is for the benefit of
the Trustee only, no Holder or other Person shall have rights under this covenant as a third party beneficiary, and any breach of this
covenant shall not be the basis for a Default or Event of Default under <U>Section&nbsp;6.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signatures on following pages</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the parties have caused this
Indenture to be duly executed and delivered as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VALARIS LIMITED, as the Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Garth Lorimer Turner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Garth Lorimer Turner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">WILMINGTON SAVINGS FUND SOCIETY, FSB,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">as Trustee and Collateral Agent,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Geoffrey J. Lewis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>Geoffrey J. Lewis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Vice President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GUARANTORS:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ATLANTIC MARITIME SERVICES LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ROWANDRILL, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ROWAN MARINE SERVICES, LLC, each as a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO DRILLING MEXICO LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO HOLDING COMPANY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO INTERNATIONAL INCORPORATED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO OFFSHORE INTERNATIONAL LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO OFFSHORE LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO UNITED INCORPORATED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">INTERNATIONAL TECHNICAL SERVICES</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LLC, each as a Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President - Treasurer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO DEEPWATER USA II LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO OCEANICS COMPANY LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO ASIA COMPANY LLC, each as a Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OFFSHORE DRILLING SERVICES LLC, as a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ROWAN SERVICES LLC, as a Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and Secretary</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO INCORPORATED, as a Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 37%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President - Treasurer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ATWOOD OCEANICS, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ATWOOD OCEANICS MANAGEMENT LLC,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">each as a Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ATWOOD DEEP SEAS,&nbsp;LTD., as a Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2">Atwood Hunter LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its:</FONT></TD>
    <TD COLSPAN="2">General Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENSCO CORPORATE RESOURCES LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PRIDE INTERNATIONAL LLC, each as a Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ David A. Armour</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David A. Armour</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ROWAN COMPANIES, LLC, as a Grantor</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Jonathan P. Cross</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan P. Cross</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 10 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center"></TD><TD COLSPAN="2" STYLE="text-align: left">PRIDE INTERNATIONAL MANAGEMENT<BR> COMPANY LP, as a Grantor</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center; width: 50%">&nbsp;</TD><TD STYLE="text-align: center; width: 10%">&nbsp;</TD><TD STYLE="text-align: justify; width: 40%">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ensco
International Management GP LLC</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Its:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">General
Partner</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:</FONT> </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Christian Ochoa</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: justify">Name:<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Christian Ochoa</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: justify">Title: <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Secretary</FONT></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">ENSCO INVESTMENTS LLC, as a Grantor</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Peter Wilson</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter Wilson</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify">Location:Banchory, Aberdeenshire, Scotland, UK</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">ENSCO MARITIME LIMITED as a Guarantor</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:</FONT> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Kevin Klein</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">ENSCO DO BRAZIL PETR&Oacute;LEO E G&Aacute;S LTDA.<BR>
ENSCO OFFSHORE PETR&Oacute;LEO E G&Aacute;S LTDA.</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Vinicius Lemes</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font-size: 10pt">Vinicius Lemes</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managing Financial Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PRIDE GLOBAL II LTD.</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Kevin Klein&#9;</TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name: &nbsp;&nbsp;&nbsp;Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO MANAGEMENT CORP.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Abhay M. Shetty&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Abhay M. Shetty</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO GLOBAL IV LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO INTERNATIONAL LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Jonathan P. Cross</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Jonathan P. Cross</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ALPHA ACHIEVER COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ALPHA ADMIRAL COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ALPHA ARCHER COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ALPHA AURORA COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ALPHA ORCA COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO DRILLING I LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Jonathan P. Cross&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Jonathan P. Cross</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO OCEAN 2 COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO OFFSHORE INTERNATIONAL COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO OVERSEAS LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO TRANSNATIONAL I LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO ENDEAVORS LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO DEVELOPMENT LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO OCEANICS INTERNATIONAL COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Abhay M. Shetty&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Abhay M. Shetty</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO GLOBAL II LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">RDC ARABIA DRILLING,&nbsp;INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ATWOOD OFFSHORE WORLDWIDE LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Abhay M. Shetty&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Abhay M. Shetty</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO VISTAS LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ David A. Armour&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">David A. Armour</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; padding-right: 5.4pt">ENSCO (BARBADOS) LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO OCEAN 1 COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">ENSCO TRANSNATIONAL III LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO GLOBAL LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO HOLDINGS I LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Christian Ochoa&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">PACIFIC OFFSHORE LABOR COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ALPHA OFFSHORE DRILLING SERVICES COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Abhay M. Shetty&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Abhay M. Shetty</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ATWOOD OCEANICS PACIFIC LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Abhay M. Shetty&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Abhay M. Shetty</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO ASSOCIATES COMPANY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ David A. Armour&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">David A. Armour</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ROWAN DRILLING (TRINIDAD) LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ROCAL CAYMAN LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">RCI INTERNATIONAL,&nbsp;INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO OFFSHORE INTERNATIONAL HOLDINGS LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Jonathan P. Cross&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Jonathan P. Cross</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO UNIVERSAL HOLDINGS I LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Jonathan P. Cross&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Jonathan P. Cross</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO UNIVERSAL HOLDINGS II LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO CAPITAL LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Ralph Coffman Luxembourg S.&agrave;.r.l.<BR>
as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Class&nbsp;A Manager and authorized signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">Rowan Rigs S.&agrave;.r.l.<BR>
as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Class&nbsp;A Manager and authorized signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">Rowan Offshore Luxembourg S.&agrave;.r.l.<BR>
as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Class&nbsp;A Manager and authorized signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">RDC Holdings Luxembourg S.&agrave;.r.l.<BR>
as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Class&nbsp;A Manager and authorized signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">Rowan International Rig Holdings S.&agrave;.r.l.<BR>
as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Class&nbsp;A Manager and authorized signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">RDC Offshore Luxembourg S.&agrave;.r.l.<BR>
as Guarantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Class&nbsp;A Manager and authorized signatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">RDC MALTA LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">RDC OFFSHORE MALTA LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">MANATEE LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">MANTA RAY LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO OFFSHORE INTERNATIONAL,&nbsp;INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Nicolas Jaciuk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO JERSEY FINANCE LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Jonathan P. Cross&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Jonathan P. Cross</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO GLOBAL GMBH</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Stephen L. Mooney&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Mooney, Stephen L.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Chairman of ENSCO Global GmbH</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO GLOBAL GMBH</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Jaciuk, Nicolas</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Managing Officer of ENSCO Global GmbH</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO GLOBAL GMBH</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Klein, Kevin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Managing Officer of ENSCO Global GmbH</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">ENSCO INTERCONTINENTAL GMBH</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Stephen L. Mooney&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Mooney, Stephen L.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman of Ensco Intercontinental GmbH</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO INTERCONTINENTAL GMBH</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Jaciuk, Nicolas</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Managing Officer of Ensco Intercontinental GmbH</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">ENSCO INTERCONTINENTAL GMBH</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font-size: 10pt">Klein, Kevin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Managing Officer of Ensco Intercontinental GmbH</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO WORLDWIDE GMBH</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Stephen L. Mooney&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Mooney, Stephen L.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Chairman of ENSCO Worldwide GmbH</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO WORLDWIDE GMBH</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Jaciuk, Nicolas</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Managing Officer of ENSCO Worldwide GmbH</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO WORLDWIDE GMBH</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Klein, Kevin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Managing Officer of ENSCO Worldwide GmbH</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ROWAN COMPANIES LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Jonathan P. Cross&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Jonathan P. Cross</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt">ENSCO HOLDCO LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Indenture]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">ENSCO OFFSHORE U.K. LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson<U></U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ENSCO SERVICES LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ENSCO UK DRILLING LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ENSCO U.K. LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ENSCO UNIVERSAL LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson<U></U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">ENSCO GLOBAL INVESTMENTS LP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><FONT STYLE="font-size: 10pt">ENSCO Universal
    Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Its:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">General Partner</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page&nbsp;to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ENSCO DEEPWATER DRILLING LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ENSCO TRANSCONTINENTAL
    II LP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><FONT STYLE="font-size: 10pt">ENSCO Transcontinental
    II LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Its:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">General Partner</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manager</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ENSCO GLOBAL RESOURCES LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ROWAN NO. 1 LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ROWAN NO. 2 LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ROWAN DRILLING (U.K.) LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Peter Wilson</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page&nbsp;to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Guarantor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executed and delivered as a deed on behalf of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RD INTERNATIONAL SERVICES PTE. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in accordance with</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;41B of the Companies Act, Chapter 50 of Singapore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Stephen Fordham</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Stephen Fordham</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Guarantor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executed and delivered as a deed on behalf of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO ASIA PACIFIC PTE. LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in accordance with</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;41B of the Companies Act, Chapter 50 of Singapore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Abhay Muddanna Shetty</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Abhay Muddanna Shetty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Guarantor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executed and delivered as a deed on behalf of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PETROLEUM INTERNATIONAL PTE. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in accordance with</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;41B of the Companies Act, Chapter 50 of Singapore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Abhay Muddanna Shetty</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Abhay Muddanna Shetty</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page&nbsp;to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">EXECUTED and DELIVERED as a deed by</FONT></TD>
    <TD STYLE="text-align: left; width: 2%"><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 48%"><FONT STYLE="font-size: 10pt">/s/ Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">)Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">) Name: Colleen W. Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Atwood Offshore Drilling Limited</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">as Grantor</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">acting by two directors</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>)</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christian J. Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">) Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">) Name: Christian J. Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ENSCO (MYANMAR) LIMITED, as a Grantor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christian Ochoa<U>&#9;</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ENSCO ARABIA COMPANY LTD.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Edward Cozier II</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Edward Cozier II</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">General Manager</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ENSCOROWAN GHANA DRILLING LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christian Ochoa&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-top: Black 2.25pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Executed as a deed</B> by <B>ENSCO <BR>
AUSTRALIA PTY LIMITED </B>in
    <BR>
accordance with section 127 of the <BR>
<I>Corporations Act 2001 </I>(Cth) by:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="width: 3%; border-top: Black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 48%; border-top: Black 2.25pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Abhay M. Shetty</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">[Signature page&nbsp;to Indenture]</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 2.25pt solid; width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Executed as a deed</B> by <B>ATWOOD <BR>
AUSTRALIAN WATERS DRILLING <BR>
PTY
    LTD </B>in accordance with section 127 of <BR>
the <I>Corporations Act 2001 </I>(Cth) by:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="border-top: Black 2.25pt solid; width: 3%">&nbsp;</TD>
    <TD STYLE="border-top: Black 2.25pt solid; width: 48%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%"><FONT STYLE="font-size: 10pt">/s/ Abhay M. Shetty</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Signature of director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Signature of director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NICOLAS JACIUK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ABHAY M. SHETTY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name of director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name of director</FONT></TD></TR>
  </TABLE>




<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; width: 49%"></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Signature of director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Signature of director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NICOLAS JACIUK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ABHAY M. SHETTY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name of director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name of director</FONT></TD></TR>
  </TABLE>






<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 2.25pt solid; width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Executed as a deed</B> by <B>ATWOOD <BR>
OCEANICS AUSTRALIA PTY LIMITED
    </B><BR>
in accordance with section 127 of the <BR>
<I>Corporations Act 2001 </I>(Cth) by:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="border-top: Black 2.25pt solid; width: 3%">&nbsp;</TD>
    <TD STYLE="border-top: Black 2.25pt solid; width: 48%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Nicolas Jaciuk</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%"><FONT STYLE="font-size: 10pt">/s/ Abhay M. Shetty</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Signature of director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Signature of director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">NICOLAS JACIUK</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">ABHAY M. SHETTY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name of director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name of director</FONT></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">Rowan Financial Holdings S.&agrave; r.l..</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manager A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Marco Weijermans</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Marco Weijermans</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Manager B</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page&nbsp;to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">Rowan 240C#3,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Colleen Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">RALPH COFFMAN CAYMAN LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Colleen Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">GREAT WHITE SHARK LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">GREEN TURTLE LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">ROWAN DRILLING (GIBRALtar) LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">ROWAN Offshore (GIBRALtar) LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">ROWAN N-Class&nbsp;(GIBRALtar) LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page&nbsp;to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">ROWAN NORWAY (GIBRALtar) LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Kevin Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">ROWAN COFFMAN LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">Marine blue LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">ROWAN US HOLDINGS (GIBRALTAR) LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">ROWAN Drilling services LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Christian Ochoa</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"><FONT STYLE="text-transform: uppercase">ATwood Offshore drilling LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Colleen Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Colleen Grable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page&nbsp;to Indenture]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RULE 144A/REGULATION S APPENDIX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROVISIONS RELATING TO NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. <U>Definitions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1 For the purposes of this
Appendix the following terms shall have the meanings indicated below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Accredited Investor</I>&rdquo;
means an &ldquo;<I>accredited investor</I>&rdquo; as defined in Rule&nbsp;501 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Depository</I>&rdquo;
means The Depository Trust Company, its nominees and their respective successors and assigns, or such other depository institution hereinafter
appointed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Notes Custodian</I>&rdquo;
means the custodian with respect to a Global Note (as appointed by the Depository), or any successor Person thereto and shall initially
be the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Transfer Restricted
Securities</I>&rdquo; means Notes that bear or are required to bear the legend set forth in Section&nbsp;2.2(b)(i)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Unrestricted Notes</I>&rdquo;
means any Notes that are not Transfer Restricted Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.2 <U>Other Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%"><FONT STYLE="font-size: 10pt"><U>Term</U></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><U>Defined in Section:</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Agent Members&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.1(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;AI Notes&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Global Note&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.1(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Regulation D&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Regulation S&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.1(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Regulation S Notes&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.1(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Resale Restriction Termination Date&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.2(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Restricted Global Note&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.1(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Restricted Notes Legend&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.2(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Restricted Period&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.1(b)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Rule&nbsp;144A&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.1(a)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&ldquo;Rule&nbsp;144A Notes&rdquo;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.1(a)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.1 <U>The Notes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Form&nbsp;and
Dating</U>. Initial Notes offered and sold in reliance on Rule&nbsp;144A (&ldquo;<I>Rule&nbsp;144A Notes</I>&rdquo;) under the Securities
Act (&ldquo;<I>Rule&nbsp;144A</I>&rdquo;) or in reliance on Regulation S (&ldquo;<I>Regulation S Notes</I>&rdquo;) under the Securities
Act (&ldquo;<I>Regulation S</I>&rdquo;), shall be issued initially in the form of one or more permanent global Notes in definitive, fully
registered form without interest coupons with the global Notes legend and Restricted Notes Legend (each, unless and until becoming an
Unrestricted Note in accordance with Section&nbsp;2.2(b)(ii)&nbsp;below, a &ldquo;<I>Restricted Global Note</I>&rdquo;), which shall be
deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as Notes Custodian for the Depository (or with
such other custodian as the Depository may direct), and registered in the name of the Depository or a nominee of the Depository, duly
executed by the Company and authenticated by the Trustee as hereinafter provided. Beneficial interests in a Restricted Global Note representing
Initial Notes sold in reliance on either Rule&nbsp;144A or Regulation S may be held through Euroclear or Clearstream, as indirect participants
in the Depository. The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made
on the records of the Trustee and the Depository or its nominee as hereinafter provided. Unrestricted Notes issued in global form and
Restricted Global Notes are each referred to herein as a &ldquo;<I>Global Note</I>&rdquo; and are collectively referred to herein as &ldquo;<I>Global
Notes</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Book-Entry Provisions</U>.
This Section&nbsp;2.1(b)&nbsp;shall apply only to a Global Note deposited with or on behalf of the Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company shall execute
and the Trustee shall, in accordance with this Section&nbsp;2.1(b)&nbsp;and Section&nbsp;2.02 of the Indenture, authenticate and deliver
initially one or more Global Notes that (a)&nbsp;shall be registered in the name of the Depository for such Global Note or Global Notes
or the nominee of such Depository and (b)&nbsp;shall be delivered by the Trustee to such Depository or pursuant to such Depository&rsquo;s
instructions or held by the Trustee as Notes Custodian for the Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Members of, or participants
in, the Depository (&ldquo;<I>Agent Members</I>&rdquo;) shall have no rights under the Indenture with respect to any Global Note held
on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Note, and the Company, the
Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Note
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the
Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair,
as between the Depository and its Agent Members, the operation of customary practices of such Depository governing the exercise of the
rights of a holder of a beneficial interest in any Global Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the expiration of
the period through and including the 40th day after the later of the commencement of the offering of any Initial Notes and the closing
of such offering (such period, the &ldquo;<I>Restricted Period</I>&rdquo;), beneficial interests in the Restricted Global Note representing
Regulation S Notes may be transferred or exchanged for beneficial interests in the Restricted Global Note representing Rule&nbsp;144A
Notes only if (i)&nbsp;such exchange occurs in connection with a transfer of the Notes pursuant to Rule&nbsp;144A, (ii)&nbsp;the transferor
first delivers to the Trustee a written certificate (in the form provided in Exhibit&nbsp;1 hereto) to the effect that the Notes are being
transferred to a Person who the transferor reasonably believes to be a QIB within the meaning of Rule&nbsp;144A and is purchasing for
its own account or the account of a QIB, in each case in a transaction meeting the requirements of Rule&nbsp;144A, and (iii)&nbsp;the
transfer is in accordance with all applicable securities laws of the states of the United States and other jurisdictions. After the expiration
of the Restricted Period, such certification requirements shall not apply to such transfers of beneficial interests in a Restricted Global
Note representing Regulation S Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial interests in a
Restricted Global Note representing Rule&nbsp;144A Notes may be transferred to a Person who takes delivery in the form of an interest
in the Restricted Global Note representing Regulation S Notes, whether before or after the expiration of the Restricted Period, only if
the transferor first delivers to the Registrar a written certificate (in the form provided in Exhibit&nbsp;1 hereto) to the effect that
such transfer is being made in accordance with Rule&nbsp;903 or 904 of Regulation S or Rule&nbsp;144 (if available).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Certificated Notes.</U>
Except as provided in Section&nbsp;2.3, owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery
of certificated Notes. Certificated Notes shall not be exchangeable for beneficial interests in Global Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.2 <U>Transfer and Exchange</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Transfer and Exchange
of Global Notes</U>. (i)&nbsp;The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the
Depository, in accordance with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures
of the Depository therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Trustee a written order given
in accordance with the Depository&rsquo;s procedures containing information regarding the participant account of the Depository to be
credited with a beneficial interest in the Global Note. The Trustee shall, in accordance with such instructions instruct the Depository
to credit to the account of the Person specified in such instructions a beneficial interest in the Global Note and to debit the account
of the Person making the transfer the beneficial interest in the Global Note being transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;If the
proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note, the Registrar
shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being
transferred in an amount equal to the principal amount of the interest to be so transferred, and the Registrar shall reflect on its books
and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;Notwithstanding
any other provisions of this Appendix, a Global Note may not be transferred as a whole except by the Depository to a nominee of the Depository
or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a
successor Depository or a nominee of such successor Depository.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 12 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Legend</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;Except
as permitted by the following paragraphs (ii)&nbsp;and (iii), each Note certificate evidencing the Global Notes and the certificated
Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear the applicable legend in substantially the following
form (&ldquo;<I>Restricted Notes Legend</I>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Note is a Rule&nbsp;144A
Note:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY&nbsp;BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF (1)&nbsp;REPRESENTS THAT (A)&nbsp;IT IS A &ldquo;QUALIFIED
INSTITUTIONAL BUYER&rdquo; (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B)&nbsp;IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS
NOTE IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE
TO SUCH PURCHASER IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, OR (C)&nbsp;IT IS AN &ldquo;ACCREDITED INVESTOR&rdquo; WITHIN THE
MEANING OF RULE 501 UNDER THE SECURITIES ACT AND (2)&nbsp;AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE EXPIRATION
OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT, ONLY (A)&nbsp;TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, (B)&nbsp;FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT
REASONABLY BELIEVES IS A &ldquo;QUALIFIED INSTITUTIONAL BUYER&rdquo; AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES
FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (C)&nbsp;PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING
OF REGULATION S UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE
IS MADE, (D)&nbsp;TO AN &ldquo;ACCREDITED INVESTOR&rdquo; WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE
NOTE FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER
OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E)&nbsp;PURSUANT TO A REGISTRATION STATEMENT WHICH
HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (F)&nbsp;PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT, SUBJECT TO THE COMPANY&rsquo;S AND THE TRUSTEE&rsquo;S, OR REGISTRAR&rsquo;S, AS APPLICABLE, RIGHT PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D)&nbsp;OR (F)&nbsp;TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM&nbsp;APPEARING
ON THE OTHER SIDE OF THIS NOTE COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR REGISTRAR. THIS LEGEND WILL BE REMOVED UPON
THE REQUEST OF THE HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE
144 UNDER THE SECURITIES ACT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Note is a Regulation
S Note:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES
ACT&rdquo;), AND MAY&nbsp;NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT
TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED
ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;Upon
a sale or transfer after, in the case of (A)&nbsp;any Note acquired pursuant to Rule&nbsp;144A, the applicable holding period under Rule&nbsp;144A
under the Securities Act (the &ldquo;<I>Resale Restriction Termination Date</I>&rdquo;) therefor, or (B)&nbsp;any Note acquired pursuant
to Regulation S, the expiration of the Restricted Period, all requirements that such Note bear a Restricted Notes Legend shall cease
to apply and a Global Note without the applicable Restricted Notes Legend may be issued to the transferee of such Note. The applicable
Restricted Notes Legend on any Note shall be removed at the written request of the Company on or after the Resale Restriction Termination
Date (with respect to any Rule&nbsp;144A Note) or the Restricted Period (with respect to any Regulation S Note) therefor, as applicable.
Without limiting the generality of the preceding sentence, the Company may effect such removal by issuing and delivering, in exchange
for such Transfer Restricted Security, an Unrestricted Note without such legend, registered to the same Holder and in an equal principal
amount and in the case of Global Notes, complying with the Depository&rsquo;s procedures, and (A)&nbsp;upon receipt by the Trustee of
a written order of the Company stating that the Resale Restriction Termination Date (with respect to any Rule&nbsp;144A Note) or the
Restricted Period (with respect to any Regulation S Note) therefor, as applicable, to such Transfer Restricted Security has occurred
and requesting the authentication and delivery of an Unrestricted Note in exchange therefor (which order shall not be required to be
accompanied by any Opinion of Counsel or any other document) given at least three Business Days in advance of the proposed date of exchange
specified therein (which shall be no earlier than such Resale Restriction Termination Date or termination of the Restricted Period, as
applicable) and (B)&nbsp;approval by the Depository, the Trustee shall authenticate and deliver such Unrestricted Note to the Depository
or pursuant to such Depository&rsquo;s instructions or hold such Note as Note Custodian for the Depository and shall request the Depository
to, or, if the Trustee is Note Custodian of such Transfer Restricted Security, shall itself, surrender such Transfer Restricted Security
in exchange for such Unrestricted Note without such legend and thereupon cancel such Transfer Restricted Security so surrendered, all
as directed in such order. For purposes of determining whether the Resale Restriction Termination Date (with respect to any Rule&nbsp;144A
Note) or the Restricted Period (with respect to any Regulation S Note) therefor, as applicable, has occurred with respect to any Notes
evidenced by a Transfer Restricted Security or delivering any order pursuant to this Section&nbsp;2.2(b)(ii)&nbsp;with respect to such
Notes, (i)&nbsp;only those Notes which a Principal Officer of the Company actually knows (after reasonable inquiry) to be or to have
been owned by an Affiliate of the Company shall be deemed to be or to have been, respectively, owned by an Affiliate of the Company;
and (ii)&nbsp;&ldquo;Principal Officer&rdquo; means the principal executive officer, the principal financial officer, the treasurer or
the principal accounting officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For purposes of this Section&nbsp;2.2(b)(ii),
all provisions relating to the removal of the legend set forth in paragraph (i)&nbsp;above shall relate, if the Resale Restriction Termination
Date (with respect to any Rule&nbsp;144A Note) or the Restricted Period (with respect to any Regulation S Note) therefor, as applicable,
has occurred only with respect to a portion of the Notes evidenced by a Transfer Restricted Security, to such portion of the Notes so
evidenced as to which the Resale Restriction Termination Date (with respect to any Rule&nbsp;144A Note) or the Restricted Period (with
respect to any Regulation S Note) therefor, as applicable has occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each Holder of any Note evidenced by
any Restricted Global Note, by its acceptance thereof, (A)&nbsp;authorizes and consents to, (B)&nbsp;appoints the Company as its agent
for the sole purpose of delivering such electronic messages, executing and delivering such instruments and taking such other actions,
on such Holder&rsquo;s behalf, as the Depository or the Trustee may require to effect, and (C)&nbsp;upon the request of the Company,
agrees to deliver such electronic messages, execute and deliver such instruments and take such other actions as the Depository or the
Trustee may require, or as shall otherwise be necessary to effect, the removal of the legend set forth in Section&nbsp;2.2(b)(i)&nbsp;(including
by means of the exchange of all or the portion of such Restricted Global Note evidencing such Note for a certificate evidencing such
Note that does not bear such legend) at any time after the Resale Restriction Termination Date (with respect to any Rule&nbsp;144A Note)
or the Restricted Period (with respect to any Regulation S Note) therefor, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;Upon
any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a Restricted Global
Note) pursuant to Rule&nbsp;144, the Registrar shall permit the transferee thereof to exchange such Transfer Restricted Security for
a Note that does not bear the legend set forth above and rescind any restriction on the transfer of such Transfer Restricted Security,
if the transferor thereof certifies in writing to the Registrar that such sale or transfer was made in reliance on Rule&nbsp;144 (such
certification to be in the form set forth on the reverse of the Note).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;Notes
issued upon any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a Restricted
Global Note) to an Accredited Investor pursuant to Rule&nbsp;501 under the Securities Act shall be issued in definitive, fully registered
non-global form without interest coupons and shall not be issued as Global Notes; provided that certificated Notes may be transferred
to QIBs in accordance with Rule&nbsp;144A or acquired in reliance on Regulation S and exchanged for interests in Global Notes pursuant
to this Section&nbsp;2.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;In the
event that a Global Note is exchanged for certificated Notes pursuant this Appendix A, such Notes may be transferred or exchanged only
in accordance with such procedures as are substantially consistent with the provisions of this Section&nbsp;2.2 (including the certification
requirements set forth on the reverse of the Notes intended to ensure that such transfers comply with Rule&nbsp;144A, Regulation S or
such other applicable exemption from registration under the Securities Act, as the case may be) and such other reasonable procedures
as may from time to time be adopted by the Company and notified to the Trustee in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>OID
Legend</U>. To the extent required by Section&nbsp;1275(c)(1)(A)&nbsp;of the Internal Revenue Code of 1986, as amended, and Treasury
Regulation Section&nbsp;1.1275-3(b)(1), each Note issued at a discount to its stated redemption price at maturity shall bear a legend
in substantially the following form (with any necessary amendments thereto to reflect any amendments occurring after the Issue Date to
the applicable sections):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">FOR THE PURPOSES OF SECTIONS 1272, 1273
AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. YOU MAY&nbsp;CONTACT
THE COMPANY AT 2 CHURCH STREET, HAMILTON HM 11, BERMUDA, ATTENTION: MICHAEL MCGUINTY, SENIOR VICE PRESIDENT AND GENERAL COUNSEL, AND
THE COMPANY WILL PROVIDE YOU WITH THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE AND THE YIELD TO MATURITY OF
THIS NOTE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d)&nbsp;<U>Cancellation or Adjustment
of Global Note.</U> At such time as all beneficial interests in a Global Note have either been exchanged for certificated Notes, redeemed,
purchased or canceled, such Global Note shall be returned to the Trustee for cancellation or retained and canceled by the Trustee. At
any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes, redeemed, purchased
or canceled, or if any certificated Note is exchanged for such a beneficial interest, the principal amount of Notes represented by such
Global Note shall be reduced or increased, as appropriate, and an adjustment shall be made on the books and records of the Trustee (if
it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect
such reduction or increase, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Obligations with
Respect to Transfers and Exchanges of Notes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;To permit
registrations of transfers and exchanges, the Company shall execute and the Trustee shall, upon its receipt of an authentication order
from the Company, authenticate certificated Notes and Global Notes at the Registrar&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;No service
charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
transfer tax, assessments or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments
or similar governmental charge payable upon any exchange or transfer pursuant to Sections 2.10, 3.04, 3.07, 3.09, 4.10, 4.15 and 9.05
of the Indenture).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;The
Registrar shall not be required to register the transfer or exchange of any Note or portion of a Note selected for redemption, except
for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a
period of 15 days before selection of Notes to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;Prior
to the due presentation for registration of transfer of any Note, the Company, the Guarantors, the Trustee, the Paying Agent or the Registrar
may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of, premium, if any, interest, if any, on, or Additional Amounts, if any, on such Note and for all other purposes whatsoever,
whether or not such Note is overdue, and none of the Company, the Guarantors, the Trustee, the Paying Agent or the Registrar shall be
affected by notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;All Notes
issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled to the
same benefits under the Indenture as the Notes surrendered upon such transfer or exchange. Accordingly, for purposes of clause (1)&nbsp;of
Section&nbsp;4.09(b)&nbsp;of the Indenture, Notes &ldquo;issued on the Issue Date&rdquo; shall be deemed to refer to and include any
Notes issued in exchange for, or upon registration of transfer of, or in lieu of, any such Notes (or any predecessor Notes thereof) pursuant
to the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>No Obligation
of the Trustee.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;The Trustee
shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depository
or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof,
with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other
Person (other than the Depository) of any notice (including any notice of optional redemption) or the payment of any amount, under or
with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the
Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depository or its nominee in the
case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to
the applicable rules&nbsp;and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depository with respect to its members, participants and any beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;The Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the
Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among
Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and
to examine the same to determine substantial compliance as to form with the express requirements hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.3 <U>Certificated Notes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;A Global Note deposited
with the Depository or with the Trustee as custodian for the Depository pursuant to Section&nbsp;2.1 shall be transferred to the beneficial
owners thereof in the form of certificated Notes in an aggregate principal amount equal to the principal amount of such Global Note,
in exchange for such Global Note, only if such transfer complies with Section&nbsp;2.2 of this Appendix and (i)&nbsp;the Depository notifies
the Company that it is unwilling or unable to continue as Depository for such Global Note or if at any time such Depository ceases to
be a &ldquo;clearing agency&rdquo; registered under the Exchange Act and in either case the Company fails to appoint a successor depository
within 90 days, (ii)&nbsp;the Company, at its option, but subject to the Depository&rsquo;s requirements, notifies the Trustee in writing
that it elects to cause the issuance of the certificated Notes, or (iii)&nbsp;an Event of Default has occurred and is continuing and
the Depository notifies the Trustee of its decision to exchange the Global Notes for certificated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;Any Global Note
that is transferable to the beneficial owners thereof pursuant to this Section&nbsp;shall be surrendered by the Depository or the Notes
Custodian to the Trustee located at its Corporate Trust Office to be so transferred, in whole or from time to time in part, without charge,
and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal
amount of certificated Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section&nbsp;shall
be executed, authenticated and delivered only in minimum denominations equal to $1,000 or an integral multiple thereof (provided that
after any initial PIK Payment, the Notes shall be in minimum denominations of $1.00 and any integral multiple of $1.00 in excess thereof),
and registered in such names as the Depository shall direct. Any certificated Note delivered in exchange for an interest in a Global
Note shall, except as otherwise provided by Section&nbsp;2.2(b), bear a Restricted Notes Legend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;Subject to the provisions
of Section&nbsp;2.3(b), the Holder of a Global Note shall be entitled to grant proxies and otherwise authorize any Person, including
Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under
the Indenture or the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;In the event of
the occurrence of any of the events specified in Section&nbsp;2.3(a), the Company shall promptly make available to the Trustee a reasonable
supply of certificated Notes in definitive, fully registered form without interest coupons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.4 <U>AI Notes</U>.&nbsp;Anything
to the contrary in this Appendix notwithstanding, the Initial Notes may also be offered and sold to Accredited Investors in reliance
on Regulation D (&ldquo;<I>Regulation&nbsp;D</I>&rdquo;) under the Securities Act (&ldquo;<I>AI Notes</I>&rdquo;), and the terms and
conditions in this Appendix relating to Rule&nbsp;144A Notes shall apply to the AI Notes mutatis mutandis, including such changes as
may be necessary to comply with applicable securities laws, and with references to a QIB being replaced with respect thereto to references
to an Accredited Investor, and including provision such that beneficial interests in a Restricted Global Note representing Rule&nbsp;144A
Notes may be transferred to a Person who takes delivery in the form of an interest in the Restricted Global Note representing AI Notes,
without any requirement for certification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 192; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>EXHIBIT&nbsp;I TO RULE 144A/REGULATION S APPENDIX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Global Notes Legend]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;DTC&rdquo;), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp; CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&rsquo;S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 193; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Restricted Notes Legend-Rule&nbsp;144A Notes]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION
HEREIN MAY&nbsp;BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THE
HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF (1)&nbsp;REPRESENTS THAT (A)&nbsp;IT IS A &ldquo;QUALIFIED INSTITUTIONAL BUYER&rdquo; (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B)&nbsp;IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO SUCH PURCHASER IN THE JURISDICTION
IN WHICH SUCH PURCHASE IS MADE, OR (C)&nbsp;IT IS AN &ldquo;ACCREDITED INVESTOR&rdquo; WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES
ACT AND (2)&nbsp;AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH
RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT, ONLY (A)&nbsp;TO THE COMPANY OR ANY SUBSIDIARY THEREOF,
(B)&nbsp;FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A &ldquo;QUALIFIED
INSTITUTIONAL BUYER&rdquo; AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C)&nbsp;PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, (D)&nbsp;TO AN &ldquo;ACCREDITED
INVESTOR&rdquo; WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE NOTE FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT
OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION
IN VIOLATION OF THE SECURITIES ACT, (E)&nbsp;PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT OR (F)&nbsp;PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY&rsquo;S
AND THE TRUSTEE&rsquo;S, OR REGISTRAR&rsquo;S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D)&nbsp;OR
(F)&nbsp;TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN
EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM&nbsp;APPEARING ON THE OTHER SIDE OF THIS NOTE COMPLETED AND DELIVERED
BY THE TRANSFEROR TO THE TRUSTEE OR REGISTRAR. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE EXPIRATION OF THE
APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Restricted Notes Legend-Regulation S Notes]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES ACT&rdquo;), AND
MAY&nbsp;NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE
MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">No.&nbsp;[ ] Principal Amount $[ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Accr. Inv. ISIN: US91889FAB76</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Accr. Inv. CUSIP: 91889F AB7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">144A ISIN: [US91889FAA93]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">144A CUSIP: [91889F AA9]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Regulation S ISIN: [USG9460GAB70]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Regulation S CUSIP: [G9460G AB7]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Valaris Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Secured First Lien Notes due 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Valaris Limited, an exempted company incorporated
under the laws of Bermuda with registration number 56245 (together with its successors and assigns under the Indenture hereinafter referred
to), promises to pay to CEDE&nbsp;&amp; CO., or registered assigns, the principal sum of [ ] Dollars on April&nbsp;30, 2028 or such greater
or lesser amount as may be indicated on Schedule A hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Interest Payment Dates: May&nbsp;1 and November&nbsp;1.
Record Dates: April&nbsp;15 and October&nbsp;15. Additional provisions of this Note are set forth on the other side of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, Valaris Limited has caused
this instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VALARIS LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 195 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WILMINGTON SAVINGS FUND SOCIETY, FSB,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as Trustee, certifies that this is one of the Notes referred to in the Indenture.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&nbsp;April&nbsp;30, 2021</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 196 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM&nbsp;OF REVERSE SIDE OF NOTE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>First Lien Notes due 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Capitalized terms used herein but not defined
shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Interest</U>.
Valaris Limited, an exempted company incorporated under the laws of Bermuda with registration number 56245 (together with its successors
and assigns under the Indenture hereinafter referred to, the &ldquo;<I>Company</I>&rdquo;), promises to pay interest on the unpaid principal
amount of this Note (including any PIK Notes and increase in principal as a result of the payment of PIK Interest) at a rate per annum
as set forth below. The Company will pay interest semi-annually in arrears on May&nbsp;1 and November&nbsp;1 of each year (each an &ldquo;<I>Interest
Payment Date</I>&rdquo;), commencing November&nbsp;1, 2021. In certain circumstances specified in the Indenture, the Company may be required
to pay Additional Amounts with respect to the Notes. Whenever in this Note there is mentioned, in any context, the payment of amounts
based upon the principal amount of this Note or of principal, interest or of any other amount payable under, or with respect to, this
Note, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof. If any date for payment on the Notes falls on a day that is not a Business
Day, such payment may be made on the next succeeding Business Day with the same force and effect as if made on the due date, and no additional
interest will accrue solely as a result of such delayed payment. Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default
or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof
and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case
of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Company shall pay (i)&nbsp;interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to
time on demand at a rate that is equal to the then applicable interest rate on the Notes and (ii)&nbsp;interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Amounts, if any (without regard
to any applicable grace periods), from time to time on demand at the same rate to the extent lawful. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Interest on the Notes will be payable at the Company&rsquo;s
option pursuant to a PIK Election (i)&nbsp;at the annual rate of 8.25% payable in cash, (ii)&nbsp;at the annual rate of 5.125% payable
in cash and 5.125% payable by increasing the principal amount of the outstanding Notes represented by one or more Global Notes or, with
respect to Definitive Notes represented by individual certificates, if any, by issuing additional &ldquo;PIK Notes&rdquo; in certificated
form in each case by rounding up to the nearest $1.00, or (iii)&nbsp;at the annual rate of 12.00% payable by increasing the principal
amount of the outstanding Notes represented by one or more Global Notes or, with respect to Definitive Notes represented by individual
certificates, if any, by issuing additional &ldquo;PIK Notes&rdquo; in certificated form in each case by rounding up to the nearest $1.00.
Any PIK Notes issued in certificated form will be dated as of the applicable interest payment date and will bear interest from and after
such date. Following an increase in the principal amount of the outstanding Notes as a result of a PIK Payment (as defined below), the
Notes will accrue interest on such increased principal amount from and after the related interest payment date of such PIK Payment. References
herein and in the Indenture to the &ldquo;principal amount&rdquo; of the Notes include any increase in the principal amount of the outstanding
Notes as a result of a PIK Payment. On any interest payment date on which the Company pays PIK Interest with respect to a Global Note,
the principal amount of such Global Note will increase by an amount equal to the interest payable, rounded up to the nearest $1.00, to
be allocated for the credit of the Holders pro rata in accordance with their interests and rounded to the nearest $1.00 in accordance
with the procedures of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 197 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Method
of Payment</U>. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes
at the close of business on the April&nbsp;15th or October&nbsp;15th next preceding the Interest Payment Date, even if such Notes are
cancelled after such record date and on or before such Interest Payment Date, except as provided in Section&nbsp;2.12 of the Indenture
with respect to defaulted interest. Holders must surrender Notes to the Paying Agent to collect payments of principal and premium, if
any, together with accrued and unpaid interest and Additional Amounts, if any, due at maturity. Any Notes in certificated form will be
payable as to principal, premium, if any, interest, if any, and Additional Amounts, if any, at the office or agency of the Paying Agent
and Registrar maintained for such purpose within the contiguous United States, or, at the option of the Company, payment of interest
may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire
transfer of immediately available funds to an account in the United States will be required with respect to any amounts due on all Global
Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Notwithstanding
the foregoing, if this Note is a Global Note, payment may be made pursuant to the applicable procedures of the Depository as permitted
in the Indenture. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At all times, PIK Interest on the Notes will be
payable: (i)&nbsp;with respect to Notes represented by one or more Global Notes registered in the name of, or held by, DTC ( or any successor
depositary) or its nominee on the relevant record date, by increasing the principal amount of the outstanding Global Notes, effective
as of the applicable interest payment date, by an amount equal to the amount of PIK Interest for the applicable interest period (rounded
up to the nearest whole dollar) (&ldquo;<I>PIK Payment</I>&rdquo;) at the request of the Company to authenticate or increase the Global
Note and (ii)&nbsp;with respect to Definitive Notes, if any, by issuing PIK Notes in certificated form, dated as of the applicable interest
payment date, in an aggregate principal amount equal to the amount of PIK Interest for the applicable interest period (rounded up to
the nearest whole dollar), and the Trustee will, at the request of the Company, authenticate and deliver such PIK Notes in certificated
form for original issuance to the Holders on the relevant record date, as shown by the records of the register of holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Paying
Agent and Registrar.</U> Initially, Wilmington Savings Fund Society, FSB, the trustee (the &ldquo;<I>Trustee</I>&rdquo;) under the Indenture,
will act as Paying Agent and Registrar at its corporate trust office at 500 Delaware Avenue, Wilmington, Delaware, 19801, Attention:
Corporate Trust Administration. The Company may appoint and change any Paying Agent or Registrar without notice to any Holder. Other
than for purposes of effecting a redemption or an offer to purchase described in Section&nbsp;3.07, 3.09, 4.10 or 4.15 of the Indenture
or in connection with a Legal Defeasance, Covenant Defeasance or Discharge, the Company or any of its Subsidiaries may act in any such
capacity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Indenture</U>.
The Company issued the Notes under an Indenture dated as of April&nbsp;30, 2021 (&ldquo;<I>Indenture</I>&rdquo;) among the Company, the
guarantors party thereto and the Trustee. The Notes are subject to the terms of the Indenture, and Holders are referred to the Indenture
for a statement of such terms. The Notes are first-lien senior secured obligations of the Company. The Company shall be entitled, subject
to its compliance with Sections 4.09 and 4.12 of the Indenture, to issue Additional Notes pursuant to Section&nbsp;2.14 of the Indenture.
In the event of a conflict between the Indenture and this Note, the terms of the Indenture shall control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Optional
Redemption</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;At any time prior to April&nbsp;30, 2023,
the Company may, at its option, redeem up to 35% of the aggregate principal amount of Notes (including any Additional Notes) issued under
the Indenture, at one time or from time to time, at a redemption price equal to 104.00% of the principal amount thereof, plus accrued
and unpaid cash interest, together with an amount of cash equal to all accrued and unpaid PIK Interest, and Additional Amounts, if any,
thereon to, but not including, the applicable redemption date (subject to the rights of Holders of record on the relevant record date
to receive interest due on the relevant Interest Payment Date), in an amount not greater than the net cash proceeds received by the Company
of one or more Equity Offerings; provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(1)&nbsp;at least 65% of the aggregate
principal amount of Notes (including any Additional Notes) issued under the Indenture (excluding any Notes held by the Company and its
Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(2)&nbsp;the redemption occurs within
120 days after the date of the closing of such Equity Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;At any time prior to April&nbsp;30, 2023,
the Company may, at its option, redeem the Notes, in whole or in part, at one time or from time to time, upon at least 30 days (but not
more than 60 days) prior written notice to Holders, at a redemption price equal to 104.00% of the principal amount of the Notes redeemed,
plus the Applicable Premium as of, and accrued and unpaid cash interest, together with an amount of cash equal to all accrued and unpaid
PIK Interest, and Additional Amounts, if any, to, but not including, the applicable redemption date, subject to the rights of Holders
of record on the relevant record date to receive interest due on the relevant Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;On or after April&nbsp;30, 2023, the
Company may, at its option, redeem the Notes, in whole or in part, at one time or from time to time, upon at least 30 days (but not more
than 60 days) prior written notice to Holders, at the redemption prices (expressed as percentages of principal amount) set forth below,
plus accrued and unpaid cash interest, together with an amount of cash equal to all accrued and unpaid PIK Interest on the Notes, and
Additional Amounts, if any, on the Notes redeemed, to, but not including, the applicable redemption date, subject to the rights of Holders
of record on the relevant record date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month
period beginning on April&nbsp;30 of the years indicated below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Year</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Percentage</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left">2023</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">104.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2024</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">103.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">2025</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">102.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">2026 and thereafter</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;The Company may redeem the Notes, at
its option, at any time in whole but not in part, at a redemption price equal to 100% of the outstanding principal amount of Notes, plus
accrued and unpaid cash interest, together with an amount of cash equal to all accrued and unpaid PIK Interest on the Notes (if any)
to, but not including, the applicable redemption date, plus all Additional Amounts, if any, then due and which will become due as a result
of the redemption or otherwise (subject to the rights of Holders of record on the relevant record date to receive interest due on the
relevant Interest Payment Date), in the event that the Company determines in good faith that the Company or any Guarantor has become
or would become obligated to pay, on the next date on which any amount would be payable with respect to the Notes or the Guarantees,
Additional Amounts, and such obligation cannot be avoided by taking reasonable measures available to the Company or the relevant Guarantor,
as applicable (including making payment through a Paying Agent located in another jurisdiction but not, for the avoidance of doubt, changing
the jurisdiction of incorporation of the Company or the relevant Guarantor), as a result of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(1)&nbsp;a change in or an amendment
to the laws or treaties (including any regulations or rulings promulgated thereunder) of any Specified Tax Jurisdiction affecting taxation,
which change or amendment is announced or becomes effective on or after the Issue Date (or, if the Specified Tax Jurisdiction was not
a Specified Tax Jurisdiction on the Issue Date, the date on which such Specified Tax Jurisdiction became a Specified Tax Jurisdiction);
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(2)&nbsp;any change in or amendment
to any official position of a taxing authority in any Specified Tax Jurisdiction regarding the application, administration or interpretation
of such laws, treaties, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), which change
or amendment is announced or becomes effective on or after the Issue Date (or, if the Specified Tax Jurisdiction was not a Specified
Tax Jurisdiction on the Issue Date, the date on which such Specified Tax Jurisdiction became a Specified Tax Jurisdiction);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">provided that in the case of Additional Amounts
required to be paid as a result of the Company or relevant Guarantor conducting business other than in the place of its incorporation
or organization, such amendment or change must be announced or become effective on or after the date in which it begins to conduct business
giving rise to the relevant withholding or deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notice
of Redemption</U>. Notice of optional redemption will be mailed at least 30 days but not more than 60 days before the redemption date
to each Holder whose Notes are to be redeemed at its registered address (except that redemption notices may be mailed more than 60 days
prior to a redemption date if the notice is issued in connection with a Legal Defeasance, Covenant Defeasance or Discharge). Notes and
portions of Notes selected shall be in amounts of $1.00 or whole multiples of $1.00 in excess thereof; except that if all of the Notes
of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder shall be redeemed. No Notes of $1.00 or less
can be redeemed in part. On and after the redemption date, interest ceases to accrue on the Notes or portions thereof called for redemption,
subject to satisfaction of any conditions thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Mandatory
Redemption</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as set forth in Paragraph 8 below, the
Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes or to repurchase the Notes
at the option of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Repurchase
at Option of Holder</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;If a Change of Control occurs, the Company
will be required to make an offer (a &ldquo;<I>Change of Control Offer</I>&rdquo;) to repurchase all or any part (equal to $1.00 or an
integral multiple of $1.00 in excess thereof) of each Holder&rsquo;s Notes at a purchase price in cash equal to 101% of the aggregate
principal amount of Notes repurchased (including any PIK Notes or any increased principal amount of Notes as payment for PIK Interest),
plus accrued and unpaid cash interest, together with an amount of cash equal to any accrued but unpaid PIK Interest, and Additional Amounts,
if any, to, but not including, the date of purchase (the &ldquo;<I>Change of Control Payment Date</I>&rdquo;), subject to the rights
of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date. Within 30 days following
a Change of Control, and to the extent that the Company has not exercised its option to redeem all of the Notes as described in Paragraph
5 above, the Company shall mail a notice of the Change of Control Offer to each Holder and the Trustee and the Paying Agent describing
the Change of Control and the related transaction or transactions and setting forth the procedures governing the Change of Control Offer
as required by Section&nbsp;4.15 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;If the Company or any Restricted Subsidiary
consummates an Asset Sale, within 10 Business Days of each date on which the aggregate amount of Excess Proceeds exceeds $25 million,
the Company may be required to make an Asset Sale Offer in accordance with Sections 3.09 and 4.10 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Guarantees</U>.
The payment by the Company of the principal of, and premium, if any, interest, if any, on, or Additional Amounts, if any, on, the Notes
will be absolutely and unconditionally guaranteed on a joint and several basis by the Guarantors, as primary obligor and not merely as
a surety, to the extent set forth in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Denominations,
Transfer, Exchange</U>. The Notes are in registered form without coupons in minimum denominations of $1,000 and integral multiples thereof;
provided that after any initial PIK Payment, the Notes shall be in minimum denominations of $1.00 and any integral multiple of $1.00
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Company may require a Holder
to pay any taxes due on transfer or exchange. The Registrar need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company and the Registrar need
not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Persons
Deemed Owner</U>s. The registered Holder of a Note may be treated as its owner for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Amendment,
Supplement and Waiver</U>. Subject to certain exceptions, the Indenture, the Notes and the Collateral Documents may be amended or supplemented
with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange for, the Notes), and any existing Default
or Event of Default or compliance with any provision of the Indenture, the Notes or the Collateral Documents may be waived with the consent
of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, consents obtained
in connection with a purchase of, or tender offer or exchange for, Notes). Without the consent of any Holder of, the Indenture, the Notes
and the Collateral Documents may be amended or supplemented with respect to certain matters specified in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Defaults
and Remedies</U>. If any Event of Default occurs and is continuing, the Trustee, by notice to the Company, or the Holders of at least
25% in aggregate principal amount of the then outstanding Notes, by notice to the Company and the Trustee, may declare all the Notes
to be due and payable immediately. Notwithstanding the preceding, in the case of an Event of Default arising from such events of bankruptcy,
insolvency or reorganization described in Section&nbsp;6.01(i)&nbsp;or 6.01(j)&nbsp;of the Indenture with respect to the Company or a
Guarantor, all outstanding Notes shall become due and payable immediately without further action or notice. Holders may not enforce the
Indenture, the Notes or the Collateral Documents except as provided in the Indenture. Subject to certain limitations, Holders of a majority
in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power conferred on
it with respect to the Notes. The Trustee may withhold from Holder notice of any continuing Default or Event of Default if it determines
that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal of, or interest
or premium, if any, on, the Notes. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to
the Trustee may, on behalf of the Holders of all the Notes, rescind an acceleration or waive any existing Default or Event of Default
and its consequences under the Indenture, except as provided in the Indenture. The Company is required to deliver to the Trustee annually
a statement regarding compliance with the Indenture, and within 10 Business Days of any of its Officers or any of the Company&rsquo;s
Officers becoming aware of any Default or Event of Default, the Company is required to deliver to the Trustee a statement specifying
such Default or Event of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Defeasance
and Discharge</U>. The Notes are subject to defeasance and discharge upon the terms and conditions specified in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 202 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Recourse Against Others</U>. No present, past or future director, officer, employee, incorporator or stockholder of the Company or any
Guarantor, as such, will have any liability for any obligations of the Company or any Guarantor under the Notes, the Indenture, the Guarantees
or the Collateral Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder,
by accepting a Note, waives and releases all such liability. The waiver and release are part of the consideration for the issuance of
the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Collateral
Documents</U>. The obligations of the Company and the Guarantors under the Indenture, the Notes and the Guarantees and the other First
Lien Obligations will be secured by a Lien granted to the First Lien Collateral Agent, subject to the terms of the Collateral Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Authentication</U>.
This Note shall not be valid until authenticated by the manual signature of an authorized signatory of the Trustee or an authenticating
agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Abbreviations</U>.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants
by the entireties), TT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Removal
of Restricted Notes Legend</U>. Each Holder of any Note evidenced by any Restricted Global Note, by its acceptance thereof, (A)&nbsp;authorizes
and consents to, (B)&nbsp;appoints the Company as its agent for the sole purpose of delivering such electronic messages, executing and
delivering such instruments and taking such other actions, on such Holder&rsquo;s behalf, as the Depository or the Trustee may require
to effect, and (C)&nbsp;upon the request of the Company, agrees to deliver such electronic messages, execute and deliver such instruments
and take such other actions as the Depository or the Trustee may require, or as shall otherwise be necessary to effect, the removal of
the Restricted Notes Legend set forth on the face of such Note (including by means of the exchange of all or the portion of such Restricted
Global Note evidencing such Note for a certificate evidencing such Note that does not bear such Restricted Notes Legend) at any time
after the Resale Restriction Termination Date (with respect to any Rule&nbsp;144A Note) or the Restricted Period (with respect to any
Regulation S Note) therefor, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>CUSIP
and ISIN Numbers</U>. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused CUSIP numbers and corresponding ISIN numbers to be printed on the Notes and the Trustee may use CUSIP numbers and corresponding
ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers
placed thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">21.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing
Law.</U> THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">22.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Successors</U>.
In the event a successor entity assumes all the obligations of its predecessor under the Notes and the Indenture, in accordance with
the terms thereof, the predecessor entity will be released from all such obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 203 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will furnish to any Holder upon written
request and without charge a copy of the Indenture. Requests may be made to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">2 Church Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Hamilton HM 11, Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Michael McGuinty, Senior Vice President and General
Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: Michael.McGuinty@valaris.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 204 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To assign this Note, fill in the form below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I or we assign and transfer this Note to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(Print or type assignee&rsquo;s name address and zip code)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="text-align: center; border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">(Insert assignee&rsquo;s soc. sec. or tax I.D. No.)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and irrevocably appoint _ agent to transfer this Note on the books
of the Company. The agent may substitute another to act for him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your Signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sign exactly as your name appears on the other side of this Note.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guarantee:</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature must be guaranteed)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signatures must be guaranteed by an &ldquo;eligible guarantor institution&rdquo;
meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion
Program (&ldquo;STAMP&rdquo;) or such other &ldquo;signature guarantee program&rdquo; as may be determined by the Registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 205 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 13 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Include the following only if a Restricted Notes
Legend is included hereon]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with any transfer of any of the Notes
evidenced by this certificate occurring prior to one year after the later of the date of original issuance of such Notes and the last
date, if any, on which such Notes were owned by the Company or any Affiliate of the Company (or, in the case of Regulation S Notes, prior
to the expiration of the Restricted Period), the undersigned confirms that such Notes are being transferred in accordance with their terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK ONE BOX BELOW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
                                                              <TD>to the Company; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                              <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>2.</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
                                                              <TD>pursuant to an effective registration statement under the Securities Act of 1933; or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________________________________</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                              <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>3.</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
                                                              <TD>to a person who the undersigned reasonably believes is a &ldquo;qualified institutional buyer&rdquo; (as defined in Rule&nbsp;144A under
the Securities Act of 1933) that is purchasing for its own account or for the account of a qualified institutional buyer to whom notice
is given that such transfer is being made in reliance on Rule&nbsp;144A, in each case pursuant to and in compliance with Rule&nbsp;144A
under the Securities Act of 1933; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                              <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>4.</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
                                                              <TD>pursuant to offers and sales that occur outside the United States in compliance with Regulation S under the Securities Act of 1933; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                              <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>5.</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
                                                              <TD>pursuant to Rule&nbsp;144 under the Securities Act of 1933; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                              <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>6.</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
                                                              <TD>pursuant to Rule&nbsp;501 under the Securities Act to an &ldquo;accredited investor&rdquo; that is acquiring the Note for its own account,
or for the account of such an accredited investor, for investment purposes and not with a view to, or for offer or sale in connection
with, any distribution in violation of the Securities Act; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
                                                              <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>7.</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
                                                              <TD>pursuant to another available exemption from the registration requirements of the Securities Act of 1933.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless one of the boxes is checked, the Trustee will refuse to register
any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof; provided that if box
(6)&nbsp;or (7)&nbsp;is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the Notes, such legal
opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant
to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="border-top: Black 1pt solid; text-align: justify; width: 50%">Signature</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 206; Options: NewSection; Value: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TO BE COMPLETED BY PURCHASER IF (3)&nbsp;ABOVE IS CHECKED.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned represents and warrants that it is purchasing this
Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account
is a &ldquo;qualified institutional buyer&rdquo; within the meaning of Rule&nbsp;144A under the Securities Act of 1933, and is aware that
the sale to it is being made in reliance on Rule&nbsp;144A and acknowledges that it has received such information regarding the Company
and any Guarantors as the undersigned has requested pursuant to Rule&nbsp;144A or has determined not to request such information and that
it is aware that the transferor is relying upon the undersigned&rsquo;s foregoing representations in order to claim the exemption from
registration provided by Rule&nbsp;144A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left">Dated:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 45%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-top: Black 1pt solid; width: 50%">Notice: To be executed by an executive officer</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OPTION OF HOLDER TO ELECT PURCHASE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">_______________________________________</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If you want to elect to have this Note purchased
by the Company pursuant to Section&nbsp;3.07, 4.10 or 4.15 of the Indenture, check the box below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding: 0; width: 31%"><FONT STYLE="font-size: 10pt">Section&nbsp;&zwnj;3.07</FONT></TD>
    <TD STYLE="padding: 0; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding: 0; width: 32%"><FONT STYLE="font-size: 10pt">Section&nbsp;4.10</FONT></TD>
    <TD STYLE="padding: 0; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding: 0; width: 31%"><FONT STYLE="font-size: 10pt">Section&nbsp;4.15</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you want to elect to have only part of this Note purchased by the
Company pursuant to Section&nbsp;3.07, Section&nbsp;4.10 or Section&nbsp;4.15 of the Indenture, state the amount (in minimum denomination
of $1,000 or integral multiples thereof; provided that after any initial PIK Payment, the Notes shall be in minimum denominations of $1.00
and any integral multiple of $1.00 in excess thereof) you elect to have purchased: $</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%">Date:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 46%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 11%; text-align: left">Your Signature:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 39%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Sign exactly as your name appears on the other side of this Note.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18%">Soc. Sec. or Identification:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Guarantee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">(Signature must be guaranteed)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Signatures must be guaranteed by an &ldquo;eligible
guarantor institution&rdquo; meeting the requirements of the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (&ldquo;STAMP&rdquo;) or such other &ldquo;signature guarantee program&rdquo; as may be determined
by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[TO BE ATTACHED TO GLOBAL NOTE]<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">SCHEDULE A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following increases or decreases in this Global
Note have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Date</TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amount of decrease in Principal Amount of this Global Note</TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amount of increase in Principal Amount of this Global Note</TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Principal Amount of this Global Note following such decrease or increase</TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Signature of authorized officer of Trustee or Notes Custodian</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exhibit&nbsp;1 to App. - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ANNEX A</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-top: Black 2pt solid; text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
[FORM&nbsp;OF SUPPLEMENTAL INDENTURE &ndash; GUARANTOR]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Guarantors named herein</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SENIOR SECURED FIRST LIEN NOTES DUE 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[ ] SUPPLEMENTAL INDENTURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DATED AS OF [&bull;], 20[&bull;],</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WILMINGTON SAVINGS FUND SOCIETY, FSB,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As Trustee and First Lien Collateral Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 210; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">A - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <I>[] </I>SUPPLEMENTAL INDENTURE, dated as
of [&bull;], 20[&bull;], (this &ldquo;<I>Supplemental Indenture</I>&rdquo;) is among Valaris limited, a Bermuda company, (the &ldquo;<I>Company</I>&rdquo;),<I>[
] </I>(the &ldquo;<I>Guaranteeing Subsidiary</I>&rdquo;), which is a subsidiary of the Company, each of the existing Guarantors (as defined
in the Indenture referred to below) and Wilmington Savings Fund Society, FSB, as trustee and as first lien collateral agent (the &ldquo;<I>Trustee</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company, the Guarantors and the Trustee
entered into an Indenture, dated as of April&nbsp;30, 2021 (the &ldquo;<I>Indenture</I>&rdquo;), providing for the issuance of the Company&rsquo;s
Senior Secured First Lien Notes due 2028 (the &ldquo;<I>Notes</I>&rdquo;)<I>;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing
Subsidiary shall become a Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, Section&nbsp;9.01(i)&nbsp;of the Indenture
provides that the Company, the Guarantors and the Trustee may amend or supplement the Indenture in order to add any additional Guarantor
with respect to the Notes, without the consent of the Holders of the Notes; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, all acts and things prescribed by the
Indenture, by law and by the Certificate of Incorporation, Articles of Association and the Bylaws (or comparable constituent documents)
of the Company, of the Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid instrument legally binding
on the Company, the Guarantors and the Trustee, in accordance with its terms, have been duly done and performed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, to comply with the provisions of
the Indenture and in consideration of the above premises, the Company, the Guaranteeing Subsidiary, the other Guarantors and the Trustee
covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1. <U>Capitalized Terms.</U> Capitalized
terms used herein without definition shall have the meanings ascribed to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2. <U>Relation to Indenture.</U> This
Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection
with and as part of, the Indenture for any and all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;3. <U>Effectiveness of Supplemental
Indenture.</U> This Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Company,
the Guaranteeing Subsidiary, the other Guarantors and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;4. <U>Agreement to Guarantee.</U>
The Guaranteeing Subsidiary hereby agrees, by its execution of this Supplemental Indenture, to be bound by the provisions of the Indenture
applicable to Guarantors to the extent provided for and subject to the limitations therein, including Article&nbsp;10 thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 211 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;5. <U>Ratification of Obligations.</U>
Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and
shall remain in full force and effect in accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;6. <U>The Trustee.</U> Except as otherwise
expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee
by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms
and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein
and made applicable to the Trustee with respect hereto. The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;7. <U>Governing Law.</U> THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;8. <U>Counterparts.</U> The parties
may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together
shall represent the same agreement. Signature of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signatures on following pages</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 212 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed, all as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY</B>:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VALARIS</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; width: 46%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUARANTEEING SUBSIDIARY:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[EXISTING GUARANTORS]:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&bull;]</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRUSTEE:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WILMINGTON SAVINGS FUND SOCIETY, FSB,</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: right"><B>ANNEX B-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">issue date
collateral documents</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><I>[</I></FONT><I>On
file with the First Lien Collateral Agent.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: right"><B>ANNEX B-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POST-ISSUE DATE SPECIFIED COLLATERAL DOCUMENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[On file with the First Lien Collateral Agent.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ANNEX C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>LQE PROVISIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: right"><B>Annex C to Indenture</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Letter of Quiet Enjoyment Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Part&nbsp;1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Quiet Enjoyment</U>. With respect to any Drilling Contract related to a Collateral Vessel owned or
operated by a Guarantor, so long as the counterparty to a Drilling Contract (each, a &ldquo;<B>Drilling Contract Counterparty</B>&rdquo;)
has any interest in the Drilling Contract, the First Lien Collateral Agent as mortgagee under any Mortgage (in such capacity, together
with its permitted successors and assigns, the &ldquo;<B>Mortgagee</B>&rdquo;) will agree to not exercise or seek to enforce any rights
in relation to the relevant Vessel or Mortgage, including any rights to take possession, which may affect the Drilling Contract Counterparty&rsquo;s
uninterrupted use of the Vessel in accordance with the terms of the Drilling Contract.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>No Prejudice to Rights of Counterparty</U>. The Drilling Contract Counterparty&rsquo;s rights and obligations
under the Drilling Contract shall not be prejudiced by the terms of the Letter of Quiet Enjoyment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Instructions from Guarantor</U>. Until the Mortgagee gives written notice to the Drilling Contract
Counterparty, the Drilling Contract Counterparty shall be entitled to deal with the relevant Guarantor in relation to all matters arising
under the Drilling Contract.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>Costs and Expenses of Drilling Contract Counterparty</U>. The relevant Guarantor shall pay reasonable
and documented costs and expenses that the Drilling Contract Counterparty may reasonably incur in giving effect to the terms of the Letter
of Quiet Enjoyment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><U>Permitted Enforcement Rights</U>. So long as (a)&nbsp;the counterparty to a Drilling Contract (each,
a &ldquo;<B>Drilling Contract Counterparty</B>&rdquo;) has any interest in the Drilling Contract and (b)&nbsp;the Drilling Contract Counterparty
is not in breach under the Drilling Contract (collectively, the &ldquo;<B>Quiet Enjoyment Conditions</B>&rdquo;), prior to the Mortgagee
taking any enforcement action with respect to a Mortgage or a Vessel, the Mortgagee shall notify the relevant Drilling Contract Counterparty
that an Event of Default has occurred which, but for the terms of the Letter of Quiet Enjoyment, would entitle the Mortgagee to exercise
its rights in respect of the Vessel and the Mortgage, and the parties will consult and cooperate in good faith to effect a transfer of
the Vessel to a nominee of the Mortgagee consented to by the Drilling Contract Counterparty, which consent shall not be unreasonably withheld.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><U>No Transfer of Mortgage</U>. The Mortgage will not be assigned or transferred unless the assignee or
transferee assumes all of the First Lien Collateral Agent&rsquo;s obligations under the relevant Letter of Quiet Enjoyment or enters into
a similar agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><U>Governing Law</U>. The Letter of Quiet Enjoyment may be governed by the laws of a jurisdiction other
than the State of New York.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><U>Disputes</U>. Disputes under a Letter of Quiet Enjoyment may be settled by arbitration proceedings
in New York, London or Norway. Arbitral panels may consist of one or more arbitrators who the parties shall jointly appoint. If the parties
have not reached an agreement on the composition of the arbitral panel within three weeks of the request for arbitration, the arbitral
tribunal shall be appointed by a neutral appointer or the rules&nbsp;of the Society of Maritime Arbitrators, London Maritime Arbitrators
Association or the Norwegian Arbitration Act shall apply.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Part&nbsp;2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Non-Disturbance</U>. With respect to any Drilling Contract related to a Collateral Vessel owned or
operated by a Guarantor, so long as (a)&nbsp;the counterparty to a Drilling Contract (each, a &ldquo;<B>Drilling Contract Counterparty</B>&rdquo;)
has any interest in the Drilling Contract and (b)&nbsp;the Drilling Contract Counterparty is not in breach under the Drilling Contract
(collectively, the &ldquo;<B>Quiet Enjoyment Conditions</B>&rdquo;), the First Lien Collateral Agent as mortgagee under any Mortgage (in
such capacity, together with its permitted successors and assigns, the &ldquo;<B>Mortgagee</B>&rdquo;) will agree that any exercise by
the Mortgagee of its rights and remedies of foreclosure or sale afforded by the terms of the Mortgage or otherwise in respect of the Vessel
shall be made expressly subject to the Drilling Contract and the quiet, peaceful and continuing use and employment of the Vessel by the
Drilling Contract Counterparty under the Drilling Contract.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Subordination</U>. The Drilling Contract Counterparty shall agree to subordinate any lien against the
Vessel that it may have in connection with the Drilling Contract to the lien of the Mortgage, so long as the Quiet Enjoyment Conditions
are met and the Vessel has not become an actual, agreed, arranged or constructive total loss.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><U>Indemnification</U>. Once the Drilling Contract Counterparty has been notified in writing by the Mortgagee
of its actual or intended exercise of rights and remedies with respect to the Vessel and the Mortgage, it shall indemnify, defend, and
hold the Mortgagee harmless against any loss suffered or resulting from any lien, claim or any right of others arising under the Drilling
Contract to the extent that the Drilling Contract Counterparty would have been obliged to provide such indemnification to the relevant
Guarantor under the Drilling Contract.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>No Waiver</U>. No provision of the Letter of Quiet Enjoyment shall be deemed to constitute a waiver
by the Mortgagee of the first preferred status of the Mortgage, and any provision of the Letter of Quiet Enjoyment which would otherwise
constitute such a waiver of the first preferred status of the Mortgage shall to such extent be of no force or effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><U>Bankruptcy of Guarantor</U>. The Letter of Quiet Enjoyment shall cease to have any further effect if
the Mortgagee is prohibited from performing its obligations under the Letter of Quiet Enjoyment as a result of a proceeding by or against
the relevant Guarantor seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, or the entry
of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><U>Instructions.</U> Once the Drilling Contract Counterparty has been notified in writing by the Mortgagee
of its actual or intended exercise of rights and remedies with respect to the Vessel and the Mortgage, the Drilling Contract Counterparty
shall be entitled to rely only on the written instructions of the Mortgagee, to disregard any written instructions of the relevant Guarantor,
and to accept the Mortgagee&rsquo;s exercise of the relevant Guarantor&rsquo;s rights under the Drilling Contract, until the Mortgagee
instructs the Drilling Contract Counterparty otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><U>Guarantor to Remain Liable</U>. Notwithstanding anything in the Letter of Quiet Enjoyment, the relevant
Guarantor shall alone remain liable to perform all its obligations, duties and liabilities under the Drilling Contract and the Mortgagee
shall not be liable to perform or assume any obligations, duties and liabilities of the relevant Guarantor under the Drilling Contract
by reason of the Mortgage or the Letter of Quiet Enjoyment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><U>Governing Law; Jurisdiction; Waiver of Jury Trial</U>. The Letter of Quiet Enjoyment shall be governed
by the laws of the State of New York, contain an irrevocable submission by the parties to the jurisdiction of any New York State or Federal
court sitting in New York County and any appellate court thereof, and contain a waiver of a trial by jury.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ANNEX D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM&nbsp;OF INTERCREDITOR AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTERCREDITOR AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">dated as of [____], 202[__]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<FONT STYLE="text-transform: uppercase">WILMINGTON SAVINGS FUND SOCIETY, FSB</FONT>,<BR>
as Original First Lien Collateral Agent,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">[____]</FONT>,<BR>
as Original Junior Lien Agent,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EACH OTHER SECURED DEBT REPRESENTATIVE<BR>
FROM TIME TO TIME PARTY HERETO,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VALARIS LIMITED AND THE OTHER GRANTORS<BR>
FROM TIME TO TIME PARTY HERETO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD COLSPAN="3" STYLE="padding: 0 0 3pt -0.125in; vertical-align: top; text-align: center"><B>TABLE OF CONTENTS</B></TD></TR>
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    <TD COLSPAN="2" STYLE="padding: 0 0 3pt -0.125in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-align: center"><B>Page</B></TD></TR>
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    <TD COLSPAN="2" STYLE="padding: 0 0 3pt -0.125in; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;I</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">DEFINITIONS</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">1</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; width: 15%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; width: 77%; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; width: 8%; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;1.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction; Certain Defined Terms</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="padding: 0 0 3pt -0.125in; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;II</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">LIEN PRIORITIES</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">7</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relative Priorities</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prohibition on Marshalling, Etc</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">9</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No New Liens</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similar Collateral and Agreements</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Duties of Priority Lien Representatives</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Duties of Junior Lien Agent</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Cash Collateral</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="padding: 0 0 3pt -0.125in; vertical-align: top; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;III</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">ENFORCEMENT RIGHTS; PURCHASE OPTION</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">11</TD></TR>
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    <TD STYLE="padding: 0 0 3pt -0.125in; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on Enforcement Action</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standstill Period; Permitted Enforcement Action</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notification of Release of Collateral</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Interference; Payment Over</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase Option</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 3pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;IV</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">OTHER AGREEMENTS</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">18</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Release of Liens; Automatic Release of Junior Liens</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Agreements With Respect to Insolvency or Liquidation Proceedings</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reinstatement</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refinancings; Additional Priority Lien Debt and Junior Lien Obligations</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments to Secured Debt Documents</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legends</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Junior Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Postponement of Subrogation</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.09</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledgment by the Secured Debt Representatives</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 3pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;V</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">26</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;5.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
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    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;5.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposit Accounts; Commodities Accounts; Securities Accounts</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 3pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;VI </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 3pt; text-align: left; width: 15%">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left; width: 77%">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;6.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application of Proceeds</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;6.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination of Amounts</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 3pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;VII</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE; CONSENT OF GRANTORS; ETC.</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;7.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Reliance; Information</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;7.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Warranties or Liability</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;7.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obligations Absolute</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;7.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grantors Consent</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 3pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;VIII</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">REPRESENTATIONS AND WARRANTIES</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;8.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties of Each Party</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;8.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties of Each Representative</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-top: 0; padding-right: 0; padding-bottom: 3pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;IX</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">MISCELLANEOUS</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.01</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.02</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Waivers; Amendment</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.03</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actions Upon Breach; Specific Performance</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.04</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties in Interest</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.05</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Survival of Agreement</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.06</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.07</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.08</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law; Jurisdiction; Consent to Service of Process</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.09</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WAIVER OF JURY TRIAL</B></FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.10</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Headings</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.11</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflicts</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.12</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions Solely to Define Relative Rights</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.13</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Terms Concerning the Junior Lien Agent</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.14</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Terms Concerning the Priority Lien Agent and the Junior Lien Agent</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.15</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorization of Secured Agents</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.16</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further Assurances</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 3pt 0.375in; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.17</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: top; text-indent: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relationship of Secured Parties</FONT></TD>
    <TD STYLE="padding: 0 0 3pt; vertical-align: bottom; text-indent: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Annex</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding: 0; width: 12%"><FONT STYLE="font-size: 10pt">Annex I</FONT></TD>
    <TD STYLE="padding: 0; width: 88%"><FONT STYLE="font-size: 10pt">Legends</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit&nbsp;A</P></TD>
    <TD STYLE="padding: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form&nbsp;of Priority Confirmation Joinder</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This <B>INTERCREDITOR AGREEMENT</B>,
dated as of [___], 202 [__] (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, this
<FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Agreement</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>),
is by and among WILMINGTON SAVINGS FUND SOCIETY, FSB, as collateral agent and security trustee for the Priority Lien Secured Parties referred
to herein (in such capacities, and together with its successors and assigns in any such capacity, the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Original
First Lien Collateral Agent</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>), <FONT STYLE="text-transform: uppercase">[____],</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
as collateral agent for the Junior Lien Secured Parties referred to herein (in such capacity, and together with its successors and assigns
in such capacity, the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Original Junior Lien Agent</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>),
each other Secured Debt Representative (as defined below) from time to time party hereto, VALARIS LIMITED, an exempted company incorporated
under the laws of Bermuda (Registration No.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>56245) (together with
its successors and assigns, the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Company</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>),
and the other Grantors (as defined below) from time to time party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the
Priority Lien Documents (as defined below) and (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the Junior Lien
Documents (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In consideration of the mutual
agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Original First Lien Collateral Agent (for itself and on behalf of the Priority Lien Secured Parties) and the Original Junior Lien Agent
(for itself and on behalf of the Junior Lien Secured Parties) agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #010000"><B>ARTICLE&nbsp;I</B></FONT><U><BR>
DEFINITIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;1.01</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Construction;
Certain Defined Terms</U>. (a)&nbsp;The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Any pronoun of any gender shall be understood to refer to referents of any other gender, as context may require. The words &ldquo;include,&rdquo;
 &ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation.&rdquo; The
word &ldquo;will&rdquo; shall be construed to have the same meaning and effect as the word &ldquo;shall.&rdquo; Unless the context requires
otherwise, (i)&nbsp;any reference herein to any agreement, instrument, other document, statute or regulation shall be construed as referring
to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified,
(ii)&nbsp;any reference herein to any Person shall be construed to include such Person&rsquo;s successors and assigns, but shall not
be deemed to include the Subsidiaries of such Person unless express reference is made to such Subsidiaries, (iii)&nbsp;the words &ldquo;herein,&rdquo;
 &ldquo;hereof&rdquo; and &ldquo;hereunder,&rdquo; and words of similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof, (iv)&nbsp;all references herein to Articles, Sections and Annexes shall be construed to refer
to Articles, Sections and Annexes of this Agreement, (v)&nbsp;unless otherwise expressly qualified herein, the words &ldquo;asset&rdquo;
and &ldquo;property&rdquo; shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights and (vi)&nbsp;the term &ldquo;or&rdquo; is not exclusive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> To be the &ldquo;collateral agent&rdquo; under the Initial
Series of Junior Lien Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">All
terms capitalized but not defined herein have the meanings assigned to them in the Priority Lien Indenture as in effect on [__], 2021
(without giving effect to any amendments, supplements or any modifications thereto).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">All
terms used in this Agreement that are defined in Article&nbsp;1, 8 or 9 of the New York UCC (whether capitalized herein or not) and not
otherwise defined herein or in any Priority Lien Documents have the meanings assigned to them in Article&nbsp;1, 8 or 9 of the New York
UCC. If a term is defined in Article&nbsp;9 of the New York UCC and another Article&nbsp;of the New York UCC, such term shall have the
meaning assigned to it in Article&nbsp;9 of the New York UCC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">As
used in this Agreement, the following terms have the meanings specified below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Accounts</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>has the meaning assigned to such term in <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>3.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Ancillary
Document</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> has the meaning assigned to such term in <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>9.06</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Australian
PPSA</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Personal Property Securities Act 2009 (Cth)
of Australia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Bankruptcy
Code</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means Title 11 of the United States Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Bankruptcy
Law</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Bankruptcy Code and any similar federal, state
or foreign law for the relief of debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Business
Day</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means any day that is not a Saturday, Sunday or other
day on which commercial banks in New York, New York or London, United Kingdom are authorized or required by law to remain closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Class</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>means (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>in the case of Priority Lien Debt, every Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of
Priority Lien Debt, taken together and (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>in the case of Junior
Lien Debt, every Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of Junior Lien Debt, taken together.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Collateral</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>means all of the assets and property of any Grantor, whether real, personal or mixed, constituting Priority Lien Collateral and/or
Junior Lien Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Company</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>has the meaning assigned to such term in the preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Credit
Facility</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means an indebtedness facility or other financing
arrangement (including the Priority Lien Documents, commercial paper facilities, letters of credit facilities, bankers<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;
</FONT>acceptances or indentures), providing for revolving credit loans, term loans, letters of credit, bankers<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;
</FONT>acceptances or other borrowings or issuances of debt securities evidenced by notes, debentures, bonds or similar instruments,
in each case, as amended, restated, amended and restated, modified, supplemented or Refinanced in any manner (whether upon or after termination
or otherwise), in whole or in part from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Credit
Parties</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means, collectively, the Company and each of its Subsidiaries
that is from time to time party to any Priority Lien Document as a borrower, issuer and/or guarantor of any Priority Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>DIP
Financing</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> has the meaning assigned to such term in <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>4.02(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>DIP
Financing Liens</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> has the meaning assigned to such term in <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>4.02(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>DIP
Lenders</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> has the meaning assigned to such term in <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>4.02(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Discharge
of Priority Lien Obligations</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the occurrence of all of
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
termination or expiration of (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>all commitments to extend credit
that would constitute Priority Lien Debt, and (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>all obligations
of issuing banks to issue any letters of credit constituting Priority Lien Obligations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
payment in full in cash of the principal of and interest, fees and premium (if any) on all Priority Lien Debt (other than any undrawn
letters of credit, but including all interest accrued after the commencement of any Insolvency or Liquidation Proceeding whether or not
allowed or allowable in such proceeding), and all fees and premium (if any) on all Priority Lien Obligations; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">payment
in full in cash of all other Priority Lien Obligations that are outstanding and unpaid at the time the Priority Lien Debt is paid in
full in cash (other than (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>any obligations for taxes, costs, indemnifications,
reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at or prior to such time,
and (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>any letter of credit that has been cash collateralized
at the stated amount thereof with such cash being held in an account for the benefit of the Priority Lien Agent).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the avoidance of doubt, a Refinancing as
contemplated by <U>Section&nbsp;4.04</U> shall not be deemed to cause a Discharge of Priority Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Disposition</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>means any sale, lease, exchange, assignment, license, contribution, transfer or other disposition. <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Dispose</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>shall have a correlative meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Grantors</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>means, collectively, (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the Company, (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>each
other Credit Party and (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>each other Subsidiary of the Company,
in each case, that shall have granted (or purported to grant) any Lien in favor of any of the Priority Lien Agent or the Junior Lien
Agent on any of its assets or properties to secure any of the Secured Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Initial
Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of Junior Lien Debt</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>means [______].<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> NTD: To be the first Junior Lien Debt that is incurred
by any Grantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Insolvency
or Liquidation Proceeding</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
case commenced by or against the Company or any other Grantor under the Bankruptcy Code or any other Bankruptcy Law, any other proceeding
for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any other Grantor,
any receivership or assignment for the benefit of creditors relating to the Company or any other Grantor or any similar case or proceeding
relative to the Company or any other Grantor or its creditors, as such, in each case whether or not voluntary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company or any other Grantor,
in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
other proceeding of any type or nature in which substantially all claims of creditors of the Company or any other Grantor are determined
and any payment or distribution is or may be made on account of such claims.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Junior
Lien</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means a second-priority Lien (subject in priority as
permitted under each applicable Secured Debt Document) upon any Collateral granted by any Grantor pursuant to any Junior Lien Document
in favor of the Junior Lien Agent, at any time, to secure Junior Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Junior
Lien Agent</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>prior
to the payment in full in cash of the principal, premium, interest, fees and expenses (including all interest, fees and expenses accrued
after the commencement of any Insolvency or Liquidation Proceeding whether or not allowed or allowable in such proceeding) payable in
respect of the Initial Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of Junior Lien Debt and the Junior
Lien Documents (the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Discharge of Initial Junior Lien Debt</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>),
the Original Junior Lien Agent and (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>following the Discharge of
Initial Junior Lien Debt, any other agent, collateral agent, trustee or other representative appointed or which otherwise has been designated
to act as Junior Lien Agent on behalf of all Junior Lien Secured Parties (written notice of which has been provided to the Priority Lien
Agent), in each case, together with its successors or assigns in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Junior
Lien Collateral</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means all <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>Collateral<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>,
as defined in any Junior Lien Document, and any other assets of any Grantor now or at any time hereafter subject to Liens which secure
(or purport to secure) any Junior Lien Obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Junior
Lien Purchasers</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> has the meaning assigned to such term in <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>3.06</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Junior
Lien Secured Parties</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means each holder of Junior Lien Obligations.
For the avoidance of doubt, such reference shall be to such Person solely in its capacity as a holder of Junior Lien Obligations but
not in any other capacity (including holder of any other claim or interest).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Junior
Lien Security Documents</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means all security agreements, pledge
agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers
for security executed and delivered by the Company or any Grantor creating (or purporting to create) a Junior Lien upon Collateral in
favor of the Junior Lien Agent, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to
time, in accordance with its terms and the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>New
York UCC</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Uniform Commercial Code as from time to
time in effect in the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Obligations</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>means any principal (including reimbursement obligations and obligations to provide cash collateral with respect to letters of
credit whether or not drawn), interest, premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities payable
under the documentation governing any indebtedness (including all interest, fees, indemnifications, reimbursements, expenses and other
liabilities accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable
post-default rate even if not enforceable, allowable or allowed as a claim in such Insolvency or Liquidation Proceeding).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Original
First Lien Collateral Agent</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> has the meaning assigned to such
term in the preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Original
Junior Lien Agent</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> has the meaning assigned to such term in
the preamble hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Confirmation Joinder</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means an agreement substantially in the
form of <U>Exhibit<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Lien</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means a first-priority Lien granted (or purported to
be granted) by the Company or any other Grantor in favor of the Priority Lien Agent, at any time, upon any property of the Company or
any Grantor to secure Priority Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Lien Agent</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Original First Lien Collateral Agent
and, from and after the date of execution of a Priority Substitute Credit Facility, the agent, collateral agent, trustee or other representative
of the lenders or holders of the indebtedness and other Obligations evidenced thereunder or governed thereby, in each case, together
with its successors or assigns in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Lien Collateral</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means all <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>Collateral<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>as defined in the Priority Lien Indenture or any other Priority Lien Document, and any other assets of any Grantor now or at any
time hereafter subject to Liens which secure (or purport to secure) any Priority Lien Obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Lien Debt</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the indebtedness under the Priority Lien Documents
(including letters of credit and letter of credit reimbursement obligations with respect thereto (with outstanding letters of credit
being deemed to have a principal amount equal to the stated amount thereof)), all other First Lien Debt and additional indebtedness under
any Priority Substitute Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Lien Documents</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Priority Lien Indenture, the Priority
Lien Security Documents, and any indenture, supplemental indenture, Credit Facility or other agreement governing any other Priority Lien
Debt and all other loan documents, notes, guaranties, instruments and agreements governing or evidencing, or executed or delivered in
connection with, any Priority Substitute Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Lien Indenture</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Indenture dated as of [___], 2021
with respect to Senior Secured First Lien Notes due 2028 among the Company, the other Grantors party thereto as Guarantors and Wilmington
Savings Fund Society<FONT STYLE="text-transform: uppercase">, fsb</FONT>, as trustee, and the other agents named therein, as amended,
restated, modified, supplemented, Refinanced in any manner (whether upon or after termination or otherwise), in whole or in part, from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Lien Obligations</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Priority Lien Debt and all other
Obligations arising under or in connection with the Priority Lien Documents, in each case to the extent that such Obligations are secured
by, or purported to be secured by, Priority Liens. Notwithstanding any other provision hereof, the term <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT>Priority
Lien Obligations<FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> will include accrued interest, fees, costs, and
other charges incurred under the Priority Lien Indenture and the other Priority Lien Documents, whether incurred before or after commencement
of an Insolvency or Liquidation Proceeding, and whether or not allowed or allowable in an Insolvency or Liquidation Proceeding. To the
extent that any payment with respect to the Priority Lien Obligations (whether by or on behalf of any Credit Party, as proceeds of security,
enforcement of any right of set-off, or otherwise) is declared to be fraudulent or preferential in any respect, set aside, or required
to be paid to a debtor in possession, trustee, receiver, or similar Person, then the obligation or part thereof originally intended to
be satisfied will be deemed to be reinstated and outstanding as if such payment had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Lien Secured Parties</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means, at any time, the Priority Lien
Agent, each noteholder under the Priority Lien Indenture, each secured party (or a party entitled to the benefits of the security) under
any other Priority Lien Document, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Priority Lien
Document, each other Person that provides letters of credit, guaranties or other credit support related thereto under any Priority Lien
Document and each other holder of, or obligee in respect of, any Priority Lien Obligations (including pursuant to a Priority Substitute
Credit Facility), in each case to the extent designated as a secured party (or a party entitled to the benefits of the security) under
any Priority Lien Document outstanding at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Lien Security Documents</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means all security agreements, pledge
agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers
for security executed and delivered by the Company or any other Grantor creating (or purporting to create) a Priority Lien upon Collateral
in favor of any Priority Lien Agent, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time
to time, in accordance with its terms and the provisions hereof (including any such agreements, assignments, mortgages, deeds of trust
and other documents or instruments associated with any Priority Substitute Credit Facility).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Priority
Substitute Credit Facility</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means any Credit Facility with
respect to which the requirements contained in <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>4.04(a)</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>have
been satisfied and that Refinances in full the Priority Lien Documents relating to any Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of
Priority Lien Debt then in existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Property</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without
limitation, cash, securities, accounts, intellectual property, Equity Interests, contract rights and vessel charters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Purchase
Event</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> has the meaning assigned to such term in <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>3.06(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Refinance</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>means, with respect to any Indebtedness, to refinance, extend, renew, refund, repay, restructure, prepay, redeem, defease, discharge
or retire, or to issue other indebtedness (including by the amendment and restatement of any instrument or agreement evidencing such
Indebtedness) in exchange or replacement for, such Indebtedness, in each case in whole or in part, whether with the same or different
holders, agents or other representatives. <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Refinanced</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>and <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Refinancing</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>shall have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Related
Persons</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means, with respect to any specified Person, such
Person<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s Affiliates and the respective directors, officers, employees,
agents and advisors of such Person and such Person<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;</FONT>s Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Secured
Debt Documents</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Priority Lien Documents and the Junior
Lien Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Secured
Debt Representative</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Priority Lien Agent and/or the
Junior Lien Agent, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Secured
Obligations</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Priority Lien Obligations and the Junior
Lien Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Secured
Parties</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Priority Lien Secured Parties and the Junior
Lien Secured Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Security
Documents</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means the Priority Lien Security Documents and the
Junior Lien Security Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of
Junior Lien Debt</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means, severally, each issue or series of
Junior Lien Debt for which a single transfer register is maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of
Priority Lien Debt</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means, severally, each issue or series
of Priority Lien Debt for which a single transfer register is maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of
Secured Debt</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> means each Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of
Priority Lien Debt and each Series<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>of Junior Lien Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Standstill
Period</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT> has the meaning assigned to such term in <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>3.02</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>TIA</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;
</FONT>means the Trust Indenture Act of 1939 (15 U.S.C. Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>77aaa-77bbbb)
as in effect on the date hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #010000"><B>ARTICLE&nbsp;II</B></FONT><U><BR>
LIEN PRIORITIES</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.01</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Relative
Priorities</U>. (a)&nbsp;The grant of the Priority Liens pursuant to the Priority Lien Documents and the grant of the Junior Liens pursuant
to the Junior Lien Documents create two separate and distinct Liens on the Collateral.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything contained in this Agreement, the Priority Lien Documents, the Junior Lien Documents or any other agreement, document or instrument
or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i)&nbsp;how a Lien was acquired (whether
by grant, possession, statute, operation of law, subrogation, or otherwise), (ii)&nbsp;the time, manner, or order of the grant, attachment
or perfection of a Lien, (iii)&nbsp;any conflicting provision of the New York UCC or other applicable law, (iv)&nbsp;any defect in, or
non-perfection, setting aside, or avoidance of, a Lien or a Priority Lien Document or a Junior Lien Document, (v)&nbsp;the modification
of a Priority Lien Obligation permitted under this Agreement and the Priority Lien Documents or a Junior Lien Obligation permitted under
this Agreement and the Junior Lien Documents, or (vi)&nbsp;the subordination of a Lien on Collateral securing a Priority Lien Obligation
to a Lien securing another obligation of the Company or other Person that is permitted under the Priority Lien Documents as in effect
on the date hereof or securing a DIP Financing, or the subordination of a Lien on Collateral securing a Junior Lien Obligation to a Lien
securing another obligation of the Company or other Person (other than a Priority Lien Obligation) that is permitted under the Junior
Lien Documents as in effect on the date hereof, the Junior Lien Agent, on behalf of itself and the other Junior Lien Secured Parties,
hereby agrees that (x)&nbsp;any Priority Lien on any Collateral now or hereafter held by or for the benefit of any Priority Lien Secured
Party shall be senior in right, priority, operation, effect and all other respects to any and all Junior Liens on any Collateral and
(y)&nbsp;any Junior Lien on any Collateral now or hereafter held by or for the benefit of any Junior Lien Secured Party shall be junior
and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">It
is acknowledged that (i)&nbsp;the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to the
terms of the Priority Lien Documents, (ii)&nbsp;a portion of the Priority Lien Obligations consists or may consist of indebtedness that
is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and
subsequently reborrowed, and (iii)&nbsp;(A)&nbsp;the Priority Lien Documents may be replaced, amended, restated, amended and restated,
supplemented, restructured or otherwise amended or modified from time to time and (B)&nbsp;the Priority Lien Obligations may be increased,
extended, renewed, Refinanced or otherwise amended, restated or modified from time to time, in the case of the foregoing <U>clauses (A)</U>&nbsp;and
<U>(B)</U>&nbsp;all without affecting the subordination of the Junior Liens hereunder to the Priority Liens securing the Priority Lien
Obligations or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties and the Junior Lien
Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification, supplement,
extension, increase, renewal, restatement or Refinancing of any of the Priority Lien Obligations (or any part thereof) or the Junior
Lien Obligations (or any part thereof), by the release of any Collateral or of any guaranties for any Priority Lien Obligations or by
any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral. The provisions
of this <U>Section&nbsp;2.01(c)</U>&nbsp;are not intended to constitute a waiver of any restrictions contained in (i)&nbsp;the Junior
Lien Documents applicable to the amount or terms of the Priority Lien Debt or (ii)&nbsp;the Priority Lien Documents.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">It
is acknowledged that (i)&nbsp;the aggregate amount of the Junior Lien Obligations may be increased from time to time pursuant to the
terms of the Junior Lien Documents, (ii)&nbsp;a portion of the Junior Lien Obligations consists or may consist of indebtedness that is
revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and
subsequently reborrowed, and (iii)&nbsp;(A)&nbsp;the Junior Lien Documents may be replaced, restated, supplemented, restructured or otherwise
amended or modified from time to time and (B)&nbsp;the Junior Lien Obligations may be increased, extended, renewed, Refinanced or otherwise
amended, restated or modified from time to time. The provisions of this <U>Section&nbsp;2.01(d)</U>&nbsp;are not intended to constitute
a waiver of any restrictions contained in (i)&nbsp;the Priority Lien Documents applicable to the amount or terms of the Junior Lien Documents
or (ii)&nbsp;the Junior Lien Documents.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.02</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Prohibition
on Marshalling, Etc</U>. Until the Discharge of Priority Lien Obligations, the Junior Lien Agent will not assert any marshalling, appraisal,
valuation, or other similar right that may otherwise be available to a junior secured creditor.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.03</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
New Liens</U>. The parties hereto agree that, so long as the Discharge of Priority Lien Obligations has not occurred, none of the Grantors
shall, nor shall any Grantor permit any of its Subsidiaries to, (a)&nbsp;grant or permit any additional Liens on any asset of such Grantor
or Subsidiary to secure any Junior Lien Obligation, or take any action to perfect any additional Liens securing any Junior Lien Obligation,
unless it has granted, or substantially concurrently therewith grants (or offers to grant) or grants within 20 Business Days thereafter,
a Lien on such asset of such Grantor or Subsidiary to secure the Priority Lien Obligations and has taken all actions required to perfect
such Liens securing the Priority Lien Obligations; <I>provided</I>, <I>however</I>, that the refusal or inability of the Priority Lien
Agent to accept such Lien will not prevent the Junior Lien Agent from taking the Lien or (b)&nbsp;grant or permit any additional Liens
on any asset of such Grantor or Subsidiary to secure any Priority Lien Obligation, or take any action to perfect any additional Liens
securing any Priority Lien Obligation, unless it has granted, or substantially concurrently therewith grants (or offers to grant) or
grants within 10 Business Days thereafter, a Lien on such asset of such Grantor or Subsidiary to secure the Junior Lien Obligations and
has taken all actions (or takes all actions) required to perfect such Liens securing the Junior Lien Obligations (except (x)&nbsp;as
set forth in <U>Section&nbsp;2.06</U> and (y)&nbsp;without limitation of <U>Section&nbsp;5.01</U> or <U>Section&nbsp;5.02</U>, Liens
on any Collateral that can be perfected by the possession or control of such Collateral, which possession or control is given in favor
of any Priority Lien Secured Party); <I>provided</I>, <I>however</I>, the refusal or inability of the Junior Lien Agent to accept such
Lien will not prevent the Priority Lien Agent from taking the Lien; and each such Lien described in <U>clause (a)</U>&nbsp;or <U>(b)</U>&nbsp;of
this <U>Section&nbsp;2.03</U> shall be subject to the provisions of this Agreement. To the extent that the provisions of the immediately
preceding sentence are not complied with for any reason, without limiting any other right or remedy available to the Priority Lien Agent,
the other Priority Lien Secured Parties, the Junior Lien Agent or the other Junior Lien Secured Parties, the Junior Lien Agent, for itself
and on behalf of the other Junior Lien Secured Parties, agrees that any amounts received by or distributed to any Junior Lien Secured
Party, pursuant to, as a result of or in connection with any Lien granted in contravention of this <U>Section&nbsp;2.03</U> shall be
subject to <U>Section&nbsp;3.05(b)</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.04</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Similar
Collateral and Agreements</U>. The parties hereto acknowledge and agree that it is their intention that the Priority Lien Collateral
and the Junior Lien Collateral be substantially identical. In furtherance of the foregoing, the parties hereto agree (a)&nbsp;to cooperate
in good faith in order to determine, upon any reasonable written request by the Priority Lien Agent or the Junior Lien Agent, the specific
assets included in the Priority Lien Collateral and the Junior Lien Collateral, the steps taken to perfect the Priority Liens and the
Junior Liens thereon and the identity of the respective parties obligated under the Priority Lien Documents and the Junior Lien Documents
in respect of the Priority Lien Obligations and the Junior Lien Obligations, respectively, (b)&nbsp;that the Junior Lien Security Documents
creating Liens on the Collateral shall be substantially the same forms of documents as the respective Priority Lien Security Documents
creating Liens on the Collateral other than (i)&nbsp;with respect to the priority nature of the Liens created thereunder in such Collateral,
(ii)&nbsp;such other modifications to such Junior Lien Security Documents which are less restrictive as to the Grantors and their respective
Subsidiaries than the corresponding Priority Lien Security Documents, (iii)&nbsp;provisions in the Junior Lien Security Documents which
are solely applicable to the rights and duties of the Junior Lien Agent, (iv)&nbsp;to the extent relevant, with such deletions or modifications
of representations, warranties and covenants as are customary with respect to security documents establishing Liens securing debt securities
sold in similar private transactions that are not subject to the registration requirements of the Securities Act, (v)&nbsp;the control
of Collateral that is perfected by control (to the extent that such control cannot be granted to the Junior Lien Priority Agent after
using commercially reasonably efforts) and (vi)&nbsp;the delivery of possessory Collateral and (c)&nbsp;that at no time shall there be
any Grantor that is either (i)&nbsp;an obligor in respect of the Junior Lien Obligations that is not also an obligor in respect of the
Priority Lien Obligations, or (ii)&nbsp;an obligor in respect of the Priority Lien Obligations that is not also an obligor in respect
of the Junior Lien Obligations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.05</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Duties of Priority Lien Representatives</U>. The Junior Lien Agent, for itself and on behalf of each Junior Lien Secured Party, acknowledges
and agrees that, except as set forth herein, neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have any
duties or other obligations to any such Junior Lien Secured Party with respect to any Collateral, other than to transfer to the Junior
Lien Agent any remaining Collateral and any proceeds of the sale or other Disposition of any such Collateral remaining in its possession
following the Discharge of Priority Lien Obligations, in each case without representation or warranty on the part of the Priority Lien
Agent or any Priority Lien Secured Party. In furtherance of the foregoing, each Junior Lien Secured Party acknowledges and agrees that
until the Discharge of Priority Lien Obligations (subject to the terms of <U>Section&nbsp;3.02</U>, including the rights of the Junior
Lien Secured Parties following the expiration of any applicable Standstill Period), the Priority Lien Agent shall be entitled, for the
benefit of the Priority Lien Secured Parties, to sell, transfer or otherwise Dispose of or deal with the Collateral, as provided herein
and in the Priority Lien Documents, without regard to any Junior Lien or any rights to which the Junior Lien Agent or any Junior Lien
Secured Party would otherwise be entitled as a result of such Junior Lien. Without limiting the foregoing, the Junior Lien Agent, for
itself and on behalf of each Junior Lien Secured Party, agrees that neither the Priority Lien Agent nor any other Priority Lien Secured
Party shall have any duty or obligation first to marshal or realize upon any type of Collateral, or to sell, Dispose of or otherwise
liquidate all or any portion of such Collateral, in any manner that would maximize the return to the Junior Lien Secured Parties, notwithstanding
that the order and timing of any such realization, sale, Disposition or liquidation may affect the amount of proceeds actually received
by the Junior Lien Secured Parties from such realization, sale, Disposition or liquidation. The Junior Lien Agent, for itself and on
behalf of each Junior Lien Secured Party, hereby waives any claim any Junior Lien Secured Party may now or hereafter have against the
Priority Lien Agent or any other Priority Lien Secured Party arising out of any actions which the Priority Lien Agent or any other Priority
Lien Secured Parties take or omit to take (including actions with respect to the creation, perfection or continuation of Liens on any
Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral,
and actions with respect to the collection of any claim for all or any part of the Priority Lien Obligations from any account debtor,
guarantor or any other party) in accordance with this Agreement and the Priority Lien Documents or the valuation, use, protection or
release of any security for the Priority Lien Obligations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.06</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Duties of Junior Lien Agent</U>. The Priority Lien Agent, for itself and on behalf of each Priority Lien Secured Party, acknowledges
and agrees that neither the Junior Lien Agent nor any other Junior Lien Secured Party shall have any duty or other obligation to such
Priority Lien Secured Party with respect to any Collateral, except as expressly set forth in this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;2.07</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Certain
Cash Collateral</U>. Notwithstanding anything in this Agreement or any Junior Lien Document to the contrary, collateral consisting of
cash and cash equivalents pledged to secure Priority Lien Obligations consisting of reimbursement obligations in respect of letters of
credit shall be applied as specified in the Priority Lien Documents and will not constitute Collateral for the purposes of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #010000"><B>ARTICLE&nbsp;III</B></FONT><U><BR>
ENFORCEMENT RIGHTS; PURCHASE OPTION</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.01</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
on Enforcement Action</U>. Prior to the Discharge of Priority Lien Obligations, the Junior Lien Agent, for itself and on behalf of each
Junior Lien Secured Party, hereby agrees that, subject to <U>Section&nbsp;3.05(b)</U>&nbsp;and <U>Section&nbsp;4.07</U>, none of the
Junior Lien Agent or any other Junior Lien Secured Party shall commence any judicial or nonjudicial foreclosure proceedings with respect
to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of,
exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take
any other action available to it in respect of, any Collateral under any Junior Lien Security Document, applicable law or otherwise (including
but not limited to any right of setoff), it being agreed that only the Priority Lien Agent, acting in accordance with the applicable
Priority Lien Documents, shall have the exclusive right (and whether or not any Insolvency or Liquidation Proceeding has been commenced),
to take any such actions or exercise any such remedies, in each case, without any consultation with or the consent of the Junior Lien
Agent or any other Junior Lien Secured Party. Such exercise and enforcement shall include the rights of an agent appointed by them to
Dispose of Collateral upon foreclosure, to incur expenses in connection with any such Disposition and to exercise all the rights and
remedies of a secured creditor under the New York UCC, the Bankruptcy Code or any other Bankruptcy Law. Without limiting the generality
of the foregoing, prior to the Discharge of Priority Lien Obligations, the Priority Lien Agent will have the exclusive right to deal
with that portion of the Collateral consisting of commodity accounts, deposit accounts and securities accounts (collectively &ldquo;<U>Accounts</U>&rdquo;),
including exercising rights under control agreements with respect to such Accounts. The Junior Lien Agent, for itself and on behalf of
the other Junior Lien Secured Parties, hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Junior
Lien Security Document or any other Junior Lien Document shall be deemed to restrict in any way the rights and remedies of the Priority
Lien Agent or the other Priority Lien Secured Parties with respect to the Collateral as set forth in this Agreement or under applicable
law. Notwithstanding the foregoing, subject to <U>Section&nbsp;3.05</U>, the Junior Lien Agent, on behalf of the Junior Lien Secured
Parties, may, but will have no obligation to, take all such actions (not adverse to the Priority Liens or the rights of the Priority
Lien Agent and the Priority Lien Secured Parties) it deems necessary to perfect or continue the perfection of the Junior Liens in the
Collateral or to create, preserve or protect (but not enforce) the validity and enforceability of the Junior Liens in the Collateral.
Nothing herein shall limit the right or ability of the Junior Lien Agent or the Junior Lien Secured Parties to (a)&nbsp;purchase (by
credit bid or otherwise) all or any portion of the Collateral in connection with any enforcement of remedies by the Priority Lien Agent
to the extent that, and so long as, the Priority Lien Secured Parties receive payment in full in cash of all Priority Lien Obligations
after giving effect thereto or (b)&nbsp;file a proof of claim or statement of interest with respect to the Junior Lien Obligations. Following
the Discharge of Priority Lien Obligations, the Junior Lien Agent or any other Junior Lien Secured Parties shall have the sole and exclusive
right to enforce against or realize upon, or take any other action available to it in respect of, any Collateral.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.02</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Standstill
Period; Permitted Enforcement Action</U><FONT STYLE="color: #010000">(a)</FONT></FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">.
Prior to the Discharge of Priority Lien Obligations, and notwithstanding the foregoing <U>Section&nbsp;3.01</U>, both before and during
an Insolvency or Liquidation Proceeding, after a period of 180 days has elapsed (which period will be tolled during any period in which
the Priority Lien Agent is not entitled, on behalf of the Priority Lien Secured Parties, to enforce or exercise any rights or remedies
with respect to a material portion of the Collateral as a result of (a)&nbsp;any injunction issued by a court of competent jurisdiction
or (b)&nbsp;the automatic stay or any other stay or prohibition in any Insolvency or Liquidation Proceeding) since the date on which
the Junior Lien Agent has delivered to the Priority Lien Agent written notice of the acceleration of any Junior Lien Debt (the &ldquo;<U>Standstill
Period</U>&rdquo;), the Junior Lien Agent and the other Junior Lien Secured Parties may enforce or exercise any rights or remedies with
respect to any Collateral; <I>provided</I>, <I>however</I>, that notwithstanding the expiration of the Standstill Period or anything
in the Junior Lien Documents to the contrary, in no event may the Junior Lien Agent or any other Junior Lien Secured Party enforce or
exercise any rights or remedies with respect to any Collateral, or commence, join with any Person at any time in commencing, or petition
for or vote in favor of any resolution for, any such action or proceeding, if the Priority Lien Agent on behalf of the Priority Lien
Secured Parties or any other Priority Lien Secured Party shall have commenced prior to the expiration of the Standstill Period, and shall
be diligently pursuing (or shall have sought or requested relief from, or modification of, the automatic stay or any other stay or other
prohibition in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof), the enforcement or exercise
of any rights or remedies with respect to the Collateral or any such action or proceeding (prompt written notice thereof to be given
to the Junior Lien Agent by the Priority Lien Agent); <I>provided</I>, <I>further</I>, that, at any time after the expiration of the
Standstill Period, if neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have commenced and be diligently
pursuing the enforcement or exercise of any rights or remedies with respect to any material portion of the Collateral or any such action
or proceeding, then no Priority Lien Secured Party or the Priority Lien Agent shall take any action of a similar nature with respect
to such Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for,
any such action or proceeding.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.03</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Insurance</U>.
Unless and until the Discharge of Priority Lien Obligations has occurred (but subject to the terms of <U>Section&nbsp;3.02</U>, including
the rights of the Junior Lien Secured Parties following expiration of the Standstill Period), the Priority Lien Agent shall have the
sole and exclusive right, subject to the rights of the Grantors under the Priority Lien Documents, to (i)&nbsp;to be named as loss payee
under any insurance policies maintained from time to time by any Grantor (<I>provided</I> that, in such case, it shall also be named
as an additional loss payee, as applicable, for the benefit of the Junior Lien Agent and the other Junior Lien Secured Parties; <I>provided
further</I> that in the event the Priority Lien Agent is not so named, then the Junior Lien Agent shall be entitled to be named as additional
loss payee (with the priorities, and subject to the terms, as set forth in this Agreement)), (ii)&nbsp;adjust and settle claims in respect
of Collateral under any insurance policy in the event of any loss thereunder and (iii)&nbsp;approve any award granted in any condemnation
or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of Priority Lien
Obligations has occurred, and subject to the rights of the Grantors under the Priority Lien Documents, all proceeds of any such policy
and any such award (or any payments with respect to a deed in lieu of condemnation) with respect to the Collateral shall be paid to the
Priority Lien Agent pursuant to the terms of the Priority Lien Documents (including for purposes of cash collateralization of commitments,
letters of credit and any hedging obligations). If the Junior Lien Agent or any Junior Lien Secured Party shall, notwithstanding the
foregoing, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall pay such proceeds over
to the Priority Lien Agent. In addition, if by virtue of being named as an additional insured or loss payee of any insurance policy of
any Grantor covering any of the Collateral, the Junior Lien Agent or any other Junior Lien Secured Party shall have the right to adjust
or settle any claim under any such insurance policy, then unless and until the Discharge of Priority Lien Obligations has occurred, the
Junior Lien Agent and any such Junior Lien Secured Party shall follow the instructions of the Priority Lien Agent, or of the Grantors
under the Priority Lien Documents to the extent the Priority Lien Documents grant such Grantors the right to adjust or settle such claims,
with respect to such adjustment or settlement (subject to the terms of <U>Section&nbsp;3.02</U>, including the rights of the Junior Lien
Secured Parties following expiration of the Standstill Period). Following the Discharge of Priority Lien Obligations, subject to the
rights of the Grantors under the Junior Lien Documents, the Junior Lien Agent or any other Junior Lien Secured Parties shall have the
sole and exclusive right to adjust and settle claims in respect of Collateral under any insurance policy in the event of any loss thereunder
and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.04</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Notification
of Release of Collateral</U>. Each of the Priority Lien Agent and the Junior Lien Agent shall give the other Secured Debt Representatives
prompt written notice of the Disposition by it of, and release by it of the Lien on, any Collateral. Such notice shall describe in reasonable
detail the subject Collateral, the parties involved in such Disposition or release, the place, time manner and method thereof, and the
consideration, if any, received therefor; <I>provided</I>, <I>however</I>, that the failure to give any such notice shall not in and
of itself in any way impair the effectiveness of any such Disposition or release and no party shall be liable in any manner for the failure
to give such notice.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.05</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Interference; Payment Over</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Interference</U>. Unless and until the Discharge of Priority Lien Obligations has occurred, the Junior Lien Agent, for itself and on
behalf of each Junior Lien Secured Party, agrees that each Junior Lien Secured Party (i)&nbsp;will not take or cause to be taken any
action the purpose or effect of which is, or could be, to make any Junior Lien <I>pari passu</I> with, or to give such Junior Lien Secured
Party any preference or priority relative to, any Priority Lien with respect to the Collateral or any part thereof, (ii)&nbsp;will not
challenge or question in any proceeding the validity or enforceability of any Priority Lien Obligations or Priority Lien Document, or
the validity, attachment, perfection or priority of any Priority Lien, or the validity or enforceability of the priorities, rights or
duties established by the provisions of this Agreement, (iii)&nbsp;subject to the terms of <U>Section&nbsp;3.02</U>, including the rights
of the Junior Lien Secured Parties following expiration of the Standstill Period, will not take or cause to be taken any action the purpose
or effect of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale,
transfer or other Disposition of the Collateral by any Priority Lien Secured Party or the Priority Lien Agent in any enforcement action,
(iv)&nbsp;subject to the terms of <U>Section&nbsp;3.02</U>, including the rights of the Junior Lien Secured Parties following the expiration
of the Standstill Period, shall have no right to (A)&nbsp;direct the Priority Lien Agent or any other Priority Lien Secured Party to
exercise any right, remedy or power with respect to any Collateral or (B)&nbsp;consent to the exercise by the Priority Lien Agent or
any other Priority Lien Secured Party of any right, remedy or power with respect to any Collateral, (v)&nbsp;will not institute any suit
or assert in any suit or Insolvency or Liquidation Proceeding any claim against the Priority Lien Agent or other Priority Lien Secured
Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to, and neither the
Priority Lien Agent nor any other Priority Lien Secured Party shall be liable for, any action taken or omitted to be taken by the Priority
Lien Agent or other Priority Lien Secured Party with respect to any Priority Lien Collateral in accordance with the Priority Lien Documents
and this Agreement, (vi)&nbsp;will not seek, and hereby waives any right, to have any Collateral or any part thereof marshaled upon any
foreclosure or other Disposition of such Collateral, (vii)&nbsp;will not attempt, directly or indirectly, whether by judicial proceedings
or otherwise, to challenge the enforceability of any provision of this Agreement, (viii)&nbsp;will not object to forbearance by the Priority
Lien Agent or any Priority Lien Secured Party, and (ix)&nbsp;will not assert, and hereby waives, to the fullest extent permitted by law,
any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar
right that may be available under applicable law with respect to the Collateral or any similar rights a junior secured creditor may have
under applicable law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Payment
Over</U>. Unless and until the Discharge of Priority Lien Obligations has occurred, the Junior Lien Agent, for itself and on behalf of
each other Junior Lien Secured Party, hereby agrees that if any Junior Lien Secured Party shall obtain possession of any Collateral or
shall realize any proceeds or payment in respect of any Collateral, pursuant to the exercise of any rights or remedies with respect to
the Collateral under any Junior Lien Security Document or by the exercise of any rights available to it under applicable law or in any
Insolvency or Liquidation Proceeding, to the extent permitted hereunder, at any time prior to the Discharge of Priority Lien Obligations,
then it shall hold such Collateral, proceeds or payment in trust for the Priority Lien Agent and the other Priority Lien Secured Parties
and transfer such Collateral, proceeds or payment, as the case may be, to the Priority Lien Agent as promptly as practicable. Furthermore,
the Junior Lien Agent shall, at the Grantors&rsquo; expense, promptly send written notice to the Priority Lien Agent upon receipt of
such Collateral, proceeds or payment by any Junior Lien Secured Party and if directed by the Priority Lien Agent, shall deliver such
Collateral, proceeds or payment to the Priority Lien Agent in the same form as received, with any necessary endorsements, or as a court
of competent jurisdiction may otherwise direct within five (5)&nbsp;days after receipt by the Priority Lien Agent of such written notice.
The Priority Lien Agent is hereby authorized to make any such endorsements as agent for the Junior Lien Agent or any other Junior Lien
Secured Party. The Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured Party agrees that if, at any time, it
obtains written notice that all or part of any payment with respect to any Priority Lien Obligations previously made shall be rescinded
for any reason whatsoever, it will promptly pay over to the Priority Lien Agent any payment received by it and then in its possession
or under its direct control in respect of any such Priority Lien Collateral and shall promptly turn any such Collateral then held by
it over to the Priority Lien Agent, and the provisions set forth in this Agreement will be reinstated as if such payment had not been
made, until the Discharge of Priority Lien Obligations. All Junior Liens will remain attached to and enforceable against all proceeds
so held or remitted, subject to the priorities set forth in this Agreement. Anything contained herein to the contrary notwithstanding,
this <U>Section&nbsp;3.05(b)</U>&nbsp;shall not apply to any proceeds of Collateral realized in a transaction not prohibited by the Priority
Lien Documents and as to which the possession or receipt thereof by the Junior Lien Agent or any other Junior Lien Secured Party is otherwise
permitted by the Priority Lien Documents.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;3.06</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Purchase
Option</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything in this Agreement to the contrary, on or at any time after (i)&nbsp;the commencement of an Insolvency or Liquidation Proceeding,
or (ii)&nbsp;the acceleration of the Priority Lien Obligations (each of the foregoing clauses (i)&nbsp;and (ii), a &ldquo;<U>Purchase
Event</U>&rdquo;), each of the holders of the Junior Lien Debt and each of their respective designated Affiliates (any of such holder(s)&nbsp;or
designated Affiliate(s), the &ldquo;<U>Junior Lien Purchasers</U>&rdquo;) will have the right, at their sole option and election (but
will not be obligated), upon prior written notice to the Priority Lien Agent (with a copy to the Junior Lien Agent), to purchase from
the Priority Lien Secured Parties (A)&nbsp;all (but not less than all) Priority Lien Obligations and (B)&nbsp;if applicable, Obligations
(including principal, unpaid interest, fees, prepayment premiums, reasonable and documented attorneys&rsquo; fees and legal expenses,
but excluding contingent indemnification obligations for which no claim or demand for payment has been made at or prior to such time)
provided by any of the Priority Lien Secured Parties in connection with a DIP Financing that are outstanding on the date of such purchase.
Such notice must be given within 30 days of the relevant Purchase Event. Promptly following the receipt of such notice from the Junior
Lien Purchaser, the Priority Lien Agent will deliver to the Junior Lien Agent and the Junior Lien Purchasers a statement of the amount
of Priority Lien Debt, other Priority Lien Obligations and Obligations in connection with a DIP Financing (including principal, unpaid
interest, fees, prepayment premiums, reasonable and documented attorneys&rsquo; fees and legal expenses, but excluding contingent indemnification
obligations for which no claim or demand for payment has been made at or prior to such time, in respect of such DIP Financing) provided
by any of the Priority Lien Secured Parties, if any, then outstanding and the amount of the cash collateral requested by the Priority
Lien Agent to be delivered pursuant to <U>Section&nbsp;3.06(b)(ii)</U>&nbsp;below. The right to purchase provided for in this <U>Section&nbsp;3.06
</U>will expire unless, within ten (10)&nbsp;Business Days after the receipt by the Junior Lien Agent and the Junior Lien Purchasers
of such statement of amount from the Priority Lien Agent, the Junior Lien Agent (acting at the direction of the Junior Lien Purchasers)
delivers to the Priority Lien Agent an irrevocable commitment of the Junior Lien Purchasers to purchase all (but not less than all) (x)&nbsp;of
the Priority Lien Obligations and (y)&nbsp;if applicable, Obligations (including principal, unpaid interest, fees, prepayment premiums,
reasonable and documented attorneys&rsquo; fees and legal expenses, but excluding contingent indemnification obligations for which no
claim or demand for payment has been made at or prior to such time) provided by any of the Priority Lien Secured Parties in connection
with a DIP Financing and to otherwise complete such purchase on the terms set forth under this <U>Section&nbsp;3.06</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">On
the date specified by the Junior Lien Agent (on behalf of the Junior Lien Purchasers) in such irrevocable commitment (which shall not
be less than five (5)&nbsp;Business Days nor more than twenty (20) Business Days, after the receipt by the Priority Lien Agent of such
irrevocable commitment), the Priority Lien Secured Parties shall sell to the Junior Lien Purchasers all (but not less than all) (x)&nbsp;Priority
Lien Obligations and (y)&nbsp;if applicable, Obligations provided by any of the Priority Lien Secured Parties in connection with a DIP
Financing that are outstanding on the date of such sale, subject to any required approval of any Governmental Authority then in effect,
if any, and only if on the date of such sale, the Priority Lien Agent receives the following:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">payment
in cash, as the purchase price for (A)&nbsp;all Priority Lien Obligations sold in such sale, of an amount equal to the full par value
amount of all Priority Lien Obligations and (B)&nbsp;if applicable, all Obligations sold in such sale, of an amount equal to the full
par value amount of all Obligations (and related obligations, including unpaid interest, fees prepayment premiums, and expenses) provided
by any of the Priority Lien Secured Parties in connection with a DIP Financing then outstanding (including principal, unpaid interest,
fees, prepayment premiums, reasonable and documented attorneys&rsquo; fees and legal expenses, but excluding contingent indemnification
obligations for which no claim or demand for payment has been made at or prior to such time);</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
cash collateral deposit in such amount as the Priority Lien Agent determines is reasonably necessary to secure the payment of any outstanding
letters of credit constituting Priority Lien Obligations that may become due and payable after such sale (but not in any event in an
amount greater than one hundred five percent (105%) of the amount then reasonably estimated by the Priority Lien Agent to be the aggregate
outstanding amount of such letters of credit at such time), which cash collateral shall be (A)&nbsp;held by the Priority Lien Agent as
security solely to reimburse the issuers of such letters of credit that become due and payable after such sale and any fees and expenses
incurred in connection with such letters of credit and (B)&nbsp;returned to the Junior Lien Agent (except as may otherwise be required
by applicable law or any order of any court or other Governmental Authority) promptly after the expiration or termination from time to
time of all payment contingencies affecting such letters of credit; and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
agreements, documents or instruments which the Priority Lien Agent may reasonably request in writing pursuant to which (A)&nbsp;the representative
appointed by the Junior Lien Purchasers to assume the obligations of the Priority Lien Agent (the &ldquo;<U>Priority Lien Successor Agent</U>&rdquo;)
and the Junior Lien Purchasers expressly assume and adopt all of the obligations of the Priority Lien Agent and the Priority Lien Secured
Parties under the Priority Lien Documents and in connection with the Obligations (including principal, unpaid interest, fees, prepayment
premiums, reasonable and documented attorneys&rsquo; fees and legal expenses, but excluding contingent indemnification obligations for
which no claim or demand for payment has been made at or prior to such time) provided by any of the Priority Lien Secured Parties in
connection with a DIP Financing, as applicable, on and after the date of the purchase and sale and (B)&nbsp;the Priority Lien Successor
Agent becomes the successor agent thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Such
purchase of the Priority Lien Obligations and, if applicable, the Obligations provided by any of the Priority Lien Secured Parties in
connection with a DIP Financing shall be made on a <I>pro rata</I> basis among the Junior Lien Purchasers giving notice to the Priority
Lien Agent of their interest to exercise the purchase option hereunder according to each such Junior Lien Purchaser&rsquo;s portion of
the Junior Lien Debt outstanding on the date of purchase or such portion as such Junior Lien Purchasers may otherwise agree among themselves.
Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of the Priority Lien
Agent as the Priority Lien Agent may designate in writing to the Junior Lien Agent for such purpose. Interest shall be calculated to
but excluding the Business Day on which such sale occurs if the amounts so paid by the Junior Lien Purchasers to the bank account designated
by the Priority Lien Agent are received in such bank account prior to 12:00 noon, New York City time, and interest shall be calculated
to and including such Business Day if the amounts so paid by the Junior Lien Purchasers to the bank account designated by the Priority
Lien Agent are received in such bank account later than 12:00 noon, New York City time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Such
sale shall be expressly made without representation or warranty of any kind by the Priority Lien Secured Parties as to the Priority Lien
Obligations, the Collateral or otherwise and without recourse to any Priority Lien Secured Party, except that the applicable Priority
Lien Secured Party shall represent and warrant severally as to the Priority Lien Obligations, and, if applicable, the Obligations provided
by any of the Priority Lien Secured Parties in connection with a DIP Financing then owing to it: (i)&nbsp;that such applicable Priority
Lien Secured Party owns such Priority Lien Obligations and any loans provided by any of the Priority Lien Secured Parties in connection
with a DIP Financing; and (ii)&nbsp;that such applicable Priority Lien Secured Party has the necessary corporate or other governing authority
to assign such interests.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">After
such sale becomes effective, the outstanding letters of credit will remain enforceable against the issuers thereof and will remain secured
by the Priority Liens upon the Collateral in accordance with the applicable provisions of the Priority Lien Documents as in effect at
the time of such sale, and the issuers of letters of credit will remain entitled to the benefit of the Priority Liens upon the Collateral
and sharing rights in the proceeds thereof in accordance with the provisions of the Priority Lien Documents as in effect at the time
of such sale, as fully as if the sale of the Priority Lien Debt had not been made, but, except with respect to cash collateral held by
the issuer(s)&nbsp;of such letters of credit, only the Person or successor agent to whom the Priority Liens are transferred in such sale
will have the right to foreclose upon or otherwise enforce the Priority Liens and only the Junior Lien Purchasers in the sale will have
the right to direct such Person or successor as to matters relating to the foreclosure or other enforcement of the Priority Liens.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Each
Grantor irrevocably consents to any assignment effected to one or more Junior Lien Purchasers pursuant to this <U>Section&nbsp;3.06</U>
for purposes of all Priority Lien Documents and hereby agrees that no further consent from such Grantor shall be required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #010000"><B>ARTICLE&nbsp;IV</B></FONT><U><BR>
OTHER AGREEMENTS</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.01</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Release
of Liens; Automatic Release of Junior Liens</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Prior
to the Discharge of Priority Lien Obligations, the Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured Party
agrees that, in the event the Priority Lien Agent or the requisite Priority Lien Secured Parties under the Priority Lien Documents release
the Priority Lien on any Collateral, the Junior Lien on such Collateral shall terminate and be released automatically and without further
action if (i)&nbsp;such release is permitted under the Junior Lien Documents, (ii)&nbsp;such release is effected in connection with the
Priority Lien Agent&rsquo;s foreclosure upon, or other exercise of rights or remedies with respect to, such Collateral, or (iii)&nbsp;such
release is effected in connection with a sale or other Disposition of any Collateral (or any portion thereof) under Section&nbsp;363
of the Bankruptcy Code or any other provision of the Bankruptcy Code if the requisite Priority Lien Secured Parties under the Priority
Lien Documents shall have consented to such sale or Disposition of such Collateral; <I>provided</I> that, in the case of each of <U>clauses
(i)</U>, <U>(ii)</U>&nbsp;and <U>(iii)</U>, the Junior Liens on such Collateral shall attach to (and shall remain subject and subordinate
to all Priority Liens securing Priority Lien Obligations) any proceeds of a sale, transfer or other Disposition of Collateral not paid
to the Priority Lien Secured Parties or that remain after the Discharge of Priority Lien Obligations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Until
the Discharge of Priority Lien Obligations has occurred, upon delivery to the Junior Lien Agent of (i)&nbsp;a written notice from the
Priority Lien Agent stating that any release of Liens pursuant to this <U>Section&nbsp;4.01</U> securing or supporting the Priority Lien
Obligations has become effective (or shall become effective upon the Junior Lien Agent&rsquo;s release), and (ii)&nbsp;such other certificates
or documents as are required to be delivered under the Junior Lien Documents, the Junior Lien Agent, on behalf of each Junior Lien Secured
Party, will execute and deliver (at the sole cost and expense of the Grantors) all such releases and other instruments as shall reasonably
be requested in writing by the Priority Lien Agent to evidence and confirm any release of Collateral provided for in this <U>Section&nbsp;4.01</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.02</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Certain
Agreements With Respect to Insolvency or Liquidation Proceedings</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
parties hereto acknowledge that this Agreement is a &ldquo;subordination agreement&rdquo; under Section&nbsp;510(a)&nbsp;of the Bankruptcy
Code and in respect of any &ldquo;security interest&rdquo; as defined in, and to which the Australian PPSA applies, this Agreement operates
as a voluntary subordination of security interests in accordance with section 61 of the Australian PPSA and shall continue in full force
and effect, notwithstanding the commencement of any Insolvency or Liquidation Proceeding by or against the Company, any other Grantor
or any of their Subsidiaries. All references in this Agreement to the Company or any Subsidiary of the Company or any other Grantor will
include such Person or Persons as a debtor-in-possession and any receiver or trustee for such Person or Persons in an Insolvency or Liquidation
Proceeding. For the purposes of this <U>Section&nbsp;4.02</U>, unless otherwise provided herein, <U>clauses (b)</U>&nbsp;through and
including <U>(o)</U>&nbsp;shall be in full force and effect prior to the Discharge of Priority Lien Obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">If
the Company, any other Grantor or any of their Subsidiaries shall become subject to any Insolvency or Liquidation Proceeding and shall,
as debtor(s)-in-possession, or if any receiver or trustee for such Person or Persons shall, move for approval of financing (&ldquo;<U>DIP
Financing</U>&rdquo;) to be provided by one or more lenders (the &ldquo;<U>DIP Lenders</U>&rdquo;) under Section&nbsp;364 of the Bankruptcy
Code or the use of cash collateral under Section&nbsp;363 of the Bankruptcy Code, the Junior Lien Agent, for itself and on behalf of
each Junior Lien Secured Party, agrees that, until the Discharge of Priority Lien Obligations has occurred, neither it nor any other
Junior Lien Secured Party will raise any objection, contest, oppose or seek to condition or delay, and each Junior Lien Secured Party
will waive any claim such Person may now or hereafter have, to any such financing or to the Liens on the Collateral securing the same
(&ldquo;<U>DIP Financing Liens</U>&rdquo;), or to any use, sale or lease of cash collateral that constitutes Collateral or to any grant
of administrative expense priority under Section&nbsp;364 of the Bankruptcy Code, unless (i)&nbsp;to the extent the Priority Lien Agent
(acting at the direction of the requisite Priority Lien Secured Parties under the Priority Lien Documents) opposes or objects to such
DIP Financing or such DIP Financing Liens or such use of cash collateral, (ii)&nbsp;the terms of such DIP Financing provide for the sale
of a substantial part of the Collateral (other than as contemplated by Section&nbsp;4.02(d)) or require the confirmation of a plan of
reorganization or liquidation, as applicable, containing specific terms or provisions (other than repayment in cash of such DIP Financing
on the effective date thereof), and/or (iii)&nbsp;any such DIP Financing is secured by Liens that rank junior to the Priority Liens;
<U>provided</U> that the Junior Lien Secured Parties are not deemed to have waived any right to object to a DIP Financing to the extent
such DIP Financing has a material adverse effect on (x)&nbsp;any rights of the Junior Lien Secured Parties to credit bid on the Collateral
in any such sale or disposition in accordance with Section&nbsp;363(k)&nbsp;of the Bankruptcy Code (or any similar provision under any
other applicable Bankruptcy Law) but only to the extent such credit bid would provide for the Discharge of the Priority Lien Obligations,
(y)&nbsp;any right of the Junior Lien Secured Parties to object solely to any provisions in any DIP Financing relating to, describing
or requiring any specific and material terms of a plan of reorganization or the sale of a substantial part of the Collateral (other than
as contemplated by <U>Section&nbsp;4.02(d)</U>), or (z)&nbsp;any rights of the Junior Lien Secured Parties to assert any objection with
respect to any proposed orders to set bidding or related sales procedures in connection with such disposition (other than as contemplated
by <U>Section&nbsp;4.02(d)</U>). To the extent such DIP Financing Liens are senior to, or rank <I>pari passu</I> with, the Priority Liens,
the Junior Lien Agent will, for itself and on behalf of the other Junior Lien Secured Parties, subordinate the Junior Liens on the Collateral
to the Priority Liens, to such DIP Financing Liens and to any carve-out in connection with such Insolvency or Liquidation Proceeding,
so long as the Junior Lien Agent, on behalf of the Junior Lien Secured Parties, retains Liens on all the Collateral, including proceeds
thereof arising after the commencement of any Insolvency or Liquidation Proceeding, with the same priority relative to the Priority Liens
as existed prior to the commencement of the case under the Bankruptcy Code.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Prior
to the Discharge of Priority Lien Obligations, without the consent of the Priority Lien Agent, in its sole discretion, the Junior Lien
Agent, for itself and on behalf of each Junior Lien Secured Party agrees not to propose, support or enter into any DIP Financing unless
(x)&nbsp;the Liens securing such DIP Financing shall be secured by Liens that rank junior to the Priority Liens and (y)&nbsp;such DIP
Financing does not refinance any Junior Lien Obligations which, in connection with the relevant Insolvency or Liquidation Proceeding,
are repaid in cash prior to the Discharge of Priority Lien Obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Until
the Discharge of Priority Lien Obligations has occurred, the Junior Lien Agent, for itself and on behalf of each Junior Lien Secured
Party, agrees that it shall be deemed to have consented to and will not object to, oppose, contest or seek to condition or delay (or
join with or support any third party objecting to, opposing, contesting or seeking to condition or delay) (i)&nbsp;a sale or other Disposition,
a motion to sell or Dispose or the bidding procedure for such sale or Disposition of any Collateral (or any portion thereof) under Section&nbsp;363
of the Bankruptcy Code or any other provision of the Bankruptcy Code if the requisite Priority Lien Secured Parties under the Priority
Lien Documents shall have consented to such sale or Disposition of any Collateral (or any portion thereof), such motion to sell or Dispose
or such bidding procedure for such sale or Disposition of such Collateral, and all Priority Liens and Junior Liens will attach to the
proceeds of the sale in the same respective priorities as set forth in this Agreement, and (ii)&nbsp;the concurrent and permanent application
of the net cash proceeds of any such sale or Disposition of any Collateral (or any portion thereof) under Section&nbsp;363(b)&nbsp;of
the Bankruptcy Code or any other provision of the Bankruptcy Code to the Priority Lien Obligations and any DIP Financing provided by
the Priority Lien Secured Parties, together with a concurrent permanent reduction of the applicable commitments of the Priority Lien
Secured Parties under the applicable Priority Lien Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Until
the Discharge of Priority Lien Obligations has occurred, the Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured
Party, waives any claim that may be had against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any DIP
Financing Liens (that are granted in a manner that is consistent with this Agreement), or request for adequate protection or administrative
expense priority under Section&nbsp;364 of the Bankruptcy Code to the extent the Liens securing any Priority Lien Obligations are subordinated
to or have the same priority as the Liens securing such DIP Financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Until
the Discharge of Priority Lien Obligations has occurred, the Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured
Party, agrees that neither the Junior Lien Agent nor any other Junior Lien Secured Party will file or prosecute in any Insolvency or
Liquidation Proceeding any motion for adequate protection (or any comparable request for relief) based upon their interest in the Collateral,
nor object to, oppose, contest or seek to condition or delay (or join with or support any third party objecting to, opposing contesting
or seeking to condition or delay) (i)&nbsp;any request by the Priority Lien Agent or any other Priority Lien Secured Party for adequate
protection or (ii)&nbsp;any objection by the Priority Lien Agent or any other Priority Lien Secured Party to any motion, relief, action
or proceeding based on the Priority Lien Agent or Priority Lien Secured Parties claiming a lack of adequate protection, except that the
Junior Lien Secured Parties may:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #010000">(A)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">freely
seek and obtain relief granting adequate protection in the form of a replacement lien co-extensive in all respects with, but subordinated
(as set forth in <U>Section&nbsp;2.01</U>) to, and with the same relative priority to the Priority Liens as existed prior to the commencement
of the Insolvency or Liquidation Proceeding, all Liens granted in the Insolvency or Liquidation Proceeding to, or for the benefit of,
the Priority Lien Secured Parties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #010000">(B)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">freely
seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition or restriction whatsoever,
at any time after the Discharge of Priority Lien Obligations; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #010000">(C)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">freely
file (i)&nbsp;proof of claims or statements of interest in respect of the Junior Lien Obligations and (ii)&nbsp;file any necessary or
appropriate responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any
person objecting to or otherwise seeking the disallowance of the claims or Liens of the Junior Lien Secured Parties, including without
limitation any claims secured by the Collateral.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Until
the Discharge of Priority Lien Obligations has occurred, the Junior Lien Agent, for itself and on behalf of each of the other of the
Junior Lien Secured Parties, waives any claim it or any such other Junior Lien Secured Party may now or hereafter have against the Priority
Lien Agent or any other Priority Lien Secured Party (or their representatives) arising out of any election by the Priority Lien Agent
or any Priority Lien Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application of Section&nbsp;1111(b)&nbsp;of
the Bankruptcy Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured Party, agrees that in any Insolvency or Liquidation Proceeding,
neither the Junior Lien Agent nor any other Junior Lien Secured Party shall support or vote to accept any plan of reorganization or liquidation
that is inconsistent with the priorities or other provisions of this Agreement unless such plan is accepted by the Class&nbsp;of Priority
Lien Secured Parties in accordance with Section&nbsp;1126(c)&nbsp;of the Bankruptcy Code or such plan otherwise provides for the Discharge
of the Priority Lien Obligations on the effective date of such plan of reorganization or liquidation, as applicable. Except as provided
herein, each of the Junior Lien Secured Parties shall remain entitled to vote its claims in any such Insolvency or Liquidation Proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Until
the Discharge of Priority Lien Obligations has occurred, the Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured
Party, agrees that neither the Junior Lien Agent nor any other Junior Lien Secured Party shall seek relief, pursuant to Section&nbsp;362(d)&nbsp;of
the Bankruptcy Code or otherwise, from the automatic stay of Section&nbsp;362(a)&nbsp;of the Bankruptcy Code or from any other stay or
other prohibition in any Insolvency or Liquidation Proceeding in respect of the Collateral without the prior written consent of the Priority
Lien Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured Party, agrees that neither the Junior Lien Agent nor any
other Junior Lien Secured Party shall challenge, object to, oppose, contest or seek to condition or delay (or join with or support any
third party challenging, objecting to, opposing, contesting or seeking to condition or delay) any claim by the Priority Lien Agent or
any other Priority Lien Secured Party for allowance or payment in any Insolvency or Liquidation Proceeding of Priority Lien Obligations
consisting of post-petition interest, fees, prepayment premiums, or expenses or cash collateralization of all letters of credit to the
extent of the value of the Priority Liens (it being understood that such value will be determined without regard to the existence of
the Junior Liens on the Collateral).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Without
the express written consent of the Priority Lien Agent, none of the Junior Lien Agent or any other Junior Lien Secured Party shall oppose,
object to, contest or seek to condition or delay (or shall join with or support any third party in opposing, objecting to, contesting
or seeking to condition or delay, as the case may be), in any Insolvency or Liquidation Proceeding involving any Grantor, (i)&nbsp;the
determination of the extent of any Liens held by any of Priority Lien Secured Party or the value of any claims of any such holder under
Section&nbsp;506(a)&nbsp;of the Bankruptcy Code or (ii)&nbsp;the payment to the Priority Lien Secured Party of interest, fees or expenses,
or to the cash collateralization of letters of credit, under Section&nbsp;506(b)&nbsp;of the Bankruptcy Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Until
the Discharge of Priority Lien Obligations has occurred, notwithstanding anything to the contrary contained herein, if in any Insolvency
or Liquidation Proceeding a determination is made that any Lien encumbering any Collateral is not enforceable for any reason, then the
Junior Lien Agent for itself and on behalf of each other Junior Lien Secured Party, agrees that, any distribution or recovery that any
of them may receive in respect of any such Collateral shall be segregated and held in trust and forthwith paid over to the Priority Lien
Agent for the benefit of the Priority Lien Secured Parties in the same form as received without recourse, representation or warranty
(other than a representation of the Junior Lien Agent that it has not otherwise sold, assigned, transferred or pledged any right, title
or interest in and to such distribution or recovery) but with any necessary endorsements or as a court of competent jurisdiction may
otherwise direct. The Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured Party, hereby appoints the Priority
Lien Agent, and any officer or agent of the Priority Lien Agent, with full power of substitution, the attorney-in-fact of each Junior
Lien Secured Party for the limited purpose of carrying out the provisions of this <U>Section&nbsp;4.02(l)</U>&nbsp;and taking any action
and executing any instrument that the Priority Lien Agent may deem necessary or advisable to accomplish the purposes of this <U>Section&nbsp;4.02(l)</U>,
which appointment is irrevocable and coupled with an interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">None
of the Junior Lien Agent or any other Junior Lien Secured Party shall oppose, object to, contest or seek to condition or delay (or join
with or support any third party in opposing, objecting to, contesting or seeking to condition or delay, as the case may be) any credit
bid by the Priority Lien Agent, so long as it is in compliance with this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(n)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Without
the consent of the Priority Lien Agent in its sole discretion, the Junior Lien Agent, for itself and on behalf of each other Junior Lien
Secured Party, agrees that none of them will file or join an involuntary bankruptcy petition or claim or seek the appointment of an examiner,
receiver or a trustee for the Company, any other Grantor or any of their Subsidiaries, or any of their respective properties, in each
case solely in its capacity as Junior Lien Agent or a Junior Lien Secured Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(o)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Until
the Discharge of Priority Lien Obligations has occurred, the Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured
Party, waives any right to assert or enforce any claim under Section&nbsp;506(c)&nbsp;or 552 of the Bankruptcy Code or any similar provision
of any other Bankruptcy Law as against any Priority Lien Secured Party or any of the Collateral, except as expressly permitted by this
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.03</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Reinstatement</U>.
If any Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to disgorge, turn over or otherwise pay to
the estate of any Grantor any amount paid in respect of the Secured Obligations of such Secured Party (a &ldquo;<U>Recovery</U>&rdquo;)
for any reason whatsoever, then the Secured Obligations shall be reinstated to the extent of such Recovery and such Secured Parties shall
be entitled to a reinstatement of the applicable Secured Obligations with respect to all such recovered amounts. The Junior Lien Agent,
for itself and on behalf of each other Junior Lien Secured Party, agrees that if, at any time, a Junior Lien Secured Party receives notice
from the Priority Lien Agent of any Recovery in respect of the Priority Lien Obligations, the Junior Lien Agent or any other Junior Lien
Secured Party shall promptly pay over to the Priority Lien Agent any payment received by it and then in its possession or under its control
in respect of any Collateral subject to any Priority Lien securing such Priority Lien Obligations and shall promptly turn any Collateral
subject to any such Priority Lien then held by it over to the Priority Lien Agent, and the provisions set forth in this Agreement shall
be reinstated as if such payment had not been made, until the Discharge of Priority Lien Obligations. If this Agreement shall have been
terminated prior to any such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall
not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. Any
amounts received by the Junior Lien Agent or any other Junior Lien Secured Party, and then in its possession or under its control on
account of the Junior Lien Obligations after the termination of this Agreement shall, in the event of a reinstatement of this Agreement
pursuant to this <U>Section&nbsp;4.03</U>, be held in trust for and paid over to the Priority Lien Agent for the benefit of the Priority
Lien Secured Parties for application to the reinstated Priority Lien Obligations in accordance with <U>Section&nbsp;6.01</U> hereof until
the Discharge of Priority Lien Obligations. This <U>Section&nbsp;4.03</U> shall survive termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.04</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Refinancings;
Additional Priority Lien Debt and Junior Lien Obligations</U>. Any of the Priority Lien Obligations or the Junior Lien Obligations may
be Refinanced, and the Company may otherwise incur a Priority Substitute Credit Facility, additional Priority Lien Obligations, additional
Junior Lien Obligations or additional Series&nbsp;of Junior Lien Obligations (collectively, &ldquo;<U>Refinancing Indebtedness</U>&rdquo;),
as the case may be, in each case without notice to, or the consent of, any Secured Party, all without affecting the Lien priorities with
respect to such indebtedness provided for herein or the other provisions hereof; <I>provided</I>, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">each
of the Priority Lien Agent and the Junior Lien Agent shall receive on or prior to any incurrence of such Priority Substitute Credit Facility,
additional Priority Lien Obligations, additional Junior Lien Obligations or additional Series&nbsp;of Junior Lien Obligations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
Officers&rsquo; Certificate from the Company (A)&nbsp;stating that the incurrence thereof is permitted to be incurred with such lien
priority under each applicable Secured Debt Document, (B)&nbsp;designating such indebtedness as a &ldquo;Priority Substitute Credit Facility&rdquo;,
 &ldquo;Priority Lien Debt&rdquo; or &ldquo;Junior Lien Debt&rdquo;, as applicable, for the purposes of the Secured Debt Documents and
this Agreement; <I>provided</I> that no Series&nbsp;of Secured Debt may be designated as more than one of Priority Lien Debt or Junior
Lien Debt and (C)&nbsp;stating that the requirements of <U>Section&nbsp;4.06</U> have been satisfied;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
Priority Confirmation Joinder, executed and delivered by an authorized collateral agent, collateral trustee or other representative on
behalf of the holders or lenders of any such Priority Substitute Credit Facility, additional Priority Lien Obligations, additional Priority
Lien Obligations or Junior Lien Obligations, designating such Person as an additional holder of Secured Obligations hereunder; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">evidence
that the Company has duly authorized, executed (if applicable) and recorded (or caused to be recorded) in each appropriate governmental
office all relevant filings and recordations deemed necessary by the Company and the holders of such Priority Substitute Credit Facility,
additional Priority Lien Obligations, additional Junior Lien Obligations or its Secured Debt Representative, to ensure that such Priority
Substitute Credit Facility, additional Priority Lien Obligations, or additional Junior Lien Obligations are secured by the Collateral
in accordance with the applicable Security Documents (<I>provided</I> that such filings and recordings may be authorized, executed and
recorded following any incurrence on a post-closing basis if permitted by the applicable Secured Debt Representative).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Each
of the Priority Lien Agent and the Junior Lien Agent shall receive on or prior to any incurrence of such Refinancing Indebtedness, written
notice from the Company (i)&nbsp;electing the application of this <U>Section&nbsp;4.04</U> (&ldquo;<U>Refinancing Notice</U>&rdquo;),
(ii)&nbsp;designating such Refinancing Indebtedness as a &ldquo;Priority Substitute Credit Facility&rdquo;, &ldquo;Priority Lien Debt&rdquo;
or &ldquo;Junior Lien Debt&rdquo;, as applicable, for the purposes of the Secured Debt Documents and this Agreement and (iii)&nbsp;identifying
the New Agent (as defined below) and such New Agent&rsquo;s contact information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Upon
receipt of the Refinancing Notice and incurrence of the Refinancing Indebtedness, (i)&nbsp;such Refinancing Indebtedness and all other
obligations under the documents evidencing such Indebtedness (the &ldquo;<U>New Obligations</U>&rdquo;) shall automatically be treated
as all or a part of Priority Lien Obligations or Junior Lien Obligations (as applicable) for all purposes of this Agreement, including
for purposes of the Lien priorities and rights in respect of Collateral set forth herein, (ii)&nbsp;the Priority Lien Documents or the
Junior Lien Documents, as applicable, and the other documents evidencing such Refinancing Indebtedness (the &ldquo;<U>New Debt Documents</U>&rdquo;)
shall automatically be treated as the Priority Lien Documents or Junior Lien Documents and, in the case of New Debt Documents that are
security documents pursuant to which any Grantor has granted a Lien to secure any New Obligations, as the Priority Lien Security Documents
or Junior Lien Security Documents, as applicable, for all purposes of this Agreement, (iii)&nbsp;the collateral agent under the New Debt
Documents (the &ldquo;<U>New Agent</U>&rdquo;) shall be deemed to be the Priority Lien Agent or Junior Lien Agent, as applicable, for
all purposes of this Agreement and (iv)&nbsp;the secured parties under the New Debt Documents shall be deemed to be the Priority Lien
Secured Parties or the Junior Lien Security Parties, as applicable, for all purposes of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Each
of the then-existing Priority Lien Agent and the Junior Lien Agent shall be authorized to execute and deliver such documents and agreements
(including amendments or supplements to this Agreement) as such holders, lenders, agent, trustee or other representative may reasonably
request to give effect to any such Refinancing or any incurrence of such Refinancing Indebtedness, it being understood that the Priority
Lien Agent and the Junior Lien Agent or (if permitted by the terms of the applicable Secured Debt Documents) the Grantors, without the
consent of any other Secured Party or (in the case of the Grantors) one or more Secured Debt Representatives, may amend, supplement,
modify or restate this Agreement to the extent necessary or appropriate to facilitate such amendments or supplements to effect such Refinancing
or incurrence all at the expense of the Grantors. Upon the consummation of such Refinancing or incurrence and the execution and delivery
of the documents and agreements contemplated in the preceding sentence, the holders or lenders of such indebtedness and any authorized
agent, trustee or other representative thereof shall be entitled to the benefits of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.05</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Amendments
to Secured Debt Documents</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Prior
to the Discharge of Priority Lien Obligations, without the prior written consent of the Priority Lien Agent, no Junior Lien Document
may be amended, supplemented, restated or otherwise modified and/or Refinanced or entered into to the extent such amendment, supplement,
restatement or modification and/or refinancing, or the terms of any new Junior Lien Document would (i)&nbsp;adversely affect the lien
priority rights of the Priority Lien Secured Parties or the rights of the Priority Lien Secured Parties to receive payments owing pursuant
to the Priority Lien Documents, (ii)&nbsp;except as otherwise provided for in this Agreement, add any Liens on any additional property
granted under the Junior Lien Security Documents, unless such additional property is added as collateral under the Priority Lien Documents,
(iii)&nbsp;confer any additional rights on the Junior Lien Agent or any other Junior Lien Secured Party in a manner that, taken as a
whole, are adverse to the Priority Lien Secured Parties, or (iv)&nbsp;contravene any provision of this Agreement or any of the Priority
Lien Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Priority Lien Documents may be amended, supplemented, restated or otherwise modified in accordance with their terms, and the indebtedness
under the Priority Lien Documents may be Refinanced, in each case, without the consent of any Junior Lien Secured Party; <I>provided</I>,
<I>however</I>, that no such amendment, supplement, restatement or modification and/or Refinancing, or the terms of any new Priority
Lien Document would (i)&nbsp;except as otherwise provided for in this Agreement, add any Liens on any additional property granted under
the Priority Lien Security Documents, unless such additional property is added as collateral under the Junior Lien Documents, (ii)&nbsp;contravene
the provisions of this Agreement, (iii)&nbsp;adversely affect the lien priority rights of the Junior Lien Secured Parties or the rights
of the Junior Lien Secured Parties to receive payments owing pursuant to the Junior Lien Documents or (iv)&nbsp;impose duties or obligations
that are adverse to any Junior Lien Agent without its prior written consent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.06</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Legends</U>.
The Junior Lien Agent acknowledges that the Junior Lien Documents, the Junior Lien Debt and the Junior Lien Security Documents (other
than control agreements to which both the Priority Lien Agent and the Junior Lien Agent are parties) will contain the appropriate legend
set forth on <U>Annex&nbsp;I</U> (or language to similar effect reasonably approved by the Priority Lien Agent).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.07</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Junior
Lien Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor</U>. Both before and during an Insolvency or Liquidation Proceeding,
any of the Junior Lien Secured Parties may take any actions and exercise any and all rights that would be available to a holder of unsecured
claims or other interests, as applicable, in each case to the extent not inconsistent with the provisions of this Agreement; <I>provided</I>,
<I>however</I>, that the Junior Lien Secured Parties may not take any action that is prohibited by <U>Section&nbsp;3.05(a), Section&nbsp;4.02
</U>or any other provision in, or that is inconsistent with, this Agreement; <I>provided</I>, <I>further</I>, that in the event that
any of the Junior Lien Secured Parties becomes a judgment lien creditor in respect of any Collateral as a result of its enforcement of
its rights as an unsecured creditor with respect to the Junior Lien Obligations, such judgment lien shall be subject to the terms of
this Agreement for all purposes (including in relation to the Priority Lien Obligations and the Junior Lien Obligations, as applicable)
as the Junior Liens are subject to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.08</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Postponement
of Subrogation</U>. The Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured Party, hereby agrees that no payment
or distribution to any Priority Lien Secured Party pursuant to the provisions of this Agreement shall entitle any Junior Lien Secured
Party to exercise any rights of subrogation in respect thereof, and hereby waives any rights of subrogation it may acquire as a result
of any payment hereunder, until the Discharge of Priority Lien Obligations shall have occurred. Following the Discharge of Priority Lien
Obligations, but subject to the reinstatement as provided in <U>Section&nbsp;4.03</U>, each Priority Lien Secured Party will execute
such documents, agreements, and instruments as any Junior Lien Secured Party may reasonably request to evidence the transfer by subrogation
to any such Person of an interest in the Priority Lien Obligations resulting from payments or distributions to such Priority Lien Secured
Party by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection
therewith by such Priority Lien Secured Party are paid by such Person upon request for payment thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;4.09</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Acknowledgment
by the Secured Debt Representatives</U>. Each of the Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured
Parties and the Junior Lien Agent, for itself and on behalf of the other Junior Lien Secured Parties, hereby acknowledges that this Agreement
is a material inducement to enter into a business relationship, that each has relied on this Agreement to enter into the Priority Lien
Documents and the Junior Lien Documents, as applicable, and all documentation related thereto, and that each will continue to rely on
this Agreement in their related future dealings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #010000"><B>ARTICLE&nbsp;V</B></FONT><U><BR>
GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;5.01</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>General</U>.
Prior to the Discharge of Priority Lien Obligations, the Priority Lien Agent agrees that, if it shall at any time hold a Priority Lien
on any Collateral that can be perfected by the possession or control of such Collateral or of any Account in which such Collateral is
held, and if such Collateral or any such Account is in fact in the possession or under the control of the Priority Lien Agent, the Priority
Lien Agent will serve as gratuitous bailee for the Junior Lien Agent for the sole purpose of perfecting the Junior Lien of the Junior
Lien Agent on such Collateral. It is agreed that the obligations of the Priority Lien Agent and the rights of the Junior Lien Agent and
the other Junior Lien Secured Parties in connection with any such bailment arrangement will be in all respects subject to the provisions
of <U>Article&nbsp;II</U>. Notwithstanding anything to the contrary herein, the Priority Lien Agent will be deemed to make no representation
as to the adequacy of the steps taken by it to perfect the Junior Lien on any such Collateral and shall have no responsibility, duty,
obligation or liability to the Junior Lien Agent, any other Junior Lien Secured Party or any other Person for such perfection or failure
to perfect, it being understood that the sole purpose of this Article&nbsp;is to enable the Junior Lien Secured Parties to obtain a perfected
Junior Lien in such Collateral to the extent, if any, that such perfection results from the possession or control of such Collateral
or any such Account by the Priority Lien Agent. The Priority Lien Agent acting pursuant to this <U>Section&nbsp;5.01</U> shall not have
by reason of the Priority Lien Security Documents, the Junior Lien Security Documents, this Agreement or any other document or theory,
a fiduciary relationship in respect of any Priority Lien Secured Party, the Junior Lien Agent or any Junior Lien Secured Party. Subject
to <U>Section&nbsp;4.03</U>, from and after the Discharge of Priority Lien Obligations, the Priority Lien Agent shall take all such actions
in its power as shall reasonably be requested by the Junior Lien Agent (at the sole cost and expense of the Grantors) to transfer possession
or control of such Collateral or any such Account (in each case to the extent the Junior Lien Agent has a Lien on such Collateral or
Account after giving effect to any prior or concurrent releases of Liens) to the Junior Lien Agent for the benefit of all Junior Lien
Secured Parties; <I>provided</I> that until such control is transferred or other arrangements made, the Priority Lien Agent will continue
to act as gratuitous bailee for the Junior Lien Agent.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;5.02</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Deposit
Accounts; Commodities Accounts; Securities Accounts</U>. Prior to the Discharge of Priority Lien Obligations, to the extent that any
Account is under the control or dominion of the Priority Lien Agent at any time, the Priority Lien Agent will act as gratuitous bailee
for the Junior Lien Agent for the purpose of perfecting the Liens of the Junior Lien Secured Parties in such Accounts and the cash and
other assets therein as provided in <U>Section&nbsp;3.01</U> (but will have no duty, responsibility or obligation to the Junior Lien
Secured Parties (including, without limitation, any duty, responsibility or obligation as to the maintenance of such control, the effect
of such arrangement or the establishment of such perfection) except as set forth in the last sentence of this <U>Section&nbsp;5.02</U>).
Unless the Junior Liens on such Collateral shall have been or concurrently are released, after the occurrence of Discharge of Priority
Lien Obligations, the Priority Lien Agent shall, at the request of the Junior Lien Agent, cooperate with the Grantors and the Junior
Lien Agent (at the expense of the Grantors) in permitting control of any other Accounts to be transferred (including by making such Accounts
subject to new account control agreements) substantially concurrently with the occurrence of the Discharge of Priority Lien Obligations
(but, in any event, by no later than ninety (90) days after the Discharge of Priority Lien Obligations) to the Junior Lien Agent (or
for other arrangements with respect to each such Accounts satisfactory to the Junior Lien Agent to be made); <I>provided</I> that until
such control is transferred or other arrangements made, the Priority Lien Agent will continue to act as gratuitous bailee for the Junior
Lien Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #010000"><B>ARTICLE&nbsp;VI</B></FONT><U><BR>
APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;6.01</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Application
of Proceeds</U>. Prior to the Discharge of Priority Lien Obligations, and regardless of whether an Insolvency or Liquidation Proceeding
has been commenced, any Collateral or Proceeds received in connection with the enforcement or exercise of any rights or remedies or any
Insolvency or Liquidation Proceeding will be applied:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>first</U>,
to the payment in full in cash of all Priority Lien Obligations (together with a concurrent permanent reduction of the applicable commitments
of the Priority Lien Secured Parties under the applicable Priority Lien Documents pursuant to the terms thereof),</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>second</U>,
to the payment in full in cash of all Junior Lien Obligations (together with a concurrent permanent reduction of the applicable commitments
of the Junior Lien Secured Parties under the applicable Junior Lien Documents pursuant to the terms thereof), and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>third</U>,
to the Company or as otherwise required by applicable law.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;6.02</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Determination
of Amounts</U>. Whenever a Secured Debt Representative shall be required, in connection with the exercise of its rights or the performance
of its obligations hereunder, to determine the existence or amount of any Priority Lien Obligations or Junior Lien Obligations (or the
existence of any commitment to extend credit that would constitute any such obligations), or the existence of any Lien securing any such
obligations, or the Collateral subject to any such Lien, it may request that such information be furnished to it in writing by the other
Secured Debt Representative and shall be entitled to make such determination on the basis of the information so furnished; <I>provided</I>,
<I>however</I>, that if a Secured Debt Representative shall fail or refuse reasonably promptly to provide the requested information,
the requesting Secured Debt Representative shall be entitled to make any such determination by such method as it may, in the exercise
of its good faith judgment, determine, including by reliance upon a certificate of the Company. Each Secured Debt Representative may
rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the
preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to the Company, any other
Grantor or any of their Subsidiaries, any Secured Party or any other Person as a result of such determination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #010000"><B>ARTICLE&nbsp;VII</B></FONT><U><BR>
NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE;<BR>
CONSENT OF GRANTORS; ETC.</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;7.01</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>No
Reliance; Information</U>. The Priority Lien Secured Parties and the Junior Lien Secured Parties shall have no duty to disclose to any
Junior Lien Secured Party or to any Priority Lien Secured Party, as the case may be, any information relating to the Company or any of
the other Grantors or their Subsidiaries, or any other circumstance bearing upon the risk of non-payment of any of the Priority Lien
Obligations or the Junior Lien Obligations, as the case may be, that is known or becomes known to any of them or any of their Affiliates.
In the event any Priority Lien Secured Party or any Junior Lien Secured Party, in its sole discretion, undertakes at any time or from
time to time to provide any such information to any Junior Lien Secured Party or any Priority Lien Secured Party, as the case may be,
it shall be under no obligation (a)&nbsp;to make, and shall not make or be deemed to have made, any express or implied representation
or warranty, including with respect to the accuracy, completeness, truthfulness or validity of the information so provided, (b)&nbsp;to
provide any additional information or to provide any such information on any subsequent occasion or (c)&nbsp;to undertake any investigation.
The Junior Lien Agent, on behalf of itself and each Junior Lien Secured Party under its Junior Lien Documents, acknowledges that it and
such Junior Lien Secured Parties have, independently and without reliance on the Priority Lien Agent or other Priority Lien Secured Party,
and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into the Junior
Lien Documents to which they are party or by which they are bound, this Agreement and the transactions contemplated hereby and thereby,
and they will continue to make their own credit decisions in taking or not taking any action under the Junior Lien Documents or this
Agreement. The Priority Lien Agent, on behalf of itself and each Priority Lien Secured Party under its Priority Lien Documents, acknowledges
that it and such Priority Lien Secured Parties have, independently and without reliance on the Junior Lien Agent or other Junior Lien
Secured Parties, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter
into the Priority Lien Documents to which they are party or by which they are bound, this Agreement and the transactions contemplated
hereby and thereby, and they will continue to make their own credit decisions in taking or not taking any action under the Priority Lien
Documents or this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;7.02</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>No
Warranties or Liability</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Parties, acknowledges and agrees that, except for the
representations and warranties set forth in <U>Article&nbsp;VIII</U>, neither the Junior Lien Agent nor any other Junior Lien Secured
Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness,
collectability or enforceability of any of the Junior Lien Documents, the ownership of any Collateral or the perfection or priority of
any Liens thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Junior Lien Agent, for itself and on behalf of the other Junior Lien Secured Parties, acknowledges and agrees that, except for the representations
and warranties set forth in <U>Article&nbsp;VIII</U>, neither the Priority Lien Agent nor any other Priority Lien Secured Party has made
any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability
or enforceability of any of the Priority Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Priority Lien Agent and the other Priority Lien Secured Parties shall have no express or implied duty to the Junior Lien Agent or any
other Junior Lien Secured Party and the Junior Lien Agent and the other Junior Lien Secured Parties shall have no express or implied
duty to the Priority Lien Agent or any other Priority Lien Secured Party, to act or refrain from acting in a manner which allows, or
results in, the occurrence or continuance of a default or an event of default under any Priority Lien Document or any Junior Lien Document
(other than, in each case, this Agreement), regardless of any knowledge thereof which they may have or be charged with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Junior Lien Agent, for itself and on behalf of each other Junior Lien Secured Party, hereby waives any claim that may be had against
the Priority Lien Agent or any other Priority Lien Secured Party arising out of any actions which the Priority Lien Agent or such Priority
Lien Secured Party takes or omits to take (including actions with respect to the creation, perfection or continuation of Liens on any
Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any Collateral,
and actions with respect to the collection of any claim for all or only part of the Priority Lien Obligations from any account debtor,
guarantor or any other party) in accordance with this Agreement and the Priority Lien Documents or the valuation, use, protection or
release of any security for such Priority Lien Obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;7.03</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Obligations
Absolute</U>. The Lien priorities provided for herein and the respective rights, interests, agreements and obligations hereunder of the
Priority Lien Agent and the other Priority Lien Secured Parties and the Junior Lien Agent and the other Junior Lien Secured Parties shall
remain in full force and effect irrespective of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
lack of validity or enforceability of any Secured Debt Document;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
change in the time, place or manner of payment of, or in any other term of (including the Refinancing of), all or any portion of the
Priority Lien Obligations, it being specifically acknowledged that a portion of the Priority Lien Obligations may consist of indebtedness
that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be increased or reduced
and subsequently reborrowed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
amendment, waiver or other modification, whether by course of conduct or otherwise, of any Secured Debt Document;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
securing of any Priority Lien Obligations or Junior Lien Obligations with any additional collateral or guaranties, or any exchange, release,
voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral or any release of any guaranty
securing any Priority Lien Obligations or Junior Lien Obligations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
commencement of any Insolvency or Liquidation Proceeding in respect of the Company, any other Grantor or any of their Subsidiaries; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
other circumstances that otherwise might constitute a defense available to, or a discharge of, the Company, any other Grantor or any
of their Subsidiaries in respect of the Priority Lien Obligations or the Junior Lien Obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;7.04</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Grantors
Consent</U>. Each Grantor hereby consents to the provisions of this Agreement and the intercreditor arrangements provided for herein
and agrees that the obligations of the Grantors under the Secured Debt Documents will in no way be diminished or otherwise affected by
such provisions or arrangements (except as expressly provided herein).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #010000"><B>ARTICLE&nbsp;VIII</B></FONT><U><BR>
REPRESENTATIONS AND WARRANTIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;8.01</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of Each Representative</U>. Each party hereto (other than the Company and the Grantors) represents and warrants to the
other parties hereto as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Such
party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite
power and authority to enter into and perform its obligations under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">This
Agreement has been duly executed and delivered by such party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;8.02</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of Each Representative</U>. Each of the Priority Lien Agent and the Junior Lien Agent represents and warrants to the other
parties hereto that it is authorized under the Priority Lien Documents and the Junior Lien Documents, as the case may be, to enter into
this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: #010000"><B>ARTICLE&nbsp;IX</B></FONT><U><BR>
MISCELLANEOUS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.01</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>.
All notices and other communications provided for herein shall be in writing in the English language and delivered in person or mailed
by first class mail (registered or certified, return receipt requested), facsimile or e-mail transmission or overnight air courier guaranteeing
next day delivery, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">if
to the Original First Lien Collateral Agent, to it at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 60%">WILMINGTON SAVINGS
FUND SOCIETY, FSB</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify">[_______]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">if
to the Company or any Grantor, to it at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valaris Limited</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Department</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attn:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;&#8239;Treasurer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5847 San Felipe, Suite&nbsp;3300</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston, Texas 77057</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Phone:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">
    &#8239;713-789-1400</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail: <U>Darin.Gibbins@valaris.com</U></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With a copy to:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valaris Limited</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Department</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn: Michael T. McGuinty, Senior Vice President and General Counsel</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2 Church Street</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hamilton HM 11, Bermuda</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail: <U>Michael.McGuinty@valaris.com</U></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With a copy to (which copy shall not constitute notice hereunder):</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kirkland&nbsp;&amp; Ellis LLP</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">609 Main Street</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston, TX US 77002</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: Julian J. Seiguer, P.C. and Michael W. Rigdon</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail: <U>Julian.seiguer@kirkland.com</U> and <U>Michael.rigdon@kirkland.com</U></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">if
to the Original Junior Lien Agent, to it at:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40%"></TD><TD STYLE="text-align: justify; width: 60%">[____]</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">if
to any other Secured Debt Representative, to such address as specified in the Refinancing Notice or Priority Confirmation Joinder, as
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any party hereto may change
its address or email address for notices and other communications hereunder by notice to the other parties hereto. All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>at
the time delivered by hand, if personally delivered, (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>five Business
Days after being deposited in the mail, postage prepaid, if mailed, (iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>when
receipt is acknowledged, if transmitted by facsimile or e-mail, and (iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>the
next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>9.01
</U>or in accordance with the latest unrevoked direction from such party given in accordance with this <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>9.01</U>.
As agreed to in writing among the Company, the Priority Lien Agent and the Junior Lien Agent from time to time, notices and other communications
may also be delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such
person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.02</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Waivers;
Amendment</U>. (a)&nbsp;No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps
to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights
and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No
waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the
same shall be permitted by <U>paragraph (b)</U>&nbsp;of this <U>Section&nbsp;9.02</U>, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle
such party to any other or further notice or demand in similar or other circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Neither
this Agreement nor any provision hereof may be terminated, waived, amended or modified except pursuant to an agreement or agreements
in writing entered into by each Secured Debt Representative; <I>provided</I>, <I>however</I>, that this Agreement may be amended from
time to time as provided in <U>Section&nbsp;4.04</U>. Any amendment of this Agreement that is proposed to be effected without the consent
of a Secured Debt Representative as permitted by the proviso to the preceding sentence shall be submitted to such Secured Debt Representative
for its review at least five (5)&nbsp;Business Days prior to the proposed effectiveness of such amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything else to the contrary herein, neither this Agreement nor any provision hereof may be terminated, waived, amended or modified
without the prior written consent of the Company if such termination, waiver, amendment or modification would be adverse to the rights,
interests or obligations of the Company or any other Grantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.03</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Actions
Upon Breach; Specific Performance</U>. (a)&nbsp;If any Priority Lien Secured Party or Junior Lien Secured Party, contrary to this Agreement,
commences or participates in any action or proceeding against any Grantor or the Collateral, such Grantor or the Company may interpose
as a defense or dilatory plea the making of this Agreement, and any Priority Lien Secured Party or Junior Lien Secured Party may intervene
and interpose such defense or plea in its or their name or in the name of such Grantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Should
any Priority Lien Secured Party or Junior Lien Secured Party, contrary to this Agreement, in any way take, attempt to or threaten to
take any action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement),
or take any other action in violation of this Agreement or fail to take any action required by this Agreement, the Priority Lien Agent
or any other Priority Lien Secured Party or the Junior Lien Agent or any other Junior Lien Secured Party (in its own name or in the name
of the relevant Grantor) or the relevant Grantor, may obtain relief against such Junior Lien Secured Party or Priority Lien Secured Party,
as applicable, by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by the Priority
Lien Agent on behalf of each Priority Lien Secured Party and Junior Lien Agent on behalf of each Junior Lien Secured Party that the Priority
Lien Secured Parties&rsquo; or the Junior Lien Secured Parties&rsquo; damages from its actions may at that time be difficult to ascertain
and may be irreparable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.04</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Parties
in Interest</U>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns, as well as the other Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries
of, this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.05</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Survival
of Agreement</U>. All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to
have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.06</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Agreement may be executed in any number of counterparts, and by the different parties on different counterpart signature pages,
each of which when executed shall be deemed an original, but all such counterparts taken together shall constitute one and the same Agreement.
Delivery of an executed counterpart of a signature page&nbsp;of this Agreement and/or any document, amendment, approval, consent, information,
notice (including, for the avoidance of doubt, any notice delivered pursuant to <U>Section&nbsp;9.01</U>), certificate, request, statement,
disclosure or authorization related to this Agreement and/or the transactions contemplated hereby and/or thereby (each an &ldquo;<U>Ancillary
Document</U>&rdquo;) that is an electronic signature transmitted by telecopy, emailed .pdf or any other electronic means that reproduces
an image of an actual executed signature page&nbsp;shall be effective as delivery of a manually executed counterpart of this Agreement
or such Ancillary Document, as applicable. The words &ldquo;execution,&rdquo; &ldquo;signed,&rdquo; &ldquo;signature,&rdquo; &ldquo;delivery,&rdquo;
and words of like import in or relating to this Agreement and/or any Ancillary Document shall be deemed to include electronic signatures,
deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed .pdf or any other electronic means
that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. Without
limiting the generality of the foregoing, the Company, on behalf of itself and each other Grantor hereby (i)&nbsp;agrees that, for all
purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings
or litigation among the Priority Lien Agent, the Junior Lien Agent, the Secured Parties and the Company and the Grantors, electronic
signatures transmitted by telecopy, emailed .pdf file or any other electronic means that reproduces an image of an actual executed signature
page&nbsp;and/or any electronic images of this Agreement and/or any Ancillary Document shall have the same legal effect, validity and
enforceability as any paper original, (ii)&nbsp;agrees that each of the Priority Lien Agent, the Junior Lien Agent and each of the Secured
Parties may, at its option, create one or more copies of this Agreement and/or any Ancillary Document in the form of an imaged electronic
record in any format, which shall be deemed created in the ordinary course of such Person&rsquo;s business, and destroy the original
paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect,
validity and enforceability as a paper record), (iii)&nbsp;waives any argument, defense or right to contest the legal effect, validity
or enforceability of this Agreement and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement
and/or such Ancillary Document, respectively, including with respect to any signature pages&nbsp;thereto and (iv)&nbsp;waives any claim
against the Priority Lien Agent, the Junior Lien Agent, each of the Secured Parties and each of their Related Persons for any liabilities
arising solely from the Priority Lien Agent&rsquo;s, Junior Lien Agent&rsquo;s and/or any Secured Party&rsquo;s reliance on or use of
electronic signatures and/or transmissions by telecopy, emailed .pdf or any other electronic means that reproduces an image of an actual
executed signature page, including any liabilities arising as a result of the failure of the Company and/or any Grantor to use any available
security measures in connection with the execution, delivery or transmission of any electronic signature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.07</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Severability</U>.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.08</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Governing
Law; Jurisdiction; Consent to Service of Process</U>(a)</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt">. (a)&nbsp;THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any United
States federal or New York State court sitting in New York, New York in any action or proceeding arising out of or relating to this Agreement,
or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted
by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement
in any court referred to in <U>paragraph (b)</U>&nbsp;of this <U>Section&nbsp;9.08</U>. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in <U>Section&nbsp;9.01</U>. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.09</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B><U>WAIVER
OF JURY TRIAL</U>. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY&nbsp;HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO (A)&nbsp;CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,&nbsp;IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.10</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Headings</U>.
Article, Section&nbsp;and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not
to affect the construction of, or to be taken into consideration in interpreting, this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.11</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Conflicts</U>.
In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any Secured Debt Documents,
the provisions of this Agreement shall control; <I>provided</I>, <I>however</I>, that if any of the provisions of any of the Security
Documents limit, qualify or conflict with the duties imposed by the provisions of the TIA (if any), in each case, the TIA shall control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.12</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Provisions
Solely to Define Relative Rights</U>. The provisions of this Agreement are and are intended solely for the purpose of defining the distinct
and separate relative rights of the Priority Lien Secured Parties and the Junior Lien Secured Parties. None of the Company, any other
Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement
(<I>provided</I> that nothing in this Agreement (other than <U>Sections 4.01</U>, <U>4.02</U>, <U>4.04</U>, or <U>4.05</U>) is intended
to or will amend, waive or otherwise modify the provisions of the Priority Lien Documents or the Junior Lien Documents, as applicable),
and except as expressly provided in this Agreement neither the Company nor any other Grantor may rely on the terms hereof (other than
<U>Sections 4.01</U>, <U>4.02</U>, <U>4.04</U>, or <U>4.05</U>, <U>Article&nbsp;VII</U> and <U>Article&nbsp;IX</U>). Nothing in this
Agreement is intended to or shall impair the obligations of the Company or any other Grantor, which are absolute and unconditional, to
pay the Obligations under the Secured Debt Documents as and when the same shall become due and payable in accordance with their terms.
Notwithstanding anything to the contrary herein or in any Secured Debt Document, the Grantors shall not be required to act or refrain
from acting pursuant to this Agreement, any Priority Lien Document or any Junior Lien Document with respect to any Collateral in any
manner that would cause a default under any Priority Lien Document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.13</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Certain
Terms Concerning the Junior Lien Agent</U>. The Junior Lien Agent is executing and delivering this Agreement solely in its capacity as
such and pursuant to direction set forth in the Junior Lien Documents; and in so doing, the Junior Lien Agent shall not be responsible
for the terms or sufficiency of this Agreement for any purpose. The Junior Lien Agent shall have no duties or obligations under or pursuant
to this Agreement other than such duties and obligations as may be expressly set forth in this Agreement as duties and obligations on
its part to be performed or observed. In entering into this Agreement, or in taking (or forbearing from) any action under or pursuant
to the Agreement, the Junior Lien Agent shall have and be protected by all of the rights, immunities, indemnities and other protections
granted to it under the Junior Lien Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.14</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Certain
Terms Concerning the Priority Lien Agent and the Junior Lien Agent</U>. Neither the Priority Lien Agent nor the Junior Lien Agent shall
have any liability or responsibility for the actions or omissions of any other Secured Party, or for any other Secured Party&rsquo;s
compliance with (or failure to comply with) the terms of this Agreement. Neither the Priority Lien Agent nor the Junior Lien Agent shall
have individual liability to any Person if it shall mistakenly pay over or distribute to any Secured Party (or the Company) any amounts
in violation of the terms of this Agreement, so long as the Priority Lien Agent or the Junior Lien Agent, as the case may be, is acting
in good faith. Each party hereto hereby acknowledges and agrees that each of the Priority Lien Agent and the Junior Lien Agent is entering
into this Agreement solely in its capacity under the Priority Lien Documents and the Junior Lien Documents, respectively, and not in
its individual capacity. The Priority Lien Agent shall not be deemed to owe any fiduciary duty to the Junior Lien Agent or any other
Junior Lien Secured Party and the Junior Lien Agent shall not be deemed to owe any fiduciary duty to the Priority Lien Agent or any other
Priority Lien Secured Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.15</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Authorization
of Secured Agents</U>. By accepting the benefits of this Agreement and the other Priority Lien Security Documents, each Priority Lien
Secured Party authorizes the Priority Lien Agent to enter into this Agreement and to act on its behalf as collateral agent hereunder
and in connection herewith. By accepting the benefits of this Agreement and the other Junior Lien Security Documents, each Junior Lien
Secured Party authorizes the Junior Lien Agent to enter into this Agreement and to act on its behalf as collateral agent hereunder and
in connection herewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.16</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Further
Assurances</U>. Each of the Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Parties, the Junior Lien
Agent, for itself and on behalf of the other Junior Lien Secured Parties, the Company, for itself and on behalf of its Subsidiaries,
and each other Grantor party hereto agrees that it will execute, or will cause to be executed, any and all further documents, agreements
and instruments, and take all such further actions, as may be required under any applicable law, or which the Priority Lien Agent or
the Junior Lien Agent may reasonably request in writing, to effectuate the terms of this Agreement, including the relative Lien priorities
provided for herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">Section&nbsp;9.17</FONT><FONT STYLE="color: #010000">&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Relationship
of Secured Parties</U>. Nothing set forth herein shall create or evidence a joint venture, partnership or an agency or fiduciary relationship
among the Secured Parties. None of the Secured Parties nor any of their respective directors, officers, agents or employees shall be
responsible to any other Secured Party or to any other Person for any Grantor&rsquo;s solvency, financial condition or ability to repay
the Priority Lien Obligations or the Junior Lien Obligations, or for statements of any Grantor, oral or written, or for the validity,
sufficiency or enforceability of the Priority Lien Documents or the Junior Lien Documents, or any security interests granted by any Grantor
to any Secured Party in connection therewith. Each Secured Party has entered into its respective financing agreements with the Grantors
based upon its own independent investigation, and none of the Priority Lien Agent or the Junior Lien Agent makes any warranty or representation
to the other Secured Debt Representatives or the Secured Parties for which it acts as agent nor does it rely upon any representation
of the other agents or the Secured Parties for which it acts as agent with respect to matters identified or referred to in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[SIGNATURES BEGIN NEXT PAGE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>WILMINGTON SAVINGS FUND SOCIETY, FSB</B>, as Original First Lien Collateral Agent</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page<BR>
Intercreditor Agreement</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>[____]</B>,</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Original Junior Lien Agent</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signature Page<BR>
Intercreditor Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ACKNOWLEDGED AND AGREED AS OF THE DATE
    FIRST ABOVE WRITTEN:</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VALARIS LIMITED, as the Company and
    a Grantor</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OTHER <FONT STYLE="text-transform: uppercase">Grantors</FONT>:</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&#9679;]</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signature Page<BR>
Intercreditor Agreement</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Provision for Junior Lien Documents</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reference is made to the Intercreditor Agreement,
dated as of [__], 202[__] among WILMINGTON SAVINGS FUND SOCIETY, FSB, as Original First Lien Collateral Agent (as defined therein), [____],
as Original Junior Lien Agent (as defined therein), each other Secured Debt Representative (as defined therein) from time to time party
thereto, Valaris Limited and the other Grantors (as defined therein) from time to time party thereto (as may be amended, restated, supplemented
or otherwise modified from time to time, the &ldquo;<U>Intercreditor Agreement</U>&rdquo;). Each holder of Junior Lien Obligations, by
its acceptance of such Junior Lien Obligations (i)&nbsp;consents to the subordination of Liens provided for in the Intercreditor Agreement,
(ii)&nbsp;agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and (iii)&nbsp;authorizes
and instructs the Junior Lien Agent on behalf of each Junior Lien Secured Party (as defined therein) to enter into the Intercreditor
Agreement as Junior Lien Agent on behalf of such Junior Lien Secured Parties. The foregoing provisions are intended as an inducement
to the lenders under the Priority Lien Documents to extend credit to the Company and such lenders are intended third party beneficiaries
of such provisions and the provisions of the Intercreditor Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Provision for all Junior Lien Security Documents
that Grant a Security Interest in Collateral</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reference is made to the Intercreditor Agreement,
dated as of [__], 202[__], among WILMINGTON SAVINGS FUND SOCIETY, FSB, as Original First Lien Collateral Agent (as defined therein),
and [____], as Original Junior Lien Agent (as defined therein), each other Secured Debt Representative (as defined therein) from time
to time party thereto, Valaris Limited and the other Grantors (as defined therein) from time to time party thereto (as may be amended,
restated, supplemented or otherwise modified from time to time, the &ldquo;<U>Intercreditor Agreement</U>&rdquo;). Each Person that is
secured hereunder, by accepting the benefits of the security provided hereby, (i)&nbsp;consents (or is deemed to consent), to the subordination
of Liens provided for in the Intercreditor Agreement, (ii)&nbsp;agrees (or is deemed to agree) that it will be bound by, and will take
no actions contrary to, the provisions of the Intercreditor Agreement, (iii)&nbsp;authorizes (or is deemed to authorize) the Junior Lien
Agent on behalf of such Person to enter into, and perform under, the Intercreditor Agreement and (iv)&nbsp;acknowledges (or is deemed
to acknowledge) that a copy of the Intercreditor Agreement was delivered, or made available, to such Person.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notwithstanding any other provision contained
herein, this Agreement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein are subject in
all respects to the provisions of the Intercreditor Agreement. In the event of any conflict or inconsistency between the provisions of
this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;A<BR>
to Intercreditor Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM&nbsp;OF]<BR>
PRIORITY CONFIRMATION JOINDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to the
Intercreditor Agreement, dated as of <B>[__], 202[__] </B> (as amended, supplemented, amended and restated or otherwise modified and
in effect from time to time, the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>Intercreditor Agreement</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>)
among WILMINGTON SAVINGS FUND SOCIETY, FSB, as the Original First Lien Collateral Agent (as defined therein), [____], as the Original
Junior Lien Agent (as defined therein), each other Secured Debt Representative (as defined therein) from time to time party thereto VALARIS
LIMITED and the other Grantors (as defined therein) from time to time party thereto .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms used but
not otherwise defined herein shall have the meaning set forth in the Intercreditor Agreement. This Priority Confirmation Joinder is being
executed and delivered pursuant to <U>Section<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>4.04</U> of the Intercreditor
Agreement as a condition precedent to the debt for which the undersigned is acting as representative being entitled to the rights and
obligations of being additional Junior Lien Obligations under the Intercreditor Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Joinder</U>. The undersigned,
[_______________], a [_______________], (the <FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;</FONT><U>New Representative</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&rdquo;</FONT>)
as [collateral trustee] [administrative agent] [collateral agent] under that certain <I>[describe applicable indenture, credit agreement
or other document governing the additional Second Obligations]</I> hereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>represents
that the New Representative has been authorized to become a party to the Intercreditor Agreement on behalf of the [Priority Lien Secured
Parties] [Junior Lien Secured Parties] as [the Priority Lien Agent] [the Junior Lien Agent] under the Intercreditor Agreement for all
purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if the undersigned
had executed and delivered the Intercreditor Agreement as of the date thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;agrees
that its address for receiving notices pursuant to the Intercreditor Agreement shall be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">[Address];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Priority
Confirmation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[<I>Option A: to be used
if additional debt constitutes Priority Lien Debt</I>] The undersigned New Representative, on behalf of itself and each Priority Lien
Secured Party for which the undersigned is acting as [[administrative][collateral] agent] hereby agrees, for the benefit of all Secured
Parties and each future Secured Debt Representative, and as a condition to being treated as Priority Lien Debt, Priority Lien Obligations
and Secured Debt under the Intercreditor Agreement, that the New Representative is bound by the provisions of the Intercreditor Agreement,
including the provisions relating to the ranking of Priority Liens and the order of application of proceeds from enforcement of Priority
Liens and Junior Liens. [or]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[<I>Option B: to be used
if additional debt constitutes Junior Lien Debt</I>] The undersigned New Representative, on behalf of itself and each holder of Obligations
in respect of the Junior Lien Debt for which the undersigned is acting as [<I>collateral [agent][trustee]</I>] hereby agrees, for the
benefit of all Secured Parties and each future Secured Debt Representative, and as a condition to being treated as Junior Lien Debt,
Junior Lien Obligations and Secured Debt under the Intercreditor Agreement, that the New Representative is bound by the provisions of
the Intercreditor Agreement, including the provisions relating to the ranking of Priority Liens and Junior Liens and the order of application
of proceeds from enforcement of Priority Liens and Junior Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Full
Force and Effect of Intercreditor Agreement</U>. Except as expressly supplemented hereby, the Intercreditor Agreement shall remain in
full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law and Miscellaneous Provisions</U>. The provisions of <U>Article<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>IX
</U>of the Intercreditor Agreement will apply with like effect to this Priority Confirmation Joinder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Expenses</U>.
The Company agrees to reimburse each Secured Debt Representative for its reasonable out of pocket expenses in connection with this Priority
Confirmation Joinder, including the reasonable fees, other charges and disbursements of counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, each
of the Company and the undersigned New Representative have caused this Priority Confirmation Joinder to be executed by their respective
officers or representatives as of [______________, 20____].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">[insert name of New Representative]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>VALARIS LIMITED</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ANNEX E-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNRESTRICTED FLOATER SUBSIDIARY CREDIT FACILITY TERM SHEET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 267 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNEX E-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Terms of Revolving Credit Facility with</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Unrestricted Floater Subsidiary, as Borrower</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;11.13</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; width: 19%; border: Black 1pt solid; text-align: center"><B>Term</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; width: 81%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Facility:</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">One or more revolving credit facilities
    (the &ldquo;Facility&rdquo;) between the Company or one or more of its Restricted Subsidiaries, as lenders, and the Unrestricted
    Floater Subsidiary, as borrower (the &ldquo;Borrower&rdquo;).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Term:</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Facility will have a term of 7 years from the Issue Date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Facility will terminate upon acceleration following an event
    of default.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Maximum
    Availability:</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US $350 million, <I>plus </I>the amount of any interest that has
    been paid in cash or paid in kind from time to time outstanding.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Borrower consummates an asset sale (as customarily defined)
    and does not use the net proceeds to prepay senior debt or reinvest the net proceeds in capital assets of the business within 365
    days of the sale, the availability under the Facility will be reduced by the amount of the uninvested net proceeds.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Interest:</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest will be payable monthly, in arrears, at the rate set
    forth below on the amount drawn and outstanding under the Facility from time to time.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.65pt; text-indent: -0.65pt">With respect to any interest
    period, solely at the Borrower&rsquo;s option:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.65pt; text-indent: -0.65pt">(i)&nbsp;8.25% per annum, payable
    on the basis of a 360-day year composed of twelve 30-day months; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.65pt; text-indent: -0.65pt">(ii)&nbsp;10.25% per annum, payable
    computed on the basis of a 360-day year composed of twelve 30-day months, with 5.125% of such interest to be payable in cash and
    5.125% of such interest to be payable in kind.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Facility
    Fee:</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">None.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Security:</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">None.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Events
    of Default:</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Facility will provide for events of default and acceleration
    that are customary for an unsecured revolving credit facility, but in any event will include:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Failure to make principal payments
    when due;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Failure to make interest payments
    or pay costs or expenses within three business days of coming due;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Failure to comply with the other
    terms of the facility 30 days after notice;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">A change of control, as customarily
    defined at the 50% level;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Acceleration of indebtedness
    of at least $50 million;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Unstayed judgments in the amount
    of at least $50 million.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Bankruptcy events.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the occurrence and during the continuation of a default under
    the Facility, the lender(s)&nbsp;will not be obligated to fund any additional borrowing requests. Upon the occurrence of an event
    of default under the Facility, the lender(s)&nbsp;may terminate the facility and declare the full amount outstanding thereunder due
    and payable.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 2pt 5.4pt; width: 19%"><B>Covenants:</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5.4pt; width: 81%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Facility will provide for affirmative covenants regarding
    the conduct of the business of the Borrower that are customary for an unsecured revolving credit facility, including:</P>
                                                                                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;&nbsp;&nbsp;</FONT>Payment
    of principal and interest;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.2pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;Preservation
    of existence;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.2pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;Maintenance
    of office or agency;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.2pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;Payment
    of taxes;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.2pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;Maintenance
    of insurance;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.2pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;Limitation
    of business activities;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT>&nbsp;&nbsp;Further
    assurances.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The facility will not provide for negative or financial covenants.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Anti-Hoarding</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">It shall be a condition to each borrowing
    that unrestricted cash held in the accounts of the Borrower and its subsidiaries together with the amount of such borrowing shall,
    pro forma for the application of proceeds therefrom within five business days thereafter, not exceed in the aggregate $75 million.&nbsp;&nbsp;If
    the proceeds from the applicable borrowing (i)&nbsp;result in the Borrower and its subsidiaries having unrestricted cash in their
    accounts in excess of $75 million before giving pro forma effect to the intended application of proceeds, and (ii)&nbsp;are not used
    in the intended manner within five business days after the date of such borrowing, then the Borrower will have to promptly repay
    the amounts outstanding under the Facility to the extent of such excess described in (i)&nbsp;above, subject to the right of the
    Borrower to draw again on the Facility at a future time in compliance with this provision.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ANNEX E-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNRESTRICTED FLOATER SUBSIDIARY IP LICENSE TERM
SHEET</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Terms of IP License Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 3pt 5.4pt; width: 23%; text-align: center"><B>Term</B></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 3pt 5.4pt; width: 77%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Licensor</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid">Valaris Limited (&ldquo;Licensor&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Licensee</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid">The Unrestricted Floater Subsidiary
    (&ldquo;Licensee&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Licensed
    IP</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All intellectual property owned or controlled by Licensor and/or
    its Restricted Subsidiaries, including, without limitation:</P>
                                                                                                  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">The trademark &ldquo;VALARIS&rdquo;
    and any other trademarks and services marks (including any logos, slogans, designs, trade dress, and other indicia of origin), together
    with any variations and representations thereof (collectively, the &ldquo;Licensed Mark&rdquo;), and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">patents, patent applications,
    copyrights, software, technologies, know-how, trade secrets, confidential information,&nbsp;etc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such intellectual property collectively, the &ldquo;Licensed IP&rdquo;
    and the license thereof, the &ldquo;License&rdquo;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Licensed
    Use</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid">Licensee may use and otherwise exploit
    the Licensed IP in connection with any business, product, or service related to the business of the ownership and operation of vessels,
    including semisubmersible vessels and drillships (but not jackup rigs), for the exploration and development of offshore wells, including,
    without limitation, pursuant to charters, bareboat charters, sub-charters, pool agreements, service contracts and other arrangements.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Royalties</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid">The License will be royalty free.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Exclusivity</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid">The License will be a non-exclusive
    license.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Term</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The term of the License will be perpetual, except that upon the
    occurrence of a Change of Control, Licensor may terminate the License on 30 days&rsquo; advance notice to Licensee, subject to reasonable
    and customary transition arrangements. &ldquo;Change of Control&rdquo; means Licensor&rsquo;s ceasing to own at least 51% of the
    voting interest or similar controlling interest in Licensee.</P>
                                                                                                  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The License will also be terminable by Licensor following a breach
    of the terms of the License by Licensee, subject to customary notice and an opportunity to cure.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Quality
    Control</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid">All use of the Licensed Mark by Licensee,
    and the nature and quality of all business conducted by Licensee in connection with the Licensed Mark will be subject to Licensor&rsquo;s
    quality control standards.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Acknowledgment
    of Rights</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid">Licensee will acknowledge and agree
    that&nbsp;Licensor owns all rights, title and interest in and to Licensed IP, including all goodwill symbolized by the Licensed Mark,
    and will not contest the validity of the Licensed IP.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Protection</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid">Licensee will give notice to Licensor
    of any infringement of the Licensed IP that comes to its attention and will cooperate reasonably with Licensor, when requested and
    at Licensor&rsquo;s expense, in stopping such infringement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Assignment</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt 5.4pt; border-bottom: Black 1pt solid">The License and all rights granted
    thereunder will not be assignable or transferable by Licensee in any manner, including by operation of law.&nbsp;&nbsp;The License
    will be sublicensable to Licensee&rsquo;s subsidiaries.&nbsp;&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Vessels Operating in Kingdom of Saudi Arabia</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[On file with the First Lien Collateral Agent.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>5
<FILENAME>tm2114630d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT&nbsp;10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WARRANT AGREEMENT</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This WARRANT AGREEMENT (this&nbsp;&ldquo;<U>Agreement</U>&rdquo;),
dated as of April&nbsp;30, 2021 (the&nbsp;&ldquo;<U>Effective Date</U>&rdquo;), is entered into by and between Valaris Limited, a Bermuda
exempted company (the&nbsp;&ldquo;<U>Company</U>&rdquo;), and Computershare Inc., a Delaware corporation (&ldquo;<U>Computershare</U>&rdquo;),
and Computershare Trust Company, N.A., a federally chartered trust company, as warrant agent (together with Computershare, the&nbsp;&ldquo;<U>Warrant
Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on August&nbsp;19,
2020, Valaris plc, a public limited company organized under the laws of England and Wales, and certain of its subsidiaries and its Affiliates
(collectively, the&nbsp;&ldquo;<U>Debtors</U>&rdquo;) commenced voluntary cases for relief under chapter 11 of Title 11 of the United
States Code, 11 U.S.C. &sect; 101 et seq. in the United States Bankruptcy Court for the Southern District of Texas, which cases are jointly
administered pursuant to Rule&nbsp;1015(b)&nbsp;of the Federal Rules&nbsp;of Bankruptcy Procedure under the caption <I>In re: Valaris
plc, et al.</I>, Case No.&nbsp;20-34114 (MI) (collectively, the &ldquo;<U>Chapter 11 Cases</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on December&nbsp;30,
2020, the Debtors filed the <I>Third Amended Joint Chapter 11 Plan of Reorganization </I>(as amended, supplemented or otherwise modified
in accordance with the terms thereof, the &ldquo;<U>Plan</U>&rdquo;) in the Chapter 11 Cases;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to the Plan
and the order confirming the Plan, on or as soon as practicable after the Effective Date, the Company will issue or cause to be issued
the Warrants to the Warrantholders providing such holders the right to subscribe for, under certain circumstances, up to an aggregate
of 5,645,161 Common Shares (as defined herein), subject to adjustment as provided herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance of the
Warrants and other matters as provided herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when issued, the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing and for the purpose of defining the terms and provisions of the Warrants and the respective rights and obligations hereunder
and thereunder of the Company, the Warrant Agent and Warrantholders, respectively, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B><U>Definitions; Rules&nbsp;of Construction</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Definitions</U>.
As used in this Agreement, the terms set forth below shall have the respective meanings set forth in this <U>Section&nbsp;1</U>. Capitalized
terms used in this Agreement that are not otherwise defined herein will have the respective meanings ascribed thereto in the Bye-laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Above FMV Repurchase</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;4.1(c)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
of another Person means (i)&nbsp;any Person directly or indirectly Controlling, Controlled by or under common Control with such other
Person and (ii)&nbsp;in the case of another Person that is an individual or a Family Trust of an individual, a Family Member or Family
Trust of such individual or any other Affiliate of such individual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agent Members</U>&rdquo;
means the securities brokers and dealers, banks and trust companies, clearing organizations and other similar organizations that are participants
in the Depositary&rsquo;s system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate Exercise
Price</U>&rdquo; has the meaning set forth in <U>Section&nbsp;3.2(b)(iii)(x)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
has the meaning set forth in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Appropriate Officer</U>&rdquo;
means the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, General Counsel, Treasurer or Secretary of the Company,
any Assistant Treasurer or any Assistant Secretary of the Company, any Executive or Senior Vice President or any Vice President (whether
or not designated by a number or numbers or word or words added before or after the title &ldquo;Vice President&rdquo;) of the Company
or such other officer of the Company as approved by the Board to perform the services of an &ldquo;Appropriate Officer&rdquo; hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Board</U>&rdquo;
means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means any day that is not a Saturday, a Sunday or other day on which commercial banks are required or authorized by law or other governmental
action to be closed in New York, New York or Bermuda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Bye-laws</U>&rdquo;
means those certain bye-laws of the Company, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Cash Consideration</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;5.1(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Chapter 11 Cases</U>&rdquo;
has the meaning set forth in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Chosen Courts</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;19</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Close of Business</U>&rdquo;
means 5:00 p.m.&nbsp;Eastern Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Common Shares</U>&rdquo;
means the common shares of the Company, with a par value of $0.01 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company</U>&rdquo;
has the meaning set forth in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company Order</U>&rdquo;
means a written request or order signed in the name of the Company by an Appropriate Officer and delivered to the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Control</U>&rdquo;
means the possession, directly or indirectly, of the power to direct the management or policies of a Person, whether through the ownership
or voting of securities, by contract or otherwise. &ldquo;<U>Controlled</U>&rdquo; and &ldquo;<U>Controlling</U>&rdquo; have correlative
meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Corporate Agency
Office</U>&rdquo; has the meaning set forth in <U>Section&nbsp;8.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Custodian</U>&rdquo;
means Computershare Trust Company, N.A., as custodian for the Depositary, or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Debtors</U>&rdquo;
has the meaning set forth in the recitals hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Definitive Warrant</U>&rdquo;
means a Warrant represented by a Definitive Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Definitive Warrant
Certificate</U>&rdquo; means a Warrant Certificate in definitive form that is not deposited with the Depositary or with the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Depositary</U>&rdquo;
means The Depository Trust Company, its nominees and their respective successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>DWAC</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;3.2(g)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Effective Date</U>&rdquo;
has the meaning set forth in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange</U>&rdquo;
means (i)&nbsp;the principal U.S. national or regional securities exchange on which the Common Shares are then listed or (ii)&nbsp;if
the Common Shares are not then listed on a principal U.S. national or regional securities exchange, the principal other market on which
the Common Shares are then traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exchange Act</U>&rdquo;
means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules&nbsp;and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exercise Date</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;3.2(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exercise Notice</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;3.2(b)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exercise Period</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;3.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Exercise Price</U>&rdquo;
means, except as otherwise provided in <U>Section&nbsp;5.1(b)(ii)</U>, as of any Exercise Date, the price per Common Share for which a
Warrant is exercisable, which shall initially be $131.88; <I>provided</I>, that such Exercise Price shall be subject to adjustment as
provided in <U>Section&nbsp;4.1</U>; <I>provided</I>, <I>further</I>, <I>however</I>, that, notwithstanding any adjustment provided for
in <U>Section&nbsp;4.1</U>, the Exercise Price shall never be less than the par value of one Common Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Expiration Date</U>&rdquo;
means the day immediately prior to the seventh (7th) anniversary of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fair Market Value</U>&rdquo;
means, as of any date, (a)&nbsp;in the case of Common Shares, if the Common Shares for which the Warrants are exercisable are trading
on an Exchange, the volume weighted average closing price for the ten (10)&nbsp;consecutive Trading Days ending on (and including) the
Trading Day immediately prior to such date, (b)&nbsp;in the case of Common Shares, if the Common Shares for which the Warrants are exercisable
are not so listed for trading on an Exchange, the fair market value of an Common Share as determined by the Company, using one or more
valuation methods that the Company reasonably determines to be most appropriate, assuming such Common Shares are fully distributed and
are to be sold in an arm&rsquo;s-length transaction and there was no compulsion on the part of any party to such sale to buy or sell and
taking into account all relevant factors, (c)&nbsp;in the case of cash, the amount thereof, and (d)&nbsp;in the case of other property,
the fair market value of such property as determined by the Company, using one or more valuation methods that the Company reasonably determines
to be most appropriate, assuming such property is to be sold in an arm&rsquo;s-length transaction and there was no compulsion on the part
of any party to such sale to buy or sell and taking into account all relevant factors. &ldquo;<U>Family Member</U>&rdquo; means, with
respect to any natural Person, (a)&nbsp;such Person&rsquo;s spouse, children, parents, grandparents and lineal descendants of such Person&rsquo;s
parents (in each case, natural or adopted) and (b)&nbsp;in the event of such Person&rsquo;s death, such Person&rsquo;s heirs, executors,
administrators, testamentary transferees, legatees and beneficiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Family Trust</U>&rdquo;
means, with respect to any natural Person, a trust, limited partnership or limited liability company benefiting solely such individual
and/or the Family Members of such individual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fundamental Transaction</U>&rdquo;
means any (i)&nbsp;merger, consolidation, amalgamation, statutory share exchange, business combination or other similar transaction or
series of related transactions to which the Company is a party or (ii)&nbsp;sale, lease, transfer or other disposition of all or substantially
all of the assets of the Company and its subsidiaries (by value), including in connection with a liquidation or winding up of the Company,
which, in each of the cases of (i)&nbsp;and (ii)&nbsp;is consummated with a third-party who is unaffiliated with the Company at the time
of such transaction, and which is effected in such a way that the holders of Common Shares receive or are entitled to receive (either
directly or subsequently in connection with a liquidation or winding up of the Company) cash, stock, securities or other assets or property
(or any combination thereof) with respect to or in exchange for Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fundamental Transaction
Consideration</U>&rdquo; has the meaning set forth in <U>Section&nbsp;5.1(b)(iii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Funds</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;3.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Global Warrant</U>&rdquo;
means a Warrant represented by a Global Warrant Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Global Warrant Certificate</U>&rdquo;
means a global Warrant Certificate in definitive form, with the global legend set forth in the form of Warrant Certificate attached as
<U>Exhibit&nbsp;A</U> hereto, which is deposited with the Depositary or with the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>IRS</U>&rdquo; means
the U.S. Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Market Disruption
Event</U>&rdquo; means (i)&nbsp;a failure by the Exchange to open for trading during its regular trading session or (ii)&nbsp;the occurrence
or existence prior to 1:00 p.m.&nbsp;local time for the Exchange on any day on which the Exchange is open for trading for a period or
periods of more than one half-hour in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by
reason of movements in price exceeding limits permitted by the Exchange or otherwise) in the Common Shares or in any options contracts
or futures contracts relating to the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Non-Recourse Parties</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;21</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Open of Business</U>&rdquo;
means 9:00 a.m.&nbsp;Eastern Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Organic Change</U>&rdquo;
means any recapitalization, reorganization, reclassification, consolidation, merger between the Company and any of its subsidiaries, sale
of all or substantially all of the Company&rsquo;s equity securities or assets or other transaction, in each case which is effected in
such a way that the holders of Common Shares receive or are entitled to receive (either directly or upon subsequent liquidation) cash,
stock, securities or other assets or property with respect to or in exchange for Common Shares, other than a Fundamental Transaction or
any other transaction which triggers an adjustment pursuant to <U>Section&nbsp;4.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Original Issue Date</U>&rdquo;
means the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means any individual, partnership, joint venture, limited liability company, corporation, trust or other entity, and the heirs, executors,
administrators, legal representatives, successors and assigns of such Person where the context so requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Plan</U>&rdquo;
has the meaning set forth in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Property Dividend</U>&rdquo;
means any payment by the Company to holders of outstanding Common Shares of any dividend, or any other distribution by the Company to
such holders of (a)&nbsp;any shares of capital stock of the Company, (b)&nbsp;evidences of indebtedness of the Company or (c)&nbsp;cash
or other assets (including rights, warrants or other securities (of the Company or any other Person)), other than any dividend or distribution
(x)&nbsp;upon a transaction to which <U>Section&nbsp;5</U> applies or (y)&nbsp;of any Common Shares referred to in <U>Sections 4.1(a)</U>&nbsp;or
<U>4.1(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Record Date</U>&rdquo;
means, with respect to any dividend or distribution on the Common Shares, the date for the determination of the holders of outstanding
Common Shares entitled to receive such dividend or distribution fixed by the Board in accordance with the organizational documents of
the Company and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Required Warrantholders</U>&rdquo;
means Warrantholders holding greater than fifty percent (50)% of the outstanding Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
means the U.S. Securities Act of 1933, as amended, or any successor statute, and the rules&nbsp;and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Shareholders</U>&rdquo;
means the holders of outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo;
means a day on which (i)&nbsp;no Market Disruption Event occurs and (ii)&nbsp;trading in the Common Share occurs on the Exchange; <I>provided</I>
that if the Common Shares are not so listed or traded, &ldquo;Trading Day&rdquo; means a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transfer</U>&rdquo;
means to, directly or indirectly, transfer, sell, assign, pledge, hypothecate or otherwise dispose of any Warrants or Warrant Certificates.
 &ldquo;<U>Transfer</U>&rdquo; when used as a noun has a correlative meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Warrant Agent</U>&rdquo;
has the meaning set forth in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Warrant Certificates</U>&rdquo;
means those certain warrant certificates evidencing the Warrants (including a Global Warrant Certificate), substantially in the form of
<U>Exhibit&nbsp;A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Warrant Register</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;8.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Warrant Share Number</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;5.1(b)(iv)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Warrantholder</U>&rdquo;
means any Person in whose name at the time any Warrant is registered upon the Warrant Register and, when used with respect to any Warrant
Certificate, the Person in whose name such Warrant Certificate is registered in the Warrant Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Warrants</U>&rdquo;
means those certain warrants issued hereunder to subscribe for initially up to an aggregate of 5,645,161 Common Shares, subject to adjustment
pursuant to <U>Section&nbsp;4</U>, and each warrant shall entitle the Warrantholder thereof to subscribe for one (1)&nbsp;Common Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Rules&nbsp;of
Construction</U>. Unless the context requires otherwise: (a)&nbsp;any pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms; (b)&nbsp;references to Sections, Exhibits, paragraphs and clauses refer to Sections, Schedules, Exhibits paragraphs
and clauses of this Agreement; (c)&nbsp;the terms &ldquo;include&rdquo;, &ldquo;includes&rdquo;, &ldquo;including&rdquo; or words of like
import shall be deemed to be followed by the words &ldquo;without limitation&rdquo;; (d)&nbsp;the terms &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;
or &ldquo;hereunder&rdquo; refer to this Agreement as a whole and not to any particular provision of this Agreement; (e)&nbsp;the term
 &ldquo;or&rdquo; is not exclusive and shall have the inclusive meaning of &ldquo;and/or&rdquo;; (f)&nbsp;defined terms herein will apply
equally to both the singular and plural forms and derivative forms of defined terms will have correlative meanings; (g)&nbsp;references
to any law or statute shall be deemed to refer to such law or statute as amended or supplemented from time to time and shall include all
rules&nbsp;and regulations and forms promulgated thereunder, and references to any law, rule, form or statute shall be construed as including
any legal and statutory provisions, rules&nbsp;or forms consolidating, amending, succeeding or replacing the applicable law, rule, form
or statute; (h)&nbsp;references to any contract or agreement shall be deemed to refer to such contract or agreement as amended, modified
or supplemented from time to time in accordance with its terms; (i)&nbsp;references to any Person include such Person and its respective
heirs, executors, administrators, successors, legal representatives and permitted assigns; (j)&nbsp;references to &ldquo;days&rdquo; are
to calendar days unless otherwise indicated; (k)&nbsp;when calculating the period of time before which, within which or following which
any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be
excluded; (l)&nbsp;references to &ldquo;writing&rdquo; or &ldquo;written&rdquo; shall include electronic mail; and (m)&nbsp;all references
to $, currency, monetary values and dollars set forth herein shall mean United States dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B><U>Warrants Generally</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Representation
of Warrants</U>. The Warrants may, at the Company&rsquo;s option, either be (x)&nbsp;represented by physical certificates, which may either
be Global Warrant Certificates or Definitive Warrant Certificates, or (y)&nbsp;issued by electronic entry registration on the books of
the Warrant Agent, and each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein,
to subscribe for one (1)&nbsp;Common Share, subject to adjustment as provided in <U>Section&nbsp;4</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Form&nbsp;of
Warrant Certificates</U><FONT STYLE="font-family: Times New Roman, Times, Serif">. Warrant Certificates shall be in substantially the
form attached as <U>Exhibit&nbsp;A</U> hereto and shall (a)&nbsp;be typed, stamped, printed, lithographed or engraved or produced by any
combination of such methods or produced in any other manner permitted by the rules&nbsp;of any securities exchange on which the Common
Shares or the Warrants may be listed and (b)&nbsp;have such insertions, omissions, substitutions and other variations, and may have such
letters, numbers or other marks of identification and such legends or endorsements typed, stamped, printed, lithographed or engraved thereon,
in each case, as the Appropriate Officer executing the same may approve (execution thereof to be conclusive evidence of such approval)
and as are required, permitted or not inconsistent with the provisions of this Agreement (but which do not adversely affect the rights,
duties, liabilities or responsibilities of the Warrant Agent) or as may be required to comply with any law or with any rule&nbsp;or regulation
pursuant thereto or with any rule&nbsp;or regulation of any securities exchange on which the Common Shares or Warrants may be listed.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Execution
and Delivery of Warrant Certificates</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
any time and from time to time on or after the date of this Agreement, Warrant Certificates evidencing the Warrants may be executed by
the Company and delivered to the Warrant Agent for countersignature, and the Warrant Agent shall, upon receipt of a Company Order and
at the direction of the Company set forth therein, countersign by either manual or facsimile signature and deliver such Warrant Certificates
to the respective Persons entitled thereto. The Warrant Agent is further hereby authorized to countersign and deliver Warrant Certificates
as required by this </FONT></FONT><FONT STYLE="font-size: 10pt"><U>Section&nbsp;2.3</U> <FONT STYLE="font-family: Times New Roman, Times, Serif">or
by </FONT><U>Sections 3.2(d)</U><FONT STYLE="font-family: Times New Roman, Times, Serif">, </FONT><U>6</U> <FONT STYLE="font-family: Times New Roman, Times, Serif">or
</FONT><U>8</U><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Warrant Certificates shall be executed in the corporate name and on behalf of the Company by at least one Appropriate Officer, either
manually or by facsimile or electronic signature printed thereon. The Warrant Certificates shall be countersigned, either manually or
by facsimile or electronic signature printed thereon, by the Warrant Agent and shall not be valid for any purpose unless so countersigned.
In case any Appropriate Officer whose signature shall have been placed upon any of the Warrant Certificates shall cease to be such Appropriate
Officer before countersignature by the Warrant Agent and issue and delivery thereof, such Warrant Certificates may, nevertheless, be countersigned
by the Warrant Agent and issued and delivered with the same force and effect as though such person had not ceased to be such Appropriate
Officer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Global
Warrants</U><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Issuance</U>.
If so determined by the Company, Warrants, including Warrants issued upon any transfer or exchange thereof, shall be issued in the form
of one or more Global Warrant Certificates, which shall be deposited on behalf of the Company with the Depositary (or, at the direction
of the Depositary, with the Custodian or such other custodian as the Depositary may direct), and registered in the name of the Depositary
or a nominee of the Depositary, duly executed by the Company and countersigned by the Warrant Agent as hereinafter provided. Except as
provided in <U>Section&nbsp;8.3</U> or <U>Section&nbsp;2.4(c)</U>, owners of beneficial interests in Global Warrants will not be entitled
to receive physical delivery of Definitive Warrants. The holder of a Global Warrant may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold beneficial interests in such Global Warrant through Agent Members, to take any action
that a Warrantholder is entitled to take under a Warrant Certificate or this Agreement in accordance with the Depositary&rsquo;s and the
relevant Agent Member&rsquo;s applicable procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Book-Entry
Provisions</U>. This <U>Section&nbsp;2.4(b)</U>&nbsp;shall apply only to a Global Warrant deposited with, at the direction of or on behalf
of the Depositary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall execute and the Warrant Agent shall, in accordance with <U>Section&nbsp;2.3</U>, countersign, either by manual or facsimile
or other electronically transmitted signature, and deliver one or more Global Warrants that (A)&nbsp;shall be registered in the name of
the Depositary or the nominee of the Depositary and (B)&nbsp;shall be delivered by the Warrant Agent to the Depositary or pursuant to
the Depositary&rsquo;s instructions or held by the Custodian. Each Global Warrant shall be dated the date of its countersignature by the
Warrant Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agent
Members shall have no rights under this Agreement with respect to any Global Warrant held on their behalf by the Depositary or by the
Warrant Agent as the custodian of the Depositary or under such Global Warrant, except to the extent set forth herein or in a Warrant Certificate,
and the Depositary may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute
owner of such Global Warrant for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (A)&nbsp;prevent the Company,
the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
furnished by the Depositary or (B)&nbsp;impair, as between the Depositary and the Agent Members, the operation of applicable practices
of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Warrant. The rights of beneficial
owners in a Global Warrant shall be exercised through the Depositary subject to the applicable procedures of the Depositary, except to
the extent set forth herein or in the applicable Warrant Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
such time as all beneficial interests in a Global Warrant have been exchanged for Definitive Warrants, repurchased, exercised or canceled,
such Global Warrant shall be returned by the Depositary for cancellation or retained and canceled by the Warrant Agent. At any time prior
to such cancellation, if any beneficial interest in a Global Warrant is exchanged (including for Definitive Warrants), repurchased, exercised
or canceled, the number of Warrants represented by such Global Warrant shall be reduced and the Warrant Agent shall make an adjustment
on its books and records to reflect such reduction; <I>provided</I> that, in the case of an adjustment on account of an exercise of Warrants,
the Warrant Agent shall have no duty or obligation to make such adjustment until it has received written notice from the Warrantholder
of the amount thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Exchange
for Definitive Warrants</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Issuance</U>.
Beneficial interests in a Global Warrant deposited with the Depositary or with the Custodian pursuant to this <U>Section&nbsp;2.4</U>
shall be transferred to each beneficial owner thereof in the form of Definitive Warrants evidencing a number of Warrants equivalent to
such owner&rsquo;s beneficial interest in such Global Warrant, in exchange for such Global Warrant, only if such transfer complies with
<U>Section&nbsp;8</U> and (x)&nbsp;the Depositary notifies the Company in writing that it is unwilling or unable to continue as Depositary
for such beneficial interests represented by such Global Warrant or if at any time the Depositary ceases to be a &ldquo;clearing agency&rdquo;
registered under the Exchange Act and, in each such case, a successor Depositary is not appointed by the Company within 90 days of such
notice, or (y)&nbsp;the Company, in its sole reasonable discretion, notifies the Warrant Agent in writing that it elects to cause the
issuance of Definitive Warrants under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Surrender
and Exchange</U>. A Global Warrant shall be exchanged for Definitive Warrants, and Definitive Warrants may be transferred or exchanged
for a beneficial interest in a Global Warrant, only at such times and in the manner specified in this Agreement. The holder of a Global
Warrant may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold beneficial interests in
such Global Warrant through Agent Members, to take any action that a Warrantholder is entitled to take under a Warrant Certificate or
this Agreement in accordance with the Depositary&rsquo;s and the relevant Agent Member&rsquo;s applicable procedures. If beneficial ownership
interests in a Global Warrant are to be exchanged for Definitive Warrants pursuant to this <U>Section&nbsp;2.4(c)</U>, appropriate adjustment
shall be made to the Global Warrant as provided in <U>Section&nbsp;2.4(b)(iii)</U>, and the Warrant Agent shall countersign, either by
manual or facsimile or other electronically transmitted signature, and deliver to each beneficial owner of such interests in the name
of such beneficial owner, Definitive Warrants evidencing a number of Warrants equivalent to such beneficial owner&rsquo;s beneficial interest
in the Global Warrant so exchanged. The Warrant Agent shall register such exchange in the Warrant Register, and if the entire Global Warrant
has been exchanged for Definitive Warrants the surrendered Global Warrant shall be canceled by the Warrant Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Validity;
Certificates; No Liability</U>. All Definitive Warrants issued upon exchange pursuant to this <U>Section&nbsp;2.4(c)</U>&nbsp;shall be
the valid obligations of the Company, evidencing the same obligations of the Company and entitled to the same benefits under this Agreement
as the Global Warrant, or portion thereof, surrendered upon such exchange. In the event of the occurrence of any of the events specified
in <U>Section&nbsp;2.4(c)(i)</U>, the Company will either (x)&nbsp;promptly make available to the Warrant Agent a reasonable supply of
Definitive Warrants in definitive, fully registered form or (y)&nbsp; direct the Warrant Agent to record the issuance of the Definitive
Warrants by electronic entry registration on the books of the Warrant Agent. Neither the Company nor the Warrant Agent will be liable
or responsible for any registration or transfer of any Warrants that are registered or to be registered in the name of a fiduciary or
the nominee of a fiduciary unless made with actual knowledge that a fiduciary or nominee is committing a breach of trust in requesting
such registration or transfer, or with knowledge of such facts that its participation therein amounts to bad faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>CUSIP
Numbers</U>. In issuing the Warrants, the Company may use CUSIP numbers (if then generally in use) and, if so, the Warrant Agent shall
use CUSIP numbers in notices as a convenience to Warrantholders; <I>provided</I> that any such notice may state that no representation
is made as to the correctness of such CUSIP numbers either as printed on the Warrant Certificates or as contained in any notice and that
reliance may be placed only on the other identification numbers printed on the Warrant Certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Withholding
and Reporting Requirements</U>. The Company shall comply with all applicable tax withholding and reporting requirements imposed by any
governmental authority with respect to the Warrants (including the issuance thereof) and this Agreement, and all distributions, dividends
or other payments requiring withholding under applicable law, including deemed distributions or dividends, pursuant to the Warrants will
be subject to applicable withholding and reporting requirements. Notwithstanding any provision hereof to the contrary, each of the Company
and the Warrant Agent (upon the written instruction of the Company) will be authorized to (a)&nbsp;take any actions that may be necessary
or appropriate to comply with such withholding and reporting requirements, (b)&nbsp;apply a portion of any cash distribution to be made
under the Warrants to pay applicable withholding taxes, (c)&nbsp;liquidate a portion of any non-cash distribution or other consideration
to be paid under the Warrants to generate sufficient funds to pay applicable withholding taxes, (d)&nbsp;require reimbursement from any
Warrantholder to the extent any withholding is required in the absence of any distribution or (e)&nbsp;establish any other mechanisms
it believes are reasonably necessary and appropriate, including requiring Warrantholders to (x)&nbsp;submit appropriate tax and withholding
certifications (such as IRS Forms W-9 and the appropriate IRS Forms W-8, as applicable) that are necessary to comply with this <U>Section&nbsp;2.6</U>
or (y)&nbsp;promptly pay the withholding tax amount which is required to be paid by applicable law to the Company in cash as a condition
of receiving the benefit of any adjustment as provided in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><B><U>Exercise and Expiration of the Warrants</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Right
to Acquire Common Shares Upon Exercise</U>. Each Warrant Certificate shall, when countersigned by the Warrant Agent, entitle the Warrantholder
thereof, subject to the provisions thereof and of this Agreement, to acquire from the Company, for each Warrant evidenced thereby, one
(1)&nbsp;Common Share at the Exercise Price, subject to adjustment as provided in this Agreement; <I>provided</I>, that if the Warrant
Certificates are issued by electronic entry registration on the books of the Warrant Agent and not represented by physical certificates
pursuant to <U>Section&nbsp;2.1</U>, the Warrantholder&rsquo;s rights with respect to such uncertificated Warrant Certificates shall not
be subject to such countersignature by the Warrant Agent. The Exercise Price, and the number of Common Shares obtainable upon exercise
of each Warrant, shall be adjusted from time to time as required by <U>Section&nbsp;4.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exercise
and Expiration of Warrants</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Generally</U>.
Subject to and upon compliance with the terms and conditions set forth herein, a Warrantholder may exercise all or any portion of the
Warrants held by such Warrantholder, on any Business Day from and after the Effective Date until the Close of Business on the Expiration
Date (the &ldquo;<U>Exercise Period</U>&rdquo;), for the Common Shares obtainable thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Definitive
Warrants</U>. In order to exercise all or any of the Definitive Warrants, the Warrantholder thereof must:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
the Definitive Warrants are represented by Warrant Certificates, surrender to the Warrant Agent, at the Corporate Agency Office, the Warrant
Certificate evidencing such Definitive Warrants;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
all cases, deliver to the Warrant Agent, at the Corporate Agency Office, a written notice of the Warrantholder&rsquo;s election to exercise
the number of Warrants and the method of exercise specified therein, properly completed and duly executed by such Warrantholder, in the
form attached hereto as <U>Exhibit&nbsp;B</U> (an &ldquo;<U>Exercise Notice</U>&rdquo;) accompanied by any evidence of authority that
may be required by the Warrant Agent, including but not limited to, a signature guarantee from an eligible guarantor institution participating
in a signature guarantee program approved by the Securities Transfer Association, and the Warrant Agent will deliver such Exercise Notice
to the Company as promptly as practicable; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
all cases, (x)&nbsp;pay to the Warrant Agent an amount equal to the product of (A)&nbsp;the Exercise Price and (B)&nbsp;the total number
of Common Shares for which such Definitive Warrants are exercisable (the &ldquo;<U>Aggregate Exercise Price</U>&rdquo;) together with
any payment for transfer taxes as set forth in <U>Section&nbsp;3.4</U>, if and as applicable, in any combination of the following elected
by such Warrantholder: (1)&nbsp;certified bank check or official bank check in New York Clearing House funds payable to the order of the
Warrant Agent and delivered to the Warrant Agent at the Corporate Agency Office, or (2)&nbsp;wire transfer in immediately available funds
to an account specified in writing by the Company to the Warrant Agent and such Warrantholder in accordance with <U>Section&nbsp;11.1(b)</U>;
or (y)&nbsp;in lieu of making a cash payment, instruct the Company to withhold a number of Common Shares issuable upon exercise of the
Definitive Warrants being exercised with an aggregate Fair Market Value as of the Exercise Date equal to the Aggregate Exercise Price,
which shall be treated as the surrender of the Definitive Warrants being exercised and the payment of the Aggregate Exercise Price therefor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any attempt to exercise Warrants not in compliance
with this Agreement shall be null and void <I>ab initio</I>, and the Company and the Warrant Agent shall not give effect in their respective
records to any such attempted exercise of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cashless
Exercise</U>. Upon the Warrant Agent&rsquo;s receipt of an Exercise Notice and instructions to withhold a number of Common Shares pursuant
to <U>Section&nbsp;3.2(b)(iii)(y)</U>, the Company shall, as promptly as practicable, determine the Fair Market Value of the Common Shares
and provide the Warrant Agent and Warrantholder with a calculation of the number of Common Shares required to be withheld pursuant to
<U>Section&nbsp;3.2(b)(iii)(y)</U>, which the Warrant Agent shall rely upon to update the Warrant Register. The Warrant Agent shall have
no obligation under this Agreement to perform, investigate or verify such calculation or otherwise determine whether such calculation
is accurate or correct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cash
Exercise</U>. In the event of a cash exercise, the company hereby instructs the Warrant Agent to record cost basis for newly issued shares
at the time of such exercise in accordance with instructions by the Company. If the Company does not provide such cost basis information
to the Warrant Agent, as outlined above, then the Warrant Agent will treat those shares issued hereunder as uncovered securities or the
equivalent, and each holder of such shares will need to obtain such cost basis information from the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Partial
Exercise</U>. If fewer than all the Definitive Warrants represented by a Warrant Certificate are exercised, such Warrant Certificate shall
be surrendered and a new Warrant Certificate of the same tenor and for the number of Definitive Warrants which were not exercised shall
be executed by the Company. The Warrant Agent shall countersign the new Warrant Certificate, registered in such name or names, subject
to the provisions of <U>Section&nbsp;8</U> regarding registration of transfer and payment of governmental charges in respect thereof,
as may be directed in writing by the Warrantholder, and shall deliver the new Warrant Certificate to the Person or Persons in whose name
such new Warrant Certificate is so registered. The Company, whenever required by the Warrant Agent, will supply the Warrant Agent with
Warrant Certificates duly executed on behalf of the Company for such purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Global
Warrants</U>. In the case of Warrants represented by a Global Warrant Certificate, the Warrants shall be exercisable, at any time or from
time to time during the Exercise Period, in accordance with the applicable practices and procedures of the Depositary and the relevant
Agent Member. Following any such exercise, the number of Warrants represented by the applicable Global Warrant Certificate shall be reduced
in accordance with the applicable procedures of the Depositary, whether or not an adjustment is made to Annex A to such Global Warrant
Certificate, so that the number of Warrants represented thereby will be equal to the number of Warrants theretofore represented by such
Global Warrant Certificate less the number of Warrants then exercised. An Agent Member, and any Person authorized by such Agent Member,
may, without the consent of the Warrant Agent or any other Person, on its own behalf and on behalf of the owner of a beneficial interest
in the Global Warrant for which it is acting, enforce this Agreement and the Global Warrant, including its or such beneficial owner&rsquo;s
right to exercise and receive beneficial ownership of Common Shares issuable upon exercise of the Global Warrant, and may institute and
maintain any suit, action or proceeding against the Company to enforce its rights in respect thereof. In connection with (i)&nbsp;settlement
pursuant to <U>Section&nbsp;3.2(b)(iii)(x)</U>, the Exercise Price in respect of the exercise of a Global Warrant shall be paid, and (ii)&nbsp;settlement
pursuant to <U>Section&nbsp;3.2(b)(iii)(y)</U>, the election to withhold a number of Common Shares issuable upon exercise of the Global
Warrants being exercised with an aggregate Fair Market Value as of the Exercise Date equal to the Aggregate Exercise Price shall be made,
in each case, in accordance with the applicable practices and procedures of the Depositary and its Agent Members.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Issuance
of Common Shares</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
due exercise of Global Warrants in accordance with the foregoing provisions of <U>Section&nbsp;3.2(f)</U>, Common Shares issuable upon
such exercise shall be issued and delivered in accordance with the applicable practices and procedures of the Depositary. The Company
shall use commercially reasonable efforts to cause the transfer agent of the Company to cooperate with the Depositary and the applicable
Agent Member in order to effect the issuance and delivery of Common Shares as promptly as practicable in accordance with such practices
and procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
due exercise of Definitive Warrants in accordance with the foregoing provisions of&nbsp;<U>Section&nbsp;3.2(b)</U>, <U>Section&nbsp;3.2(c)</U>,
<U>Section&nbsp;3.2(e)</U>&nbsp;or <U>Section&nbsp;5.1</U>, as applicable, the Company shall cause the transfer agent of the Company,
as promptly as practicable but in any event no later than four (4)&nbsp;Business Days after the Exercise Date, to cooperate with the Agent
Member designated by the Warrantholder on the Exercise Notice in order that the Common Shares will be issued, delivered and credited to
the account of the Agent Member at the Depositary for the benefit of the Warrantholder through the Deposit/Withdrawal at Custodian (&ldquo;DWAC&rdquo;)
function of the Depositary or such other function as may be adopted by the Depositary for that purpose. Notwithstanding the foregoing,
if, at or prior to the time of the exercise of any Definitive Warrant, the Depositary notifies the Company in writing that it is unwilling
or unable to continue as Depositary for the Common Shares issuable upon exercise of such Definitive Warrant or if at any time the Depositary
has ceased or ceases to be a &ldquo;clearing agency&rdquo; registered under the Exchange Act (and notified the Company in writing of such
cessation) and, in each such case, a successor Depositary is not appointed by the Company within ninety (90) days of such notice, the
Company shall issue the Common Shares in such name or names as indicated on the Exercise Notice, provided the Warrantholder shall have
furnished the Company with the appropriate tax identification information and, if the Common Shares are to be issued in the name of any
Person other than the Warrantholder, evidence of the payment of any required transfer or similar tax shall have been furnished to the
Company. At the option of the Company., the Common Shares may either be represented by certificates or issued through direct registration
on the books and records of the transfer agent of the Company. If the Common Shares are issued in certificated form, the Company shall
cause the certificates representing the Common Shares to be physically delivered to the address specified in the Exercise Notice. The
Company shall cause the Common Shares to be issued and delivered as aforesaid, as promptly as practicable but in any event no later than
four (4)&nbsp;Business Days after the Exercise Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Time
of Exercise</U>. Each exercise of a Warrant shall be deemed to have been effected immediately prior to the Close of Business on the first
(1<SUP>st</SUP>) day on which each of the following has occurred (the &ldquo;<U>Exercise Date</U>&rdquo;): (i)&nbsp;in the case of the
exercise of Global Warrants, the date on which all actions required for such exercise, including, if applicable, payment of the Exercise
Price therefor, in accordance with the applicable practices and procedures of the Depositary have been taken; and (ii)&nbsp;in the case
of the exercise of Definitive Warrants, (x)&nbsp;if the Definitive Warrant is represented by a Warrant Certificate, the Warrant Certificate
representing such Definitive Warrant has been surrendered for exercise; (y)&nbsp;an Exercise Notice has been duly executed by the Warrantholder
and delivered to the Warrant Agent as provided in <U>Section&nbsp;3.2(b)</U>; and (z)&nbsp;if applicable, payment has been made to the
Warrant Agent as provided in <U>Section&nbsp;3.2(b)</U>&nbsp;(unless such surrender, delivery and payment (if applicable) occur after
Close of Business on a Business Day or on a date that is not a Business Day, in which event the Exercise Date shall be the next following
Business Day). On the Exercise Date, the exercising Warrantholder shall, as between such Person and the Company, be deemed to be and entitled
to all rights of the holder or record of such Common Shares then issued. For the avoidance of doubt, Warrants do not entitle the Warrantholder
or the owner of any beneficial interest in the Warrants to any voting rights or other rights as a holder of Common Shares prior to the
applicable Exercise Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Expiration
of Warrants</U>. The Warrants, to the extent not exercised prior thereto, shall automatically expire, terminate and become void as of
5:01 p.m.&nbsp;Eastern Time on the Expiration Date. No further action of any Person (including by, or on behalf of, any Warrantholder,
the Company or the Warrant Agent) shall be required to effectuate the expiration of Warrants pursuant to this <U>Section&nbsp;3.2(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Funds;
Application of Funds Upon Exercise of Warrants</U>. All funds received by Computershare under this Agreement that are to be distributed
or applied by Computershare in the performance of services hereunder (the &ldquo;<U>Funds</U>&rdquo;) shall be held by Computershare as
agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company.
Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such accounts in: deposit accounts of commercial
banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&amp;P (LT Local Issuer Credit Rating),
Moody&rsquo;s (Long Term Rating) and Fitch Ratings,&nbsp;Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.).
Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by Computershare
in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party.
Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare shall
not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party. The Warrant Agent shall forward
funds received for warrant exercises in a given month by the 5th business day of the following month by wire transfer to an account designated
by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Payment
of Taxes</U>. The Company shall pay any and all stamp duty or stamp duty reserve tax that is payable in respect of the issue or delivery
of Common Shares to the exercising Warrantholder on exercise of Warrants pursuant hereto; <I>provided</I> that, as a condition to the
exercise of any Warrant, the exercising Warrantholder shall pay to the Company a sum sufficient to cover any documentary, stamp or similar
issue or transfer taxes due because such Warrantholder requests Common Shares to be issued in a name other than the name of the Warrantholder,
and the Company may refuse to deliver any such Common Shares until it receives a sum sufficient to pay such taxes. The Warrant Agent shall
not have any duty or obligation to take any action under any section of this Agreement that requires the payment of taxes and/or charges
unless and until it is satisfied that all such payments have been made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Surrender
of Certificates</U>. Any Warrant Certificate surrendered for exercise shall be surrendered to the Warrant Agent at the office of the Warrant
Agent designated for such purpose and, if surrendered to the Company, be delivered by the Company to the Warrant Agent. All Warrant Certificates
surrendered or so delivered to the Warrant Agent shall be promptly cancelled by the Warrant Agent and shall not be reissued by the Company
and the Warrant Agent shall deliver its certificate of cancellation to the Company. Upon request and at the expense of the Company, the
Warrant Agent shall destroy such cancelled Warrant Certificates and deliver its certificate of destruction to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Shares
Issuable</U>. The number of Common Shares &ldquo;obtainable upon exercise&rdquo; or &ldquo;issuable upon exercise&rdquo; of a Warrant
at any time shall be the number of Common Shares for which such Warrant is then exercisable. The number of Common Shares &ldquo;for which
each Warrant is exercisable&rdquo; shall be one (1)&nbsp;share, subject to adjustment as provided in <U>Section&nbsp;4.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><B><U>Adjustments</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Adjustments</U><FONT STYLE="font-family: Times New Roman, Times, Serif">.
In order to prevent dilution of the rights granted under the Warrants, the Exercise Price shall be subject to adjustment from time to
time as provided in this <U>Section&nbsp;4.1</U> and the number of Common Shares obtainable upon exercise of the Warrants shall be subject
to adjustment from time to time as provided in this <U>Section&nbsp;4.1</U> (in each case, after taking into consideration any prior adjustments
pursuant to this <U>Section&nbsp;4.1</U>); <I>provided</I> that no single event shall give rise to an adjustment under more than one subsection
of this <U>Section&nbsp;4.1</U>.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Subdivisions
and Combinations</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the Company shall, at any time or from time to time after the Original Issue Date while the Warrants remain outstanding and
unexpired in whole or in part, effect a subdivision (by any stock split or otherwise) of the outstanding Common Shares into a greater
number of Common Shares (other than (x)&nbsp;a stock split effected by means of a stock dividend or stock distribution to which <U>Section&nbsp;4.1(b)</U>&nbsp;applies
or (y)&nbsp;a subdivision upon a transaction to which <U>Section&nbsp;5</U> applies), then and in each such event the Exercise Price then
in effect shall be decreased by multiplying the Exercise Price immediately in effect prior thereto by a fraction (i)&nbsp;the numerator
of which shall be the total number of Common Shares issued and outstanding immediately prior to such subdivision and (ii)&nbsp;the denominator
of which shall be the number of Common Shares issued and outstanding immediately prior to such subdivision plus the number of Common Shares
issuable as a result of such subdivision. Conversely, if the Company shall, at any time or from time to time after the Original Issue
Date while the Warrants remain outstanding and unexpired in whole or in part effect a combination (by any reverse stock split or otherwise)
of the outstanding Common Shares into a smaller number of Common Shares (other than a combination upon a transaction to which <U>Section&nbsp;5</U>
applies), then and in each such event the Exercise Price then in effect shall be increased by multiplying the Exercise Price immediately
in effect prior thereto by a fraction (i)&nbsp;the numerator of which shall be the total number of Common Shares issued and outstanding
immediately prior to such combination and (ii)&nbsp;the denominator of which shall be the number of Common Shares issued and outstanding
immediately prior to such combination less the number of Common Shares reduced as a result of such combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to <U>Section&nbsp;4.1(f)(iii)</U>&nbsp;and <U>Section&nbsp;4.1(f)(iv)</U>, any adjustment under this <U>Section&nbsp;4.1(a)</U>&nbsp;shall
become effective immediately at the Open of Business on the day after the date upon which such subdivision or combination becomes effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Common Share Dividends</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the Company shall, at any time or from time to time after the Original Issue Date while the Warrants remain outstanding and
unexpired in whole or in part, pay or make to the holders of its outstanding Common Shares, or shall fix a Record Date for the determination
of holders of its Common Shares to receive, a dividend or distribution payable in Common Shares, or otherwise pay or make, or shall fix
a Record Date for the determination of holders of its Common Shares to receive, a dividend or other distribution on any class of its capital
stock payable in Common Shares, other than a dividend or distribution upon a transaction to which <U>Section&nbsp;5</U> applies, then
and in each such event the Exercise Price in effect on the Record Date for such dividend or distribution shall be decreased by multiplying
such Exercise Price by a fraction (not to be greater than one (1)) (A)&nbsp;the numerator of which shall be the total number of Common
Shares issued and outstanding immediately prior to such dividend or distribution and (B)&nbsp;the denominator of which shall be the number
of Common Shares issued and outstanding immediately prior to such dividend or distribution plus the number of Common Shares issuable in
payment of such dividend or distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to <U>Section&nbsp;4.1(f)(ii)</U>, <U>Section&nbsp;4.1(f)(iii)</U>&nbsp;and <U>Section&nbsp;4.1(f)(iv)</U>, any adjustment under this
<U>Section&nbsp;4.1(b)</U>&nbsp;shall become effective immediately at the Open of Business on the day after the Record Date for such dividend
or distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Repurchases</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the Company shall, at any time or from time to time after the Original Issue Date while the Warrants remain outstanding and
unexpired in whole or in part, offer to all holders of Common Shares to repurchase Common Shares at a price per share that is greater
than the Fair Market Value of such Common Shares as of the tenth (10<SUP>th</SUP>) Trading Day immediately following the date on which
such offer to repurchase is consummated (other than a repurchase upon a transaction to which <U>Section&nbsp;5</U> applies) on the date
on which such offer is consummated (an &ldquo;<U>Above FMV Repurchase</U>&rdquo;), the Exercise Price in effect on the date of the consummation
of the Above FMV Repurchase shall be decreased to a price determined in accordance with the following formula:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>CPA<SUB>2 </SUB>= CPA<SUB>1 </SUB>* (FMV - P)
 &divide; FMV</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">For purposes of the
foregoing formula, the following definitions shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;CPA<SUB>2</SUB>&rdquo; shall mean the
Exercise Price in effect immediately after the adjustment provided in this <U>Section&nbsp;4.1(c)(i)</U>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;CPA<SUB>1</SUB>&rdquo; shall mean the
Exercise Price in effect immediately prior to such Above FMV Repurchase;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;FMV&rdquo; shall mean the Fair Market
Value of the total number of Common Shares outstanding prior to the consummation of such Above FMV Repurchase, calculated based on the
Fair Market Value of one Common Share on the </FONT>Business Day after the tenth (10<SUP>th</SUP>) Trading <FONT STYLE="font-family: Times New Roman, Times, Serif">Day
immediately following the date on which such Above FMV Repurchase is consummated; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;P&rdquo; shall mean the amount by which the Fair Market Value of all consideration paid or payable
for Common Shares repurchased or redeemed in any such Above FMV Repurchase exceeds the aggregate Fair Market Value for such Common Shares
on the Business Day after the tenth (10<SUP>th</SUP>) Trading Day immediately following the date on which such Above FMV Repurchase is
consummated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to <U>Section&nbsp;4.1(f)(iii)</U>&nbsp;and <U>Section&nbsp;4.1(f)(iv)</U>, any adjustment under this <U>Section&nbsp;4.1(c)</U>&nbsp;shall
be effective as of the Open of Business on the Business Day immediately following the date on which such Above FMV Repurchase is consummated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Property Dividends</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the Company shall, at any time or from time to time after the Original Issue Date while the Warrants remain outstanding and
unexpired in whole or in part, make or issue, or shall fix a Record Date for the determination of holders of its Common Shares to receive,
a Property Dividend, then and in each such event the Exercise Price in effect on the Record Date for such Property Dividend shall be decreased
to a price determined in accordance with the following formula:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>EP<SUB>2 = </SUB>EP<SUB>1 </SUB>* (FMV - D)
 &divide; FMV</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">For purposes of the
foregoing formula, the following definitions shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;EP<SUB>2</SUB>&rdquo; shall mean the Exercise Price in effect immediately after the adjustment
provided in this <U>Section&nbsp;4.1(d)(i)</U>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;EP<SUB>1</SUB>&rdquo; shall mean the Exercise Price in effect on the Record Date for such Property
Dividend;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;FMV&rdquo; shall mean the Fair Market Value of one Common Share on the Record Date for such Property
Dividend; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">&ldquo;D&rdquo; shall mean the Fair Market Value of such Property Dividend made per Common Share as of
the Record Date for such Property Dividend.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to <U>Section&nbsp;4.1(f)(ii)</U>, <U>Section&nbsp;4.1(f)(iii)</U>&nbsp;and <U>Section&nbsp;4.1(f)(iv)</U>, any adjustment under this
<U>Section&nbsp;4.1(d)</U>&nbsp;shall become effective immediately at the Open of Business on the day after the Record Date for such Property
Dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">[Reserved.]</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Provisions Applicable to Adjustments</U>. The following provisions shall be applicable to the making of adjustments to the Exercise Price
and the number of Common Shares for which each Warrant is exercisable under this <U>Section&nbsp;4.1</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>When
Adjustments Are to be Made</U>. The adjustments required by <U>Sections 4.1(a)</U>, <U>4.1(b)</U>, <U>4.1(c)</U>, and <U>4.1(d)</U>&nbsp;shall
be made whenever and as often as any specified event requiring an adjustment shall occur.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Deferral
of Issuance Upon Exercise</U>. Notwithstanding anything in this Agreement to the contrary, in any case in which this <U>Section&nbsp;4.1</U>
shall require that a decrease in the Exercise Price be made effective prior to the occurrence of a specified event (which shall be deemed
to mean, for purposes of <U>Section&nbsp;4.1(b)</U>&nbsp;and <U>4.1(d)</U>, the dividend or distribution with respect to which a Record
Date may be fixed) and any Warrant is exercised after the time at which the adjustment became effective but prior to the occurrence of
such specified event and, in connection therewith, <U>Section&nbsp;4.1(f)</U>&nbsp;shall require a corresponding increase in the number
of Common Shares for which each Warrant is exercisable, the Company may elect to defer until the occurrence of such specified event (A)&nbsp;the
issuance to the Warrantholders of, and the registration of such Warrantholder (or other Person) as the record holder of, the Common Shares
over and above the Common Shares issuable upon such exercise on the basis of the number of Common Shares obtainable upon exercise of such
Warrant(s)&nbsp;immediately prior to such adjustment and to require payment in respect of such number of shares the issuance of which
is not deferred on the basis of the Exercise Price in effect immediately prior to such adjustment and (B)&nbsp;the corresponding reduction
in the Exercise Price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything in this Agreement to the contrary, in the event that an adjustment is made pursuant to this <U>Section&nbsp;4.1</U> and the underlying
event requiring such adjustment does not occur, including, in the case of any adjustment in respect of any dividend or distribution or
the fixing of a Record Date with respect thereto, where the Board publicly announces its decision not to pay or make such dividend or
distribution, the Exercise Price and the number of Common Shares for which a Warrant is exercisable shall be readjusted retroactively
to the date of the original adjustment, to be the Exercise Price and the number of Common Shares for which a Warrant is exercisable that
would then be in effect had the applicable adjustment not been made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything in this Agreement to the contrary, no adjustment under this <U>Section&nbsp;4.1</U> need be made to the Exercise Price unless
such adjustment would require an increase or decrease of at least one percent (1.0%) of the Exercise Price then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Adjustment
to Shares Obtainable Upon Exercise</U>. Subject to <U>Section&nbsp;4.1(f)(ii)</U>&nbsp;and <U>Section&nbsp;4.1(f)(iii)</U>, whenever the
Exercise Price is adjusted as provided in <U>Sections&nbsp;4.1(a)</U>, <U>4.1(b)</U>, <U>4.1(c)</U>, or <U>4.1(d)</U>&nbsp;the number
of Common Shares for which a Warrant is exercisable shall simultaneously be adjusted by multiplying such number of Common Shares for which
a Warrant is exercisable immediately prior to such adjustment by a fraction, the numerator of which shall be the Exercise Price immediately
prior to such adjustment, and the denominator of which shall be the Exercise Price immediately thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notice
of Adjustment</U>. Upon the occurrence of each adjustment of the Exercise Price or the number of Common Shares for which a Warrant is
exercisable pursuant to this <U>Section&nbsp;4.1</U>, the Company at its expense shall promptly:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">compute
such adjustment in accordance with the terms hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">after
such adjustment becomes effective, deliver or communicate to all Warrantholders and owners of a beneficial interest in a Global Warrant,
in accordance with <U>Section&nbsp;11.1(b)</U>, a notice setting forth such adjustment (including the kind and amount of securities, cash
or other property for which the Warrants shall be exercisable and the Exercise Price) and setting forth a reasonably detailed statement
of the facts requiring such adjustment; <I>provided</I> that the failure of the Company to deliver such notice shall not affect the validity
of the relevant adjustments or the events giving rise to such adjustments; <I>provided</I>, <I>further</I>, that, (x)&nbsp;the failure
of the Company to deliver such notice shall not limit the Company&rsquo;s obligation to effectuate such adjustment in accordance with
this <U>Section&nbsp;4.1</U> and (y)&nbsp;if the Company fails to deliver such notice after such adjustment becomes effective, the Company
shall promptly provide such notice to any Warrantholder upon its request; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
reasonable notice, deliver to the Warrant Agent a certificate of the Chief Executive Officer, Chief Financial Officer or Treasurer of
the Company setting forth the new or amended exercise terms, including the Exercise Price and the number of Common Shares for which each
Warrant is exercisable after such adjustment, and setting forth a reasonably detailed statement of the facts requiring such adjustment
and the computation by which such adjustment was made (including a description of the basis on which the fair market value of any evidences
of indebtedness, shares of capital stock, securities or other assets or consideration used in the computation was determined). As provided
in <U>Section&nbsp;10.1(a)</U>, the Warrant Agent (a)&nbsp;shall be entitled to rely on such certificate, (b)&nbsp;shall be under no duty,
liability or responsibility with respect to any such certificate, except to exhibit the same from time to time to any Warrantholder desiring
an inspection thereof during reasonable business hours and (c)&nbsp;shall not be deemed to have knowledge of any such adjustment or any
such facts requiring any such adjustment unless and until it shall have received such certificate, nor (d)&nbsp;shall the Warrant Agent
have any obligation to determine whether any facts exist that require any adjustment pursuant to this Section&nbsp;4 or to calculate any
of the adjustments set forth in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Statement
on Warrant Certificates</U>. Irrespective of any adjustment in the Exercise Price or amount or kind of shares for which the Warrants are
exercisable, Warrant Certificates theretofore or thereafter issued may continue to express the same Exercise Price initially applicable
or amount or kind of shares initially issuable upon exercise of the Warrants evidenced thereby pursuant to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Fractional
Interest</U><FONT STYLE="font-family: Times New Roman, Times, Serif">. The Company shall not be required upon the exercise of any Warrant
to issue any fractional shares (or scrip representing fractional shares). In the event a Warrant becomes exercisable for fractional Common
Shares, the number of Common Shares issuable upon exercise thereof will be rounded (i)&nbsp;up to the next higher whole Common Share if
the fraction is equal to or greater than 1/2 and (ii)&nbsp;down to the next lower whole Common Share if the fraction is less than 1/2.
If Warrant Certificates evidencing more than one (1)&nbsp;Warrant shall be presented for exercise at the same time by the same Warrantholder,
the number of full Common Shares which shall be issuable upon such exercise thereof shall be computed on the basis of the aggregate number
of Warrants so to be exercised. The Warrantholders, and any owners of a beneficial interest in a Global Warrant, by their acceptance of
the Warrant Certificates, expressly waive their right to receive any fraction of an Common Share, a stock certificate representing a fraction
of an Common Share or any cash consideration in lieu of a fractional Common Share if such fractional share is rounded down.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
Other Adjustments</U>. In each case except in accordance with <U>Section&nbsp;4.1</U>, the applicable Exercise Price and the number of
Common Shares obtainable upon exercise of any Warrant will not be adjusted for the issuance of Common Shares or any securities convertible
into or exchangeable for Common Shares or carrying the right to purchase any of the foregoing, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">upon
the issuance of any other securities by the Company on or after the Original Issue Date, whether or not contemplated by the Plan, or upon
the issuance of Common Shares upon the exercise of any such securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">upon
the issuance of any Common Shares or other securities or any payments pursuant to the Management Incentive Plan (as defined in the Plan)
or any other equity incentive plan of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">upon
the issuance of any Common Shares pursuant to the exercise of the Warrants; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">upon
the issuance of any Common Shares or other securities of the Company in connection with a business acquisition transaction (except as
expressly set forth in <U>Section&nbsp;4.1</U>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify"><B><U>Fundamental Transaction; Organic Changes</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">5.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Fundamental Transaction</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
the event the Company shall, at any time or from time to time after the Original Issue Date while the Warrants remain outstanding and
unexpired in whole or in part, consummate a Fundamental Transaction, each Warrantholder shall be entitled, following consummation of the
Fundamental Transaction, upon surrender and delivery of the related Warrant Certificate to the Warrant Agent (or, if applicable, on the
records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant
Agent to the Depositary from time to time), for each Warrant held by such Warrantholder to exercise such Warrant to acquire the Fundamental
Transaction Consideration multiplied by the Warrant Share Number; provided, that if the Fundamental Transaction Consideration consists
solely of Cash Consideration, following the consummation of the Fundamental Transaction, such Warrantholder shall be entitled to receive
from the Company an amount of cash equal to the product of (A)&nbsp;the Warrant Share Number and (B)&nbsp;the amount, if any, by which
(x)&nbsp;the Cash Consideration exceeds (y)&nbsp;the Exercise Price, and upon such Warrantholder&rsquo;s receipt of such cash (if any)
in respect of such Warrant, such Warrant shall be deemed to have been exercised in full and cancelled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
used in <U>Section&nbsp;5.1</U>, the terms set forth below shall have the respective meanings set forth in this <U>Section&nbsp;5.1(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Cash
Consideration</U>&rdquo; means the cash, if any, that a holder of Common Shares receives or is entitled to receive in a Fundamental Transaction
with respect to or in exchange for each Common Share held by such holder immediately prior to the consummation of the Fundamental Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Exercise
Price</U>&rdquo; means the Exercise Price in effect immediately prior to consummation of the Fundamental Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Fundamental
Transaction Consideration</U>&rdquo; means the cash, stock, securities or other assets or property (or any combination thereof) that a
holder of Common Shares receives or is entitled to receive with respect to or in exchange for each Common Share held by such holder upon
consummation of a Fundamental Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Warrant
Share Number</U>&rdquo; means the number of Common Shares for which a Warrant is exercisable immediately prior to the consummation of
the Fundamental Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not effect any Fundamental Transaction unless, prior to the consummation thereof, the surviving Person (if other than the
Company) resulting from such Fundamental Transaction, shall assume, by written instrument substantially similar in form and substance
to this Agreement in all material respects (including with respect to the provisions of this <U>Section&nbsp;5</U>) and the obligation
to distribute any Warrants or make any cash payments to the Warrantholders in accordance with this <U>Section&nbsp;5.1</U>. The provisions
of this <U>Section&nbsp;5.1</U> shall similarly apply to successive Fundamental Transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this <U>Section&nbsp;5.1</U> are subject, in all cases, to any applicable requirements under the Securities Act and the
Exchange Act and the respective rules&nbsp;and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Organic
Changes</U>. In the event of any Organic Change, the Warrants shall, immediately after such Organic Change, remain outstanding and shall
thereafter, in lieu of or in addition to (as the case may be) the number of Common Shares then issuable upon exercise of the Warrants,
be exercisable for the kind and number of securities resulting from such Organic Change to which the Warrantholders would have received
upon the consummation of such Organic Change if the Warrantholders had exercised the Warrants in full immediately prior to the consummation
of such Organic Change and acquired the applicable number of Common Shares then issuable upon exercise of the Warrants as a result of
such exercise (without taking into account any limitations or restrictions on the exercisability of the Warrants)<FONT STYLE="font-family: Times New Roman, Times, Serif">.
The Company shall not effect any Organic Change unless, prior to the consummation thereof, the surviving Person (if other than the Company)
resulting from such Organic Change shall assume, by written instrument substantially similar in form and substance to this Agreement in
all material respects (including with respect to the provisions of this <U>Section&nbsp;5.2</U>), the obligation to deliver to the Warrantholders
such cash, stock, securities or other assets or property which, in accordance with the foregoing provision, the Warrantholders shall be
entitled to receive upon exercise of the Warrants. The provisions of this <U>Section&nbsp;5.2</U> shall similarly apply to successive
Organic Changes.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><B><U>Loss or Mutilation</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
any mutilated Warrant Certificate is surrendered to the Warrant Agent or there shall be delivered to the Company and the Warrant Agent
a claim by a Warrantholder as to the destruction, loss or wrongful taking of any Warrant Certificate of such Warrantholder, evidence reasonably
satisfactory to the Company of such destruction, loss or taking, and a request for a new replacement Warrant Certificate, then</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
receipt by the Warrant Agent of an open penalty surety bond or other indemnity bond satisfactory to the Company and the Warrant Agent
and holding each of the Warrant Agent and Company harmless from any loss that either of them may suffer if a Warrant Certificate is replaced,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">absent
notice to the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">after
such other reasonable requirements as may be imposed by the Company have been satisfied,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">the Company shall execute
and upon its written request the Warrant Agent shall countersign and deliver to the registered Warrantholder of the lost, wrongfully taken,
destroyed or mutilated Warrant Certificate, in exchange therefor or in lieu thereof, a new Warrant Certificate of the same tenor and for
a like aggregate number of Warrants. Warrant Agent may, at its option, issue replacement Warrants for mutilated certificates upon presentation
thereof without such indemnity as mentioned in clause (i)&nbsp;above. At the written request of such registered Warrantholder, the new
Warrant Certificate so issued shall be retained by the Warrant Agent as having been surrendered for exercise, in lieu of delivery thereof
to such Warrantholder, and shall be deemed for purposes of <U>Section&nbsp;3.2</U> to have been surrendered for exercise on the date the
conditions specified in this <U>Section&nbsp;6</U> are first satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the issuance of any new Warrant Certificate under this <U>Section&nbsp;6</U>, each of the Company and the Warrant Agent may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and other expenses (including
the fees and expenses of the Warrant Agent and of counsel to the Company) in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
new Warrant Certificate executed and delivered pursuant to this <U>Section&nbsp;6</U> in lieu of any lost, wrongfully taken or destroyed
Warrant Certificate shall constitute an additional contractual obligation of the Company, whether or not the allegedly destroyed, lost
or wrongfully taken Warrant Certificate shall be at any time enforceable by any other Person, and shall be entitled to the benefits of
this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of this <U>Section&nbsp;6</U> are exclusive and shall preclude (to the extent lawful) all other rights or remedies with respect
to the replacement of mutilated, lost, wrongfully taken, or destroyed Warrant Certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><B><U>Reservation and Authorization of Common Shares</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company covenants that, for the duration of the Exercise Period, the Company will at all times reserve and keep available, from its authorized
and unissued Common Shares solely for issuance and delivery upon the exercise of the Warrants (in each case, free of preemptive rights)
such number of Common Shares as from time to time shall be issuable upon the exercise in full of all outstanding Warrants. The Company
further covenants that it shall, from time to time, take all reasonable steps necessary to increase the authorized number of Common Shares
if at any time the authorized number of Common Shares remaining unissued would otherwise be insufficient to allow delivery of all the
Common Shares then deliverable upon the exercise in full of all outstanding Warrants. The Company covenants that all Common Shares issuable
upon exercise of the Warrants will, upon issuance, be duly and validly issued, fully paid and nonassessable. The Company shall use its
reasonable best efforts to take all such actions as may be necessary to ensure that all such Common Shares may be so issued without violation
of any applicable law or governmental regulation or any requirements of any domestic stock exchange upon which Common Shares may be listed
(except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
and to the extent that Common Shares shall be issuable in certificated form upon exercise of Definitive Warrants in accordance with the
terms of this Agreement, the Company shall so notify the Warrant Agent. The Warrant Agent shall thereafter be authorized to request from
time to time from the Company&rsquo;s transfer agent stock certificates required to honor the exercise of outstanding Definitive Warrants,
and the Company shall authorize and direct such transfer agent to comply with all such requests of the Warrant Agent. The Company shall
supply its transfer agent with duly executed stock certificates for such purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify"><B><U>Transfers; Warrant Transfer Books</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Corporate
Agency Office</U>. The Warrant Agent will maintain an office (the&nbsp;&ldquo;<U>Corporate Agency Office</U>&rdquo;) in the United States
of America, where Warrant Certificates may be surrendered for registration of Transfer or exchange in accordance with this <U>Section&nbsp;8</U>
and where Warrant Certificates may be surrendered for exercise of Warrants evidenced thereby, which office is, as of the date of this
Agreement as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Computershare Trust Company, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">150 Royall Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Canton, MA 02021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Attention:
Client Services</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrant Agent will give prompt written notice
to all Warrantholders of any change in the location of such office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">8.2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Warrant Register</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Registration
Generally</U>. The Company shall cause to be kept at the office of the Warrant Agent designated for such purpose (such office to be located
outside the United Kingdom) a warrant register (the &ldquo;<U>Warrant Register</U>&rdquo;) in which, subject to such reasonable regulations
as the Warrant Agent may prescribe and such regulations as may be prescribed by law, the Company shall provide for the registration of
Warrants or Warrant Certificates and of Transfers or exchanges of Warrants or Warrant Certificates as herein provided. The Company and
the Warrant Agent may deem and treat any Person in whose name a Warrants or a Warrant Certificate is registered in the Warrant Register
as the absolute owner of such Warrants or Warrant Certificate for all purposes whatsoever and neither the Company nor the Warrant Agent
shall be affected by notice to the contrary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Registration
of Global Warrants</U>. The holder of any Global Warrant will be the Depositary or a nominee of the Depositary in whose name such Global
Warrant is registered. The Warrant holdings of Agent Members will be recorded on the books of the Depositary. The beneficial interests
in any Global Warrant held by customers of Agent Members will be reflected on the books and records of such Agent Members, and none of
the Warrant Agent, the Company or the Depositary shall be responsible for recording such beneficial interests or their exchange, exercise,
cancellation or transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">8.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Transfers</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Definitive Warrants</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrant Agent will give prompt written notice to the Company of any Transfer requested by the holder of a Definitive Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Definitive Warrants are represented by Warrant Certificates, any Transfer of Definitive Warrants shall be subject to the requirement
to deliver a properly completed and duly signed assignment to the Warrant Agent (who shall in turn provide a copy of same to the Company),
such assignment to be in the form of assignment attached to the form of Warrant Certificate attached hereto as <U>Exhibit&nbsp;A</U> accompanied
by a signature guarantee from an eligible guarantor institution participating in an approved signature guarantee program pursuant to Rule&nbsp;17Ad-15
of the Exchange Act. If the Definitive Warrants are issued in electronic entry registered form, any Transfer of such Definitive Warrants
shall be subject to the requirement to deliver such assignment documentation as shall be required by the Warrant Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
attempt to Transfer any Definitive Warrants not in compliance with this Agreement shall be null and void <I>ab initio</I>, and the Company
and the Warrant Agent shall not give any effect in their respective records to such attempted Transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Global Warrants</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of a Global Warrant, then so long as the Global Warrant is registered in the name of the Depositary, (x)&nbsp;the holders of
beneficial interests in the Warrants evidenced thereby shall have no rights under the Warrant Certificate with respect to such Global
Warrant held on their behalf by the Depositary or the Custodian, and (y)&nbsp;the Depositary may be treated by the Company, the Warrant
Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Global Warrant for all purposes whatsoever, except,
in each case, to the extent set forth herein. Accordingly, any such owner&rsquo;s beneficial interest in the Global Warrant will be shown
only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or the Agent Members,
and neither the Company nor the Warrant Agent shall have any responsibility with respect to such records maintained by the Depositary
or the Agent Members. Notwithstanding the foregoing, nothing herein shall (I)&nbsp;prevent the Company, the Warrant Agent or any agent
of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary
or (II)&nbsp;impair, as between the Depositary and the Agent Members, the operation of applicable practices governing the exercise of
the rights of a holder of a beneficial interest in any Warrant. Except as otherwise may be provided in this Agreement, the rights of beneficial
owners in a Global Warrant shall be exercised through the Depositary subject to the applicable procedures of the Depositary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
holder of any Global Warrant shall, by acceptance of such Global Warrant, agree that (x)&nbsp;ownership of a beneficial interest in the
Warrants represented thereby shall be required to be reflected in book-entry form, and (y)&nbsp;the transfer and exchange of Global Warrants
or beneficial interests therein shall be effected through the book-entry system maintained by the Depositary, in accordance with this
Agreement and the Warrant Certificates and the applicable procedures of the Depositary therefor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provisions of this Agreement (other than the provisions set forth in <U>Section&nbsp;2.4(c)(ii)</U>), a Global Warrant may only
be transferred as a whole, and not in part, and only by (A)&nbsp;the Depositary, to a nominee of the Depositary, (B)&nbsp;a nominee of
the Depositary, to the Depositary or another nominee of the Depositary, or (C)&nbsp;the Depositary or any such nominee to a successor
Depositary or its nominee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that a Global Warrant is exchanged for Definitive Warrants pursuant to <U>Section&nbsp;2.4(c)(ii)</U>, such Warrants may be
exchanged only in accordance with the provisions of <U>Section&nbsp;8.3(a)</U>&nbsp;and <U>Section&nbsp;2.4(c)</U>&nbsp;and such other
procedures as may from time to time be adopted by the Company that are not inconsistent with the terms of this Agreement or of any Warrant
Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
such time as all beneficial interests in a Global Warrant have been exchanged for Definitive Warrants, repurchased, exercised or canceled,
such Global Warrant shall be returned by the Depositary for cancellation or retained and canceled by the Warrant Agent. At any time prior
to such cancellation, if any beneficial interest in a Global Warrant is exchanged (including for Definitive Warrants), repurchased, exercised
or canceled, the number of Warrants represented by such Global Warrant shall be reduced and the Warrant Agent shall make an adjustment
on its books and records to reflect such reduction; <I>provided</I> that, in the case of an adjustment on account of an exercise of Warrants,
the Warrant Agent shall have no duty or obligation to make such adjustment until it has received notice from the Warrantholder of the
amount thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Exchange
of Definitive Warrants</U>. <FONT STYLE="font-family: Times New Roman, Times, Serif">If the Definitive Warrants are at the time</FONT>
represented by Warrant Certificates, at the option of the Warrantholder, Warrant Certificates may be exchanged at the Corporate Agency
Office upon payment of the charges hereinafter provided for other Warrant Certificates evidencing a like aggregate number of Definitive
Warrants. Whenever any Warrant Certificates are so surrendered for exchange, the Company shall execute, and the Warrant Agent shall countersign
and deliver, the Warrant Certificates of the same tenor and evidencing the same aggregate number of Definitive Warrants as evidenced by
the Warrant Certificates surrendered by the Warrantholder making the exchange; <I>provided</I> that the Warrant Agent shall have received
(i)&nbsp;a written instruction of exchange in form satisfactory to the Warrant Agent, duly executed by the Warrantholder thereof or by
his, her or its attorney, duly authorized in writing, and (ii)&nbsp;surrender of the Warrant Certificate(s)&nbsp;representing the Definitive
Warrants, duly endorsed for transfer and accompanied by a signature guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Valid
Obligations</U>. All Warrant Certificates issued upon any registration of Transfer or exchange of Warrant Certificates pursuant to this
Agreement shall be the valid obligations of the Company, evidencing the same obligations, and entitled to the same benefits under this
Agreement, as the Warrant Certificates surrendered for such registration of Transfer or exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Service Charge</U>. No service charge shall be made for any registration of Transfer or exchange of Warrant Certificates; <I>provided</I>,
<I>however</I>, the Company may require payment of a sum sufficient to cover any <FONT STYLE="font-family: Times New Roman, Times, Serif">documentary,
</FONT>stamp or other tax or other charge that may be imposed in connection with any registration of Transfer or exchange of Warrant Certificates.
The Warrant Agent shall promptly forward any such sum collected by it to the Company or to such Persons as the Company shall specify by
written notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Reports
of Ownership</U>. The Warrant Agent shall, upon request of the Company from time to time, deliver to the Company such reports of registered
ownership of the Warrants and such records of transactions with respect to the Warrants and the Common Shares issuable upon exercise of
the Warrants as the Company may request. The Warrant Agent shall also make available to the Company for inspection by the Company&rsquo;s
agents or employees, from time to time as the Company may request, such original books of accounts and records maintained by the Warrant
Agent in connection with the issuance and exercise of Warrants hereunder, such inspections to occur at the Corporate Agency Office during
normal business hours.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Copies;
Notice</U>. The Warrant Agent shall keep copies of this Agreement and any notices given to Warrantholders hereunder available for inspection
by the Warrantholders during normal business hours at the Corporate Agency Office. The Company shall supply the Warrant Agent from time
to time with such numbers of copies of this Agreement as the Warrant Agent may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: justify"><B><U>Other Rights of Warrantholders</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Voting or Dividend Rights</U>. No Warrantholder shall have or exercise, and each Warrantholder acknowledges and agrees that it shall not
have or exercise, any rights held by holders of Common Shares solely by virtue hereof as a holder of Warrants, including the right to
vote and to receive dividends and other distributions as a holder of Common Shares. Except as may be specifically provided for herein
with respect to the Common Shares issuable upon exercise of the Warrants:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
consent of any Warrantholder, solely by reason of the ownership or possession of a Warrant or the Warrant Certificate representing the
same, shall not be required with respect to any action or proceeding of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">no
such Warrantholder, solely by reason of the ownership or possession of a Warrant or the Warrant Certificate representing the same, shall
have any right to receive any cash dividends, stock dividends, allotments or rights or other distributions paid, allotted or distributed
or distributable to the holders of outstanding Common Shares prior to, or for which the relevant record date preceded, the Exercise Date
of such Warrant; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">no
such Warrantholder shall have any right not expressly conferred hereunder or by applicable law with respect to the Warrant(s)&nbsp;held
by such Warrantholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Rights
of Action</U><FONT STYLE="font-family: Times New Roman, Times, Serif">. All rights of action against the Company in respect of this Agreement,
except rights of action vested in the Warrant Agent, are vested in the Warrantholders, and any Warrantholder, without the consent of the
Warrant Agent or any other Warrantholder, may, in such Warrantholder&rsquo;s own behalf and for such Warrantholder&rsquo;s own benefit,
enforce, institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such
Warrantholder&rsquo;s rights provided in this Agreement. Without limiting the foregoing or any remedies available to the Warrantholder,
it is specifically acknowledged that the Warrantholder would not have an adequate remedy at law for any breach of this Agreement by the
Company and shall be entitled to specific performance of the obligations hereunder and injunctive relief against actual or threatened
violations of the obligations of the Company under this Agreement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Treatment
of Holders of Warrant Certificates</U><FONT STYLE="font-family: Times New Roman, Times, Serif">. Every Warrantholder, by accepting any
Warrant, consents and agrees with the Company, with the Warrant Agent and with every subsequent holder of such Warrant that, prior to
due presentment of such Warrant for registration of Transfer in accordance with <U>Section&nbsp;8</U>, the Company and the Warrant Agent
may treat the Person in whose name the Warrant is registered as the owner thereof in the Warrant Register for all purposes and as the
Person entitled to exercise the rights granted under the Warrants, and neither the Company, the Warrant Agent nor any agent thereof shall
be affected by any notice to the contrary.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify"><B><U>Concerning the Warrant Agent</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">10.1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><U>Nature of Duties and Responsibilities
Assumed</U><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company hereby appoints the Warrant Agent to act as agent of the Company as expressly set forth in this Agreement (without any implied
terms or conditions). The Warrant Agent hereby accepts the appointment as agent of the Company and agrees to perform that agency upon
the express terms and conditions set forth in this Agreement and in the Warrants or as the Company and the Warrant Agent may hereafter
agree in writing, by all of which the Company and the Warrantholders, by their acceptance thereof, shall be bound; <I>provided, however</I>,
that the terms and conditions contained in the Warrants are subject to and governed by this Agreement or any other terms and conditions
hereafter agreed to by the Company and the Warrant Agent in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Warrant Agent shall not, by countersigning any Warrant Certificate or by any other act hereunder, be deemed to make any representations
as to validity or authorization of (i)&nbsp;the Warrants or the Warrant Certificates (except as to its countersignature thereon), (ii)&nbsp;any
securities or other property delivered upon exercise of any Warrant, (iii)&nbsp;the accuracy of the computation of the number or kind
or amount of shares or other securities or other property deliverable upon exercise of any Warrant, or (iv)&nbsp;the correctness of any
of the representations of the Company made in such certificates that the Warrant Agent receives. The Warrant Agent shall not at any time
have any duty to calculate or determine whether any facts exist that may require any adjustments pursuant to <U>Section&nbsp;4</U> hereof
with respect to the kind and amount of shares or other securities or any property issuable to Warrantholders upon the exercise of Warrants
required from time to time. The Warrant Agent shall have no duty, liability or responsibility to determine the accuracy or correctness
of such calculation or with respect to the methods employed in making the same. The Warrant Agent shall not be accountable with respect
to the validity or value (or the kind or amount) of any Common Shares or of any securities or property which may at any time be issued
or delivered upon the exercise of any Warrant or upon any adjustment pursuant to <U>Section&nbsp;4</U> hereof, and it makes no representation
with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any cash payment or to issue,
transfer or deliver any Common Shares or stock certificates or other securities or property upon the surrender of any Warrant Certificate
for the purpose of exercise or upon any adjustment pursuant to <U>Section&nbsp;4</U> hereof or to comply with any of the covenants of
the Company contained in <U>Section&nbsp;4</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Warrant Agent shall not (x)&nbsp;be liable for any recital or statement of fact contained herein or in the Warrant Certificates or for
any action taken, suffered or omitted by it in the absence of bad faith on the belief that any Warrant Certificate or any other documents
or any signatures are genuine or properly authorized, (y)&nbsp;be responsible for any failure on the part of the Company to comply with
any of its covenants and obligations contained in this Agreement or in the Warrant Certificates or (z)&nbsp;be liable for any act or omission
under this Agreement except for its own gross negligence, bad faith, fraud or willful misconduct (each as determined by a court of competent
jurisdiction in a final and non-appealable judgment).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">From
time to time, Company may provide Warrant Agent with instructions concerning the services performed by the Warrant Agent hereunder. In
addition, at any time Warrant Agent may apply to any officer of Company for instruction with respect to any matter arising in connection
with the services to be performed by the Warrant Agent under this Agreement. The Warrant Agent is hereby authorized to accept and is protected
in accepting instructions with respect to the performance of its duties hereunder by Company Order and to apply to any director or officer
named in such Company Order for instructions (which instructions will be promptly given in writing when requested), and the Warrant Agent
and its agents and subcontractors shall not be liable for any action taken or suffered to be taken by it in accordance with the instructions
in any Company Order. Warrant Agent shall not be held to have notice of any change of authority of any person, until receipt of written
notice thereof from Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Warrant Agent may execute and exercise any of the rights and powers hereby vested in it or perform any duty hereunder either itself or
by or through its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct
of any such attorney or agent or for any loss to the Company resulting from any such act, default, neglect or misconduct, absent gross
negligence, bad faith, fraud or willful misconduct (each as determined by a final non-appealable judgment of a court of competent jurisdiction)
in the selection and continued employment thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Warrant Agent shall not be under any obligation or duty to institute, appear in or defend any action, suit or legal proceeding in respect
hereof, unless first indemnified to its satisfaction, but this provision shall not affect the power of the Warrant Agent to take such
action as the Warrant Agent may consider proper, whether with or without such indemnity. The Warrant Agent shall promptly notify the Company
in writing of any claim made or action, suit or proceeding instituted against it arising out of or in connection with this Agreement.
The Warrant Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject
it to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or
indemnity satisfactory to it (it being understood that the indemnification set forth in <U>Section&nbsp;10.3</U> is satisfactory to the
Warrant Agent for the purposes set forth therein).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further
acts, instruments and assurances as may reasonably be required by the Warrant Agent in order to enable it to carry out or perform its
duties under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Warrant Agent shall act solely as agent of the Company hereunder and does not assume any obligation or relationship of agency or trust
for or with any of the Warrantholders or any beneficial owners of Warrants. Notwithstanding anything contained herein to the contrary,
the Warrant Agent&rsquo;s aggregate liability with respect to, arising from or in connection with this Agreement, or from services provided
or omitted to be provided under this Agreement, whether in contract, in tort or otherwise (except for any liability resulting from the
Warrant Agent&rsquo;s gross negligence, bad faith, fraud or willful misconduct (each as determined by a court of competent jurisdiction
in a final and non-appealable judgment)), is limited to, and shall not exceed, the amounts paid hereunder by the Company to the Warrant
Agent as fees and charges, but not including reimbursable expenses, during the twelve (12) months immediately preceding the event for
which recovery from the Warrant Agent is being sought.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Warrant Agent shall have no responsibility or obligation to any owner of a beneficial interest in a Global Warrant, any Agent Member or
other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with
respect to any beneficial ownership interest in the Warrants represented by such Global Warrant or with respect to the delivery to any
Agent Member, beneficial owner or other Person (other than the Depositary) of any notice or the payment of any amount, under or with respect
to such Warrants. All notices and communications to be given to the Warrantholders and all payments to be made to Warrantholders under
the Warrants shall be given or made only to or upon the order of the Warrantholders (which shall be the Depositary or its nominee in the
case of a Global Warrant). Except as set forth herein, the rights of owners of beneficial interests in any Global Warrant shall be exercised
only through the Depositary subject to the applicable rules&nbsp;and procedures of the Depositary. The Warrant Agent may rely and shall
be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial
owners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Right
to Consult Counsel</U><FONT STYLE="font-family: Times New Roman, Times, Serif">. The Warrant Agent may at any time consult with legal
counsel satisfactory to it (who may be legal counsel for the Company), and the Warrant Agent shall incur no liability or responsibility
to the Company or to any Warrantholder for any action taken, suffered or omitted by it in the absence of bad faith in accordance with
the opinion or advice of such counsel.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compensation,
Reimbursement and Indemnification</U><FONT STYLE="font-family: Times New Roman, Times, Serif">. The Company agrees to pay the Warrant
Agent from time to time reasonable compensation relating to its services hereunder as set forth in a mutually agreed upon fee schedule
and to reimburse the Warrant Agent for reasonable and documented out-of-pocket expenses and disbursements, including reasonable and documented
counsel fees incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Agreement and the exercise
and performance of its duties hereunder. The Company further agrees to indemnify the Warrant Agent and its employees, officers and directors,
and to hold such Persons harmless against, any and all loss, liability, damage, judgment, fine, penalty, claim, demand, settlement and
reasonable and documented out-of-pocket cost or expense (including, without limitation, the reasonable and documented fees and expenses
of legal counsel) that may be paid, incurred or suffered by any such Person, or to which any such Person may become subject, arising from
or out of, directly or indirectly, any claims or liability resulting from its actions as Warrant Agent under this Agreement; provided,
that such covenant and agreement does not extend to, and the Warrant Agent shall not be indemnified with respect to, such costs, expenses,
losses and damages incurred or suffered by the Warrant Agent as a result of, or arising out of gross negligence, bad faith, fraud or willful
misconduct on the part of the Warrant Agent (which gross negligence, bad faith, fraud or willful misconduct must be determined by a final,
non-appealable judgment of a court of competent jurisdiction).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Warrant
Agent May&nbsp;Hold Company Securities</U><FONT STYLE="font-family: Times New Roman, Times, Serif">. The Warrant Agent and any shareholder,
director, officer or employee of the Warrant Agent may buy, sell or deal in any of the warrants or other securities of the Company or
its Affiliates, become pecuniarily interested in transactions in which the Company or its Affiliates may be interested, contract with
or lend money to the Company or its Affiliates or otherwise act as fully and freely as though it were not the Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Resignation
and Removal; Appointment of Successor</U><FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Warrant Agent may resign its duties and be discharged from all further duties and liability hereunder (except liability arising as a
result of the Warrant Agent&rsquo;s own gross negligence, bad faith, fraud or willful misconduct, each as determined by a final, non-appealable
judgment of a court of competent jurisdiction) after giving sixty (60) days&rsquo; prior written notice to the Company. In the event
the transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to
have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination, and
the Company shall be responsible for sending any required notice to Warrantholders and owners of any beneficial interest in the Warrants.
The Company may remove the Warrant Agent upon sixty (60) days&rsquo; written notice, and the Warrant Agent shall thereupon in like manner
be discharged from all further duties and liabilities hereunder (except liability arising as a result of the Warrant Agent&rsquo;s own
gross negligence, bad faith, fraud or willful misconduct, each as determined by a final, non-appealable judgment of a court of competent
jurisdiction). The Warrant Agent shall, at the expense of the Company, cause notice to be given in accordance with <U>Section&nbsp;11.1(b)</U>&nbsp;to
each Warrantholder and owner of a beneficial interest in a Global Warrant of said notice of resignation or notice of removal, as the
case may be. Upon such resignation or removal, the Company shall appoint in writing a new Warrant Agent. If the Company shall fail to
make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation by the resigning
Warrant Agent or after such removal, then any Warrantholder may apply to any court of competent jurisdiction for the appointment of a
new Warrant Agent. Any new Warrant Agent, whether appointed by the Company or by such a court, shall be (i)&nbsp;a bank or trust company,
(ii)&nbsp;organized under the laws of the United States of America or one of the states thereof, (iii)&nbsp;authorized under the laws
of the jurisdiction of its organization to exercise corporate trust powers, (iv)&nbsp;having a combined capital and surplus of at least
$50,000,000 and (v)&nbsp;having an office in the Borough of Manhattan, the City of New York. The combined capital and surplus of any
such new Warrant Agent shall be deemed to be the combined capital and surplus as set forth in the most recent annual report of its condition
published by such Warrant Agent prior to its appointment; <I>provided</I>, <I>however</I>, such reports are published at least annually
pursuant to law or to the requirements of a United States federal, state or other supervising or examining authority. After acceptance
in writing of such appointment by the new Warrant Agent, it shall be vested with the same powers, rights, duties and responsibilities
as if it had been originally named herein as the Warrant Agent, without any further assurance, conveyance, act or deed; but if for any
reason it shall be reasonably necessary or expedient to execute and deliver any further assurance, conveyance, act or deed, the same
shall be done at the reasonable expense of the Company, without additional liability to the predecessor resigning or removed Warrant
Agent, and shall be legally and validly executed and delivered by the resigning or removed Warrant Agent. Not later than the effective
date of any such appointment, the Company shall file notice thereof with the resigning or removed Warrant Agent. Failure to give any
notice provided for in this <U>Section&nbsp;10.5(a)</U>, however, or any defect therein, shall not affect the legality or validity of
the resignation of the Warrant Agent or the appointment of a new Warrant Agent as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
corporation or other legal entity into which the Warrant Agent or any new Warrant Agent may be merged, or any corporation or other legal
entity resulting from any consolidation to which the Warrant Agent or any new Warrant Agent shall be a party, shall be a successor Warrant
Agent under this Agreement without any further act, <I>provided</I> that it is open for business on each Business Day and (i)&nbsp;is
organized under the laws of the United States of America or one of the states thereof, (ii)&nbsp;is authorized under the laws of the jurisdiction
of its organization to exercise corporate trust or stock transfer powers and (iii)&nbsp;has a combined capital and surplus of at least
$50,000,000. Any such successor Warrant Agent shall promptly cause notice of its succession as Warrant Agent to be given in accordance
with </FONT></FONT><FONT STYLE="font-size: 10pt"><U>Section&nbsp;11.1(b)</U><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;to
each Warrantholder and owner of a beneficial interest in a Global Warrant, in the case of the Warrantholders at such Warrantholder&rsquo;s
last address as shown on the Warrant Register.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Survival</U>.
The provisions of this <U>Section&nbsp;10</U> shall survive the expiration of any Warrant and the termination of this Agreement and the
resignation, replacement or removal of the Warrant Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify"><B><U>Notices</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices
Generally</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
request, notice, direction, authorization, consent, waiver, demand or other communication permitted or authorized by this Agreement to
be made upon, given or furnished to or filed with the Company or the Warrant Agent by the other party hereto or by any Warrantholder shall
be sufficient for every purpose hereunder if in writing (including electronic mail communication (except to the Warrant Agent)) and sent
via electronic (except to the Warrant Agent), registered or certified mail, or delivered by hand or nationally-recognized, overnight,
air courier as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If to the Company, to it at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">110 Cannon Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">London EC4N 6E United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Michael McGuinty, Senior Vice President and General
Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Email: Michael.McGuinty@valaris.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If to the Warrant Agent, to it at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Computershare Inc.<BR>
150 Royall Street<BR>
Canton, MA 02021<BR>
Attn: Client Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or, in either case, such other address as shall
have been set forth in a notice delivered in accordance with this <U>Section&nbsp;11.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices and other communications
hereunder shall be deemed to be effective when sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Where
this Agreement provides for notice to Warrantholders of any event or delivery of any information or documents to Warrantholders, such
notice or delivery shall be sufficiently given (unless otherwise herein expressly provided) if in writing (including electronic mail communication)
and sent via electronic, registered or certified mail, or delivered by hand or nationally-recognized, overnight, air courier, to each
Warrantholder affected by such event or entitled to receive such delivery, at the address of such Warrantholder as it appears in the Warrant
Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice or the making
of such delivery. Where this Agreement provides for notice to the owners of a beneficial interest in a Global Warrant, such notice shall
be distributed through the Depositary in accordance with the procedures of the Depositary. Communications to owners shall be deemed to
be effective at the time of dispatch to the Depositary. Neither the failure to provide any such notice or delivery described in this <U>Section&nbsp;11.1(b)</U>,
nor any defect in any notice or delivery so otherwise provided, to any particular Warrantholder or owner of a beneficial interest in a
Global Warrant shall affect the sufficiency of such notice or delivery with respect to other Warrantholders. Such notice or delivery may
be waived in writing by the Person entitled to receive such notice or delivery, either before or after the event, and such waiver shall
be the equivalent of such notice or delivery.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Required
Notices to Warrantholders</U><FONT STYLE="font-family: Times New Roman, Times, Serif">. In the event the Company shall propose to take
any action of the types described in <U>Section&nbsp;4.1(a)</U>, <U>Section&nbsp;4.1(b)</U>, <U>Section&nbsp;4.1(c)</U>, <U>Section&nbsp;4.1(d)</U>&nbsp;or
<U>Section&nbsp;5</U> (but only if any such action would result in an adjustment to the Exercise Price or Warrant Share Number or a change
in the type of securities or property to be delivered upon exercise of a Warrant) then, and in each such case, the Company shall cause
to be filed with the Warrant Agent and shall give to each Warrantholder and owner of a beneficial interest in a Global Warrant, in accordance
with <U>Section&nbsp;11.1(b)</U>, a notice of such proposed action. Such notice shall: (i)&nbsp;in the case of any action of the types
described in <U>Section&nbsp;4.1(a)</U>, <U>Section&nbsp;4.1(c)</U>&nbsp;or <U>Section&nbsp;5.2</U>, specify the date on which such action
is to become effective; (ii)&nbsp;in the case of any dividend or distribution described in <U>Section&nbsp;4.1(b)</U>&nbsp;or <U>Section&nbsp;4.1(d)</U>,
specify the date on which a record is to be taken for the purposes of any such dividend or distribution; or (iii)&nbsp;in the case of
a Fundamental Transaction described in <U>Section&nbsp;5.1</U>, specify the date on which such Fundamental Transaction is expected to
become effective and the date as of which it is expected that holders of outstanding Common Shares of record shall be entitled to exchange
their Common Shares for Fundamental Transaction Consideration. Such notice shall be given, (a)&nbsp;in the case of any dividend or distribution
covered by the foregoing clause (ii)&nbsp;above, at least ten (10)&nbsp;Business Days prior to the Record Date for such dividend or distribution,
and (b)&nbsp;in the case of any other action covered by the foregoing clauses (i)&nbsp;and (iii), at least fifteen (15) Business Days
prior to the applicable effective date thereof. Notwithstanding anything to the contrary herein, and without limitation of <U>Section&nbsp;4.1(h)(ii)</U>,
the failure of the Company to file with the Warrant Agent and give to each Warrantholder and owner of a beneficial interest in a Global
Warrant, in accordance with <U>Section&nbsp;11.1(b)</U>, a notice as required pursuant to this <U>Section&nbsp;11.2</U> shall not in any
way impair or affect the validity of any action of the Company described in <U>Section&nbsp;4.1(a)</U>, <U>Section&nbsp;4.1(b)</U>, <U>Section&nbsp;4.1(c)</U>,
<U>Section&nbsp;4.1(d)</U>, <U>Section&nbsp;5.1</U>, and <U>Section&nbsp;5.2</U>.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If at any time the Company
shall cancel or abandon any of the proposed transactions for which notice has been given under this <U>Section&nbsp;11.2</U> prior to
the consummation thereof, the Company shall give each Warrantholder and each owner of a beneficial interest in a Global Warrant notice
of such cancellation or abandonment in accordance with <U>Section&nbsp;11.1(b)</U>&nbsp;hereof as promptly as practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify"><B><U>Inspection</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrant Agent shall cause
a copy of this Agreement to be available at all reasonable times at the office of the Warrant Agent for inspection by the Warrantholders
and any owner of a beneficial interest in a Global Warrant. The Warrant Agent may require any Warrantholder to submit his, her or its
Warrant Certificate(s), if any, for inspection by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">13.</FONT></TD><TD STYLE="text-align: justify"><B><U>Amendments</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and the Warrant Agent may, without the consent or concurrence of any of the Warrantholders, by supplemental agreement or otherwise,
amend this Agreement for the purpose of making any changes or corrections in this Agreement that (i)&nbsp;are required to cure any ambiguity
or to correct or supplement any defective or inconsistent provision or clerical omission or mistake or manifest error herein contained,
(ii)&nbsp;add to the covenants and agreements of the Company in this Agreement further covenants and agreements of the Company thereafter
to be observed, or surrender any rights or powers reserved to or conferred upon the Company in this Agreement or (iii)&nbsp;subject to
the second proviso of this <U>Section&nbsp;13</U>, are ministerial, administrative or <I>de minimis</I> and would enable the Warrants
to be listed on a national or regional securities exchange; <I>provided</I>, <I>however</I>, that in either case such amendment shall
not adversely affect the rights or interests of the Warrantholders (or any Agent Member (on behalf of itself or any owner of a beneficial
interest in a Global Warrant)) hereunder in any respect. This Agreement may otherwise be amended by the Company and the Warrant Agent
with the approval of the Required Warrantholders; <I>provided </I>that, no such amendment shall materially and adversely affect any Warrantholder
or owner of a beneficial interest in a Global Warrant in a different and disproportionate manner relative to the other Warrantholders
and owners of a beneficial interest in a Global Warrant unless such amendment is agreed to in writing by such adversely affected Warrantholder
or owner of a beneficial interest in a Global Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
a condition precedent to the Warrant Agent&rsquo;s execution of any amendment, the Company shall deliver a certificate from an Appropriate
Officer which states that the proposed amendment is in compliance with the terms of this <U>Section&nbsp;13</U>. Thereafter, the Warrant
Agent shall join with the Company in the execution and delivery of any such amendment unless such amendment affects the Warrant Agent&rsquo;s
own rights, duties or immunities hereunder, in which case the Warrant Agent may, but shall not be required to, join in such execution
and delivery. No amendment to this Agreement shall be effective unless duly executed by the Warrant Agent. Upon execution and delivery
of any amendment pursuant to this <U>Section&nbsp;13</U>, such amendment shall be considered a part of this Agreement for all purposes
and every Warrantholder of a Warrant theretofore or thereafter countersigned and delivered hereunder shall be bound thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Promptly
after the execution by the Company and the Warrant Agent of any such amendment, the Company shall give notice to the Warrantholders and
owners of a beneficial interest in a Global Warrant, providing a copy of such amendment, in accordance with the provisions of <U>Section&nbsp;11.1(b)</U>.
Any failure of the Company to deliver such notice or any defect therein shall not, however, in any way impair or affect the validity of
any such amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">14.</FONT></TD><TD STYLE="text-align: justify"><B><U>Waivers</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may take any action
herein prohibited, or omit to perform any act herein required to be performed by it, only if (i)&nbsp;the Company has obtained the prior
written consent of the Required Warrantholders for such waiver and (ii)&nbsp;an amendment to this Agreement is necessary for such waiver,
any consent required pursuant to <U>Section&nbsp;13</U> has been obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">15.</FONT></TD><TD STYLE="text-align: justify"><B><U>Headings</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The section headings contained
in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.</FONT></TD><TD STYLE="text-align: justify"><B><U>Counterparts</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in two or more counterparts, each of which will be deemed to be an original, but all of which together constitute one and the same instrument.
Any signature page&nbsp;delivered electronically or by facsimile (including transmission by .pdf, other fixed imaged form or DocuSign
or similar program) will be binding to the same extent as an original signature page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">17.</FONT></TD><TD STYLE="text-align: justify"><B><U>Severability</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of this Agreement
will be deemed severable and the invalidity or unenforceability of any provision hereof will not affect the validity or enforceability
of the other provisions hereof; <I>provided</I> that if any provision of this Agreement, as applied to any party or to any circumstance,
is adjudged by a court or governmental body not to be enforceable in accordance with its terms, the parties agree that the court or governmental
body making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is
enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be
enforced; <I>provided</I>, <I>further</I>, that if such excluded provision shall adversely affect the rights, immunities, liabilities,
duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately upon written notice to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">18.</FONT></TD><TD STYLE="text-align: justify"><B><U>Persons Benefiting</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall be binding
upon and inure to the benefit of the Company, the Warrantholders and the Warrant Agent, and their respective successors and assigns. Nothing
in this Agreement, express or implied, is intended to confer upon any person other than the Company, the Warrant Agent, the Warrantholders
and, to the extent provided herein, the owners of a beneficial interest in a Global Warrant, any rights or remedies under or by reason
of this Agreement or any part hereof; <I>provided</I> that the Non-Recourse Parties are express third-party beneficiaries of <U>Section&nbsp;21</U>.
Each Warrantholder, by acceptance of a Warrant, agrees to all of the terms and provisions of this Agreement applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">19.</FONT></TD><TD STYLE="text-align: justify"><B><U>Applicable Law</U>.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS AGREEMENT, EACH WARRANT
ISSUED HEREUNDER AND ANY CONTRACTUAL AND NON-CONTRACTUAL RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO AND THERETO,&nbsp;INCLUDING THE
INTERPRETATION, CONSTRUCTION, VALIDITY AND ENFORCEABILITY THEREOF, SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. Each of the Company, each Warrantholder and the Warrant Agent
agrees that it shall bring any litigation with respect to any claim arising out of or related to this Agreement or any Warrant, exclusively
in the courts of the State of New York located in New York County and of the U.S. federal courts located in the Southern District of
New York (together with the appellate courts thereof, the &ldquo;<U>Chosen Courts</U>&rdquo;). In connection with any claim arising out
of or related to this Agreement or any Warrant, each of the Company, each Warrantholder and the Warrant Agent hereby irrevocably and
unconditionally (i)&nbsp;submits to the exclusive jurisdiction of the Chosen Courts, (ii)&nbsp;waives any objection that such Person
may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any Warrant
in the Chosen Courts, (iii)&nbsp;waives any objection that the Chosen Courts are an inconvenient forum or as not having jurisdiction
over either the Company, the Warrantholder or the Warrant Agent, (iv)&nbsp;agrees that service of process in any such action or proceeding
shall be effective if notice is given in accordance with this Agreement, although nothing contained in this Agreement shall affect the
right to serve process in any other manner permitted by law, and (v)&nbsp;agrees not to seek a transfer of venue on the basis that another
forum is more convenient. Notwithstanding anything herein to the contrary, (x)&nbsp;nothing in this <U>Section&nbsp;19</U> shall prohibit
any Person from seeking or obtaining orders for conservatory or interim relief from any court of competent jurisdiction and (y)&nbsp;each
of the Company, each Warrantholder and the Warrant Agent agrees that any judgment issued by a Chosen Court may be recognized, recorded,
registered or enforced in any jurisdiction in the world and waives any and all objections or defenses to the recognition, recording,
registration or enforcement of such judgment in any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">20.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Waiver
of Certain Damages</U></B>. To the extent permitted by applicable law, each of the Company, each Warrantholder and the Warrant Agent agrees
not to assert, and hereby waives, any claim against any other party, on any theory of liability, for special, indirect, incidental, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any
Warrant or any of the transactions contemplated hereby, even if that party has been advised of or has foreseen the possibility of such
damages.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">21.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>No
Recourse</U></B>. Notwithstanding anything express or implied in this Agreement, each Warrantholder covenants, agrees and acknowledges
that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against
any of the former, current or future direct or indirect equityholders, unitholders, directors, officers, employees, agents, Affiliates,
members, financing sources, managers, general or limited partners or assignees, in each case, of the Company or any of its subsidiaries
(collectively, but not including the Company itself or any of its subsidiaries, the &ldquo;<U>Non-Recourse Parties</U>&rdquo;), whether
by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed
and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any of the Non-Recourse
Parties, as such, for any obligation or liability of the Company under this Agreement or any documents or instruments delivered in connection
herewith for any claim based on, in respect of or by reason of such obligations or liabilities or their creation; <I>provided</I>, <I>however</I>,
that nothing in this <U>Section&nbsp;21</U> shall relieve or otherwise limit the liability of (i)&nbsp;any of the Non-Recourse Parties
or the Company in the case of fraud or (ii)&nbsp;the Company for any breach or violation of its obligations under this Agreement or such
agreements, documents or instruments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">22.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Confidentiality</U></B>.
The Warrant Agent and the Company agree that the fee schedule contemplated by <U>Section&nbsp;10.3</U>, the Warrant Register, the number
of Warrants held by each Warrantholder and other personal, non-public information of each Warrantholder which may be exchanged or received
pursuant to the negotiation or carrying out of this Agreement shall remain strictly confidential and shall not be disclosed to any other
Person, except as may be required by applicable law or regulation, including pursuant to subpoenas from applicable government authorities,
or pursuant to the requirements of the Securities and Exchange Commission. However, each party may disclose relevant aspects of any such
confidential information to its officers, affiliates, agents, subcontractors and employees to the extent reasonably necessary to perform
its duties and obligations under this Agreement and such disclosure is not prohibited by applicable law; <I>provided</I> that the disclosing
party shall inform such other Persons of the confidential nature of such information and be responsible for any breach of this <U>Section&nbsp;22</U>
by any such other Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">23.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Force
Majeure</U>. </B>Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures
in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage
of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical
difficulties with information storage or retrieval systems, pandemics, epidemics, labor difficulties, war, or civil unrest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[<I>Signature page&nbsp;follows.</I>]</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Valaris Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">/s/ Jonathan Baksht</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 3%"></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 42%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan Baksht</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Computershare Inc. and Computershare Trust Company, N.A., as Warrant Agent</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">/s/ Collin Ekeogu</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Collin Ekeogu</font></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Manager, Corporate Actions</font></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;to Warrant Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit&nbsp;A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&nbsp;of Warrant Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>[GLOBAL][DEFINITIVE]<BR>
WARRANT CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Valaris
Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Global Warrant Certificate Legend]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">[Face]</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase">No.&nbsp;[W -<U>_______________</U>]</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">CUSIP N</FONT><FONT STYLE="font-size: 10pt">o.&nbsp;G9460G 119</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>UNLESS THIS GLOBAL WARRANT
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;DTC&rdquo;), NEW YORK, NEW
YORK, TO VALARIS LIMITED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY WARRANT CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE&nbsp;&amp; CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN
INTEREST HEREIN.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>TRANSFERS OF THIS GLOBAL
WARRANT SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&rsquo;S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL WARRANT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE WARRANT AGREEMENT REFERRED TO ON THE REVERSE HEREOF.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">Include for Global Warrant</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">No.&nbsp;[W -<U>_______________</U>]</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">[5,645,161 Warrants]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">CUSIP No.&nbsp;G9460G 119</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WARRANTS TO SUBSCRIBE FOR COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This certifies that [Cede&nbsp;&amp; Co.]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
______________________________________,<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT> or its registered
assigns (the&nbsp;&ldquo;<U>Warrantholder</U>&rdquo;), is the owner of the number of Warrants [set forth on Annex A hereto]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT>
[set forth above]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT>, each of which represents the right to
subscribe for, commencing on April&nbsp;30, 2021 from Valaris Limited (the &ldquo;<U>Company</U>&rdquo;), one Common Share (subject to
adjustment as provided in the Warrant Agreement (as defined below)) at the price (the&nbsp;&ldquo;<U>Exercise Price</U>&rdquo;) of $131.88
per one Common Share by following the procedures set forth in Section&nbsp;3 of the Warrant Agreement. This Warrant Certificate may be
exercised as to all or any whole number of the Warrants evidenced hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each outstanding Warrant may be exercised on any
Business Day until the Close of Business on the Expiration Date. Any Warrants not exercised by the Close of Business on the Expiration
Date shall expire and all rights thereunder and all rights in respect thereof under this Warrant Certificate and the Warrant Agreement
shall automatically terminate at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Warrant Certificate is issued under and in
accordance with a Warrant Agreement dated as of April&nbsp;30, 2021 (as amended or modified from time to time, the &ldquo;<U>Warrant Agreement</U>&rdquo;),
by and between the Company and Computershare Inc. and Computershare Trust Company, N.A., as warrant agent (the&nbsp;&ldquo;<U>Warrant
Agent</U>&rdquo;), and is subject to the terms and provisions contained therein, all of which terms and provisions the Warrantholder of
this Warrant Certificate consents to by acceptance hereof. The Warrant Agreement is hereby incorporated herein by reference and made a
part hereof. Reference is hereby made to the Warrant Agreement for a full description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Company, the Warrant Agent and the Warrantholder. The summary of the terms of the Warrant Agreement
contained in this Warrant Certificate is qualified in its entirety by express reference to the Warrant Agreement. All capitalized terms
used in this Warrant Certificate that are defined in the Warrant Agreement shall have the meanings assigned to them in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of the Warrant Agreement are on file at
the office of the Company and may be obtained by writing to the Company at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Valaris Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[ADDRESS]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 3pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">Include for Definitive Warrant</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify">Include for Global Warrant</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify">Include for Definitive Warrant</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify">Include for Global Warrant</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify">Include for Definitive Warrant</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Exercise Price and the number of Common Shares
obtainable upon the exercise of each Warrant is subject to adjustment as provided in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Warrant Certificate and all rights hereunder
are transferable by the registered Warrantholder only in accordance with the Warrant Agreement. Upon any partial transfer, the Company
will execute, and the Warrant Agent will countersign and deliver to such Warrantholder, a new Warrant Certificate with respect to any
portion not so transferred. Each Warrantholder and each holder of Common Shares issued upon exercise of a Warrant agrees to be bound by
the terms and conditions of this Warrant and the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Warrant Certificate may be exchanged, in
accordance with the terms of the Warrant Agreement, at the Corporate Agency Office of the Warrant Agent, for Warrant Certificates representing
the same aggregate number of Warrants, with each new Warrant Certificate to represent such number of Warrants as the Warrantholder hereof
shall designate at the time of such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This Warrant Certificate shall be void and
all rights evidenced hereby shall cease on the Expiration Date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Valaris Limited</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 48%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 46%">Jonathan Baksht</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 51%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 47%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Countersigned:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Computershare Inc., as Warrant Agent</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 48%">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Computershare Trust Company, N.A., as Warrant Agent</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 13 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Annex A to Global Warrant Certificate]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial number of Warrants represented by this
Global Warrant Certificate is [________].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following decreases in
the number of Warrants represented by this Global Warrant Certificate have been made as a result of the exercise, cancellation, exchange
or redemption of certain Warrants represented by this Global Warrant Certificate:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; width: 22%; text-align: center"><B><U><BR>
    </U>Date of Exercise/<BR>
    Cancellation/<BR>
    Exchange/<BR>
    Redemption <BR>
    of Warrants</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; width: 26%; text-align: center"><B><U><BR>
    </U>Number of <BR>
    Warrants Exercised/<BR>
    Cancelled/<U><BR>
    </U>Exchanged/<BR>
    Redeemed</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; width: 27%; text-align: center"><B>Total Number of<BR>
Warrants Represented<BR>
Hereby Following Such<BR>
Exercise/<BR>
    Cancellation/<U><BR>
    </U>Exchange/<U><BR>
    </U>Redemption</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; width: 22%; text-align: center"><B><U><BR>
    </U>Notation Made <BR>
    by Warrant <BR>
    Agent/Custodian</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center; width: 22%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center; width: 26%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center; width: 27%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center; width: 22%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid"><SUP>&nbsp;</SUP></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify">Include for Global Warrant.</TD>
</TR></TABLE>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers all of the rights, title and interest of the undersigned under the attached Warrant (Certificate No.&nbsp;W-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>),
with respect to the number of Warrants of Valaris Limited, covered thereby set forth below, unto the assignee set forth below (the &ldquo;<U>Assignee</U>&rdquo;)
with respect to the number of Warrants set forth below (including the undersigned with respect to any Warrants constituting a part of
the Warrants evidenced by such Warrant Certificate not being assigned hereby) and does irrevocably constitute and appoint [___________],
the undersigned&rsquo;s attorney, to make such transfer on the books of the Company maintained for the purpose, with full power of substitution
in the premises:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 30%"><FONT STYLE="font-size: 10pt"><U>Names of Assignee</U></FONT></TD>
    <TD STYLE="width: 10%"><U></U></TD>
    <TD STYLE="text-align: center; width: 20%"><U>Address</U></TD>
    <TD STYLE="width: 10%"><U></U></TD>
    <TD STYLE="text-align: center; width: 30%"><U>No.of Warrants</U></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 50%; text-indent: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NAME OF HOLDER]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 18%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed By:<SUP>8</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Assignee confirms hereby
having been duly informed of the rights, limitations of rights, obligations, duties and immunities under the Warrant Agreement of the
Company, the Warrant Agent and the Warrantholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By countersigning the present
form, the Assignee declares that he/it consents to any and all of the terms and conditions as stated in the Warrant Agreement, on which
(s)he/it will rely as if the undersigned was a party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>8</SUP></TD><TD STYLE="text-align: justify">The holder&rsquo;s signature must be accompanied by a signature
guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; width: 50%; text-indent: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NAME OF ASSIGNEE]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit&nbsp;B</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exercise Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXERCISE NOTICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(To be executed upon exercise of Warrants)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE: THIS NOTICE OF EXERCISE MUST BE DELIVERED
TO THE WARRANT AGENT, PRIOR TO 5:00 P.M., EASTERN TIME, ON APRIL 29, 2028 OR SUCH EARLIER TIME AS PROVIDED IN THE WARRANT AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned Warrantholder, being the holder
of Warrants of Valaris Limited (the&nbsp;&ldquo;<U>Company</U>&rdquo;), issued pursuant to that certain Warrant Agreement, as dated April&nbsp;30,
2021 (the &ldquo;<U>Warrant Agreement</U>&rdquo;), by and between the Company and Computershare Inc. and Computershare Trust Company,
N.A., as warrant agent (the&nbsp;&ldquo;<U>Warrant Agent</U>&rdquo;), hereby irrevocably elects to exercise the number of Warrants indicated
below, to acquire the number of Common Shares indicated below. All capitalized terms used in this Exercise Notice that are not defined
herein but are defined in the Warrant Agreement shall have the meanings given to them in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">Number of Warrants:</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt; width: 85%">____________________________</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%">Number of Warrants Exercised:</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt; width: 80%">____________________</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Total number of Warrants being exercised &ndash; may be expressed
as a percentage)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Method of Exercise:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
Box for All Cash Exercise. The undersigned shall pay the applicable Aggregate Exercise Price in the sum of $___________________ in
accordance with the terms of the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
Box for All Cashless Exercise. Upon confirmation by the Company of the number of Common Shares to be issued, the undersigned [shall pay
the par value for such number of Common Shares to be issued by the Company and] hereby instructs the Company to withhold a number of Common
Shares issuable upon exercise of the Warrants being exercised with an aggregate Fair Market Value as of the Exercise Date equal to (1)&nbsp;the
Aggregate Exercise Price [less (2)&nbsp;the par value for such number of Common Shares payable to the Warrant Agent] in accordance with
the terms of the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned requests that the Common Shares be issued by the Company
in the name of the undersigned Warrantholder as indicated below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Social Security or Other Taxpayer </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification Number</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Warrants are represented by a Warrant Certificate
and said number of Common Shares shall not be all the Common Shares issuable upon exercise of the Warrants represented by said Warrant
Certificate, the undersigned requests that a new Warrant Certificate representing the balance of such Warrants shall be issued in the
name of the undersigned Warrantholder as indicated below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Social Security or Other Taxpayer </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification Number</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:<U>&nbsp;&nbsp;</U>_____________, 20__</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>tm2114630d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[Equity]</I></B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
    10.2</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VALARIS
LIMITED</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
RIGHTS AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
REGISTRATION RIGHTS AGREEMENT (including all exhibits hereto and as may be amended, supplemented or amended and restated from
time to time in accordance with the terms hereof, this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into as of April 30,
2021 by and among Valaris Limited, a company organized under the laws of Bermuda (the &ldquo;<U>Company</U>&rdquo;) and the Holders
(as defined below) of Company Common Shares and Warrants (each as defined below) listed on <U>Schedule I</U> hereto. The Company
and the Holders are referred to herein collectively as the &ldquo;<U>Parties</U>&rdquo; and each, individually, as a &ldquo;<U>Party</U>.&rdquo;
Capitalized terms used herein have the meanings set forth in <U>Section 1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WITNESSETH:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company and each of its direct and indirect debtor subsidiaries (collectively, the &ldquo;<U>Debtors</U>&rdquo;) filed chapter
11 cases on August 19, 2020 under Title 11 of the United States Code, 11 U.S.C. &sect;&sect;&nbsp;101-1532 (the &ldquo;<U>Chapter
11 Cases</U>&rdquo;) in the United States Bankruptcy Court for the Southern District of Texas (the &ldquo;<U>Bankruptcy Court</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
in connection with the Chapter 11 Cases, the Debtors filed the Debtors&rsquo; Fourth Amended Joint Plan of Reorganization on February
26, 2021 (the &ldquo;<U>Plan</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
on August 18, 2020, the Debtors and the Backstop Parties (as defined below) entered into that certain Backstop Commitment Agreement
(as amended prior to the date hereof and as may be further amended from time to time, the &ldquo;<U>Backstop Commitment Agreement</U>&rdquo;),
pursuant to which the Company agreed, subject to the terms and conditions therein, to, among other things, (i) issue and sell
Company Common Shares to the Backstop Parties on the Effective Date (as defined below), and (ii) register the resale of such Company
Common Shares under the Securities Act (as defined below);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to the Plan and the Confirmation Order (as defined below), on or as soon as practicable after the Effective Date, the
Company will issue or cause to be issued to holders of claims against the Debtors, including the Holders, (i) Company Common Shares
and (ii) Warrants; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Holders and the Company desire to enter into this Agreement to provide the Holders with certain rights relating to the Registrable
Securities (as defined below) in furtherance of the foregoing.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by each Party, and intending to be legally bound, the
Parties agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B>&nbsp;&nbsp;<B><U>Definitions</U></B>.
As used in this Agreement, the following terms shall have the respective meanings set forth in this <U>Section&nbsp;1</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Additional
Backstop Equity Shares</U>&rdquo; means the Company Common Shares constituting the Additional Backstop Equity, as defined in the
Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control
with, such Person, as such terms are used and defined in Rule 144, as of the date on which, or at any time during the period for
which, the determination of affiliation is being made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Agreement</U>&rdquo;
has the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Automatic
Shelf Registration Statement</U>&rdquo; means an &ldquo;automatic shelf registration statement&rdquo; as defined in Rule 405.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Backstop
Commitment Agreement</U>&rdquo; has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Backstop
Parties</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Bankruptcy
Code</U>&rdquo; means Title 11 of the United States Code, 11 U.S.C. &sect;&sect;&nbsp;101-1532, as it may be amended from time
to time, and the rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Bankruptcy
Court</U>&rdquo; has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>beneficially
owned</U>&rdquo;, &ldquo;<U>beneficial ownership</U>&rdquo; and similar phrases have the same meanings as such terms have under
Rule 13d-3 (or any successor rule then in effect) promulgated under the Exchange Act, except that in calculating the beneficial
ownership of any Holder, such Holder shall be deemed to have beneficial ownership of all securities that such Holder has the right
to acquire, whether such right is currently exercisable or is exercisable upon the occurrence of a subsequent event or passage
of time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Board
of Directors</U>&rdquo; means the Board of Directors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Bought
Deal</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(v)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Business
Day</U>&rdquo; means any day that is not a Saturday, a Sunday or other day on which commercial banks are required or authorized
by law to be closed in New York, New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Capital
Stock</U>&rdquo; means with respect to a corporation, any and all shares, interests or equivalents of capital stock of such corporation
(whether voting or nonvoting and whether common or preferred) and any and all options, warrants and other securities that at such
time are convertible into, or exchangeable or exercisable for, any such shares, interests or equivalents (including, without limitation,
any note or debt security convertible into or exchangeable for Company Common Shares).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Chapter
11 Cases</U>&rdquo; has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Commission</U>&rdquo;
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Company</U>&rdquo;
has the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Company
Common Shares</U>&rdquo; means the common shares, each with a nominal value of $0.01 per share, of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Confirmation
Order</U>&rdquo; means the confirmation order with respect to the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Covered
Notice</U>&rdquo; has the meaning set forth in <U>Section 3(y)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Debtors</U>&rdquo;
has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Demand
Notice</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Demand
Registration</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Demand
Registration Statement</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Demand
Request</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Due
Diligence Information</U>&rdquo; has the meaning set forth in <U>Section&nbsp;3(p)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Effective
Date</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Effectiveness
Period</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>End
of Suspension Notice</U>&rdquo; has the meaning set forth in <U>Section 2(e)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Equity
Securities</U>&rdquo; has the meaning set forth in <U>Section 5(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Exchange
Act</U>&rdquo; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>FINRA</U>&rdquo;
means the Financial Industry Regulatory Authority or any successor regulatory authority agency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Form
S-1 Shelf</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Form
S-3 Shelf</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Free
Writing Prospectus</U>&rdquo; means any &ldquo;free writing prospectus&rdquo; as defined in Rule 405.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holdback
Period</U>&rdquo; has the meaning set forth in <U>Section 5(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holdback
Shares</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder</U>&rdquo;
and &ldquo;<U>Holder of Registrable Securities</U>&rdquo; means each Person that is party to this Agreement on the date hereof
and any Person who (i) holds Registrable Securities on the date hereof and subsequently delivers a signature page hereto to the
Company or (ii) hereafter becomes a party to this Agreement pursuant to <U>Section&nbsp;7(g)</U> of this Agreement. A Person shall
cease to be a Holder hereunder at such time as it ceases to beneficially own any Registrable Securities.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder
Indemnified Persons</U>&rdquo; has the meaning set forth in <U>Section&nbsp;6(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holders
of a Majority of Included Registrable Securities</U>&rdquo; means Holders of a majority of the Registrable Securities included
in a Demand Registration or an Underwritten Shelf Takedown, as applicable. For the avoidance of doubt, only Registrable Securities
held by Persons who are party to this Agreement as of the date hereof or who thereafter become a party to this Agreement by executing
a joinder in accordance with Section 7(g) shall be considered in calculating a majority of the Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holders
of a Majority of Registrable Securities</U>&rdquo; means Holders of a majority of the Registrable Securities. For the avoidance
of doubt, only Registrable Securities held by Persons who are party to this Agreement as of the date hereof or who thereafter
become a party to this Agreement by executing a joinder in accordance with Section 7(g) shall be considered in calculating a majority
of the Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Included
Registrable Securities</U>&rdquo; means the Registrable Securities included in a Demand Registration or an Underwritten Shelf
Takedown, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Indemnified
Persons</U>&rdquo; has the meaning set forth in <U>Section&nbsp;6(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>indemnifying
party</U>&rdquo; has the meaning set forth in <U>Section&nbsp;6(c)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Issuer
Free Writing Prospectus</U>&rdquo; means an &ldquo;issuer free writing prospectus&rdquo;, as defined in Rule 433, relating to
an offer of the Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Lock-Up
Agreement</U>&rdquo; has the meaning set forth in <U>Section&nbsp;5(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Losses</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;6(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Maximum
Offering Size</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(vi)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>National
Securities Exchange</U>&rdquo; means the New York Stock Exchange or other national securities exchange acceptable to the Requisite
Backstop Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Opt-Out
Election</U>&rdquo; has the meaning set forth in <U>Section&nbsp;3(y)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Other
Registrable Securities</U>&rdquo; means (a) Company Common Shares (including Company Common Shares beneficially owned as a result
of, or issuable upon, the conversion, exercise or exchange of any other Capital Stock), (b) any securities issued or issuable
with respect to, on account of or in exchange for Company Common Shares, whether by stock split, stock dividend, recapitalization,
merger, consolidation or other reorganization, charter amendment or otherwise, (c) any options, warrants or other rights to acquire
Company Common Shares, and (d) any securities received as a dividend or distribution in respect of any of the securities described
in clauses (a) and (b) above, in each case beneficially owned by any other Person who has rights to participate in the applicable
offering of securities by the Company pursuant to a registration rights agreement or other similar arrangement (other than this
Agreement) with the Company or any direct or indirect parent of the Company relating to the Company Common Shares; <U>provided</U>,
that in the case of an Underwritten Shelf Takedown or an Underwritten Demand, Other Registrable Securities shall be limited
to the securities of the class and series being offered in such Underwritten Shelf Takedown or Underwritten Demand.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Parties</U>&rdquo;
and &ldquo;<U>Party</U>&rdquo; have the meanings set forth in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>PDF</U>&rdquo;
means portable document format (.pdf).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Person</U>&rdquo;
means any individual, partnership, corporation, company, association, trust, joint venture, joint stock company, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision
thereof, or other entity of any kind, and shall include any heirs, executors, administrators, legal representatives, and successors
(by merger or otherwise) of any such entity or individual.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Piggyback
Eligible Holders</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Piggyback
Notice</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Piggyback
Offering</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Piggyback
Registration</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Piggyback
Request</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Plan</U>&rdquo;
has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Proceeding</U>&rdquo;
means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such
as a deposition) pending or known to the Company to be threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Prospectus</U>&rdquo;
means the prospectus or prospectuses included in any Registration Statement (including, without limitation, a prospectus that
includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance
upon Rule 430A promulgated under the Securities Act), all amendments and supplements to the prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus or prospectuses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Public
Offering</U>&rdquo; means any sale or distribution to the public of Capital Stock of the Company pursuant to an offering registered
under the Securities Act, whether by the Company, by Holders and/or by any other holders of the Company&rsquo;s Capital Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Qualified
Holder</U>&rdquo; means, either (i) any RCF Lender Backstop Party (&ldquo;<U>RCF Lender Qualified Holder</U>&rdquo;) or (ii) on
any date, one or more Backstop Parties that held Senior Notes Claims (as defined in the Plan) who, together with their Affiliates,
beneficially own in the aggregate at least 5% of the Company Common Shares constituting those Registrable Securities issued on
the date hereof (collectively, a &ldquo;<U>Senior Notes Qualified Holder</U>&rdquo;), including, in each case, transferees thereof.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Questionnaire</U>&rdquo;
has the meaning set forth in <U>Section 2(a)(ii)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RCF
Lender Backstop Parties</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registrable
Securities</U>&rdquo; means (a) the Company Common Shares issued or issuable to the Holders pursuant to the Backstop Commitment
Agreement, including the Holdback Shares, Unsubscribed Shares and Additional Backstop Equity Shares, (b) Company Common Shares
received by Holders pursuant to the Plan or the Rights Offering or otherwise acquired (including, for the avoidance of doubt,
in open market or other purchases) or held by (or deemed to be held by) Holders, in each case, that are on the date hereof or
subsequently become Affiliates of the Company as well as Company Common Shares held by Affiliates of such Holders (and, if applicable,
transferees of Affiliates that receive &ldquo;restricted securities&rdquo; in connection with transfers other than pursuant to
a Registration Statement or Rule 144), (c) Warrant Shares issuable upon the exercise of Warrants received pursuant to the Plan
or otherwise acquired or held by (or deemed to be held by) Holders that are on the date hereof or subsequently become Affiliates
of the Company (and, if applicable, transferees of Affiliates that receive &ldquo;restricted securities&rdquo; in connection with
transfers other than pursuant to a Registration Statement or Rule 144) and (d) any securities issued or issuable with respect
to, on account of or in exchange for the securities referred to in clause (a), clause (b) or clause (c), whether by way of split,
dividend, distribution, combination, recapitalization, merger, consolidation or other reorganization, charter amendment or otherwise
(it being understood that, for purposes of this Agreement, a Person shall be deemed to be a Holder of Registrable Securities whenever
such Person has the right to then acquire or obtain from the Company any Registrable Securities, whether or not such acquisition
has actually been effected), in each case that are beneficially owned on or after the date hereof by the Holders and their Affiliates
or any transferee or assignee of any Holder or its Affiliates after giving effect to a transfer made in compliance with <U>Section&nbsp;7(g)</U>,
all of which securities are subject to the rights provided herein until such rights terminate pursuant to the provisions of this
Agreement. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a Registration
Statement registering such Registrable Securities under the Securities Act has been declared effective and such Registrable Securities
have been sold, transferred or otherwise disposed of by the Holder thereof pursuant to such effective Registration Statement,
(ii) such Registrable Securities are sold, transferred or otherwise disposed of pursuant to Rule 144 and such Registrable Securities
are thereafter freely transferable by such recipient (without limitations on volume) without registration under the Securities
Act, (iii) such Registrable Securities cease to be outstanding, or (iv) such Registrable Securities are eligible for sale pursuant
to Rule 144 without volume or manner-of-sale restrictions and without the requirement for the Company to be in compliance with
the current public information requirement under Rule 144(c)(1). For the avoidance of doubt, securities issued pursuant to Section
1145 of the Bankruptcy Code shall not be considered &ldquo;Registrable Securities&rdquo; for the purposes of this Agreement, unless
such securities are held by (or deemed to be held by) Affiliates of the Company, as reasonably determined by a Holder under applicable
securities laws (or transferees thereof, as contemplated above), in which case such securities, as well as other securities held
by (or deemed to be held by) Affiliates of the Company, shall be considered &ldquo;Registrable Securities&rdquo; for the purposes
of this Agreement.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Expenses</U>&rdquo; has the meaning set forth in <U>Section&nbsp;4</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Statement</U>&rdquo; means any registration statement of the Company filed with or to be filed with the Commission under the Securities
Act and other applicable law, including an Automatic Shelf Registration Statement, and including any Prospectus, amendments and
supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto,
and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Related
Party</U>&rdquo; has the meaning set forth in <U>Section&nbsp;7(r)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Representatives</U>&rdquo;
means, with respect to any Person, such Person&rsquo;s directors, officers, members, partners, limited partners, general partners,
shareholders, subsidiaries, managed accounts or funds, managers, management company, investment manager, Affiliates, principals,
employees, agents, investment bankers, attorneys, accountants, advisors, consultants, fund advisors, financial advisors and other
professionals of such Person, in each case, in such capacity, serving on or after the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Requisite
Backstop Parties</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rights
Offering</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>road
show</U>&rdquo; has the meaning set forth in <U>Section&nbsp;6(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
144</U>&rdquo; means Rule 144 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
158</U>&rdquo; means Rule 158 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
405</U>&rdquo; means Rule 405 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
415</U>&rdquo; means Rule 415 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
424</U>&rdquo; means Rule 424 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
433</U>&rdquo; means Rule 433 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Seasoned
Issuer</U>&rdquo; means an issuer eligible to use a registration statement on Form S-3 under the Securities Act and who is not
an &ldquo;ineligible issuer&rdquo; as defined in Rule 405.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Act</U>&rdquo; means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Selling
Expenses</U>&rdquo; means all underwriting fees, discounts, selling commissions and stock transfer taxes applicable to the sale
of Registrable Securities and related legal and other fees of a Holder not included within the definition of Registration Expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Period</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Registrable Securities</U>&rdquo; has the meaning set forth in <U>Section 2(a)(v)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Registration</U>&rdquo; means the registration of an offering of Registrable Securities on a Form S-1 Shelf or a Form S-3 Shelf,
as applicable, on a delayed or continuous basis under Rule 415, pursuant to <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Registration Statement</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Takedown Notice</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(v)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Takedown Request</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(v)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Subsidiary</U>&rdquo;
means, when used with respect to any Person, any corporation or other entity, whether incorporated or unincorporated, (a) of which
such Person or any other Subsidiary of such Person is a general partner (excluding partnerships, the general partnership interests
of which held by such Person or any Subsidiary of such Person do not have a majority of the voting interests in such partnership)
or (b) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect
a majority of the board of directors or other governing body performing similar functions with respect to such corporation or
other entity is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such
Person and one or more of its Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Suspension
Event</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(e)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Suspension
Notice</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(e)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Suspension
Period</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(e)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Trading
Market</U>&rdquo; means the New York Stock Exchange, or such other principal national or regional securities exchange or market
in the United States (including, for such purpose, the Over The Counter Bulletin Board or Pink Sheets), or other securities exchange
or market, on which Registrable Securities are (or are to be) listed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Underwriter
Indemnified Persons</U>&rdquo; has the meaning set forth in <U>Section&nbsp;6(a)</U>.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Underwritten
Demand</U>&rdquo; means a Demand Registration conducted as an underwritten Public Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Underwritten
Shelf Takedown</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Unsubscribed
Shares</U>&rdquo; means Company Common Shares that are Unsubscribed Securities (as defined in the Backstop Commitment Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Warrant
Shares</U>&rdquo; means the Company Common Shares issuable upon the exercise of the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Warrants</U>&rdquo;
means the New Warrants, as defined in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>WKSI</U>&rdquo;
means a &ldquo;well known seasoned issuer&rdquo; as defined under Rule 405.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.&nbsp;</B>&nbsp;<B><U>Registration</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shelf Registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Filing of Shelf Registration Statement</U>.
As promptly as reasonably practicable after the Effective Date, and in any event within thirty (30) days following the Effective
Date if the Company is then eligible to use Form S-3 or forty five (45) days following the Effective Date if the Company is not
then eligible to use Form S-3, the Company shall file a Registration Statement for a Shelf Registration on Form S-3 (the &ldquo;<U>Form
S-3 Shelf</U>&rdquo;) or Form S-1 (the &ldquo;<U>Form S-1 Shelf</U>&rdquo; and, together with the Form S-3 Shelf, the &ldquo;<U>Shelf
Registration Statement</U>&rdquo;), as applicable, covering the resale of all Registrable Securities beneficially owned by the
Holders on a delayed or continuous basis. If the Company files a Form S-1 Shelf, then as soon as reasonably practicable after
the Company becomes eligible to use Form S-3, the Company shall convert the Form S-1 Shelf to a Form S-3 Shelf (or other appropriate
short form registration statement then permitted by the Commission&rsquo;s rules and regulations) covering the resale of all applicable
Registrable Securities beneficially owned by the Holders (which shall be an Automatic Shelf Registration Statement if the Company
is a WKSI). Subject to the terms of this Agreement, including any applicable Suspension Period, the Company shall use commercially
reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as promptly as
practicable following the filing of the Shelf Registration Statement. The Company shall use commercially reasonable efforts to
keep such Shelf Registration Statement continuously effective under the Securities Act until the date that all Registrable Securities
covered by such Registration Statement are no longer Registrable Securities, including, to the extent a Form S-1 Shelf is converted
to a Form S-3 Shelf and the Company thereafter becomes ineligible to use Form S-3, by using commercially reasonable efforts to
file a Form S-1 Shelf or other appropriate form specified by the Commission&rsquo;s rules and regulations as promptly as reasonably
practicable after the date of such ineligibility and using its commercially reasonable efforts to have such Shelf Registration
Statement declared effective as promptly as reasonably practicable after the filing thereof (the period during which the Company
is required to keep the Shelf Registration Statement continuously effective under the Securities Act in accordance with this clause
(i), the &ldquo;<U>Shelf Period</U>&rdquo;). For so long as any Registrable Securities covered by any Form S-1 Shelf remain unsold,
the Company will file any supplements to the Prospectus or post-effective amendments required to be filed by applicable law in
order to incorporate into such Prospectus any Current Reports on Form 8-K necessary or required to be filed by applicable law,
any Quarterly Reports on Form 10-Q or any Annual Reports on Form 10-K filed by the Company with the Commission, or any other information
necessary so that (x) such Form S-1 Shelf shall not include any untrue statement of material fact or omit to state any material
fact necessary in order to make the statements therein not misleading, and (y) the Company complies with its obligations under
Item 512(a)(1) of Regulation S-K. The Company shall as promptly as reasonably practicable notify the Holders named in the Shelf
Registration Statement via e-mail to the addresses set forth on Schedule I hereof of the effectiveness of a Shelf Registration
Statement. The Company shall file a final Prospectus in respect of such Shelf Registration Statement with the Commission to the
extent required by Rule 424. The &ldquo;Plan of Distribution&rdquo; section of such Shelf Registration Statement shall include
a plan of distribution, which includes the means of distribution substantially in the form set forth in <U>Exhibit B</U> hereto.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Holder Information</U>. Notwithstanding any
other provision hereof, no Holder of Registrable Securities shall be entitled to include any of its Registrable Securities in
any Shelf Registration Statement pursuant to this Agreement unless and until such Holder agrees in writing to be bound by all
of the provisions of this Agreement applicable to such Holder, and the Holder furnishes to the Company a fully completed notice
and questionnaire in a reasonable and customary form provided by counsel to the Company (the &ldquo;<U>Questionnaire</U>&rdquo;)
and such other information in writing as the Company may reasonably request in writing for use in connection with the Shelf Registration
Statement or Prospectus included therein and in any application to be filed with or under state securities laws. In order to be
named as a selling shareholder in the Shelf Registration Statement at the time it is first made available for use, a Holder must
furnish the completed Questionnaire and such other information that the Company may reasonably request in writing, if any, to
the Company in writing no later than the fifth (5<SUP>th</SUP>) Business Day prior to the targeted effective date; <U>provided
</U>that any Holder providing a completed Questionnaire within that time period may provide updated information regarding such
Holder&rsquo;s beneficial ownership and the number of Registrable Securities requested to be included up to the second (2<SUP>nd</SUP>)
Business Day prior to the effective date of the Shelf Registration Statement. Each Holder as to which any Shelf Registration is
being effected agrees to furnish to the Company all information with respect to such Holder necessary to make the information
previously furnished to the Company by such Holder not materially misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Supplements</U>. From and after the effective
date of the Shelf Registration Statement, upon receipt of a completed Questionnaire and such other information that the Company
may reasonably request in writing, if any, the Company will use its commercially reasonable efforts to file as promptly as reasonably
practicable, but in any event on or prior to the tenth (10<SUP>th</SUP>) Business Day after receipt of such information (or, if
a Suspension Period is then in effect or initiated within five (5) Business Days following the date of receipt of such information,
the tenth (10<SUP>th</SUP>) Business Day following the end of such Suspension Period) either (i)&nbsp;if then permitted by the
Securities Act or the rules and regulations thereunder (or then-current Commission interpretations thereof), a supplement to the
Prospectus contained in the Shelf Registration Statement naming such Holder as a selling shareholder and containing such other
information as necessary to permit such Holder to deliver the Prospectus to purchasers of the Holder&rsquo;s Registrable Securities,
or (ii) if it is not then permitted under the Securities Act or the rules and regulations thereunder (or then-current Commission
interpretations thereof) to name such Holder as a selling shareholder in a supplement to the Prospectus, a post-effective amendment
to the Shelf Registration Statement or an additional Shelf Registration Statement as necessary for such Holder to be named as
a selling shareholder in the Prospectus contained therein to permit such Holder to deliver the Prospectus to purchasers of the
Holder&rsquo;s Registrable Securities (subject, in the case of either clause (i)&nbsp;or clause (ii), to the Company&rsquo;s right
to delay filing or suspend the use of the Shelf Registration Statement as described in <U>Section&nbsp;2(e)</U> hereof). If the
Company is not a WKSI or is not otherwise eligible to add additional selling shareholders by means of a prospectus supplement,
notwithstanding the foregoing, the Company shall not be required to file more than one (1) post-effective amendment or additional
Shelf Registration Statements in any fiscal quarter for all Holders pursuant to this <U>Section 2(a)(iii)</U>; <U>provided</U>
that the foregoing limitation shall not apply if the Registrable Securities to be added represent beneficial ownership of more
than $10 million of the Company Common Shares (as determined in good faith by the Company to the extent the Company Common Shares
are not then listed on a National Securities Exchange). If the Company is a WKSI or is otherwise eligible to add additional selling
shareholders by means of a prospectus supplement, notwithstanding the foregoing, the Company shall not be required to file more
than two (2) prospectus supplements for all Holders pursuant to this <U>Section 2(a)(iii)</U> in any fiscal quarter; <U>provided
</U>that the foregoing limitation shall not apply if the Registrable Securities to be added represent beneficial ownership of
more than $10 million of the Company Common Shares (as determined in good faith by the Company to the extent the Company Common
Shares are not then listed on a National Securities Exchange).</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Underwritten Shelf Takedown</U>. At any time
during the Shelf Period (subject to any Suspension Period), any one or more Holders of Registrable Securities may request to sell
all or any portion of their Registrable Securities in an underwritten Public Offering that is registered pursuant to the Shelf
Registration Statement (each, an &ldquo;<U>Underwritten Shelf Takedown</U>&rdquo;); <U>provided</U>, that, and subject to <U>Section&nbsp;2(a)(v)
</U>below, the Company shall not be obligated to effect (x) an Underwritten Shelf Takedown for any Registrable Securities other
than Company Common Shares; (y) more than (I) three (3) Underwritten Shelf Takedowns requested by RCF Lender Qualified Holders
(together with any Demand Registrations requested by RCF Lender Qualified Holders) and (II) five (5) Underwritten Shelf Takedowns
requested by Senior Notes Qualified Holders and other Holders that are not RCF Lender Qualified Holders (together with any Demand
Registrations requested by Senior Notes Qualified Holders), in aggregate; or (z) any Underwritten Shelf Takedown if the aggregate
proceeds expected to be received from the sale of the Registrable Securities requested to be sold in such Underwritten Shelf Takedown,
in the good faith judgment of the managing underwriter(s) therefor, is less than $25 million as of the date the Company receives
a Shelf Takedown Request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice of Underwritten Shelf Takedown</U>.
All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company (the &ldquo;<U>Shelf Takedown
Request</U>&rdquo;). Each Shelf Takedown Request shall specify the approximate number of Company Common Shares to be sold in the
Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten
Shelf Takedown. Subject to <U>Section&nbsp;2(e)</U> below, after receipt of any Shelf Takedown Request, the Company shall give
written notice (the &ldquo;<U>Shelf Takedown Notice</U>&rdquo;) of such requested Underwritten Shelf Takedown (which notice shall
state the material terms of such proposed Underwritten Shelf Takedown, to the extent known) to all other Holders of Registrable
Securities that have Registrable Securities registered for sale under a Shelf Registration Statement (&ldquo;<U>Shelf Registrable
Securities</U>&rdquo;). Such notice shall be given not more than ten (10) Business Days and not less than five (5) Business Days,
in each case prior to the expected date of commencement of marketing efforts for such Underwritten Shelf Takedown. Subject to
<U>Section&nbsp;2(c)(ii)</U>, the Company shall include in such Underwritten Shelf Takedown all Shelf Registrable Securities that
are Company Common Shares with respect to which the Company has received written requests for inclusion therein within (x) in
the case of a &ldquo;bought deal&rdquo; or &ldquo;overnight transaction&rdquo; (each, a &ldquo;<U>Bought Deal</U>&rdquo;), two
(2) Business Days; (y) in the case any other Underwritten Shelf Takedown, five (5) Business Days, in each case after the giving
of the Shelf Takedown Notice. For the avoidance of doubt, the Company shall not be required to provide a Shelf Takedown Notice
with respect to a Public Offering utilizing a Shelf Registration Statement other than an Underwritten Shelf Takedown, and Holders
shall not have rights to participate therein under this <U>Section 2(a)(v)</U>.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Priority of Registrable Securities</U>. If
the managing underwriters for such Underwritten Shelf Takedown advise the Company and the Holders of Shelf Registrable Securities
proposed to be included in such Underwritten Shelf Takedown that in their reasonable view the number of Shelf Registrable Securities
proposed to be included in such Underwritten Shelf Takedown exceeds the number of Shelf Registrable Securities which can be sold
in an orderly manner in such offering within a price range acceptable to the Holders of a Majority of Included Registrable Securities
requested to be included in the Underwritten Shelf Takedown (the &ldquo;<U>Maximum Offering Size</U>&rdquo;), then the Company
shall promptly give written notice to all Holders of Shelf Registrable Securities proposed to be included in such Underwritten
Shelf Takedown of such Maximum Offering Size, and shall include in such Underwritten Shelf Takedown the number of Shelf Registrable
Securities which can be so sold in the following order of priority, up to the Maximum Offering Size: (A) first, the Shelf Registrable
Securities requested to be included in such Underwritten Shelf Takedown by the Holders of such Shelf Registrable Securities, allocated,
if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Holders on the basis of the number
of Shelf Registrable Securities requested to be included therein by each such Holder, (B) second, any securities proposed to be
offered by the Company, and (C) third, Other Registrable Securities requested to be included in such Underwritten Shelf Takedown
to the extent permitted hereunder, allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata
among the respective holders of such Other Registrable Securities on the basis of the number of securities requested to be included
therein by each such holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Restrictions on Timing of Underwritten Shelf
Takedowns</U>. The Company shall not be obligated to effect an Underwritten Shelf Takedown (A) within ninety (90) days (or such
longer period specified in any applicable lock-up agreement entered into with underwriters) after the consummation of a previous
Underwritten Shelf Takedown or Demand Registration or consummation of a Company-initiated Public Offering or (B) within sixty
(60) days prior to the Company&rsquo;s good faith estimate of the date of filing of a Company-initiated registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Selection of Bankers and Counsel</U>. The
Holders of a Majority of Included Registrable Securities requested to be included in an Underwritten Shelf Takedown shall have
the right to: (A) select the investment banker(s) and manager(s) to administer the offering (which shall consist of one (1) or
more reputable nationally recognized investment banks, subject to the Company&rsquo;s approval (which shall not be unreasonably
withheld, conditioned or delayed)) and one (1) firm of legal counsel to represent all of the Holders (along with one (1) local
counsel per jurisdiction, to the extent reasonably necessary, for any applicable jurisdiction), in connection with such Underwritten
Shelf Takedown, and (B) determine the price, underwriting discount and other financial terms of the related underwriting agreement
for the Registrable Securities included in such Underwritten Shelf Takedown; <U>provided</U> that the Company shall select such
investment banker(s), manager(s) and counsel (including local counsel) if such Holders of a Majority of Included Registrable Securities
cannot so agree on the same within a reasonable time period.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Withdrawal from Registration</U>. Any Holder
whose Registrable Securities were to be included in any such registration pursuant to <U>Section&nbsp;2(a)(ii)</U> may elect to
withdraw any or all of its Registrable Securities therefrom, without liability to any of the other Holders and without prejudice
to the rights of any such Holder or Holders to include Registrable Securities in any future registration (or registrations), by
written notice to the Company delivered prior to the effective date of the relevant Underwritten Shelf Takedown.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>WKSI Filing</U>. Upon the Company first becoming
a WKSI, if requested by a Qualified Holder with securities registered on an existing Shelf Registration Statement, the Company
will convert such existing Shelf Registration Statement to an Automatic Shelf Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Demand Registration</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company (i) is in violation of its obligation
to file a Shelf Registration Statement pursuant to <U>Section&nbsp;2(a)</U> and the terms of the Plan or (ii)&nbsp;following the
effectiveness of the Shelf Registration Statement contemplated by <U>Section 2(a)</U>, thereafter ceases to have an effective
Shelf Registration Statement during the Shelf Period (other than during any Suspension Period), subject to the terms and conditions
of this Agreement (including <U>Section 2(b)(iii)</U>) and without limiting any remedies that may be available to pursue such
violation in the Bankruptcy Court or otherwise, upon written notice to the Company (a &ldquo;<U>Demand Request</U>&rdquo;) delivered
by a Qualified Holder requesting that the Company effect the registration (a &ldquo;<U>Demand Registration</U>&rdquo;) under the
Securities Act of any or all of the Registrable Securities beneficially owned by such Qualified Holder(s), the Company shall give
a notice of the receipt of such Demand Request (a &ldquo;<U>Demand Notice</U>&rdquo;) to all other Holders of Registrable Securities
(which notice shall state the material terms of such proposed Demand Registration, to the extent known). Such Demand Notice shall
be given not more than ten (10) Business Days and not less than five (5) Business Days, in each case prior to the expected date
of the public filing of the registration statement (the &ldquo;<U>Demand Registration Statement</U>&rdquo;) for such Demand Registration.
Subject to the provisions of <U>Section&nbsp;2(a)(iv)</U> and <U>Section&nbsp;2(e)</U> below, the Company shall include in such
Demand Registration all Registrable Securities that are Company Common Shares with respect to which the Company has received written
requests for inclusion therein within five (5) Business Days after the later of the Company (i) the giving the Demand Notice and
(ii) five (5) Business Days prior to the actual public filing of the Demand Registration Statement. Nothing in this <U>Section
2(b)</U> shall relieve the Company of its obligations under <U>Section 2(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Demand Registration Using Form S-3</U>. The
Company shall effect any requested Demand Registration using a Registration Statement on Form S-3 whenever the Company is a Seasoned
Issuer or a WKSI, and shall use an Automatic Shelf Registration Statement if it is a WKSI.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Limitations on Demand Registration</U>. The
Company shall not be required to effect more than (a) three (3) Underwritten Demands requested by RCF Lender Qualified Holders
(together with any Underwritten Shelf Takedowns requested by RCF Lender Qualified Holders) and (b) five (5) Underwritten Demands
requested by Senior Notes Qualified Holders (together with any Underwritten Shelf Takedowns requested by Senior Notes Qualified
Holders and other Holders that are not RCF Lender Qualified Holders), in the aggregate. The Company shall not be required to effect
the Underwritten Demand if the aggregate proceeds expected to be received from the sale of the Registrable Securities requested
to be registered in such Underwritten Demand, in the good faith judgment of the managing underwriter(s) therefor, is less than
the lesser of (x) $15 million and (y) such amount as would enable all remaining Registrable Securities to be included in such
Underwritten Demand, in each case as of the date the Company receives a written request for an Underwritten Demand. The Company
shall not be obligated to effect a Demand Registration (A) within ninety (90) days (or such longer period specified in any applicable
lock-up agreement entered into with underwriters) after the consummation of a previous Demand Registration or Underwritten Shelf
Takedown or Company-initiated Public Offering or (B) within sixty (60) days prior to the Company&rsquo;s good faith estimate of
the date of filing of a Company-initiated registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effectiveness of Demand Registration Statement</U>.
The Company shall use its commercially reasonable efforts to have the Demand Registration Statement declared effective by the
Commission as promptly as practicable after filing and keep the Demand Registration Statement continuously effective under the
Securities Act for the period of time necessary for the underwriters or Holders to sell all the Registrable Securities covered
by such Demand Registration Statement or such shorter period which will terminate when all Registrable Securities covered by such
Demand Registration Statement have been sold pursuant thereto (including, if necessary, by filing with the Commission a post-effective
amendment or a supplement to the Demand Registration Statement or the related Prospectus or any document incorporated therein
by reference or by filing any other required document or otherwise supplementing or amending the Demand Registration Statement,
if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Demand
Registration Statement or by the Securities Act, any state securities or &ldquo;blue sky&rdquo; laws, or any other rules and regulations
thereunder) (the &ldquo;<U>Effectiveness Period</U>&rdquo;). A Demand Registration shall not be deemed to have occurred (A) if
the Registration Statement is withdrawn without becoming effective, (B) if the Registration Statement does not remain effective
in compliance with the provisions of the Securities Act and the laws of any state or other jurisdiction applicable to the disposition
of the Registrable Securities covered by such Registration Statement for the Effectiveness Period, (C) if, after it has become
effective, such Registration Statement is subject to any stop order, injunction or other order or requirement of the Commission
or other governmental or regulatory agency or court for any reason other than a violation of applicable law solely by any selling
Holder and has not thereafter become effective, (D) in the event of an Underwritten Demand, if the conditions to closing specified
in the underwriting agreement entered into in connection with such registration are not satisfied or waived other than by reason
of some act or omission by the Holders of a Majority of Included Registrable Securities, or (E) if the number of Registrable Securities
included on the applicable Registration Statement is reduced in accordance with <U>Section 2(b)(v)</U> such that less than 66
2/3% of the Registrable Securities of the Holders of Registrable Securities who sought to be included in such registration are
so included in such Registration Statement.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Priority of Registration</U>. Notwithstanding
any other provision of this <U>Section&nbsp;2(b)</U>, if (A) a Demand Registration is an Underwritten Demand and (B) the managing
underwriters advise the Company that in their reasonable view, the number of Registrable Securities proposed to be included in
such offering (including Registrable Securities requested by Holders to be included in such Public Offering and any securities
that the Company or any other Person proposes to be included that are Other Registrable Securities) exceeds the Maximum Offering
Size, then the Company shall so advise the Holders with Registrable Securities proposed to be included in such Underwritten Demand,
and shall include in such offering the number of Registrable Securities which can be so sold in the following order of priority,
up to the Maximum Offering Size: (I) first, the Registrable Securities requested to be included in such Underwritten Demand by
the Holders, allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among the Holders on the
basis of the number of Registrable Securities requested to be included therein by each such Holder, (II)&nbsp;second, any securities
proposed to be registered by the Company, and (III) third, Other Registrable Securities requested to be included in such underwritten
Public Offering to the extent permitted hereunder, allocated, if necessary for the offering not to exceed the Maximum Offering
Size, pro rata among the respective holders of such Other Registrable Securities on the basis of the number of securities requested
to be included therein by each such holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Underwritten Demand</U>. The determination
of whether any Public Offering of Registrable Securities pursuant to a Demand Registration will be an Underwritten Demand shall
be made in the sole discretion of the Holders of a Majority of Included Registrable Securities included in such Demand Registration,
and such Holders of a Majority of Included Registrable Securities included in such Underwritten Demand shall have the right to
(A) determine the plan of distribution, the price at which the Registrable Securities are to be sold and the underwriting commissions,
discounts and fees and other financial terms, and (B) select the investment banker(s) and manager(s) to administer the offering
(which shall consist of one (1) or more reputable nationally recognized investment banks, subject to the Company&rsquo;s approval
(which shall not be unreasonably withheld, conditioned or delayed)) and one (1) firm of legal counsel to represent all of the
Holders (along with one (1) local counsel per jurisdiction, to the extent reasonably necessary, for any applicable jurisdiction),
in connection with such Demand Registration; <U>provided</U> that the Company shall select such investment banker(s), manager(s)
and counsel (including local counsel) if the Holders of a Majority of Included Registrable Securities cannot so agree on the same
within a reasonable time period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Withdrawal of Registrable Securities</U>.
Any Holder whose Registrable Securities were to be included in any such registration pursuant to <U>Section&nbsp;2(b)</U> may
elect to withdraw any or all of its Registrable Securities therefrom, without liability to any of the other Holders and without
prejudice to the rights of any such Holder to include Registrable Securities in any future registration (or registrations), by
written notice to the Company delivered on or prior to the effective date of the relevant Demand Registration Statement.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Piggyback Registration</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Registration Statement on behalf of the Company</U>.
If at any time the Company proposes to file a Registration Statement or conduct an Underwritten Shelf Takedown, other than a Shelf
Registration pursuant to <U>Section 2(a)</U> or a Demand Registration pursuant to <U>Section 2(b)</U>, in connection with an underwritten
Public Offering of Capital Stock (other than registrations on Form S-8 or Form S-4) (a &ldquo;<U>Piggyback Offering</U>&rdquo;),
and the registration form to be used may be used for the registration of Registrable Securities, the Company shall give prompt
written notice (the &ldquo;<U>Piggyback Notice</U>&rdquo;) to all Holders (collectively, the &ldquo;<U>Piggyback Eligible Holders</U>&rdquo;)
of the Company&rsquo;s intention to conduct such Piggyback Offering; <U>provided</U> that, in the case of an Underwritten Shelf
Takedown from an existing effective shelf registration statement, the Company shall not be required to provide a Piggyback Notice
or include any Registrable Securities in such Public Offering unless either (i) such registration statement with respect to which
the Company is conducting an Underwritten Shelf Takedown may be used for the registration and offering of Registrable Securities
without the need to file a post-effective amendment thereto, (ii) the Company is a WKSI eligible to file an automatically effective
registration statement or automatically effective post-effective amendment or (iii) if the Company is not a WKSI, the need to
file any such post-effective amendment or new registration statement would not reasonably be expected to have a material adverse
effect on the timing of the Company&rsquo;s primary offering, in the good faith determination of the Company&rsquo;s Board of
Directors. The Piggyback Notice shall be given, (i) in the case of a Piggyback Offering that is an Underwritten Shelf Takedown,
not earlier than ten (10) Business Days and not less than five (5) Business Days, in each case under this clause (i), prior to
the expected date of commencement of marketing efforts for such Underwritten Shelf Takedown; or (ii) in the case of any other
Piggyback Registration, not less than five (5) Business Days after the public filing of such Registration Statement. The Piggyback
Notice shall offer the Piggyback Eligible Holders the opportunity to include for registration in such Piggyback Offering the number
of Registrable Securities of the same class and series as those proposed to be registered as they may request, subject to <U>Section&nbsp;2(c)(ii)
</U>(a &ldquo;<U>Piggyback Registration</U>&rdquo;). Subject to <U>Section&nbsp;2(c)(ii)</U>, the Company shall include in each
such Piggyback Offering such Registrable Securities constituting Company Common Shares for which the Company has received written
requests (each, a &ldquo;<U>Piggyback Request</U>&rdquo;) for inclusion therein from Piggyback Eligible Holders within (x) in
the case of a Bought Deal, two (2) Business Days; (y) in the case any other Underwritten Shelf Takedown, three (3) Business Days;
or (z) otherwise, five (5) Business Days, in each case after the date of the Company&rsquo;s notice; <U>provided</U> that the
Company may not commence marketing efforts for such Public Offering until such periods have elapsed and the inclusion of all such
securities so requested, subject to Section 2(c)(ii). If a Piggyback Eligible Holder decides not to include all of its Registrable
Securities in any Piggyback Offering thereafter filed by the Company, such Piggyback Eligible Holder shall nevertheless continue
to have the right to include any Registrable Securities in any subsequent Piggyback Offerings or Registration Statements as may
be filed by the Company with respect to offerings of Registrable Securities, all upon the terms and conditions set forth herein.
The Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable
Securities which the Company has been so requested to register pursuant to the Piggyback Requests, to the extent required to permit
the disposition of the Registrable Securities so requested to be registered.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Priority of Registration</U>. If the managing
underwriter or managing underwriters of such Piggyback Offering (as selected pursuant to <U>Section 2(c)(iv)</U>) advise the Company
and the Piggyback Eligible Holders that, in their reasonable view the amount of securities requested to be included in such registration
(including Registrable Securities requested by the Piggyback Eligible Holders to be included in such offering and any securities
that the Company or any other Person proposes to be included that are not Registrable Securities) exceeds the Maximum Offering
Size (which, for the purposes of a Piggyback Registration relating to a primary offering of the Company&rsquo;s Capital Stock,
shall be within a price range acceptable to the Company), then the Company shall so advise all Piggyback Eligible Holders with
Registrable Securities proposed to be included in such Piggyback Registration, and shall include in such offering the number which
can be so sold in the following order of priority, up to the Maximum Offering Size: (A) first, (x) if the Piggyback Registration
includes a primary offering of the Company&rsquo;s Capital Stock, such securities that the Company proposes to sell up to the
Maximum Offering Size, or (y) if the Piggyback Registration is an offering at the demand of the holders of Other Registrable Securities,
the securities that such holders propose to sell and thereafter any securities proposed to be offered by the Company, in each
case up to the Maximum Offering Size, and (B) second, the Company Common Shares constituting Registrable Securities or Other Registrable
Securities requested to be included in such Piggyback Registration by each Piggyback Eligible Holder and any holder of Other Registrable
Securities with rights to participate in such offering, allocated, if necessary for the offering not to exceed the Maximum Offering
Size, pro rata on the basis of the amount of Company Common Shares or other Capital Stock constituting Registrable Securities
and Other Registrable Securities requested in aggregate to be included therein. All Piggyback Eligible Holders requesting to be
included in the Piggyback Registration must sell their Registrable Securities to the underwriters selected as provided in <U>Section&nbsp;2(c)(iv)</U>&nbsp;on the same terms and conditions as apply to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Withdrawal from Registration</U>. The Company
shall have the right to terminate or withdraw any registration initiated by it under this <U>Section&nbsp;2(c)</U>, whether or
not any Piggyback Eligible Holder has elected to include Registrable Securities in such Registration Statement, without prejudice,
however, to the right of the Holders to request that such registration be effected as a registration under <U>Section&nbsp;2(b)</U>&nbsp;to the extent permitted thereunder and subject to the terms set forth therein. The Registration Expenses of such terminated
or withdrawn registration shall be borne by the Company in accordance with <U>Section&nbsp;4</U> hereof. Any Holder that has elected
to include Registrable Securities in a Piggyback Offering may elect to withdraw such Holder&rsquo;s Registrable Securities at
any time prior to the Business Day prior to the execution of the underwriting agreement entered into in connection therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Selection of Bankers and Counsel</U>. If a
Piggyback Registration pursuant to this <U>Section&nbsp;2(c)</U> involves an underwritten Public Offering, the Company shall have
the right to (A) determine the plan of distribution, including the price at which the Registrable Securities are to be sold and
the underwriting commissions, discounts and fees and (B) select the investment banker or bankers and managers to administer the
Public Offering, including the lead managing underwriter or underwriters, each of which shall be a nationally recognized investment
bank. Holders of a Majority of Included Registrable Securities included in such underwritten Public Offering shall have the right
to select one (1) firm of legal counsel to represent all of the Holders (along with one (1) local counsel per jurisdiction, to
the extent reasonably necessary, for any applicable jurisdiction), in connection with such Piggyback Registration; <U>provided</U>,
that the Company shall select such counsel (including local counsel) if the Holders of a Majority of Included Registrable Securities
cannot so agree on the same within a reasonable time period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effect of Piggyback Registration</U>. No registration
effected under this <U>Section&nbsp;2(c)</U> shall relieve the Company of its obligations to effect any registration of the offer
and sale of Registrable Securities upon request under <U>Section&nbsp;2(a)</U> or <U>Section&nbsp;2(b)</U> hereof, and no registration
effected pursuant to this <U>Section&nbsp;2(c)</U> shall be deemed to have been effected pursuant to <U>Section&nbsp;2(a)</U>
or <U>Section&nbsp;2(b)</U> hereof.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice Requirements</U>. Any Demand Request,
Piggyback Request or Shelf Takedown Request shall (i) specify the maximum number or class or series of Registrable Securities
intended to be offered and sold by the Holder making the request, (ii)&nbsp;express such Holder&rsquo;s bona fide intent to offer
up to such maximum number of Registrable Securities for distribution, (iii) describe the nature or method of the proposed offer
and sale of Registrable Securities (to the extent applicable), and (iv) contain the undertaking of such Holder to provide all
such information and materials and take all action as may reasonably be required in order to permit the Company to comply with
all applicable requirements in connection with the registration of such Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Suspension Period</U>. Notwithstanding any
other provision of this <U>Section&nbsp;2</U>, the Company shall have the right but not the obligation to defer the filing of
(but not the preparation of), or suspend the use by the Holders of, any Demand Registration or Shelf Registration (whether prior
to or after receipt by the Company of a Shelf Takedown Request or Demand Request) (i) if the Company&rsquo;s Board of Directors
determines in good faith (with the advice of competent counsel expert in such matters) that any such registration or offering
would require the disclosure, under applicable securities laws and/or other laws, of material nonpublic information that would
not otherwise be required to be disclosed at that time and the Company believes in good faith that such disclosures at that time
would materially affect the Company in an adverse manner; <U>provided</U> that the exception in clause (i) shall continue to apply
only during the time in which such material nonpublic information has not been disclosed and remains material; and (ii) if the
Company&rsquo;s Board of Directors determines in good faith, after consultation with its external advisors or legal counsel, that
the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or
plan by the Company or any of its subsidiaries to engage in any material acquisition of assets or stock (other than in the ordinary
course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization or other transaction
involving the Company or any of its subsidiaries; <U>provided</U> that, the period of any delay or suspension under exceptions
(i) and (ii) shall not exceed a period of sixty (60) days and any such delays or extensions shall not in aggregate exceed ninety
(90) days in any twelve (12) month period (any such period, a &ldquo;<U>Suspension Period</U>&rdquo;, and any event triggering
any such delay or suspension, a &ldquo;<U>Suspension Event</U>&rdquo;); <U>provided</U>, <U>however</U>, that in such event, the
Qualified Holders will be entitled to withdraw any request for a Demand Registration or an Underwritten Shelf Takedown and, if
such request is withdrawn, such Demand Registration or Underwritten Shelf Takedown will not count as a Demand Registration or
an Underwritten Shelf Takedown and the Company will pay all Registration Expenses in connection with such registration, regardless
of whether such registration is effected. The Company shall promptly give written notice to the Holders of Registrable Securities
registered under or pursuant to any Shelf Registration Statement or any Demand Registration with respect to its declaration of
a Suspension Period and of the expiration of the relevant Suspension Period (a &ldquo;<U>Suspension Notice</U>&rdquo;). If the
filing of any Demand Registration is suspended or an Underwritten Shelf Takedown is delayed pursuant to this <U>Section&nbsp;2(e)</U>,
once the Suspension Period ends, the Qualified Holders may request a new Demand Registration or a new Underwritten Shelf Takedown
(and such request shall not be counted as an additional Underwritten Shelf Takedown or Demand Registration for purposes of either
<U>Section 2(a)(iv)</U> or <U>Section 2(b)(i)</U>). The Company shall not include any material non-public information in the Suspension
Notice and or otherwise provide such information to a Holder unless specifically requested by a Holder in writing. A Holder shall
not effect any sales of the Registrable Securities pursuant to a Registration Statement at any time after it has received a Suspension
Notice and prior to receipt of an End of Suspension Notice. Holders may recommence effecting sales of the Registrable Securities
pursuant to a Registration Statement following further written notice from the Company to such effect (an &ldquo;<U>End of Suspension
Notice</U>&rdquo;), which End of Suspension Notice shall be given by the Company to the Holders with Registrable Securities included
on any suspended Registration Statement and counsel to the Holders, if any, promptly (but in no event later than two (2) Business
Days) following the conclusion of any Suspension Event. Notwithstanding any provision herein to the contrary, if the Company gives
a Suspension Notice with respect to any Registration Statement pursuant to this <U>Section 2(e)</U>, the Company agrees that it
shall (i) extend the period which such Registration Statement shall be maintained effective pursuant to this Agreement by the
number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of
receipt by the Holders of the End of Suspension Notice; and (ii) provide copies of any supplemented or amended prospectus necessary
to resume sales, if requested by any Holder; <U>provided</U> that such period of time shall not be extended beyond the date that
there are no longer Registrable Securities covered by such Registration Statement.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Required Information</U>. The Company may
require each Holder of Registrable Securities as to which any Registration Statement is being filed or sale is being effected
to furnish to the Company such information regarding the distribution of such securities and such other information relating to
such Holder and its ownership of Registrable Securities as the Company may from time to time reasonably request in writing (<U>provided</U>&nbsp;that such information shall be used only in connection with such registration), and the Company may exclude from such registration
or sale the Registrable Securities of any such Holder who fails to furnish such information within a reasonable time after receiving
such request or who does not consent to the inclusion in a Registration Statement or Prospectus related to such registration or
sale of such information related to such Holder that is required by the rules and regulations of the Commission. Each Holder agrees
to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to
comply with the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Other Registration Rights Agreements</U>.
The Company represents and warrants to each Holder that, as of the date of this Agreement, it has not entered into any agreement
with respect to any of its securities granting any registration rights to any Person with respect to the Registrable Securities,
other than as contemplated by the Plan. The Company will not enter into on or after the date of this Agreement, unless this Agreement
is modified or waived as provided in <U>Section 7(c)</U>, any agreement that is inconsistent with the rights granted to the Holders
with respect to Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof in any material respect.
Other than as set forth in this Agreement, if the Company enters into any agreement that would allow any holder of Company Common
Shares or other Capital Stock of the Company to include such Capital Stock in any Registration Statement of the Company on a basis
more favorable than the rights of the Holders under this Agreement (as determined in good faith by the Company), this Agreement
shall be automatically amended to provide for such more favorable terms and, to the extent the Company enters into any agreement
that would allow any holder of Company Common Shares or other Capital Stock of the Company to include such Capital Stock in any
Registration Statement or Underwritten Shelf Takedown under <U>Section 2(a)</U> or <U>2(b)</U> of this Agreement, such other agreement
shall similarly provide for the Holders to have reciprocal rights with respect to any demand registrations or underwritten offerings
thereunder.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Cessation of Registration Rights</U>. All
registration rights granted under this <U>Section&nbsp;2</U> shall continue to be applicable with respect to any Holder until
such time as such Holder no longer holds any Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Confidentiality</U>. Each Holder agrees that
such Holder shall treat as confidential the receipt of a Demand Notice, Shelf Takedown Notice or Piggyback Notice and shall not
disclose or use the information contained in any such notice without the prior written consent of the Company until such time
as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by
the Holder in breach of the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&nbsp;&nbsp;<U>Registration
Procedures</U></B>. The procedures to be followed by the Company and each participating Holder to register the sale of Registrable
Securities pursuant to a Registration Statement in accordance with this Agreement, and the respective rights and obligations of
the Company and such Holders with respect to the preparation, filing and effectiveness of such Registration Statement, are as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will (i) prepare and file a Registration
Statement or a prospectus supplement, as applicable, with the Commission (within the time period specified in <U>Section&nbsp;2(a)</U>&nbsp;or <U>Section&nbsp;2(b)</U>, as applicable, in the case of a Shelf Registration, an Underwritten Shelf Takedown or a Demand
Registration) which Registration Statement (A) shall be on a form selected by the Company for which the Company qualifies, (B)
shall be available for the sale of the Registrable Securities in accordance with the intended method or methods of distribution,
and (C) shall comply as to form in all material respects with the requirements of the applicable form and include and/or incorporate
by reference all financial statements required by the Commission to be filed therewith, and (ii) use its commercially reasonable
efforts to cause such Registration Statement to become effective and remain effective for the periods provided under <U>Section&nbsp;2(a)</U>&nbsp;or <U>Section&nbsp;2(b)</U>, as applicable, in the case of a Shelf Registration Statement or a Demand Registration Statement.
The Company will furnish to any Qualified Holder named as a selling shareholder (or selling shareholders) therein, any counsel
designated by such Qualified Holder, counsel for the Holders of a Majority of Included Registrable Securities (selected as provided
herein) and the managing underwriter or underwriters of an underwritten Public Offering of Registrable Securities, if applicable,
copies of all correspondence from the Commission received in connection with such Public Offering, subject in the case of any
Qualified Holder to such Holder entering into a confidentiality agreement with respect thereto if requested by the Company. The
Company will (I) at least two (2) Business Days (or such shorter period as shall be reasonably practicable under the circumstances)
prior to the anticipated filing of the Shelf Registration Statement, a Demand Registration Statement or any related Prospectus
or any amendment or supplement thereto, or before using any Issuer Free Writing Prospectus, furnish to any Qualified Holder named
as a selling shareholder (or selling shareholders) therein, any counsel designated by such Qualified Holder and counsel for the
Holders of a Majority of Included Registrable Securities (selected as provided herein) and the managing underwriter or underwriters
of an underwritten Public Offering of Registrable Securities, if applicable, copies of all such documents proposed to be filed
(subject in the case of any Qualified Holder to such Holder entering into a confidentiality agreement with respect thereto if
requested by the Company), (II) use its commercially reasonable efforts to address in each such document prior to being so filed
with the Commission such comments as any of the foregoing Persons reasonably shall propose and (III) without limiting the Company&rsquo;s
rights under <U>Section 2(f)</U>, not include in any Registration Statement or any related Prospectus or any amendment or supplement
thereto information regarding a participating Holder to which a participating Holder reasonably objects; <U>provided</U>, <U>however</U>,
the Company shall not be required to provide copies of any amendment or supplement filed solely to incorporate in any Form S-1
(or other form not providing for incorporation by reference) any filing by the Company under the Exchange Act or any amendment
or supplement filed for the purpose of adding additional selling shareholders thereunder.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will as promptly as reasonably practicable
(i) prepare and file with the Commission such amendments, including post-effective amendments, and supplements to each Registration
Statement and the Prospectus used in connection therewith as (A) may be reasonably requested by any Holder of Registrable Securities
covered by such Registration Statement necessary to permit such Holder to sell in accordance with its intended method of distribution,
to the extent such intended method of distribution is consistent with <U>Exhibit B</U> hereto, or (B) may be necessary under applicable
law to keep such Registration Statement continuously effective with respect to the disposition of all Registrable Securities covered
thereby for the periods provided under <U>Section&nbsp;2(a)</U> or <U>Section&nbsp;2(b)</U>, as applicable, in accordance with
the intended method of distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will make all required filing fee
payments in respect of any Registration Statement or Prospectus used under this Agreement (and any Public Offering covered thereby)
within the deadlines specified by the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will notify each Holder of Registrable
Securities named as a selling shareholder in any Registration Statement and the managing underwriter or underwriters of an underwritten
Public Offering of Registrable Securities, if applicable, (i) as promptly as reasonably practicable when any Registration Statement
or post-effective amendment thereto has been declared effective; (ii) of the issuance or threatened issuance by the Commission
or any other governmental or regulatory authority of any stop order, injunction or other order or requirement suspending the effectiveness
of a Registration Statement covering any or all of the Registrable Securities or the initiation or threatening of any Proceedings
for that purpose; (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening
of any Proceeding for such purpose; or (iv) of the discovery that, or upon the happening of any event the result of which, such
Registration Statement or Prospectus or Issuer Free Writing Prospectus relating thereto or any document incorporated or deemed
to be incorporated therein by reference contains an untrue statement in any material respect or omits any material fact necessary
to make the statements in the Registration Statement or the Prospectus or Issuer Free Writing Prospectus relating thereto not
misleading, or when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in
the Registration Statement or Prospectus, or if, for any other reason, it shall be necessary during such time period to amend
or supplement such Registration Statement or Prospectus in order to comply with the Securities Act, correct such misstatement
or omission or effect such compliance.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the occurrence of any event contemplated
by <U>Section&nbsp;3(d)(iv)</U>, as promptly as reasonably practicable, the Company will (x) prepare a supplement or amendment,
including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference or to the applicable Issuer
Free Writing Prospectus, (y) furnish, if requested, a reasonable number of copies of such supplement or amendment to the selling
Holders, their counsel and the managing underwriter or underwriters of an underwritten Public Offering of Registrable Securities,
if applicable, and (z) file such supplement, amendment and any other required document with the Commission so that, as thereafter
delivered to the purchasers of any Registrable Securities, such Registration Statement, such Prospectus or such Issuer Free Writing
Prospectus shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of a Prospectus or an Issuer Free Writing Prospectus, in light of the
circumstances under which they were made) not misleading, and such Issuer Free Writing Prospectus shall not include information
that conflicts with information contained in the Registration Statement or Prospectus, in each case such that each selling Holder
can resume disposition of such Registrable Securities covered by such Registration Statement or Prospectus. Following receipt
of notice of any event contemplated by clauses 3(d)(ii)-(iv), a Holder shall suspend sales of the Registrable Securities pursuant
to such Registration Statement and shall not resume sales until such time as it has received written notice from the Company to
such effect. The Company shall provide any supplemented or amended prospectus necessary to resume sales, if requested by any Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will use its commercially reasonable
efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any stop order or other order suspending the effectiveness
of a Registration Statement or the use of any Prospectus, or (ii) any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction, as promptly as practicable, or if any such order or suspension
is made effective during any Suspension Period, as promptly as practicable after the Suspension Period is over.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Effectiveness Period or the Shelf
Period, as applicable, the Company will furnish to each selling Holder, its counsel and the managing underwriter or underwriters
of an underwritten Public Offering of Registrable Securities, if applicable, upon their request, without charge, at least one
conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such selling
Holder or underwriter (including those incorporated by reference) promptly after the filing of such documents with the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will promptly deliver to each selling
Holder and the managing underwriter or underwriters of an underwritten Public Offering of Registrable Securities, if applicable,
without charge, as many copies of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus
included in such Registration Statement (including each preliminary Prospectus, final Prospectus, and any other Prospectus (including
any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any Issuer Free Writing Prospectus)),
all exhibits and other documents filed therewith and such other documents as such selling Holder or underwriter may reasonably
request in order to facilitate the disposition of the Registrable Securities by such selling Holder or underwriter, and upon request,
subject to any confidentiality undertaking as the Company shall reasonably request, a copy of any and all transmittal letters
or other correspondence to or received from the Commission or any other governmental authority relating to such offer. Subject
to Section 2(e) hereof, the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of
the selling Holders and any applicable underwriter in connection with the offering and sale of the Registrable Securities covered
by such Prospectus and any amendment or supplement thereto.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will (i) register or qualify the
Registrable Securities covered by a Registration Statement, no later than the time such Registration Statement is declared effective
by the Commission, under all applicable securities laws (including the &ldquo;blue sky&rdquo; laws) of such jurisdictions each
underwriter, if any, or any selling Holder shall reasonably request; (ii) keep each such registration or qualification effective
during the period such Registration Statement is required to be kept effective under the terms of this Agreement; and (iii) do
any and all other acts and things which may be reasonably necessary or advisable to enable such underwriter, if any, and each
selling Holder to consummate the disposition in each such jurisdiction of the Registrable Securities covered by such Registration
Statement; <U>provided</U>, <U>however</U><I>,</I> that the Company will not be required to (x) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (y) subject itself to taxation
in any such jurisdiction, or (z) consent to general service of process (other than service of process in connection with such
registration or qualification or any sale of Registrable Securities in connection therewith) in any such jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will cooperate with the Holders and
the underwriter or managing underwriter of an underwritten Public Offering of Registrable Securities, if any, to facilitate the
timely preparation and delivery of certificates or book-entry statements representing Registrable Securities to be delivered to
a transferee pursuant to a Registration Statement, which certificates or book-entry statements shall be free of all restrictive
legends, indicating that the Registrable Securities are unregistered or unqualified for resale under the Securities Act, Exchange
Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered
in such names as any such Holders or the underwriter or managing underwriter of an underwritten Public Offering, as applicable,
may reasonably request and instruct any transfer agent and registrar of Registrable Securities, if any, may request. In connection
therewith, if required by the Company&rsquo;s transfer agent, the Company will promptly, after the effective date of the Registration
Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained
with such transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which
authorize and direct the transfer agent to issue such Registrable Securities without any such legend upon the sale by any Holder
or the underwriter or managing underwriter of an underwritten Public Offering of Registrable Securities, if any, of such Registrable
Securities under the Registration Statement and to release any stop transfer orders in respect thereof. At the request of any
Holder or the managing underwriter, if any, the Company will promptly deliver or cause to be delivered an opinion or instructions
to the transfer agent in order to allow the Registrable Securities to be sold from time to time free of all restrictive legends.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The right of any Holder to include such Holder&rsquo;s
Registrable Securities in an underwritten offering shall be conditioned upon (x) such Holder&rsquo;s participation in such underwriting
and the inclusion of such Holder&rsquo;s Registrable Securities in the underwriting to the extent provided herein, (y) such Holder
entering into customary agreements, including an underwriting agreement in customary form, and sell such Holder&rsquo;s Registrable
Securities on the basis provided in any underwriting arrangements approved by the Holders entitled to select the managing underwriter
or managing underwriters hereunder (<U>provided</U> that (I) any such Holder shall not be required to make any representations
or warranties to the Company or the underwriters (other than (A) representations and warranties regarding (1) such Holder&rsquo;s
ownership of its Registrable Securities to be sold or transferred, (2) such Holder&rsquo;s power and authority to effect such
transfer, (3) such matters pertaining to compliance with securities laws as may be reasonably requested by the Company or the
underwriters, (4) the accuracy of information concerning such Holder as provided by or on behalf of such Holder, and (5) any other
representations or warranties required to be made by the Holder under applicable law, and (B) such other representations, warranties
and other provisions relating to such Holder&rsquo;s participation in such Public Offering as may be reasonably requested by the
underwriters) or to undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided
in <U>Section 6(b)</U> hereof, or to the underwriters with respect thereto, except to the extent of the indemnification being
given to the underwriters and their controlling Persons in <U>Section 6(b)</U> hereof and (II) the aggregate amount of the liability
of such Holder in connection with such offering shall not exceed such Holder&rsquo;s net proceeds from the disposition of such
Holder&rsquo;s Registrable Securities in such offering) and (z) such Holder completing and executing all questionnaires, powers
of attorney, custody agreements and other documents reasonably required under the terms of such underwriting arrangements or by
the Company in connection with such underwritten Public Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company agrees with each Holder that, in
connection with any underwritten Public Offering (including an Underwritten Shelf Takedown), the Company shall: (i) enter into
and perform under such customary agreements (including underwriting agreements in customary form, including customary representations
and warranties and provisions with respect to indemnification and contribution) and take all such other actions as the Holders
of a Majority of Included Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite
or facilitate the disposition of such Registrable Securities and provide reasonable cooperation, including causing appropriate
officers to attend and participate in &ldquo;road shows&rdquo; and analyst or investor presentations and such other selling or
other informational meetings organized by the underwriters, if any (taking into account the needs of the Company&rsquo;s businesses
and the responsibilities of such officers with respect thereto). The Company and its management shall not be required to participate
in any marketing effort that lasts longer than five (5) Business Days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will use commercially reasonable
efforts to obtain for delivery to the underwriter or underwriters of an underwritten Public Offering of Registrable Securities
(i) a signed counterpart of one or more comfort letters from independent public accountants of the Company in customary form and
covering such matters of the type customarily covered by comfort letters and (ii) an opinion or opinions from counsel for the
Company (including any local counsel reasonably requested by the underwriters) dated the date of the closing under the underwriting
agreement, in customary form, scope and substance, covering the matters customarily covered in opinions requested in sales of
securities in an underwritten Public Offering, which opinions shall be reasonably satisfactory to such underwriters and their
counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will (i) provide and cause to be
maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement from
and after a date not later than the effective date of such Registration Statement and provide and enter into any reasonable agreements
with a custodian for the Registrable Securities and (ii) no later than the effective date of the applicable Registration Statement,
provide a CUSIP number for all Registrable Securities.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will cooperate with each Holder of
Registrable Securities and each underwriter or agent, if any, participating in the disposition of Registrable Securities and their
respective counsel in connection with any filings required to be made with FINRA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will, upon reasonable notice and
at reasonable times during normal business hours, make available for inspection by a representative appointed by the Holders of
a Majority of Included Registrable Securities, counsel selected by such Holders in accordance with this Agreement, any underwriter
participating in any disposition pursuant to such registration, as applicable, and any other attorney or accountant retained by
such underwriter, all financial and other records and pertinent corporate documents of the Company, and cause the Company&rsquo;s
officers, directors, employees and independent accountants to supply all information reasonably requested by any such Holder,
underwriter, attorney or accountant in connection with such Registration Statement or Underwritten Shelf Takedown, as applicable,
and make themselves available at mutually convenient times to discuss the business of the Company and other matters reasonably
requested by any such Holders, sellers, underwriter or agent thereof in connection with such Registration Statement as shall be
necessary to enable them to exercise their due diligence responsibility, as applicable (any information provided under this <U>Section
3(p)</U>, &ldquo;<U>Due Diligence Information</U>&rdquo;), subject in each case to the foregoing persons entering into customary
confidentiality and non-use agreements with respect to any confidential information of the Company. The Company shall not provide
any Due Diligence Information to a Holder unless such Holder requests such Due Diligence Information in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will comply with all applicable rules
and regulations of the Commission, the Trading Market (if applicable), FINRA and any state securities authority, and make available
to each Holder, as soon as reasonably practicable after the effective date of the Registration Statement, an earnings statement
covering at least twelve (12)&nbsp;months but not more than eighteen (18) months beginning with the first (1<SUP>st</SUP>) full
calendar month after the effective date of such Registration Statement, which earnings statement shall satisfy the provisions
of Section&nbsp;11(a) of the Securities Act and Rule 158 promulgated thereunder (or any similar rule or regulation hereafter adopted
by the Commission having substantially the same effect as such rule).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will ensure that any Issuer Free
Writing Prospectus utilized in connection with any Prospectus complies in all material respects with the Securities Act, is filed
in accordance with the Securities Act to the extent required thereby, and is retained in accordance with the Securities Act to
the extent required thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Holder represents that it has not prepared
or had prepared on its behalf or used or referred to, and agrees that it will not prepare or have prepared on its behalf or used
or refer to, any Free Writing Prospectus without the prior written consent of the Company and, in connection with any underwritten
Public Offering, the underwriters.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the listing of the Company Common Shares
in accordance with the requirements of the Plan or otherwise, the Company will use commercially reasonable efforts to cause the
Registrable Securities of the same class, to the extent any further action is required, to be similarly listed and to maintain
such listing until such time as the securities cease to constitute Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall, if such registration for an
underwritten Public Offering is pursuant to a Registration Statement on Form S-3 or any similar short-form registration, include
in such Registration Statement such additional information for marketing purposes as the managing underwriter(s) reasonably request(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall hold in confidence and not
use or make any disclosure of information concerning a Holder provided to the Company, unless (i) disclosure of such information
is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or
correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to
a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information
has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement
known to the Company. The Company agrees that it shall, upon learning that disclosure of such information concerning a Holder
is sought in or by a court or governmental body of competent jurisdiction or through other means or otherwise determining that
any such disclosure is required under the foregoing clauses (i) through (iii), give prompt written notice to such Holder and allow
such Holder, at the Holder&rsquo;s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, such information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company agrees that nothing in this Agreement
shall prohibit the Holders, at any time and from time to time, from selling or otherwise transferring Registrable Securities pursuant
to a private placement or other transaction which is not registered pursuant to the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;In the case of an underwritten Demand Registration
or Underwritten Shelf Takedown requested by the Holders pursuant to this Agreement, the price, underwriting discount and other
financial terms of the related underwriting agreement for the Registrable Securities shall be determined by the Holders of a Majority
of Included Registrable Securities to be included in such underwritten Public Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding anything to the contrary in this
Agreement, any Holder may make a written election (an &ldquo;<U>Opt-Out Election</U>&rdquo;) to no longer receive from the Company
any Demand Notice, Shelf Takedown Notice, Piggyback Notice or Suspension Notice (other than a Suspension Notice with respect to
a Registration Statement as to which such Holder&rsquo;s Registrable Securities are, or have been requested to be, included in)
(each, a &ldquo;<U>Covered Notice</U>&rdquo;), and, following receipt of such Opt-Out Election, the Company shall not be required
to, and shall not, deliver any such Covered Notice to such Holder from the date of receipt of such Opt-Out Election and such Holder
shall have no right to participate in any Registration Statement or Public Offering as to which such Covered Notices pertain.
An Opt-Out Election shall remain in effect until it has been revoked in writing to the Company by the relevant Holder and such
written revocation has been received by the Company. A Holder who previously has given the Company an Opt-Out Election may revoke
such election at any time in writing to the Company, and there shall be no limit on the ability of a Holder to issue and revoke
subsequent Opt-Out Elections.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Rule 144.</U>&nbsp;For so long as the Company
is subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act, the Company covenants that it will file, in a timely
manner, all reports required to be filed by it under the Securities Act and the Exchange Act (or, if the Company is subject to
the requirements of Section 13, 14 or 15(d) of the Exchange Act but is not required to file such reports, it will, upon the request
of any Holder, make publicly available such information), and, whether or not the Company is then subject to the requirements
of Section 13, 14 or 15(d) of the Exchange Act, the Company covenants that it will make and keep public information available,
as those terms are understood and defined in Rule 144, and take such further action as any Holder may reasonably request so as
to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by (a) Rule 144, as such Rule may be amended from time to time, or (b) any similar rule or regulation hereafter
adopted by the Commission.&nbsp; Upon the request of a Holder, the Company will deliver to such Holder a written statement that
it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not required by the rules and regulations of the Commission and notwithstanding anything to the contrary herein, so long as
any Registrable Securities are outstanding the Company covenants that it will file with the Commission, in a timely manner, to
the extent such filings are accepted by the Commission, all quarterly and annual reports and other information, documents and
reports that would be required to be filed with the Commission pursuant to Section 13 of the Exchange Act if the Company were
required to file under such sections. In addition, the Company will make such information available to prospective purchasers
of the Registrable Securities, securities analysts and broker-dealers who request it in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that, in violation of the terms of the Plan, Company Common Shares are not listed on a National Securities Exchange
on or about the date hereof, and without limiting any remedies that may be available to pursue such violation in the Bankruptcy
Court or otherwise, the Company shall use commercially reasonable efforts (i) following the Effective Date, as soon as reasonably
practicable after the Company satisfies the applicable listing requirements, to cause the Company Common Shares to be listed on
a National Securities Exchange in accordance with the listing requirements of the applicable National Securities Exchange, and
(ii) following the effectiveness of the Registration Statement, to cause the Company to be a reporting company under the Exchange
Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&nbsp;</B>&nbsp;<B><U>Registration
Expenses</U></B>. The Company shall bear all reasonable Registration Expenses incidental to the Parties&rsquo; performance of
or compliance with their respective obligations under this Agreement or otherwise in connection with any Demand Registration,
Shelf Registration, Shelf Takedown Request or Piggyback Registration (excluding any Selling Expenses), whether or not any Registrable
Securities are sold pursuant to a Registration Statement. In addition, notwithstanding anything to the contrary herein, the Company
shall pay the reasonable fees and disbursements of Kramer Levin Naftalis &amp; Frankel LLP and Shearman &amp; Sterling LLP (along
with one local (1) local counsel, to the extent reasonably necessary for any applicable jurisdiction) incurred on behalf of Holders
of Registrable Securities party to the Restructuring Support Agreement (as defined in the Backstop Commitment Agreement) in connection
with the matters contemplated by this Agreement.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Expenses</U>&rdquo; shall include, without limitation, (i) all registration, qualification and filing fees and expenses (including
fees and expenses (A) of the Commission or FINRA, (B)&nbsp;incurred in connection with the listing of the Registrable Securities
on the Trading Market, as applicable, and (C) in compliance with applicable state securities or &ldquo;blue sky&rdquo; laws (including
reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable
Securities as may be set forth in any underwriting agreement)); (ii) expenses in connection with the preparation, printing, mailing
and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements
thereto (including expenses of printing certificates for the Company&rsquo;s shares and printing prospectuses); (iii) analyst
or investor presentation or road show expenses of the Company and the underwriters, if any; (iv)&nbsp;messenger, telephone and
delivery expenses; (v) reasonable fees and disbursements of counsel (including any local counsel), auditors and accountants for
the Company (including the expenses incurred in connection with &ldquo;comfort letters&rdquo; required by or incident to such
performance and compliance); (vi) the reasonable fees and disbursements of underwriters to the extent customarily paid by issuers
or sellers of securities (including, if applicable, the fees and expenses of any &ldquo;qualified independent underwriter&rdquo;
(and its counsel) that is required to be retained in accordance with the rules and regulations of FINRA and the other reasonable
fees and disbursements of underwriters (including reasonable fees and disbursements of counsel for the underwriters) in connection
with any FINRA qualification; (vii) fees and expenses of any special experts retained by the Company; (viii) Securities Act liability
insurance, if the Company so desires such insurance; (ix) reasonable fees and disbursements of one third-party counsel (along
with one (1) local counsel per jurisdiction, to the extent reasonably necessary, for any applicable jurisdiction) representing
all Holders mutually agreed by Holders of a Majority of Included Registrable Securities participating in the related registration;
(x) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to any
presentations to rating agencies; (xi) internal expenses of the Company (including all salaries and expenses of its officers and
employees performing legal or accounting duties); (xii) transfer agents&rsquo; and registrars&rsquo; fees and expenses and the
fees and expenses of any other agent or trustee appointed in connection with such offering. In addition, the Company shall be
responsible for all of its expenses incurred in connection with the consummation of the transactions contemplated by this Agreement
(including expenses payable to third parties and including all salaries and expenses of the Company&rsquo;s officers and employees
performing legal or accounting duties), the expense of any annual audit and any underwriting fees, discounts, selling commissions
and stock transfer taxes and related legal and other fees applicable to securities sold by the Company and in respect of which
proceeds are received by the Company. Each Holder shall pay any Selling Expenses applicable to the sale or disposition of such
Holder&rsquo;s Registrable Securities pursuant to any Demand Registration Statement or Piggyback Offering, or pursuant to any
Shelf Registration Statement under which such selling Holder&rsquo;s Registrable Securities were sold, and in any other fees and
expenses not constituting Registration Expenses in proportion to the amount of such selling Holder&rsquo;s shares of Registrable
Securities sold in any offering under such Demand Registration Statement, Piggyback Offering or Shelf Registration Statement.</FONT></P>



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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Lock-Up
                                         Agreements</U></B>.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Holder Lock-Up</U>. In connection with any
underwritten Public Offering of Company Common Shares expected to result in gross proceeds of at least $75,000,000, if requested
by (i) the managing underwriters of such Public Offering and (ii) the Company, in the case of a Company-initiated Public Offering,
or the Holders of a Majority of Included Registrable Securities, in the case of any Underwritten Shelf Takedown or Underwritten
Demand pursuant to <U>Section 2(a) or 2(b)</U>, each Holder of Registrable Securities participating in such Public Offering and,
if requested by the managing underwriters of such Public Offering, each other Holder of Registrable Securities shall enter into
a customary lock-up agreement with the managing underwriters of such Public Offering to not make any sale or other disposition
of any of the Company&rsquo;s Capital Stock owned by such Holder (a &ldquo;<U>Lock-Up Agreement</U>&rdquo;); <U>provided</U> that
all executive officers and directors of the Company and the Holders requesting such Lock-Up Agreements are bound by and have entered
into substantially similar Lock-Up Agreements; <U>provided</U>, <U>further</U>, that nothing herein shall prevent any Holder from
making a distribution of Registrable Securities to any of its partners, members or stockholders thereof or a transfer of Registrable
Securities to an Affiliate that is otherwise in compliance with the applicable securities laws, so long as such distributees or
transferees, as applicable, agree to be bound by the restrictions set forth in this Section 5(a); <U>provided</U>, <U>further</U>,
that the foregoing provisions shall only be applicable to the Holders if all shareholders, officers and directors are treated
similarly with respect to any release prior to the termination of the lock-up period such that if any such persons are released,
then all Holders shall also be released to the same extent on a <I>pro rata</I> basis. The Company may impose stop-transfer instructions
with respect to the shares of Capital Stock (or other securities) subject to the restrictions set forth in this <U>Section 5(a)</U>&nbsp;until the end of the applicable period of the Lock-Up Agreement. The provisions of this <U>Section 5(a)</U> shall cease to
apply to such Holder once such Holder no longer beneficially owns any Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Lock-Up Agreements</U>. The Lock-Up Agreement
shall provide that, unless the underwriters managing such underwritten Public Offering otherwise agree in writing, such Holder
shall not (A) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or
indirectly, any Capital Stock of the Company (including Capital Stock of the Company that may be deemed to be owned beneficially
by such Holder in accordance with the rules and regulations of the Commission) (collectively, &ldquo;<U>Equity Securities</U>&rdquo;),
(B) enter into a transaction which would have the same effect as described in clause (A) above, (C) enter into any swap, hedge
or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Equity Securities,
whether such transaction is to be settled by delivery of such Equity Securities, in cash or otherwise, in each case commencing
on the date requested by the managing underwriters (which shall be no earlier than seven (7) days prior to the anticipated &ldquo;pricing&rdquo;
date for such Public Offering) and continuing to the date that is ninety (90) days following the date of the final prospectus
for such Public Offering (a &ldquo;<U>Holdback Period</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Company Lock-Up</U>. In connection with any
underwritten Public Offering, and upon the reasonable request of the managing underwriters, the Company shall: (i) agree to customary
lock-up provisions applicable to the Company in an underwriting agreement as reasonably requested by the managing underwriters
during any Holdback Period; and (ii) cause each of its executive officers and directors to enter into Lock-Up Agreements, in each
case, in customary form and substance, and with exceptions that are customary, for an underwritten Public Offering of such type
and size.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Indemnification</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company shall indemnify, defend and hold
harmless each Holder, its partners, shareholders, equityholders, general partners, limited partners, managers, members, and Affiliates
and each of their respective officers and directors and any Person who controls any such Holder (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) and any agent, employee, attorney or Representative thereof (collectively,
 &ldquo;<U>Holder Indemnified Persons</U>&rdquo;), and any underwriter that facilitates the sale of the Registrable Securities
and any Person who controls such underwriter (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) (collectively, &ldquo;<U>Underwriter Indemnified Persons</U>&rdquo;), to the fullest extent permitted by applicable law,
from and against any and all losses, claims, damages, liabilities, joint or several, costs (including reasonable costs of preparation
and investigation and reasonable attorneys&rsquo;, accountants&rsquo; and experts&rsquo; fees, whether or not the Indemnified
Person is a party to any Proceeding) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising
from any and all Proceedings, whether civil, criminal, administrative or investigative, in which any Indemnified Person may be
involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, &ldquo;<U>Losses</U>&rdquo;),
as incurred, arising out of, based upon, resulting from or relating to (i)&nbsp;any untrue or alleged untrue statement of a material
fact contained in any Registration Statement under which any Registrable Securities were registered, Prospectus, preliminary prospectus,
road show, as defined in Rule 433(h)(4) under the Securities Act (a &ldquo;<U>road show</U>&rdquo;), or in any summary or final
prospectus or Issuer Free Writing Prospectus or in any amendment or supplement thereto or in any documents incorporated by reference
in any of the foregoing or (ii) any omission or alleged omission to state therein a material fact required to be stated therein
or necessary, in the case of any Prospectus, preliminary prospectus, road show or Issuer Free Writing Prospectus, in light of
the circumstances under which they were made, to make the statements therein not misleading, or (iii) any violation or alleged
violation by the Company or any of its Subsidiaries of any federal, state or common law rule or regulation relating to action
or inaction in connection with any Company-provided information in such registration, disclosure document or related document
or report, and the Company will reimburse such Indemnified Person for any legal or other expenses reasonably incurred by it in
connection with investigating or defending any such Proceeding; <U>provided</U><I>, </I><U>however</U>, that the Company shall
not be liable to any Indemnified Person to the extent that any such Losses arise out of, are based upon or results from an untrue
or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or
final prospectus or Issuer Free Writing Prospectus or such amendment or supplement, in reliance upon and in conformity with written
information furnished to the Company by or on behalf of such Indemnified Person specifically for use in the preparation thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with any Registration Statement
filed by the Company pursuant to <U>Section&nbsp;2</U> hereof in which a Holder has registered for sale its Registrable Securities,
each such selling Holder agrees (severally and not jointly) to indemnify, defend and hold harmless, to the fullest extent permitted
by law, the Company, its directors and officers, Affiliates, employees, members, managers, agents and each Person who controls
the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (such persons together
with Holder Indemnified Persons and Underwriter Indemnified Persons, collectively, &ldquo;<U>Indemnified Persons</U>&rdquo;),
from and against any Losses resulting from (i) any untrue statement of a material fact contained in any Registration Statement
under which such Registrable Securities were registered, Prospectus, preliminary prospectus, road show, Issuer Free Writing Prospectus,
or any amendment thereof or supplement thereto or any documents incorporated by reference therein, or (ii) any omission to state
therein a material fact required to be stated therein or necessary, in the case of any Prospectus, preliminary prospectus, road
show, Issuer Free Writing Prospectus, in light of the circumstances under which they were made, to make the statements therein
not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in any
information furnished in writing by or on behalf of such selling Holder to the Company specifically for inclusion therein and
has not been corrected in a subsequent writing prior to the sale of the Registrable Securities. In no event shall the liability
of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds (after deducting underwriters&rsquo;
discounts, fees and commissions) received by such Holder under the sale of Registrable Securities giving rise to such indemnification
obligation less any amounts paid (including such Holder&rsquo;s share of any other Selling Expenses) by such Holder in connection
with such sale and any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any,
related to such sale.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Indemnified Person shall give prompt written
notice to the indemnifying party of any claim with respect to which it seeks indemnification under this <U>Section 6</U> (<U>provided</U>&nbsp;that any delay or failure to so notify the Person obligated to indemnify the Indemnified Person with respect to such claim
(the &ldquo;<U>indemnifying party</U>&rdquo;) shall not relieve the indemnifying party of its obligations hereunder except to
the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure). The indemnifying party
shall be entitled to assume the defense of such claim with counsel reasonably satisfactory to the Indemnified Person; <U>provided</U>,
<U>however</U>, that any Indemnified Person shall have the right to select and employ its own counsel (and one (1) local counsel
in each relevant jurisdiction), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate
counsel if (A) the Indemnified Person has reasonably concluded (based upon advice of its counsel) that there may be legal defenses
available to it or other Indemnified Persons that are different from or in addition to those available to the indemnifying party,
or (B) in the reasonable judgment of any such Indemnified Person (based upon advice of its counsel) a conflict of interest may
exist between such Indemnified Person and the indemnifying party with respect to such claims; (C) the indemnifying party shall
not have employed counsel satisfactory to the Indemnified Person to represent the Indemnified Person within a reasonable time
after notice of the institution of such action; (D) the indemnifying party shall authorize the Indemnified Person to employ separate
counsel at the expense of the indemnifying party; or (E) the indemnifying party shall have failed to assume the defense of such
claim within a reasonable time after receipt of notice of such claim from the Indemnified Person and employ counsel reasonably
satisfactory to such Indemnified Person. An indemnifying party shall not be liable under this <U>Section 6(c)</U> to any Indemnified
Person regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not
the Indemnified Person is an actual or potential party to such claim or action) unless such settlement, compromise or consent
is consented to by such indemnifying party, which consent shall not be unreasonably withheld. No action may be settled without
the consent of the Indemnified Person, <U>provided</U> that the consent of the Indemnified Person shall not be required if (A)
such settlement includes an unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified
Person from all liability on the claims that are the subject matter of such settlement, (B) such settlement provides for the payment
by the indemnifying party of money as the sole relief for such action, and (C) such settlement does not include any statement
as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. It is understood that
the indemnifying party or parties shall not, except as specifically set forth in this <U>Section&nbsp;6(c)</U>, in connection
with any Proceeding or related Proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other
charges of more than one separate firm admitted to practice in such jurisdiction at any one time.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the indemnity provided in <U>Section
6(a)</U> or <U>Section 6(b)</U> above is unavailable to or insufficient to hold harmless an Indemnified Person for any reason,
then each applicable indemnifying party agrees to contribute to the aggregate Losses (including reasonable costs of preparation
and investigation and reasonable attorneys&rsquo;, accountants&rsquo; and experts&rsquo; fees, whether or not the Indemnified
Person is a party to any Proceeding) to which such indemnifying party may be subject in such proportion as is appropriate to reflect
the relative benefits received by the indemnifying party on the one hand and by the Indemnified Person on the other from the Public
Offering of the Company Common Shares; <U>provided</U>, <U>however</U>, that the maximum amount of liability in respect of such
contribution shall be limited in the case of any Holder to the net proceeds (after deducting underwriters&rsquo; discounts, fees
and commissions and other Selling Expenses) received by such Holder in connection with such registration. If, however, the allocation
provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute
to such amount paid or payable by such Indemnified Person in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of the indemnifying party on the one hand and the Indemnified Person on the other in connection
with the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations. The relative
fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party on the
one hand or the Indemnified Person on the other and the parties&rsquo; relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties agree that it would not be just and
equitable if contribution pursuant to <U>Section 6(d)</U> were determined by <I>pro rata</I> allocation (even if the Holders of
Registrable Securities or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations referred to above in <U>Section 6(d)</U>. The
amount paid or payable by an Indemnified Person as a result of the Losses referred to above in <U>Section 6(d)</U> shall be deemed
to include any reasonable legal or other reasonable out-of-pocket expenses incurred by such Indemnified Person in connection with
investigating or defending any such action or claim.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the provisions of <U>Section
6(d)</U>, no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of <U>Section 6(d)</U>, each Person
who controls any Holder, agent or underwriter (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act), and each director, officer, employee and agent of any such Holder, agent or underwriter, shall have the same rights to contribution
as such Holder, agent or underwriter, and each Person who controls the Company (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and each officer and director of the Company shall have the same rights to contribution
as the Company subject in each case to the applicable terms and conditions of this <U>Section 6(g)</U>.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The provisions of this <U>Section 6</U> will
remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of the
officers, directors or controlling Persons referred to in this <U>Section 6</U> hereof, and will survive the transfer of Registrable
Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The remedies provided for in this <U>Section&nbsp;6
</U>are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at
law or in equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.&nbsp;</B>&nbsp;<B><U>Miscellaneous</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Remedies</U>. In the event of a breach by
the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights
granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights
under this Agreement. The Company agrees that monetary damages would not provide adequate compensation for any losses incurred
by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate and shall waive
any requirement for the posting of a bond or other security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Discontinued Disposition</U>. Each Holder
agrees by its acquisition of Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event
of the kind described in clauses (ii) through (iv) of <U>Section&nbsp;3(d)</U> or the occurrence of a Suspension Period, such
Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder&rsquo;s
receipt of the copies of the supplemental Prospectus or amended Registration Statement or until it is advised in writing by the
Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or
supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement.
The Company may provide appropriate stop orders to enforce the provisions of this <U>Section&nbsp;7(b)</U>. In the event the Company
shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective
shall be extended by the number of days during the period from and including the date of the giving of such notice to and including
the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented
or amended Prospectus or is advised in writing by the Company that the use of the Prospectus may be resumed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendments</U>. This Agreement may be amended,
modified, extended or terminated, and the provisions hereof may be waived, only with (i) the consent of the Company and (ii) the
affirmative vote of Holders of a Majority of Registrable Securities; <U>provided</U> that in no event shall the obligations of
any Holder of Registrable Securities be increased or the rights of any Holder be adversely affected (without similarly increasing
or adversely affecting the rights of all Holders), except with the written consent of such Holder; <U>provided further</U>, any
provision that is for the express benefit of only Qualified Holders (including any such provisions in <U>Section 2(b)</U> or the
definition of &ldquo;Qualified Holders&rdquo; in <U>Section 1</U>) may only be amended, modified, extended or waived in a manner
disproportionately adverse in any material respect to any Holder with the consent of such Holder or in a manner disproportionately
adverse in any material respect to the RCF Lender Qualified Holders with the consent of the RCF Lender Qualified Holders. Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does
not directly or indirectly affect the rights of other Holders of Registrable Securities may be given by Holders of at least a
majority of the Registrable Securities being sold by such Holders pursuant to such Registration Statement.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Waivers</U>. No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or
a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or
omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination and Effect of Termination</U>.
This Agreement shall terminate with respect to each Holder when such Holder no longer holds any Registrable Securities and will
terminate in full when no Holder holds any Registrable Securities, except for the provisions of <U>Section 6</U>, which shall
survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach or Registration
Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights
pursuant to <U>Section 6</U> shall retain such indemnification rights with respect to any matter that (i) may be an indemnified
liability thereunder and (ii) occurred prior to such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U>. Any and all notices or other
communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or electronic
mail in PDF or similar electronic or digital format at or prior to 5:00 p.m. (New York time) on a Business Day in the place of
receipt, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic
mail in PDF or similar electronic or digital format later than 5:00&nbsp;p.m. (New York time) on any date and at or prior to 11:59
p.m. (New York time) on such date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight
courier service and (iv) upon actual receipt by the Party to whom such notice is required to be given. The address for such notices
and communications shall be as follows (or at such other address as shall be given in writing by any Party to the other Parties):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Company:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valaris
Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5847
San Felipe, Suite 3300</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston,
TX 77002</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
McGuinty, General Counsel</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-Mail:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Michael.McGuinty@valaris.com</U></FONT></TD>
</TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to any other Person who is then a Holder, to the address of such Holder as it appears on the signature pages hereto or such other
address as may be designated in writing to the Company hereafter by such Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Successors and Assigns; Transfers; New Issuances</U>.
This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors, administrators,
successors and legal representatives. The rights of a Holder hereunder may be transferred, assigned, or otherwise conveyed on
a pro rata basis in connection with any transfer, assignment, or other conveyance of Registrable Securities to any transferee
or assignee; <U>provided</U> that all of the following additional conditions are satisfied with respect to any transfer, assignment
or conveyance of rights hereunder: (i) such transfer or assignment is made in compliance with the Securities Act, any other applicable
securities or &ldquo;blue sky&rdquo; laws, or rules or regulations promulgated by FINRA, and the terms and conditions of the organizational
documents of the Company; (ii) such transferee or assignee shall have delivered to the Company a joinder agreement in substantially
the form attached hereto as <U>Exhibit A</U> agreeing to become subject to and bound by the terms of this Agreement; and (iii)
the Company is given written notice by such Holder of such transfer or assignment, stating the name and address of the transferee
or assignee, identifying the Registrable Securities with respect to which such rights are being transferred or assigned and the
total number of Registrable Securities and other Capital Stock of the Company beneficially owned by such transferee or assignee.
Notwithstanding any other provision of this Agreement to the contrary, the Company shall not transfer or assign its rights or
obligations hereunder without the prior written consent of each Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governing Law</U>. This Agreement, and any
claim, controversy or dispute arising under or related to this Agreement (whether contractual or non-contractual), shall be governed
by, and construed in accordance with, the laws of the State of New York, without regard to the choice of law or conflicts of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Submission to Jurisdiction</U>. Each of the
Parties, by its execution of this Agreement, (i) hereby irrevocably submits to the exclusive jurisdiction of the United States
District Court for the Southern District of New York and the state courts sitting in the State of New York, County of New York
for the purpose of any Proceeding arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) to
the extent not prohibited by applicable law, hereby waives, and agrees not to assert, and agrees not to allow any of its Subsidiaries
to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the
jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such Proceeding
brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be
enforced in or by such court and (iii) hereby agrees not to commence or maintain any Proceeding arising out of or based upon this
Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any
motion or take any other action seeking or intending to cause the transfer or removal of any such Proceeding to any court other
than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to
the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification
rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause
(i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment
of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process
in any such Proceeding in any manner permitted by New York law, and agrees that service of process by registered or certified
mail, return receipt requested, at its address specified pursuant to <U>Section 7(f)</U> hereof is reasonably calculated to give
actual notice.</FONT></P>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Waiver of Venue</U>. The Parties irrevocably
and unconditionally waive, to the fullest extent permitted by applicable law, (i) any objection that they may now or hereafter
have to the laying of venue of any Proceeding arising out of or relating to this Agreement in any court referred to in <U>Section
7(i)</U> and (ii) the defense of an inconvenient forum to the maintenance of such Proceeding in any such court.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>WAIVER OF JURY TRIAL</U>. EACH OF THE PARTIES
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Cumulative Remedies</U>. The remedies provided
herein are cumulative and not exclusive of any remedies provided by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severability</U>. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and
shall in no way be affected, impaired or invalidated, and the Parties shall use their commercially reasonable efforts to find
and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the Parties that they would have executed
the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Entire Agreement</U>. This Agreement constitutes
the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior contracts or agreements
with respect to the subject matter hereof and supersedes any and all prior or contemporaneous discussions, agreements and understandings,
whether oral or written, that may have been made or entered into by or among any of the Parties or any of their respective Affiliates
relating to the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Execution of Agreement</U>. This Agreement
may be executed and delivered (by facsimile, by electronic mail PDF or otherwise) in any number of counterparts, each of which,
when executed and delivered, shall be deemed an original, and all of which together shall constitute the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Determination of Ownership</U>. In determining
ownership of Company Common Shares hereunder for any purpose, the Company may rely solely on the records of the transfer agent
for the Company Common Shares, other Capital Stock from time to time, or, if no such transfer agent exists, the Company&rsquo;s
ledger and register of members.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Headings; Section References</U>. The headings
in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No Recourse</U>. Notwithstanding anything
that may be expressed or implied in this Agreement, and notwithstanding the fact that certain of the Holders may be partnerships
or limited liability companies, each of the Holders and the Company agrees and acknowledges that no recourse under this Agreement
or any documents or instruments delivered in connection with this Agreement shall be had against any of the Company&rsquo;s or
the Holder&rsquo;s former, current or future direct or indirect equity holders, controlling persons, stockholders, directors,
officers, employees, agents, Representatives, Affiliates, members, financing sources, managers, general or limited partners or
assignees (each, a &ldquo;<U>Related Party</U>&rdquo; and collectively, the &ldquo;<U>Related Parties</U>&rdquo;), in each case
other than the Company, the current or former Holders or any of their respective assignees under this Agreement, whether by the
enforcement of any assessment or by any legal or equitable Proceeding, or by virtue of any applicable law, it being expressly
agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any of
the Related Parties, as such, for any obligation or liability of the Company or the Holders under this Agreement or any documents
or instruments delivered in connection herewith for any claim based on, in respect of or by reason of such obligations or liabilities
or their creation; <U>provided</U>, however, nothing in this <U>Section&nbsp;7(r)</U> shall relieve or otherwise limit the liability
of the Company or any current or former Holder, as such, for any breach or violation of its obligations under this Agreement or
such agreements, documents or instruments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Descriptive Headings; Interpretation; No Strict
Construction</U>. Unless the context requires otherwise: (i) any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms; (ii) references to Sections, paragraphs, Schedules, Exhibits and clauses (including sub-clauses)
refer to Sections, paragraphs, Schedules, Exhibits and clauses (including sub-clauses) of this Agreement; (iii) the terms &ldquo;<U>include</U>,&rdquo;
 &ldquo;<U>includes</U>,&rdquo; &ldquo;<U>including</U>&rdquo; or words of like import shall be deemed to be followed by the words
 &ldquo;without limitation&rdquo;; (iv) the terms &ldquo;<U>hereof</U>,&rdquo; &ldquo;<U>herein</U>&rdquo; or &ldquo;<U>hereunder</U>&rdquo;
refer to this Agreement as a whole and not to any particular provision of this Agreement; (v) unless the context otherwise requires,
the term &ldquo;or&rdquo; is not exclusive and shall have the inclusive meaning of &ldquo;and/or&rdquo;; (vi) defined terms herein
will apply equally to both the singular and plural forms and derivative forms of defined terms will have correlative meanings;
(vii) references to any law or statute shall be deemed to refer to such law or statute as amended or supplemented from time to
time and shall include all rules and regulations and forms promulgated thereunder, and references to any law, rule, form or statute
shall be construed as including any legal and statutory provisions, rules or forms consolidating, amending, succeeding or replacing
the applicable law, rule, form or statute; (viii) references to any agreement or contract are to that agreement or contract as
amended, modified or supplemented from time to time in accordance with the terms hereof and thereof; (ix) references to any Person
include such Person&rsquo;s successors and permitted assigns; (x) references to &ldquo;days&rdquo; are to calendar days unless
otherwise indicated; (xi) references to &ldquo;writing&rdquo;, &ldquo;written&rdquo; and comparable terms refer to printing, typing
and other means of reproducing words (including electronic media) in a visible form; and (xii) all references to $, currency,
monetary values and dollars set forth herein shall mean United States dollars, unless otherwise stated. Each of the Parties hereto
acknowledges that each Party was actively involved in the negotiation and drafting of this Agreement and agrees that no law or
rule of construction shall be raised or used in which the provisions of this Agreement shall be construed in favor or against
any party hereto because one is deemed to be the author thereof. All references to laws, rules, regulations and forms in this
Agreement shall be deemed to be references to such laws, rules, regulations and forms, as amended from time to time or, to the
extent replaced, the comparable successor thereto in effect at the time. All references to agencies, self-regulatory organizations
or governmental entities in this Agreement shall be deemed to be references to the comparable successors thereto from time to
time.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Recapitalizations, Exchanges, etc</U>. The
provisions of this Agreement shall apply to the fullest extent set forth herein with respect to (i) the Company Common Shares,
(ii) any and all securities into which Company Common Shares are converted, exchanged or substituted in any recapitalization or
other capital reorganization by the Company and (iii) any and all equity securities of the Company or any successor or assign
of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in conversion
of, in exchange for or in substitution of, the Company Common Shares and shall be appropriately adjusted for any stock dividends,
splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. The Company shall cause
any successor or assign (whether by merger, consolidation, sale of assets or otherwise) to assume the obligations of the Company
under this Agreement or enter into a new registration rights agreement with the Holders on terms substantially the same as this
Agreement as a condition of any such transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Aggregation</U>. All Registrable Securities
owned or acquired by any Holder or its Affiliated entities or Persons (assuming full conversion, exchange and exercise of all
convertible, exchangeable and exercisable securities into Registrable Securities) shall be aggregated together for the purpose
of determining the availability of any right under this Agreement, and for purposes concerning any underwriting cutback provision,
any such Holder and its Affiliates shall be deemed to be a single participating Holder, and any proportionate reduction with respect
to such participating Holder shall be based upon the aggregate number of Registrable Securities owned by all Persons included
in such participating Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Further Assurances</U>. Each of the Parties
to this Agreement shall, and shall cause their Affiliates to, execute and deliver such additional documents, instruments, conveyances
and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and to give effect
to the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Signature
Pages Follow</I>]</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VALARIS
    LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jonathan Baksht</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan
    Baksht</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Signatory</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK</I>]</FONT></P>




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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[Holder&rsquo;s
signature pages on file with the company]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK</I>]</FONT></P>




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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>SCHEDULE
I</U><BR>
<U>HOLDERS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[On
file with the Company]</I></FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>EXHIBIT
A</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Form
of Joinder Agreement</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned hereby agrees, effective as of the date set forth below, to become a party to that certain Registration Rights Agreement
(as amended, restated and modified from time to time, the &ldquo;<U>Agreement</U>&rdquo;) dated as of April 30, 2021, by and among
Valaris Limited, a company organized under the laws of Bermuda (the &ldquo;<U>Company</U>&rdquo;) and the holders of the Company
Common Shares and Warrants named therein, and for all purposes of the Agreement the undersigned will be included within the term
 &ldquo;Holder&rdquo; (as defined in the Agreement). The address, facsimile number and email address to which notices may be sent
to the undersigned are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="width: 35%; padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile
    No.:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B>If
    entity<B>]</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B>ENTITY
    NAME<B>]</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0.125in; text-indent: 0; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0.125in; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B>If
    individual<B>]</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
    Name:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 42; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>EXHIBIT
B</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Form
of Plan of Distribution</I></B><I><SUP>1</SUP></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling shareholders, or their pledgees, donees, transferees, or any of their successors in interest selling shares received from
a named selling shareholder as a gift, partnership distribution or other permitted transfer after the date of the applicable prospectus
(all of whom may be selling shareholders), may sell some or all of the securities covered by this prospectus from time to time
on any stock exchange or automated interdealer quotation system on which our common shares are listed, in the over-the-counter
market, in privately negotiated transactions or otherwise, at fixed prices that may be changed, at market prices prevailing at
the time of sale, at prices related to prevailing market prices or at prices otherwise negotiated. The selling shareholders may
sell the securities by one or more of the following methods, without limitation:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
                                         trades in which the broker or dealer so engaged will attempt to sell the securities as
                                         agent but may position and resell a portion of the block as principal to facilitate the
                                         transaction;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases
                                         by a broker or dealer as principal and resale by the broker or dealer for its own account
                                         pursuant to this prospectus;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         exchange distribution in accordance with the rules of any stock exchange on which our
                                         common shares are listed;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
                                         brokerage transactions and transactions in which the broker solicits purchases;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately
                                         negotiated transactions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;at-the-market&rdquo;
                                         offering transactions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">short
                                         sales, either directly or with a broker-dealer or affiliate thereof;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
                                         the writing of options on the common shares, whether or not the options are listed on
                                         an options exchange;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
                                         loans or pledges of the common shares to a broker-dealer or an affiliate thereof;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         entering into transactions with third parties who may (or may cause others to) issue
                                         securities convertible or exchangeable into, or the return of which is derived in whole
                                         or in part from the value of, our common shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
                                         the distribution by any selling shareholder to its partners, members or equity holders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one
                                         or more underwritten offerings on a firm commitment or best efforts basis;&nbsp;and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         combination of any of these methods of sale.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Plan of Distribution will be appropriately modified in the event that any securities
                                         other than common shares are offered for distribution in accordance with the terms of
                                         the Agreement.</FONT></TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, the selling shareholders may engage brokers and dealers, and any brokers or dealers may arrange for other brokers or
dealers to participate in effecting sales of our common shares. These brokers, dealers or underwriters may act as principals,
or as an agent of a selling shareholder. Broker-dealers may agree with a selling shareholder to sell a specified number of common
shares at a stipulated price. If the broker-dealer is unable to sell the common shares acting as agent for a selling shareholder,
it may purchase as principal any unsold securities at the stipulated price. Broker-dealers who acquire common shares as principals
may thereafter resell the common shares from time to time in transactions on any stock exchange or automated interdealer quotation
system on which the common shares are then listed, at prices and on terms then prevailing at the time of sale, at prices related
to the then-current market price or in negotiated transactions. Broker-dealers may use block transactions and sales to and through
broker-dealers, including transactions of the nature described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
selling shareholder may also enter into hedging and/or monetization transactions. For example, a selling shareholder may:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into transactions with a broker-dealer or affiliate of a broker-dealer or other third
                                         party in connection with which that other party will become a selling shareholder and
                                         engage in short sales of our common shares under this prospectus, in which case the other
                                         party may use common shares received from the selling shareholder to close out any short
                                         position;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sell
                                         short our common shares under this prospectus and use common shares held by the selling
                                         shareholder to close out any short position;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into options, forwards or other transactions that require the selling shareholder to
                                         deliver, in a transaction exempt from registration under the Securities Act, common shares
                                         to a broker-dealer or an affiliate of a broker-dealer or other third party who may then
                                         become a selling shareholder and publicly resell or otherwise transfer common shares
                                         under this prospectus;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loan
                                         or pledge common shares to a broker-dealer or affiliate of a broker-dealer or other third
                                         party who may then become a selling shareholder and sell the loaned shares or, in an
                                         event of default in the case of a pledge, become a selling shareholder and sell the pledged
                                         shares, under this prospectus. As and when a selling shareholder takes such actions,
                                         the number of securities offered under this prospectus on behalf of such selling shareholder
                                         will decrease. The plan of distribution for that selling shareholder&rsquo;s common shares
                                         will otherwise remain unchanged; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
                                         into derivative transactions with third parties, or sell securities not covered by this
                                         prospectus to third parties in privately negotiated transactions. If the applicable prospectus
                                         supplement indicates, in connection with those derivatives, the third parties may sell
                                         securities covered by this prospectus and the applicable prospectus supplement, including
                                         in short sale transactions. If so, the third party may use securities pledged by the
                                         selling shareholder or borrowed from the selling shareholder or others to settle those
                                         sales or to close out any related open borrowings of ordinary shares, and may use securities
                                         received from the selling shareholder in settlement of those derivatives to close out
                                         any related open borrowings of ordinary shares. The third party in such sale transactions
                                         may be an underwriter and, if applicable, will be identified as such in the applicable
                                         prospectus supplement (or a post-effective amendment).</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling shareholders may also sell common shares pursuant to Rule 144 under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not know of any arrangements by the selling shareholders for the sale of our common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent required under the Securities Act, the aggregate amount of selling shareholders&rsquo; common shares being offered
and the terms of the offering, the names of any agents, brokers, dealers or underwriters and any applicable commission with respect
to a particular offer will be set forth in an accompanying prospectus supplement. Any underwriters, dealers, brokers or agents
participating in the distribution of the common shares may receive compensation in the form of underwriting discounts, concessions,
commissions or fees from a selling shareholder and/or purchasers of selling shareholders&rsquo; common shares for whom they may
act (which compensation as to a particular broker-dealer might be in excess of customary commissions).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling shareholders and any underwriters, brokers, dealers or agents that participate in the distribution of the common shares
may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities Act, and any discounts, concessions, commissions
or fees received by them and any profit on the resale of the common shares sold by them may be deemed to be underwriting discounts
and commissions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling shareholders and other persons participating in the sale or distribution of the common shares will be subject to applicable
provisions of the Exchange Act and the rules and regulations thereunder, including Regulation&nbsp;M. This regulation may limit
the timing of purchases and sales of any of the common shares by the selling shareholders and any other person. The anti-manipulation
rules under the Exchange Act may apply to sales of common shares in the market and to the activities of the selling shareholders
and their affiliates. Furthermore, Regulation&nbsp;M may restrict the ability of any person engaged in the distribution of the
common shares to engage in market-making activities with respect to the particular common shares being distributed for a period
of up to five (5) Business Days before the distribution. These restrictions may affect the marketability of the common shares
and the ability of any person or entity to engage in market-making activities with respect to the common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;To
the extent permitted by applicable law, this plan of distribution may be modified in a prospectus supplement or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
agreed to register the common shares under the Securities Act and to keep the registration statement of which this prospectus
is a part effective for a specified period of time. We have also agreed to indemnify the selling shareholders against certain
liabilities, including liabilities under the Securities Act. The selling shareholders have agreed to indemnify us in certain circumstances
against certain liabilities, including liabilities under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not receive any proceeds from sales of any common shares by the selling shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that the selling shareholders will sell all or any portion of the common shares offered hereby. All of the foregoing
may affect the marketability of the securities offered hereby.</FONT></P>



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<TYPE>EX-10.3
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<FILENAME>tm2114630d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[Notes]</I></B></FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT 10.3</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VALARIS
LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt"><B>REGISTRATION RIGHTS AGREEMENT</B></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
REGISTRATION RIGHTS AGREEMENT (including all exhibits hereto and as may be amended, supplemented or amended and restated from
time to time in accordance with the terms hereof, this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into as of April 30,
2021 by and among Valaris Limited, a company organized under the laws of Bermuda (the &ldquo;<U>Company</U>&rdquo;) and the Holders
(as defined below) of the Company&rsquo;s First Lien Notes (as defined below) listed on <U>Schedule I</U> hereto. The Company
and the Holders are referred to herein collectively as the &ldquo;<U>Parties</U>&rdquo; and each, individually, as a &ldquo;<U>Party</U>.&rdquo;
Capitalized terms used herein have the meanings set forth in <U>Section 1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WITNESSETH:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company and each of its direct and indirect debtor subsidiaries (collectively, the &ldquo;<U>Debtors</U>&rdquo;) filed chapter
11 cases on August 19, 2020 under Title 11 of the United States Code, 11 U.S.C. &sect;&sect;&nbsp;101-1532 (the &ldquo;<U>Chapter
11 Cases</U>&rdquo;) in the United States Bankruptcy Court for the Southern District of Texas (the &ldquo;<U>Bankruptcy Court</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
in connection with the Chapter 11 Cases, the Debtors filed the Debtors&rsquo; Fourth Amended Joint Plan of Reorganization on February
26, 2021 (the &ldquo;<U>Plan</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
on August 18, 2020, the Debtors and the Backstop Parties (as defined below) entered into that certain Backstop Commitment Agreement
(as amended prior to the date hereof and as may be further amended from time to time, the &ldquo;<U>Backstop Commitment Agreement</U>&rdquo;),
pursuant to which the Company agreed, subject to the terms and conditions therein, to, among other things, (i) issue and sell
First Lien Notes to such Backstop Parties on the Effective Date (as defined below) and (ii) register the resale of such First
Lien Notes under the Securities Act (as defined below); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Holders and the Company desire to enter into this Agreement to provide the Holders with certain rights relating to the registration
of First Lien Notes in furtherance of the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by each Party, and intending to be legally bound, the
Parties agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Definitions</U></B>. As used in this Agreement, the following terms shall have the respective meanings set forth in this
<U>Section&nbsp;1</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Affiliate</U>&rdquo;
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control
with, such Person, as such terms are used and defined in Rule 144, as of the date on which, or at any time during the period for
which, the determination of affiliation is being made.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Agreement</U>&rdquo;
has the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Automatic
Shelf Registration Statement</U>&rdquo; means an &ldquo;automatic shelf registration statement&rdquo; as defined in Rule 405.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Backstop
Commitment Agreement</U>&rdquo; has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Backstop
Parties</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Backstop
Premium Notes</U>&rdquo; means the First Lien Notes issued as Backstop Premiums (as defined in the Backstop Commitment Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Bankruptcy
Code</U>&rdquo; means Title 11 of the United States Code, 11 U.S.C. &sect;&sect;&nbsp;101-1532, as it may be amended from time
to time, and the rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Bankruptcy
Court</U>&rdquo; has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>beneficially
owned</U>&rdquo;, &ldquo;<U>beneficial ownership</U>&rdquo; and similar phrases have the same meanings as such terms have under
Rule 13d-3 (or any successor rule then in effect) promulgated under the Exchange Act, except that in calculating the beneficial
ownership of any Holder, such Holder shall be deemed to have beneficial ownership of all securities that such Holder has the right
to acquire, whether such right is currently exercisable or is exercisable upon the occurrence of a subsequent event or passage
of time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Board
of Directors</U>&rdquo; means the Board of Directors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Business
Day</U>&rdquo; means any day that is not a Saturday, a Sunday or other day on which commercial banks are required or authorized
by law to be closed in New York, New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Chapter
11 Cases</U>&rdquo; has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Commission</U>&rdquo;
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Company</U>&rdquo;
has the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Covered
Notice</U>&rdquo; has the meaning set forth in <U>Section 3(y)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Debtors</U>&rdquo;
has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Demand
Notice</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Demand
Registration</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Demand
Registration Statement</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Demand
Request</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Due
Diligence Information</U>&rdquo; has the meaning set forth in <U>Section&nbsp;3(p)</U>.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Effective
Date</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Effectiveness
Period</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(b)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>End
of Suspension Notice</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(d)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Exchange
Act</U>&rdquo; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>FINRA</U>&rdquo;
means the Financial Industry Regulatory Authority or any successor regulatory authority agency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>First
Lien Notes</U>&rdquo; means the senior secured first lien notes of the Company, issued pursuant to that certain Indenture, dated
on or about the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Form
S-1 Shelf</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Form
S-3 Shelf</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Free
Writing Prospectus</U>&rdquo; means any &ldquo;free writing prospectus&rdquo; as defined in Rule 405.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holdback
Notes</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder</U>&rdquo;
and &ldquo;<U>Holder of Registrable Securities</U>&rdquo; means each Person that is party to this Agreement on the date hereof
and any Person who (i) holds Registrable Securities on the date hereof and subsequently delivers a signature page hereto to the
Company or (ii) hereafter becomes a party to this Agreement pursuant to <U>Section&nbsp;6(g)</U> of this Agreement. A Person shall
cease to be a Holder hereunder at such time as it ceases to beneficially own any Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder
Indemnified Persons</U>&rdquo; has the meaning set forth in <U>Section&nbsp;5(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holders
of a Majority of Included Registrable Securities</U>&rdquo; means Holders of a majority of the aggregate principal amount of the
outstanding Registrable Securities included in a Demand Registration or an Underwritten Shelf Takedown, as applicable. For the
avoidance of doubt, only Registrable Securities held by Persons who are party to this Agreement as of the date hereof or who thereafter
become a party to this Agreement by executing a joinder in accordance with <U>Section 6(g)</U> shall be considered in calculating
a majority of the Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holders
of a Majority of Registrable Securities</U>&rdquo; means Holders of a majority of the aggregate principal amount of the outstanding
Registrable Securities. For the avoidance of doubt, only Registrable Securities held by Persons who are party to this Agreement
as of the date hereof or who thereafter become a party to this Agreement by executing a joinder in accordance with <U>Section
6(g)</U> shall be considered in calculating a majority of the Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;I<U>ncluded
Registrable Securities</U>&rdquo; means the Registrable Securities included in a Demand Registration or an Underwritten Shelf
Takedown, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Indemnified
Persons</U>&rdquo; has the meaning set forth in <U>Section&nbsp;5(b)</U>.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>indemnifying
party</U>&rdquo; has the meaning set forth in <U>Section&nbsp;5(c)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Issuer
Free Writing Prospectus</U>&rdquo; means an &ldquo;issuer free writing prospectus&rdquo;, as defined in Rule 433, relating to
an offer of the Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Losses</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;5(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Maximum
Offering Size</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(vi)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Opt-Out
Election</U>&rdquo; has the meaning set forth in <U>Section 3(y)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Parties</U>&rdquo;
and &ldquo;<U>Party</U>&rdquo; have the meanings set forth in the Preamble.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>PDF</U>&rdquo;
means portable document format (.pdf).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Person</U>&rdquo;
means any individual, partnership, corporation, company, association, trust, joint venture, joint stock company, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision
thereof, or other entity of any kind, and shall include any heirs, executors, administrators, legal representatives, and successors
(by merger or otherwise) of any such entity or individual.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Plan</U>&rdquo;
has the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Proceeding</U>&rdquo;
means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such
as a deposition) pending or known to the Company to be threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Prospectus</U>&rdquo;
means the prospectus or prospectuses included in any Registration Statement (including, without limitation, a prospectus that
includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance
upon Rule 430A promulgated under the Securities Act), all amendments and supplements to the prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus or prospectuses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Public
Offering</U>&rdquo; means any sale or distribution to the public of First Lien Notes pursuant to an offering registered under
the Securities Act, whether by the Company, by Holders and/or by any other holders of the Company&rsquo;s First Lien Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Qualified
Holder</U>&rdquo; means, either (i) any RCF Lender Backstop Party (&ldquo;<U>RCF Lender Qualified Holder</U>&rdquo;) or (ii) on
any date, one or more Backstop Parties that held Senior Notes Claims (as defined in the Plan) who, together with their Affiliates,
beneficially own in the aggregate at least 5% of the First Lien Notes constituting those Registrable Securities issued on the
date hereof (collectively, a &ldquo;<U>Senior Notes Qualified Holder</U>&rdquo;), including, in each case, transferees thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Questionnaire</U>&rdquo;
has the meaning set forth in <U>Section 2(a)(ii)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RCF
Lender Backstop Parties</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registrable
Securities</U>&rdquo; means (a) the First Lien Notes issued or issuable to the Holders pursuant to the Backstop Commitment Agreement,
including the Holdback Notes, Unsubscribed Notes and Backstop Premium Notes, (b) First Lien Notes received by Holders pursuant
to the Plan or the Rights Offering or otherwise acquired by Holders, in each case that are on the date hereof (or subsequently
become) Affiliates of the Company as well as First Lien Notes held by Affiliates of such Holders (and, if applicable, transferees
of Affiliates that receive &ldquo;restricted securities&rdquo; in connection with transfers other than pursuant to a Registration
Statement or Rule 144), (c) additional First Lien Notes acquired by or held by (or deemed to be held by) any Holder or its Affiliates
in open market or other purchases or otherwise (and, if applicable, transferees of Affiliates that receive &ldquo;restricted securities&rdquo;
in connection with transfers other than pursuant to a Registration Statement or Rule 144) and (d) additional First Lien Notes
issued or paid by way of payment-in-kind interest, in each case, that are beneficially owned on or after the date hereof by the
Holders and their Affiliates or any transferee or assignee of any Holder or its Affiliates after giving effect to a transfer made
in compliance with <U>Section&nbsp;6(g)</U>, all of which securities are subject to the rights provided herein until such rights
terminate pursuant to the provisions of this Agreement. As to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when (i) a Registration Statement registering such Registrable Securities under the Securities Act
has been declared effective and such Registrable Securities have been sold, transferred or otherwise disposed of by the Holder
thereof pursuant to such effective Registration Statement, (ii) such Registrable Securities are sold, transferred or otherwise
disposed of pursuant to Rule 144 and such Registrable Securities are thereafter freely transferable by such recipient (without
limitations on volume) without registration under the Securities Act, (iii) such Registrable Securities cease to be outstanding,
or (iv) such Registrable Securities are eligible for sale pursuant to Rule 144 without volume or manner-of-sale restrictions and
without the requirement for the Company to be in compliance with the current public information requirement under Rule 144(c)(1).
For the avoidance of doubt, securities issued pursuant to Section 1145 of the Bankruptcy Code shall not be considered &ldquo;Registrable
Securities&rdquo; for the purposes of this Agreement, unless such securities are held by (or deemed to be held by) Affiliates
of the Company, as reasonably determined by a Holder under applicable securities laws (or transferees thereof, as contemplated
above), in which case such securities shall be considered &ldquo;Registrable Securities&rdquo; for the purposes of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Expenses</U>&rdquo; has the meaning set forth in <U>Section&nbsp;4</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Statement</U>&rdquo; means any registration statement of the Company filed with or to be filed with the Commission under the Securities
Act and other applicable law, including an Automatic Shelf Registration Statement, and including any Prospectus, amendments and
supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto,
and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Related
Party</U>&rdquo; has the meaning set forth in <U>Section&nbsp;6(r)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Representatives</U>&rdquo;
means, with respect to any Person, such Person&rsquo;s directors, officers, members, partners, limited partners, general partners,
shareholders, subsidiaries, managed accounts or funds, managers, management company, investment manager, Affiliates, principals,
employees, agents, investment bankers, attorneys, accountants, advisors, consultants, fund advisors, financial advisors and other
professionals of such Person, in each case, in such capacity, serving on or after the date of this Agreement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Requisite
Backstop Parties</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rights
Offering</U>&rdquo; has the meaning set forth in the Backstop Commitment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>road
show</U>&rdquo; has the meaning set forth in <U>Section&nbsp;5(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
144</U>&rdquo; means Rule 144 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
158</U>&rdquo; means Rule 158 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
405</U>&rdquo; means Rule 405 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
415</U>&rdquo; means Rule 415 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
424</U>&rdquo; means Rule 424 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule
433</U>&rdquo; means Rule 433 promulgated by the Commission pursuant to the Securities Act, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Seasoned
Issuer</U>&rdquo; means an issuer eligible to use a registration statement on Form S-3 under the Securities Act and who is not
an &ldquo;ineligible issuer&rdquo; as defined in Rule 405.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Act</U>&rdquo; means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Selling
Expenses</U>&rdquo; means all underwriting fees, discounts, selling commissions and stock transfer taxes applicable to the sale
of Registrable Securities and related legal and other fees of a Holder not included within the definition of Registration Expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Period</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Registrable Securities</U>&rdquo; has the meaning set forth in <U>Section 2(a)(v)</U>.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Registration</U>&rdquo; means the registration of an offering of Registrable Securities on a Form S-1 Shelf or a Form S-3 Shelf,
as applicable, on a delayed or continuous basis under Rule 415, pursuant to <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Registration Statement</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Takedown Notice</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(v)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shelf
Takedown Request</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(v)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Subsidiary</U>&rdquo;
means, when used with respect to any Person, any corporation or other entity, whether incorporated or unincorporated, (a) of which
such Person or any other Subsidiary of such Person is a general partner (excluding partnerships, the general partnership interests
of which held by such Person or any Subsidiary of such Person do not have a majority of the voting interests in such partnership)
or (b) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect
a majority of the board of directors or other governing body performing similar functions with respect to such corporation or
other entity is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such
Person and one or more of its Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Suspension
Event</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(d)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Suspension
Notice</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(d)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Suspension
Period</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(d)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Trading
Market</U>&rdquo; means the New York Stock Exchange, or such other principal national or regional securities exchange or market
in the United States (including, for such purpose, the Over The Counter Bulletin Board or Pink Sheets), or other securities exchange
or market, on which Registrable Securities are (or are to be) listed and reasonably acceptable to the Requisite Backstop Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Underwriter
Indemnified Persons</U>&rdquo; has the meaning set forth in <U>Section 5(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Underwritten
Demand</U>&rdquo; means a Demand Registration conducted as an underwritten Public Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Underwritten
Shelf Takedown</U>&rdquo; has the meaning set forth in <U>Section&nbsp;2(a)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Unsubscribed
Notes</U>&rdquo; means the First Lien Notes that are Unsubscribed Securities (as defined in the Backstop Commitment Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>WKSI</U>&rdquo;
means a &ldquo;well known seasoned issuer&rdquo; as defined under Rule 405.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;
<B><U>Registration</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shelf
Registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Filing
of Shelf Registration Statement</U>. As promptly as reasonably practicable after the Effective Date, and in any event within thirty
(30) days following the Effective Date if the Company is then eligible to use Form S-3 or forty five (45) days following the Effective
Date if the Company is not then eligible to use Form S-3, the Company shall file a Registration Statement for a Shelf Registration
on Form S-3 (the &ldquo;<U>Form S-3 Shelf</U>&rdquo;) or Form S-1 (the &ldquo;<U>Form S-1 Shelf</U>&rdquo; and, together with
the Form S-3 Shelf, the &ldquo;<U>Shelf Registration Statement</U>&rdquo;), as applicable, covering the resale of all Registrable
Securities beneficially owned by the Holders on a delayed or continuous basis. If the Company files a Form S-1 Shelf, then as
soon as reasonably practicable after the Company becomes eligible to use Form S-3, the Company shall convert the Form S-1 Shelf
to a Form S-3 Shelf (or other appropriate short form registration statement then permitted by the Commission&rsquo;s rules and
regulations) covering the resale of all applicable Registrable Securities beneficially owned by the Holders (which shall be an
Automatic Shelf Registration Statement if the Company is a WKSI). Subject to the terms of this Agreement, including any applicable
Suspension Period, the Company shall use commercially reasonable efforts to cause the Shelf Registration Statement to be declared
effective under the Securities Act as promptly as practicable following the filing of the Shelf Registration Statement. The Company
shall use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective under the Securities
Act until the date that all Registrable Securities covered by such Registration Statement are no longer Registrable Securities,
including, to the extent a Form S-1 Shelf is converted to a Form S-3 Shelf and the Company thereafter becomes ineligible to use
Form S-3, by using commercially reasonable efforts to file a Form S-1 Shelf or other appropriate form specified by the Commission&rsquo;s
rules and regulations as promptly as reasonably practicable after the date of such ineligibility and using its commercially reasonable
efforts to have such Shelf Registration Statement declared effective as promptly as reasonably practicable after the filing thereof
(the period during which the Company is required to keep the Shelf Registration Statement continuously effective under the Securities
Act in accordance with this clause (i), the &ldquo;<U>Shelf Period</U>&rdquo;). For so long as any Registrable Securities covered
by any Form S-1 Shelf remain unsold, the Company will file any supplements to the Prospectus or post-effective amendments required
to be filed by applicable law in order to incorporate into such Prospectus any Current Reports on Form 8-K necessary or required
to be filed by applicable law, any Quarterly Reports on Form 10-Q or any Annual Reports on Form 10-K filed by the Company with
the Commission, or any other information necessary so that (x) such Form S-1 Shelf shall not include any untrue statement of material
fact or omit to state any material fact necessary in order to make the statements therein not misleading, and (y) the Company
complies with its obligations under Item 512(a)(1) of Regulation S-K. The Company shall as promptly as reasonably practicable
notify the Holders named in the Shelf Registration Statement via e-mail to the addresses set forth on Schedule I hereof of the
effectiveness of a Shelf Registration Statement. The Company shall file a final Prospectus in respect of such Shelf Registration
Statement with the Commission to the extent required by Rule 424. The &ldquo;Plan of Distribution&rdquo; section of such Shelf
Registration Statement shall include a plan of distribution in a reasonable and customary form provided by counsel for the Holders
of a Majority of Included Securities being registered in the applicable Shelf Registration Statement and reasonably acceptable
to the Company.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Holder Information</U>. Notwithstanding any
other provision hereof, no Holder of Registrable Securities shall be entitled to include any of its Registrable Securities in
any Shelf Registration Statement pursuant to this Agreement unless and until such Holder agrees in writing to be bound by all
of the provisions of this Agreement applicable to such Holder, and the Holder furnishes to the Company a fully completed notice
and questionnaire in a reasonable and customary form provided by counsel to the Company (the &ldquo;<U>Questionnaire</U>&rdquo;)
and such other information in writing as the Company may reasonably request in writing for use in connection with the Shelf Registration
Statement or Prospectus included therein and in any application to be filed with or under state securities laws. In order to be
named as a selling securityholder in the Shelf Registration Statement at the time it is first made available for use, a Holder
must furnish the completed Questionnaire and such other information that the Company may reasonably request in writing, if any,
to the Company in writing no later than the fifth (5<SUP>th</SUP>) Business Day prior to the targeted effective date; <U>provided</U>&nbsp;that any Holder providing a completed Questionnaire within that time period may provide updated information regarding such
Holder&rsquo;s beneficial ownership and the aggregate principal amount of Registrable Securities requested to be included up to
the second (2<SUP>nd</SUP>) Business Day prior to the effective date of the Shelf Registration Statement. Each Holder as to which
any Shelf Registration is being effected agrees to furnish to the Company all information with respect to such Holder necessary
to make the information previously furnished to the Company by such Holder not materially misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Supplements</U>. From and after the effective
date of the Shelf Registration Statement, upon receipt of a completed Questionnaire and such other information that the Company
may reasonably request in writing, if any, the Company will use its commercially reasonable efforts to file as promptly as reasonably
practicable, but in any event on or prior to the tenth (10<SUP>th</SUP>) Business Day after receipt of such information (or, if
a Suspension Period is then in effect or initiated within five (5) Business Days following the date of receipt of such information,
the tenth (10<SUP>th</SUP>) Business Day following the end of such Suspension Period) either (i)&nbsp;if then permitted by the
Securities Act or the rules and regulations thereunder (or then-current Commission interpretations thereof), a supplement to the
Prospectus contained in the Shelf Registration Statement naming such Holder as a selling securityholder and containing such other
information as necessary to permit such Holder to deliver the Prospectus to purchasers of the Holder&rsquo;s Registrable Securities,
or (ii) if it is not then permitted under the Securities Act or the rules and regulations thereunder (or then-current Commission
interpretations thereof) to name such Holder as a selling securityholder in a supplement to the Prospectus, a post-effective amendment
to the Shelf Registration Statement or an additional Shelf Registration Statement as necessary for such Holder to be named as
a selling securityholder in the Prospectus contained therein to permit such Holder to deliver the Prospectus to purchasers of
the Holder&rsquo;s Registrable Securities (subject, in the case of either clause (i)&nbsp;or clause (ii), to the Company&rsquo;s
right to delay filing or suspend the use of the Shelf Registration Statement as described in <U>Section&nbsp;2(d)</U> hereof).
If the Company is not a WKSI or is not otherwise eligible to add additional selling securityholders by means of a prospectus supplement,
notwithstanding the foregoing, the Company shall not be required to file more than one (1) post-effective amendment or additional
Shelf Registration Statements in any fiscal quarter for all Holders pursuant to this <U>Section 2(a)(iii)</U>; <U>provided</U>
that the foregoing limitation shall not apply if the Registrable Securities to be added represent beneficial ownership of more
than $10 million of aggregate principal amount of the outstanding First Lien Notes. If the Company is a WKSI or is otherwise eligible
to add additional selling securityholders by means of a prospectus supplement, notwithstanding the foregoing, the Company shall
not be required to file more than two (2) prospectus supplements for all Holders pursuant to this <U>Section 2(a)(iii)</U> in
any fiscal quarter; <U>provided</U> that the foregoing limitation shall not apply if the Registrable Securities to be added represent
beneficial ownership of more than $10 million of aggregate principal amount of the outstanding First Lien Notes.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Underwritten Shelf Takedown</U>. At any time
during the Shelf Period (subject to any Suspension Period), any one or more Holders of Registrable Securities may request to sell
all or any portion of their Registrable Securities in an underwritten Public Offering that is registered pursuant to the Shelf
Registration Statement (each, an &ldquo;<U>Underwritten Shelf Takedown</U>&rdquo;); <U>provided</U>, that, and subject to <U>Section&nbsp;2(a)(v)</U>&nbsp;below, the Company shall not be obligated to effect (x) an Underwritten Shelf Takedown for any Registrable Securities other
than First Lien Notes; (y) more than (I) three (3) Underwritten Shelf Takedowns requested by RCF Lender Qualified Holders (together
with any Demand Registrations requested by RCF Lender Qualified Holders) and (II) five (5) Underwritten Shelf Takedowns requested
by Senior Notes Qualified Holders and other Holders that are not RCF Lender Qualified Holders (together with any Demand Registrations
requested by Senior Notes Qualified Holders), in aggregate; or (z) any Underwritten Shelf Takedown if the aggregate proceeds expected
to be received from the sale of the Registrable Securities requested to be sold in such Underwritten Shelf Takedown, in the good
faith judgment of the managing underwriter(s) therefor, is less than $25 million as of the date the Company receives a Shelf Takedown
Request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice of Underwritten Shelf Takedown</U>.
All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company (the &ldquo;<U>Shelf Takedown
Request</U>&rdquo;). Each Shelf Takedown Request shall specify the approximate aggregate principal amount of First Lien Notes
to be sold in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of
such Underwritten Shelf Takedown. Subject to <U>Section&nbsp;2(e)</U> below, after receipt of any Shelf Takedown Request, the
Company shall give written notice (the &ldquo;<U>Shelf Takedown Notice</U>&rdquo;) of such requested Underwritten Shelf Takedown
(which notice shall state the material terms of such proposed Underwritten Shelf Takedown, to the extent known) to all other Holders
of Registrable Securities that have Registrable Securities registered for sale under a Shelf Registration Statement (&ldquo;<U>Shelf
Registrable Securities</U>&rdquo;). Such notice shall be given not more than ten (10) Business Days and not less than five (5)
Business Days, in each case prior to the expected date of commencement of marketing efforts for such Underwritten Shelf Takedown.
Subject to <U>Section&nbsp;2(c)(ii)</U>, the Company shall include in such Underwritten Shelf Takedown all Shelf Registrable Securities
that are First Lien Notes with respect to which the Company has received written requests for inclusion therein within (x) in
the case of a &ldquo;bought deal&rdquo; or &ldquo;overnight transaction&rdquo;, two (2) Business Days; (y) in the case any other
Underwritten Shelf Takedown, five (5) Business Days, in each case after the giving of the Shelf Takedown Notice. For the avoidance
of doubt, the Company shall not be required to provide a Shelf Takedown Notice with respect to a Public Offering utilizing a Shelf
Registration Statement other than an Underwritten Shelf Takedown, and Holders shall not have rights to participate therein under
this <U>Section 2(a)(v)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Priority of Registrable Securities</U>. If
the managing underwriters for such Underwritten Shelf Takedown advise the Company and the Holders of Shelf Registrable Securities
proposed to be included in such Underwritten Shelf Takedown that in their reasonable view the aggregate principal amount of Shelf
Registrable Securities proposed to be included in such Underwritten Shelf Takedown exceeds the aggregate principal amount of Shelf
Registrable Securities which can be sold in an orderly manner in such offering within a price range acceptable to the Holders
of a Majority of Included Registrable Securities requested to be included in the Underwritten Shelf Takedown (the &ldquo;<U>Maximum
Offering Size</U>&rdquo;), then the Company shall promptly give written notice to all Holders of Shelf Registrable Securities
proposed to be included in such Underwritten Shelf Takedown of such Maximum Offering Size, and shall include in such Underwritten
Shelf Takedown the aggregate principal amount of Shelf Registrable Securities which can be so sold in the following order of priority,
up to the Maximum Offering Size: (A) first, the Shelf Registrable Securities requested to be included in such Underwritten Shelf
Takedown by the Holders of such Shelf Registrable Securities, allocated, if necessary for the offering not to exceed the Maximum
Offering Size, pro rata among such Holders on the basis of the aggregate principal amount of Shelf Registrable Securities requested
to be included therein by each such Holder, (B) second, any securities proposed to be offered by the Company, and (C) securities
other than Registrable Securities.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Restrictions on Timing of Underwritten Shelf
Takedowns</U>. The Company shall not be obligated to effect an Underwritten Shelf Takedown (A) within ninety (90) days (or such
longer period specified in any applicable lock-up agreement entered into with underwriters) after the consummation of a previous
Underwritten Shelf Takedown or Demand Registration or consummation of a Company-initiated Public Offering or (B) within sixty
(60) days prior to the Company&rsquo;s good faith estimate of the date of filing of a Company-initiated registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Selection of Bankers and Counsel</U>. The
Holders of a Majority of Included Registrable Securities requested to be included in an Underwritten Shelf Takedown shall have
the right to: (A) select the investment banker(s) and manager(s) to administer the offering (which shall consist of one (1) or
more reputable nationally recognized investment banks, subject to the Company&rsquo;s approval (which shall not be unreasonably
withheld, conditioned or delayed)) and one (1) firm of legal counsel to represent all of the Holders (along with one (1) local
counsel per jurisdiction, to the extent reasonably necessary, for any applicable jurisdiction), in connection with such Underwritten
Shelf Takedown, and (B) determine the price, underwriting discount and other financial terms of the related underwriting agreement
for the Registrable Securities included in such Underwritten Shelf Takedown; <U>provided</U> that the Company shall select such
investment banker(s), manager(s) and counsel (including local counsel) if such Holders of a Majority of Included Registrable Securities
cannot so agree on the same within a reasonable time period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Withdrawal from Registration</U>. Any Holder
whose Registrable Securities were to be included in any such registration pursuant to <U>Section&nbsp;2(a)(ii)</U> may elect to
withdraw any or all of its Registrable Securities therefrom, without liability to any of the other Holders and without prejudice
to the rights of any such Holder or Holders to include Registrable Securities in any future registration (or registrations), by
written notice to the Company delivered prior to the effective date of the relevant Underwritten Shelf Takedown.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>WKSI Filing</U>. Upon the Company first becoming
a WKSI, if requested by a Qualified Holder with securities registered on an existing Shelf Registration Statement, the Company
will convert such existing Shelf Registration Statement to an Automatic Shelf Registration Statement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Demand
Registration</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company (i) is in violation of its obligation to file a Shelf Registration Statement pursuant to <U>Section&nbsp;2(a)</U>
and the terms of the Plan or (ii)&nbsp;following the effectiveness of the Shelf Registration Statement contemplated by <U>Section
2(a)</U>, thereafter ceases to have an effective Shelf Registration Statement during the Shelf Period (other than during any Suspension
Period), subject to the terms and conditions of this Agreement (including <U>Section 2(b)(iii)</U>) and without limiting any remedies
that may be available to pursue such violation in the Bankruptcy Court or otherwise, upon written notice to the Company (a &ldquo;<U>Demand
Request</U>&rdquo;) delivered by a Qualified Holder requesting that the Company effect the registration (a &ldquo;<U>Demand Registration</U>&rdquo;)
under the Securities Act of any or all of the Registrable Securities beneficially owned by such Qualified Holder(s), the Company
shall give a notice of the receipt of such Demand Request (a &ldquo;<U>Demand Notice</U>&rdquo;) to all other Holders of Registrable
Securities (which notice shall state the material terms of such proposed Demand Registration, to the extent known). Such Demand
Notice shall be given not more than ten (10) Business Days and not less than five (5) Business Days, in each case prior to the
expected date of the public filing of the registration statement (the &ldquo;<U>Demand Registration Statement</U>&rdquo;) for
such Demand Registration. Subject to the provisions of <U>Section 2(a)(iv)</U> and <U>Section&nbsp;2(d)</U> below, the Company
shall include in such Demand Registration all Registrable Securities that are First Lien Notes with respect to which the Company
has received written requests for inclusion therein within five (5) Business Days after the later of the Company (i) the giving
the Demand Notice and (ii) five (5) Business Days prior to the actual public filing of the Demand Registration Statement. Nothing
in this <U>Section 2(b)</U> shall relieve the Company of its obligations under <U>Section 2(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Demand Registration Using Form S-3</U>. The
Company shall effect any requested Demand Registration using a Registration Statement on Form S-3 whenever the Company is a Seasoned
Issuer or a WKSI, and shall use an Automatic Shelf Registration Statement if it is a WKSI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Limitations on Demand Registration</U>. The
Company shall not be required to effect more than (a) three (3) Underwritten Demands requested by RCF Lender Qualified Holders
(together with any Underwritten Shelf Takedowns requested by RCF Lender Qualified Holders) and (b) five (5) Underwritten Demands
requested by Senior Notes Qualified Holders (together with any Underwritten Shelf Takedowns requested by Senior Notes Qualified
Holders and other Holders that are not RCF Lender Qualified Holders), in the aggregate. The Company shall not be required to effect
the Underwritten Demand if the aggregate proceeds expected to be received from the sale of the Registrable Securities requested
to be registered in such Underwritten Demand, in the good faith judgment of the managing underwriter(s) therefor, is less than
the lesser of (x) $15 million and (y) such amount as would enable all remaining Registrable Securities to be included in such
Underwritten Demand, in each case as of the date the Company receives a written request for an Underwritten Demand. The Company
shall not be obligated to effect a Demand Registration (A) within ninety (90) days (or such longer period specified in any applicable
lock-up agreement entered into with underwriters) after the consummation of a previous Demand Registration or Underwritten Shelf
Takedown or Company-initiated Public Offering or (B) within sixty (60) days prior to the Company&rsquo;s good faith estimate of
the date of filing of a Company-initiated registration statement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effectiveness of Demand Registration Statement</U>.
The Company shall use its commercially reasonable efforts to have the Demand Registration Statement declared effective by the
Commission as promptly as practicable after filing and keep the Demand Registration Statement continuously effective under the
Securities Act for the period of time necessary for the underwriters or Holders to sell all the Registrable Securities covered
by such Demand Registration Statement or such shorter period which will terminate when all Registrable Securities covered by such
Demand Registration Statement have been sold pursuant thereto (including, if necessary, by filing with the Commission a post-effective
amendment or a supplement to the Demand Registration Statement or the related Prospectus or any document incorporated therein
by reference or by filing any other required document or otherwise supplementing or amending the Demand Registration Statement,
if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Demand
Registration Statement or by the Securities Act, any state securities or &ldquo;blue sky&rdquo; laws, or any other rules and regulations
thereunder) (the &ldquo;<U>Effectiveness Period</U>&rdquo;). A Demand Registration shall not be deemed to have occurred (A) if
the Registration Statement is withdrawn without becoming effective, (B) if the Registration Statement does not remain effective
in compliance with the provisions of the Securities Act and the laws of any state or other jurisdiction applicable to the disposition
of the Registrable Securities covered by such Registration Statement for the Effectiveness Period, (C) if, after it has become
effective, such Registration Statement is subject to any stop order, injunction or other order or requirement of the Commission
or other governmental or regulatory agency or court for any reason other than a violation of applicable law solely by any selling
Holder and has not thereafter become effective, (D) in the event of an Underwritten Demand, if the conditions to closing specified
in the underwriting agreement entered into in connection with such registration are not satisfied or waived other than by reason
of some act or omission by the Qualified Holders holding a majority of Included Registrable Securities, or (E) if the aggregate
principal amount of Registrable Securities included on the applicable Registration Statement is reduced in accordance with <U>Section
2(b)(v)</U> such that less than 66 2/3% in aggregate principal amount of the Registrable Securities of the Holders of Registrable
Securities who sought to be included in such registration are so included in such Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Underwritten Demand</U>. The determination
of whether any Public Offering of Registrable Securities pursuant to a Demand Registration will be an Underwritten Demand shall
be made in the sole discretion of the Holders of a Majority of Included Registrable Securities included in such Demand Registration,
and such Holders of a Majority of Included Registrable Securities included in such Underwritten Demand shall have the right to
(A) determine the plan of distribution, the price at which the Registrable Securities are to be sold and the underwriting commissions,
discounts and fees and other financial terms, and (B) select the investment banker(s) and manager(s) to administer the offering
(which shall consist of one (1) or more reputable nationally recognized investment banks, subject to the Company&rsquo;s approval
(which shall not be unreasonably withheld, conditioned or delayed)) and one (1) firm of legal counsel to represent all of the
Holders (along with one (1) local counsel per jurisdiction, to the extent reasonably necessary, for any applicable jurisdiction),
in connection with such Demand Registration; <U>provided</U> that the Company shall select such investment banker(s), manager(s)
and counsel (including local counsel) if the Holders of a Majority of Included Registrable Securities cannot so agree on the same
within a reasonable time period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Withdrawal of Registrable Securities</U>.
Any Holder whose Registrable Securities were to be included in any such registration pursuant to <U>Section&nbsp;2(b)</U> may
elect to withdraw any or all of its Registrable Securities therefrom, without liability to any of the other Holders and without
prejudice to the rights of any such Holder to include Registrable Securities in any future registration (or registrations), by
written notice to the Company delivered on or prior to the effective date of the relevant Demand Registration Statement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice
Requirements</U>. Any Demand Request or Shelf Takedown Request shall (i) specify the maximum aggregate principal amount or class
or series of Registrable Securities intended to be offered and sold by the Holder making the request, (ii)&nbsp;express such Holder&rsquo;s
bona fide intent to offer up to such maximum aggregate principal amount of Registrable Securities for distribution, (iii) describe
the nature or method of the proposed offer and sale of Registrable Securities (to the extent applicable), and (iv) contain the
undertaking of such Holder to provide all such information and materials and take all action as may reasonably be required in
order to permit the Company to comply with all applicable requirements in connection with the registration of such Registrable
Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Suspension
Period</U>. Notwithstanding any other provision of this <U>Section&nbsp;2</U>, the Company shall have the right but not the obligation
to defer the filing of (but not the preparation of), or suspend the use by the Holders of, any Demand Registration or Shelf Registration
(whether prior to or after receipt by the Company of a Shelf Takedown Request or Demand Request) (i) if the Company&rsquo;s Board
of Directors determines in good faith (with the advice of competent counsel expert in such matters) that any such registration
or offering would require the disclosure, under applicable securities laws and/or other laws, of material nonpublic information
that would not otherwise be required to be disclosed at that time and the Company believes in good faith that such disclosures
at that time would materially affect the Company in an adverse manner; <U>provided</U> that the exception in clause (i) shall
continue to apply only during the time in which such material nonpublic information has not been disclosed and remains material;
and (ii) if the Company&rsquo;s Board of Directors determines in good faith, after consultation with its external advisors or
legal counsel, that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect
on any proposal or plan by the Company or any of its subsidiaries to engage in any material acquisition of assets or stock (other
than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization
or other transaction involving the Company or any of its subsidiaries; <U>provided</U> that, the period of any delay or suspension
under exceptions (i) and (ii) shall not exceed a period of sixty (60) days and any such delays or extensions shall not in aggregate
exceed ninety (90) days in any twelve (12) month period (any such period, a &ldquo;<U>Suspension Period</U>&rdquo;, and any event
triggering any such delay or suspension, a &ldquo;<U>Suspension Event</U>&rdquo;); <U>provided</U>, <U>however</U>, that in such
event, the Qualified Holders will be entitled to withdraw any request for a Demand Registration or an Underwritten Shelf Takedown
and, if such request is withdrawn, such Demand Registration or Underwritten Shelf Takedown will not count as a Demand Registration
or an Underwritten Shelf Takedown and the Company will pay all Registration Expenses in connection with such registration, regardless
of whether such registration is effected. The Company shall promptly give written notice to the Holders of Registrable Securities
registered under or pursuant to any Shelf Registration Statement or any Demand Registration with respect to its declaration of
a Suspension Period and of the expiration of the relevant Suspension Period (a &ldquo;<U>Suspension Notice</U>&rdquo;). If the
filing of any Demand Registration is suspended or an Underwritten Shelf Takedown is delayed pursuant to this <U>Section&nbsp;2(d)</U>,
once the Suspension Period ends, the Qualified Holders may request a new Demand Registration or a new Underwritten Shelf Takedown
(and such request shall not be counted as an additional Underwritten Shelf Takedown or Demand Registration for purposes of either
<U>Section 2(a)(iv)</U> or <U>Section 2(b)(i)</U>). The Company shall not include any material non-public information in the Suspension
Notice and or otherwise provide such information to a Holder unless specifically requested by a Holder in writing. A Holder shall
not effect any sales of the Registrable Securities pursuant to a Registration Statement at any time after it has received a Suspension
Notice and prior to receipt of an End of Suspension Notice. Holders may recommence effecting sales of the Registrable Securities
pursuant to a Registration Statement following further written notice from the Company to such effect (an &ldquo;<U>End of Suspension
Notice</U>&rdquo;), which End of Suspension Notice shall be given by the Company to the Holders with Registrable Securities included
on any suspended Registration Statement and counsel to the Holders, if any, promptly (but in no event later than two (2) Business
Days) following the conclusion of any Suspension Event. Notwithstanding any provision herein to the contrary, if the Company gives
a Suspension Notice with respect to any Registration Statement pursuant to this <U>Section 2(d)</U>, the Company agrees that it
shall (i) extend the period which such Registration Statement shall be maintained effective pursuant to this Agreement by the
number of days during the period from the date of receipt by the Holders of the Suspension Notice to and including the date of
receipt by the Holders of the End of Suspension Notice; and (ii) provide copies of any supplemented or amended prospectus necessary
to resume sales, if requested by any Holder; <U>provided</U> that such period of time shall not be extended beyond the date that
there are no longer Registrable Securities covered by such Registration Statement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Required
Information</U>. The Company may require each Holder of Registrable Securities as to which any Registration Statement is being
filed or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such
other information relating to such Holder and its ownership of Registrable Securities as the Company may from time to time reasonably
request in writing (<U>provided</U>&nbsp;that such information shall be used only in connection with such registration), and the Company
may exclude from such registration or sale the Registrable Securities of any such Holder who fails to furnish such information
within a reasonable time after receiving such request or who does not consent to the inclusion in a Registration Statement or
Prospectus related to such registration or sale of such information related to such Holder that is required by the rules and regulations
of the Commission. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably
necessary to enable the Company to comply with the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Other
Registration Rights Agreements</U>. The Company represents and warrants to each Holder that, as of the date of this Agreement,
it has not entered into any agreement with respect to any of its securities granting any registration rights to any Person with
respect to the Registrable Securities, other than as contemplated by the Plan. The Company will not enter into on or after the
date of this Agreement, unless this Agreement is modified or waived as provided in <U>Section 6(c)</U>, any agreement that is
inconsistent with the rights granted to the Holders with respect to Registrable Securities in this Agreement or otherwise conflicts
with the provisions hereof in any material respect. Other than as set forth in this Agreement, if the Company enters into any
agreement that would allow any holder of First Lien Notes or other securities of the Company to include such First Lien Notes
or other securities of the Company in any Registration Statement of the Company, in each case on a basis more favorable than the
rights of the Holders under this Agreement (as determined in good faith by the Company), this Agreement shall be automatically
amended to provide for such more favorable terms and, to the extent the Company enters into any agreement that would allow any
holder of First Lien Notes or other securities of the Company to include such First Lien Notes or other securities of the Company
in any Registration Statement or Underwritten Shelf Takedown under <U>Section 2(a)</U> or <U>2(b)</U> of this Agreement, such
other agreement shall similarly provide for the Holders to have reciprocal rights with respect to any demand registrations or
underwritten offerings thereunder.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Cessation
of Registration Rights</U>. All registration rights granted under this <U>Section&nbsp;2</U> shall continue to be applicable with
respect to any Holder until such time as such Holder no longer holds any Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Confidentiality</U>.
Each Holder agrees that such Holder shall treat as confidential the receipt of a Demand Notice or Shelf Takedown Notice and shall
not disclose or use the information contained in any such notice without the prior written consent of the Company until such time
as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by
the Holder in breach of the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Registration Procedures</U></B>. The procedures to be followed by the Company and each participating Holder to register
the sale of Registrable Securities pursuant to a Registration Statement in accordance with this Agreement, and the respective
rights and obligations of the Company and such Holders with respect to the preparation, filing and effectiveness of such Registration
Statement, are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will (i) prepare and file a Registration Statement or a prospectus supplement, as applicable, with the Commission (within
the time period specified in <U>Section&nbsp;2(a)</U>&nbsp;or <U>Section&nbsp;2(b)</U>, as applicable, in the case of a Shelf Registration,
an Underwritten Shelf Takedown or a Demand Registration) which Registration Statement (A) shall be on a form selected by the Company
for which the Company qualifies, (B) shall be available for the sale of the Registrable Securities in accordance with the intended
method or methods of distribution, and (C) shall comply as to form in all material respects with the requirements of the applicable
form and include and/or incorporate by reference all financial statements required by the Commission to be filed therewith, and
(ii) use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for
the periods provided under <U>Section&nbsp;2(a)</U>&nbsp;or <U>Section&nbsp;2(b)</U>, as applicable, in the case of a Shelf Registration
Statement or a Demand Registration Statement. The Company will furnish to any Qualified Holder named as a selling securityholder
(or selling securityholders) therein, any counsel designated by such Qualified Holder, counsel for the Holders of a Majority of
Included Registrable Securities (selected as provided herein) and the managing underwriter or underwriters of an underwritten
Public Offering of Registrable Securities, if applicable, copies of all correspondence from the Commission received in connection
with such Public Offering, subject in the case of any Qualified Holder to such Holder entering into a confidentiality agreement
with respect thereto if requested by the Company. The Company will (I) at least two (2) Business Days (or such shorter period
as shall be reasonably practicable under the circumstances) prior to the anticipated filing of the Shelf Registration Statement,
a Demand Registration Statement or any related Prospectus or any amendment or supplement thereto, or before using any Issuer Free
Writing Prospectus, furnish to any Qualified Holder named as a selling securityholder (or selling securityholders) therein, any
counsel designated by such Qualified Holder and counsel for the Holders of a Majority of Included Registrable Securities (selected
as provided herein) and the managing underwriter or underwriters of an underwritten Public Offering of Registrable Securities,
if applicable, copies of all such documents proposed to be filed (subject in the case of any Qualified Holder to such Holder entering
into a confidentiality agreement with respect thereto if requested by the Company), (II) use its commercially reasonable efforts
to address in each such document prior to being so filed with the Commission such comments as any of the foregoing Persons reasonably
shall propose and (III) without limiting the Company&rsquo;s rights under <U>Section 2(e)</U>, not include in any Registration
Statement or any related Prospectus or any amendment or supplement thereto information regarding a participating Holder to which
a participating Holder reasonably objects; <U>provided</U>, <U>however</U>, the Company shall not be required to provide copies
of any amendment or supplement filed solely to incorporate in any Form S-1 (or other form not providing for incorporation by reference)
any filing by the Company under the Exchange Act or any amendment or supplement filed for the purpose of adding additional selling
securityholders thereunder.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will as promptly as reasonably practicable (i) prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as (A) may be reasonably
requested by any Holder of Registrable Securities covered by such Registration Statement necessary to permit such Holder to sell
in accordance with its intended method of distribution, to the extent such intended method of distribution is consistent with
the applicable plan of distribution, or (B) may be necessary under applicable law to keep such Registration Statement continuously
effective with respect to the disposition of all Registrable Securities covered thereby for the periods provided under <U>Section&nbsp;2(a)</U>&nbsp;or <U>Section&nbsp;2(b)</U>, as applicable, in accordance with the intended method of distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will make all required filing fee payments in respect of any Registration Statement or Prospectus used under this Agreement
(and any Public Offering covered thereby) within the deadlines specified by the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will notify each Holder of Registrable Securities named as a selling securityholder in any Registration Statement and
the managing underwriter or underwriters of an underwritten Public Offering of Registrable Securities, if applicable, (i) as promptly
as reasonably practicable when any Registration Statement or post-effective amendment thereto has been declared effective; (ii)
of the issuance or threatened issuance by the Commission or any other governmental or regulatory authority of any stop order,
injunction or other order or requirement suspending the effectiveness of a Registration Statement covering any or all of the Registrable
Securities or the initiation or threatening of any Proceedings for that purpose; (iii) of the receipt by the Company of any notification
with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale
in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; or (iv) of the discovery that, or upon
the happening of any event the result of which, such Registration Statement or Prospectus or Issuer Free Writing Prospectus relating
thereto or any document incorporated or deemed to be incorporated therein by reference contains an untrue statement in any material
respect or omits any material fact necessary to make the statements in the Registration Statement or the Prospectus or Issuer
Free Writing Prospectus relating thereto not misleading, or when any Issuer Free Writing Prospectus includes information that
may conflict with the information contained in the Registration Statement or Prospectus, or if, for any other reason, it shall
be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with
the Securities Act, correct such misstatement or omission or effect such compliance.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of any event contemplated by <U>Section&nbsp;3(d)(iv)</U>, as promptly as reasonably practicable, the Company will
(x) prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration
Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference
or to the applicable Issuer Free Writing Prospectus, (y) furnish, if requested, a reasonable number of copies of such supplement
or amendment to the selling Holders, their counsel and the managing underwriter or underwriters of an underwritten Public Offering
of Registrable Securities, if applicable, and (z) file such supplement, amendment and any other required document with the Commission
so that, as thereafter delivered to the purchasers of any Registrable Securities, such Registration Statement, such Prospectus
or such Issuer Free Writing Prospectus shall not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or an Issuer Free Writing
Prospectus, in light of the circumstances under which they were made) not misleading, and such Issuer Free Writing Prospectus
shall not include information that conflicts with information contained in the Registration Statement or Prospectus, in each case
such that each selling Holder can resume disposition of such Registrable Securities covered by such Registration Statement or
Prospectus. Following receipt of notice of any event contemplated by clauses 3(d)(ii)-(iv), a Holder shall suspend sales of the
Registrable Securities pursuant to such Registration Statement and shall not resume sales until such time as it has received written
notice from the Company to such effect. The Company shall provide any supplemented or amended prospectus necessary to resume sales,
if requested by any Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any
stop order or other order suspending the effectiveness of a Registration Statement or the use of any Prospectus, or (ii) any suspension
of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as promptly
as practicable, or if any such order or suspension is made effective during any Suspension Period, as promptly as practicable
after the Suspension Period is over.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the Effectiveness Period or the Shelf Period, as applicable, the Company will furnish to each selling Holder, its counsel and
the managing underwriter or underwriters of an underwritten Public Offering of Registrable Securities, if applicable, upon their
request, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits
to the extent requested by such selling Holder or underwriter (including those incorporated by reference) promptly after the filing
of such documents with the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will promptly deliver to each selling Holder and the managing underwriter or underwriters of an underwritten Public Offering
of Registrable Securities, if applicable, without charge, as many copies of the applicable Registration Statement, each amendment
and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus, final Prospectus,
and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities
Act and any Issuer Free Writing Prospectus)), all exhibits and other documents filed therewith and such other documents as such
selling Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such
selling Holder or underwriter, and upon request, subject to any confidentiality undertaking as the Company shall reasonably request,
a copy of any and all transmittal letters or other correspondence to or received from the Commission or any other governmental
authority relating to such offer. Subject to <U>Section 2(d)</U> hereof, the Company consents to the use of such Prospectus and
each amendment or supplement thereto by each of the selling Holders and any applicable underwriter in connection with the offering
and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will (i) register or qualify the Registrable Securities covered by a Registration Statement, no later than the time such
Registration Statement is declared effective by the Commission, under all applicable securities laws (including the &ldquo;blue
sky&rdquo; laws) of such jurisdictions each underwriter, if any, or any selling Holder shall reasonably request; (ii) keep each
such registration or qualification effective during the period such Registration Statement is required to be kept effective under
the terms of this Agreement; and (iii) do any and all other acts and things which may be reasonably necessary or advisable to
enable such underwriter, if any, and each selling Holder to consummate the disposition in each such jurisdiction of the Registrable
Securities covered by such Registration Statement; <U>provided</U>, <U>however</U><I>,</I> that the Company will not be required
to (x) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph,
(y) subject itself to taxation in any such jurisdiction, or (z) consent to general service of process (other than service of process
in connection with such registration or qualification or any sale of Registrable Securities in connection therewith) in any such
jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will cooperate with the Holders and the underwriter or managing underwriter of an underwritten Public Offering of Registrable
Securities, if any, to facilitate the timely preparation and delivery of certificates or book-entry statements representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates or book-entry statements shall
be free of all restrictive legends, indicating that the Registrable Securities are unregistered or unqualified for resale under
the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such
denominations and registered in such names as any such Holders or the underwriter or managing underwriter of an underwritten Public
Offering, as applicable, may reasonably request and instruct any transfer agent and registrar or trustee of Registrable Securities,
if any, may request. In connection therewith, if required by the Company&rsquo;s transfer agent, the Company will promptly, after
the effective date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement
to be delivered to and maintained with such transfer agent, together with any other authorizations, certificates and directions
required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any
such legend upon the sale by any Holder or the underwriter or managing underwriter of an underwritten Public Offering of Registrable
Securities, if any, of such Registrable Securities under the Registration Statement and to release any stop transfer orders in
respect thereof. At the request of any Holder or the managing underwriter, if any, the Company will promptly deliver or cause
to be delivered an opinion or instructions to the transfer agent in order to allow the Registrable Securities to be sold from
time to time free of all restrictive legends.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
right of any Holder to include such Holder&rsquo;s Registrable Securities in an underwritten offering shall be conditioned upon
(x) such Holder&rsquo;s participation in such underwriting and the inclusion of such Holder&rsquo;s Registrable Securities in
the underwriting to the extent provided herein, (y) such Holder entering into customary agreements, including an underwriting
agreement in customary form, and sell such Holder&rsquo;s Registrable Securities on the basis provided in any underwriting arrangements
approved by the Holders entitled to select the managing underwriter or managing underwriters hereunder (<U>provided</U> that (I)
any such Holder shall not be required to make any representations or warranties to the Company or the underwriters (other than
(A) representations and warranties regarding (1) such Holder&rsquo;s ownership of its Registrable Securities to be sold or transferred,
(2) such Holder&rsquo;s power and authority to effect such transfer, (3) such matters pertaining to compliance with securities
laws as may be reasonably requested by the Company or the underwriters, (4) the accuracy of information concerning such Holder
as provided by or on behalf of such Holder, and (5) any other representations or warranties required to be made by the Holder
under applicable law, and (B) such other representations, warranties and other provisions relating to such Holder&rsquo;s participation
in such Public Offering as may be reasonably requested by the underwriters) or to undertake any indemnification obligations to
the Company with respect thereto, except as otherwise provided in <U>Section 5(b)</U> hereof, or to the underwriters with respect
thereto, except to the extent of the indemnification being given to the underwriters and their controlling Persons in <U>Section
5(b)</U> hereof and (II) the aggregate amount of the liability of such Holder in connection with such offering shall not exceed
such Holder&rsquo;s net proceeds from the disposition of such Holder&rsquo;s Registrable Securities in such offering) and (z)
such Holder completing and executing all questionnaires, powers of attorney, custody agreements and other documents reasonably
required under the terms of such underwriting arrangements or by the Company in connection with such underwritten Public Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees with each Holder that, in connection with any underwritten Public Offering (including an Underwritten Shelf Takedown),
the Company shall: (i) enter into and perform under such customary agreements (including underwriting agreements in customary
form, including customary representations and warranties and provisions with respect to indemnification and contribution) and
take all such other actions as the Holders of a Majority of Included Registrable Securities being sold or the underwriters, if
any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities and provide reasonable
cooperation, including causing appropriate officers to attend and participate in &ldquo;road shows&rdquo; and analyst or investor
presentations and such other selling or other informational meetings organized by the underwriters, if any (taking into account
the needs of the Company&rsquo;s businesses and the responsibilities of the Company&rsquo;s officers with respect thereto). The
Company and its management shall not be required to participate in any marketing effort that lasts longer than five (5) Business
Days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will use commercially reasonable efforts to obtain for delivery to the underwriter or underwriters of an underwritten
Public Offering of Registrable Securities (i) a signed counterpart of one or more comfort letters from independent public accountants
of the Company in customary form and covering such matters of the type customarily covered by comfort letters and (ii) an opinion
or opinions from counsel for the Company (including any local counsel reasonably requested by the underwriters) dated the date
of the closing under the underwriting agreement, in customary form, scope and substance, covering the matters customarily covered
in opinions requested in sales of securities in an underwritten Public Offering, which opinions shall be reasonably satisfactory
to such underwriters and their counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will (i) provide and cause to be maintained a trustee, transfer agent and registrar for all Registrable Securities covered
by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement
and provide and enter into any reasonable agreements with a custodian for the Registrable Securities and (ii) no later than the
effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will cooperate with each Holder of Registrable Securities and each underwriter or agent, if any, participating in the
disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will, upon reasonable notice and at reasonable times during normal business hours, make available for inspection by a
representative appointed by the Holders of a Majority of Included Registrable Securities, counsel selected by such Holders in
accordance with this Agreement, any underwriter participating in any disposition pursuant to such registration, as applicable,
and any other attorney or accountant retained by such underwriter, all financial and other records and pertinent corporate documents
of the Company, and cause the Company&rsquo;s officers, directors, employees and independent accountants to supply all information
reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement or
Underwritten Shelf Takedown, as applicable, and make themselves available at mutually convenient times to discuss the business
of the Company and other matters reasonably requested by any such Holders, sellers, underwriter or agent thereof in connection
with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility, as applicable
(any information provided under this <U>Section 3(p)</U>, &ldquo;<U>Due Diligence Information</U>&rdquo;), subject in each case
to the foregoing persons entering into customary confidentiality and non-use agreements with respect to any confidential information
of the Company. The Company shall not provide any Due Diligence Information to a Holder unless such Holder requests such Due Diligence
Information in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will comply with all applicable rules and regulations of the Commission, the Trading Market (if applicable), FINRA and
any state securities authority, and make available to each Holder, as soon as reasonably practicable after the effective date
of the Registration Statement, an earnings statement covering at least twelve (12)&nbsp;months but not more than eighteen (18)
months beginning with the first (1<SUP>st</SUP>) full calendar month after the effective date of such Registration Statement,
which earnings statement shall satisfy the provisions of Section&nbsp;11(a) of the Securities Act and Rule 158 promulgated thereunder
(or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will ensure that any Issuer Free Writing Prospectus utilized in connection with any Prospectus complies in all material
respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, and is retained
in accordance with the Securities Act to the extent required thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Holder represents that it has not prepared or had prepared on its behalf or used or referred to, and agrees that it will not prepare
or have prepared on its behalf or used or refer to, any Free Writing Prospectus without the prior written consent of the Company
and, in connection with any underwritten Public Offering, the underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
any listing of the First Lien Notes in accordance with the requirements of the Plan or otherwise, the Company will use commercially
reasonable efforts to cause the Registrable Securities of the same class, to the extent any further action is required, to be
similarly listed and to maintain such listing until such time as the securities cease to constitute Registrable Securities.</FONT></P>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall, if such registration for an underwritten Public Offering is pursuant to a Registration Statement on Form S-3 or
any similar short-form registration, include in such Registration Statement such additional information for marketing purposes
as the managing underwriter(s) reasonably request(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall hold in confidence and not use or make any disclosure of information concerning a Holder provided to the Company,
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of
such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release
of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of
competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation
of this Agreement or any other agreement known to the Company. The Company agrees that it shall, upon learning that disclosure
of such information concerning a Holder is sought in or by a court or governmental body of competent jurisdiction or through other
means or otherwise determining that any such disclosure is required under the foregoing clauses (i) through (iii), give prompt
written notice to such Holder and allow such Holder, at the Holder&rsquo;s expense, to undertake appropriate action to prevent
disclosure of, or to obtain a protective order for, such information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees that nothing in this Agreement shall prohibit the Holders, at any time and from time to time, from selling or otherwise
transferring Registrable Securities pursuant to a private placement or other transaction which is not registered pursuant to the
Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of an underwritten Demand Registration or Underwritten Shelf Takedown requested by the Holders pursuant to this Agreement,
the price, underwriting discount and other financial terms of the related underwriting agreement for the Registrable Securities
shall be determined by the Holders of a Majority of Included Registrable Securities to be included in such underwritten Public
Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
anything to the contrary in this Agreement, any Holder may make a written election (an &ldquo;<U>Opt-Out Election</U>&rdquo;)
to no longer receive from the Company any Demand Notice, Shelf Takedown Notice or Suspension Notice (other than a Suspension Notice
with respect to a Registration Statement as to which such Holder&rsquo;s Registrable Securities are, or have been requested to
be, included in) (each, a &ldquo;<U>Covered Notice</U>&rdquo;), and, following receipt of such Opt-Out Election, the Company shall
not be required to, and shall not, deliver any such Covered Notice to such Holder from the date of receipt of such Opt-Out Election
and such Holder shall have no right to participate in any Registration Statement or Public Offering as to which such Covered Notices
pertain. An Opt-Out Election shall remain in effect until it has been revoked in writing to the Company by the relevant Holder
and such written revocation has been received by the Company. A Holder who previously has given the Company an Opt-Out Election
may revoke such election at any time in writing to the Company, and there shall be no limit on the ability of a Holder to issue
and revoke subsequent Opt-Out Elections.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule
144.</U>&nbsp;For so long as the Company is subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act, the Company
covenants that it will file, in a timely manner, all reports required to be filed by it under the Securities Act and the Exchange
Act (or, if the Company is subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act but is not required to file
such reports, it will, upon the request of any Holder, make publicly available such information), and, whether or not the Company
is then subject to the requirements of Section 13, 14 or 15(d) of the Exchange Act, the Company covenants that it will make and
keep public information available, as those terms are understood and defined in Rule 144, and take such further action as any
Holder may reasonably request so as to enable such Holder to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by (a) Rule 144, as such Rule may be amended from time to time, or (b) any
similar rule or regulation hereafter adopted by the Commission.&nbsp; Upon the request of a Holder, the Company will deliver to
such Holder a written statement that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange
Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not required by the rules and regulations of the Commission and notwithstanding anything to the contrary herein, so long as
any Registrable Securities are outstanding the Company covenants that it will file with the Commission, in a timely manner, to
the extent such filings are accepted by the Commission, all quarterly and annual reports and other information, documents and
reports that would be required to be filed with the Commission pursuant to Section 13 of the Exchange Act if the Company were
required to file under such sections. In addition, the Company will make such information available to prospective purchasers
of the Registrable Securities, securities analysts and broker-dealers who request it in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Registration Expenses</U></B>. The Company shall bear all reasonable Registration Expenses incidental to the Parties&rsquo;
performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Demand
Registration, Shelf Registration or Shelf Takedown Request, whether or not any Registrable Securities are sold pursuant to a Registration
Statement. In addition, notwithstanding anything to the contrary herein, the Company shall pay the reasonable fees and disbursements
of Kramer Levin Naftalis &amp; Frankel LLP and Shearman &amp; Sterling LLP (along with one (1) counsel, to the extent reasonably
necessary, for any applicable jurisdiction) incurred on behalf of Holders of Registrable Securities party to the Restructuring
Support Agreement (as defined in the Backstop Commitment Agreement) in connection with the matters contemplated by this Agreement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Expenses</U>&rdquo; shall include, without limitation, (i) all registration, qualification and filing fees and expenses (including
fees and expenses (A) of the Commission or FINRA, (B)&nbsp;incurred in connection with the listing of the Registrable Securities
on the Trading Market, as applicable, and (C) in compliance with applicable state securities or &ldquo;blue sky&rdquo; laws (including
reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable
Securities as may be set forth in any underwriting agreement)); (ii) expenses in connection with the preparation, printing, mailing
and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements
thereto (including expenses of printing certificates for the Company&rsquo;s shares and printing prospectuses); (iii) analyst
or investor presentation or road show expenses of the Company and the underwriters, if any; (iv)&nbsp;messenger, telephone and
delivery expenses; (v) reasonable fees and disbursements of counsel (including any local counsel), auditors and accountants for
the Company (including the expenses incurred in connection with &ldquo;comfort letters&rdquo; required by or incident to such
performance and compliance); (vi) the reasonable fees and disbursements of underwriters to the extent customarily paid by issuers
or sellers of securities (including, if applicable, the fees and expenses of any &ldquo;qualified independent underwriter&rdquo;
(and its counsel) that is required to be retained in accordance with the rules and regulations of FINRA and the other reasonable
fees and disbursements of underwriters (including reasonable fees and disbursements of counsel for the underwriters) in connection
with any FINRA qualification; (vii) fees and expenses of any special experts retained by the Company; (viii) Securities Act liability
insurance, if the Company so desires such insurance; (ix) reasonable fees and disbursements of one third-party counsel (along
with one (1) local counsel per jurisdiction, to the extent reasonably necessary, for any applicable jurisdiction) representing
all Holders mutually agreed by Holders of a Majority of Included Registrable Securities participating in the related registration;
(x) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to any
presentations to rating agencies; (xi) internal expenses of the Company (including all salaries and expenses of its officers and
employees performing legal or accounting duties); (xii) transfer agents&rsquo; and registrars&rsquo; fees and expenses and the
fees and expenses of any other agent or trustee appointed in connection with such offering. In addition, the Company shall be
responsible for all of its expenses incurred in connection with the consummation of the transactions contemplated by this Agreement
(including expenses payable to third parties and including all salaries and expenses of the Company&rsquo;s officers and employees
performing legal or accounting duties), the expense of any annual audit and any underwriting fees, discounts, selling commissions
and stock transfer taxes and related legal and other fees applicable to securities sold by the Company and in respect of which
proceeds are received by the Company. Each Holder shall pay any Selling Expenses applicable to the sale or disposition of such
Holder&rsquo;s Registrable Securities pursuant to any Demand Registration Statement, or pursuant to any Shelf Registration Statement
under which such selling Holder&rsquo;s Registrable Securities were sold, and in any other fees and expenses not constituting
Registration Expenses in proportion to the amount of such selling Holder&rsquo;s shares of Registrable Securities sold in any
offering under such Demand Registration Statement or Shelf Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Indemnification</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall indemnify, defend and hold harmless each Holder, its partners, stockholders, securityholders, equityholders, general
partners, limited partners, managers, members, and Affiliates and each of their respective officers and directors and any Person
who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and any
agent, employee, attorney or Representative thereof (collectively, &ldquo;<U>Holder Indemnified Persons</U>&rdquo;), and any underwriter
that facilitates the sale of the Registrable Securities and any Person who controls such underwriter (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) (collectively, &ldquo;<U>Underwriter Indemnified Persons</U>&rdquo;),
to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or
several, costs (including reasonable costs of preparation and investigation and reasonable attorneys&rsquo;, accountants&rsquo;
and experts&rsquo; fees, whether or not the Indemnified Person is a party to any Proceeding) and expenses, judgments, fines, penalties,
interest, settlements or other amounts arising from any and all Proceedings, whether civil, criminal, administrative or investigative,
in which any Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities
Act or otherwise (collectively, &ldquo;<U>Losses</U>&rdquo;), as incurred, arising out of, based upon, resulting from or relating
to (i)&nbsp;any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any
Registrable Securities were registered, Prospectus, preliminary prospectus, road show, as defined in Rule 433(h)(4) under the
Securities Act (a &ldquo;<U>road show</U>&rdquo;), or in any summary or final prospectus or Issuer Free Writing Prospectus or
in any amendment or supplement thereto or in any documents incorporated by reference in any of the foregoing or (ii) any omission
or alleged omission to state therein a material fact required to be stated therein or necessary, in the case of any Prospectus,
preliminary prospectus, road show or Issuer Free Writing Prospectus, in light of the circumstances under which they were made,
to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company or any of its Subsidiaries
of any federal, state or common law rule or regulation relating to action or inaction in connection with any Company-provided
information in such registration, disclosure document or related document or report, and the Company will reimburse such Indemnified
Person for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such Proceeding;
<U>provided</U><I>, </I><U>however</U>, that the Company shall not be liable to any Indemnified Person to the extent that any
such Losses arise out of, are based upon or results from an untrue or alleged untrue statement or omission or alleged omission
made in such Registration Statement, such preliminary, summary or final prospectus or Issuer Free Writing Prospectus or such amendment
or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Indemnified
Person specifically for use in the preparation thereof.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with any Registration Statement filed by the Company pursuant to <U>Section&nbsp;2</U> hereof in which a Holder has
registered for sale its Registrable Securities, each such selling Holder agrees (severally and not jointly) to indemnify, defend
and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers, Affiliates, employees, members,
managers, agents and each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) (such persons together with Holder Indemnified Persons and Underwriter Indemnified Persons, collectively,
 &ldquo;<U>Indemnified Persons</U>&rdquo;), from and against any Losses resulting from (i) any untrue statement of a material fact
contained in any Registration Statement under which such Registrable Securities were registered, Prospectus, preliminary prospectus,
road show, Issuer Free Writing Prospectus, or any amendment thereof or supplement thereto or any documents incorporated by reference
therein, or (ii) any omission to state therein a material fact required to be stated therein or necessary, in the case of any
Prospectus, preliminary prospectus, road show, Issuer Free Writing Prospectus, in light of the circumstances under which they
were made, to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue
statement or omission is contained in any information furnished in writing by or on behalf of such selling Holder to the Company
specifically for inclusion therein and has not been corrected in a subsequent writing prior to the sale of the Registrable Securities.
In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds
(after deducting underwriters&rsquo; discounts, fees and commissions) received by such Holder under the sale of Registrable Securities
giving rise to such indemnification obligation less any amounts paid (including such Holder&rsquo;s share of any other Selling
Expenses) by such Holder in connection with such sale and any amounts paid by such Holder as a result of liabilities incurred
under the underwriting agreement, if any, related to such sale.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Indemnified Person shall give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification
under this <U>Section 5</U> (<U>provided </U>that any delay or failure to so notify the Person obligated to indemnify the Indemnified
Person with respect to such claim (the &ldquo;<U>indemnifying party</U>&rdquo;) shall not relieve the indemnifying party of its
obligations hereunder except to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or
failure). The indemnifying party shall be entitled to assume the defense of such claim with counsel reasonably satisfactory to
the Indemnified Person; <U>provided</U>, <U>however</U>, that any Indemnified Person shall have the right to select and employ
its own counsel (and one (1) local counsel in each relevant jurisdiction), and the indemnifying party shall bear the reasonable
fees, costs and expenses of such separate counsel if (A) the Indemnified Person has reasonably concluded (based upon advice of
its counsel) that there may be legal defenses available to it or other Indemnified Persons that are different from or in addition
to those available to the indemnifying party, or (B) in the reasonable judgment of any such Indemnified Person (based upon advice
of its counsel) a conflict of interest may exist between such Indemnified Person and the indemnifying party with respect to such
claims; (C) the indemnifying party shall not have employed counsel satisfactory to the Indemnified Person to represent the Indemnified
Person within a reasonable time after notice of the institution of such action; (D) the indemnifying party shall authorize the
Indemnified Person to employ separate counsel at the expense of the indemnifying party; or (E) the indemnifying party shall have
failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Indemnified
Person and employ counsel reasonably satisfactory to such Indemnified Person. An indemnifying party shall not be liable under
this <U>Section 5(c)</U> to any Indemnified Person regarding any settlement or compromise or consent to the entry of any judgment
with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the Indemnified Person is an actual or potential party to such claim or action) unless
such settlement, compromise or consent is consented to by such indemnifying party, which consent shall not be unreasonably withheld.
No action may be settled without the consent of the Indemnified Person, <U>provided</U> that the consent of the Indemnified Person
shall not be required if (A) such settlement includes an unconditional release of such Indemnified Person in form and substance
satisfactory to such Indemnified Person from all liability on the claims that are the subject matter of such settlement, (B) such
settlement provides for the payment by the indemnifying party of money as the sole relief for such action, and (C) such settlement
does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified
Person. It is understood that the indemnifying party or parties shall not, except as specifically set forth in this <U>Section
5(c)</U>, in connection with any Proceeding or related Proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the indemnity provided in <U>Section 5(a)</U> or <U>Section 5(b)</U> above is unavailable to or insufficient to
hold harmless an Indemnified Person for any reason, then each applicable indemnifying party agrees to contribute to the aggregate
Losses (including reasonable costs of preparation and investigation and reasonable attorneys&rsquo;, accountants&rsquo; and experts&rsquo;
fees, whether or not the Indemnified Person is a party to any Proceeding) to which such indemnifying party may be subject in such
proportion as is appropriate to reflect the relative benefits received by the indemnifying party on the one hand and by the Indemnified
Person on the other from the Public Offering of First Lien Notes; <U>provided</U>, <U>however</U>, that the maximum amount of
liability in respect of such contribution shall be limited in the case of any Holder to the net proceeds (after deducting underwriters&rsquo;
discounts, fees and commissions and other Selling Expenses) received by such Holder in connection with such registration. If,
however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying
party shall contribute to such amount paid or payable by such Indemnified Person in such proportion as is appropriate to reflect
not only such relative benefits but also the relative fault of the indemnifying party on the one hand and the Indemnified Person
on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
indemnifying party on the one hand or the Indemnified Person on the other and the parties&rsquo; relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parties agree that it would not be just and equitable if contribution pursuant to <U>Section 5(d)</U> were determined by <I>pro
rata</I> allocation (even if the Holders of Registrable Securities or any agents or underwriters or all of them were treated as
one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in <U>Section 5(d)</U>. The amount paid or payable by an Indemnified Person as a result of the Losses referred
to above in <U>Section 5(d)</U> shall be deemed to include any reasonable legal or other reasonable out-of-pocket expenses incurred
by such Indemnified Person in connection with investigating or defending any such action or claim.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the provisions of <U>Section 5(d)</U>, no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of <U>Section 5(d)</U>, each Person who controls any Holder, agent or underwriter (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act), and each director, officer, employee and agent of any such Holder, agent
or underwriter, shall have the same rights to contribution as such Holder, agent or underwriter, and each Person who controls
the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and each officer and director
of the Company shall have the same rights to contribution as the Company subject in each case to the applicable terms and conditions
of this <U>Section 5(g)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this <U>Section 5</U> will remain in full force and effect, regardless of any investigation made by or on behalf
of any Holder or the Company or any of the officers, directors or controlling Persons referred to in this <U>Section 5</U> hereof,
and will survive the transfer of Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remedies provided for in this <U>Section&nbsp;5</U>&nbsp;are not exclusive and shall not limit any rights or remedies which may otherwise
be available to any Indemnified Person at law or in equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Miscellaneous</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Remedies</U>.
In the event of a breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled
to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance
of its rights under this Agreement. The Company agrees that monetary damages would not provide adequate compensation for any losses
incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action
for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate and shall
waive any requirement for the posting of a bond or other security.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Discontinued
Disposition</U>. Each Holder agrees by its acquisition of Registrable Securities that, upon receipt of a notice from the Company
of the occurrence of any event of the kind described in clauses (ii) through (iv) of <U>Section&nbsp;3(d)</U> or the occurrence
of a Suspension Period, such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration
Statement until such Holder&rsquo;s receipt of the copies of the supplemental Prospectus or amended Registration Statement or
until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has
received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such
Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce the provisions of this <U>Section&nbsp;6(b)</U>.
In the event the Company shall give any such notice, the period during which the applicable Registration Statement is required
to be maintained effective shall be extended by the number of days during the period from and including the date of the giving
of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either
receives the copies of the supplemented or amended Prospectus or is advised in writing by the Company that the use of the Prospectus
may be resumed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendments</U>.
This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only with (i) the consent
of the Company and (ii) the affirmative vote of Holders of a Majority of Registrable Securities; <U>provided</U> that in no event
shall the obligations of any Holder of Registrable Securities be increased or the rights of any Holder be adversely affected (without
similarly increasing or adversely affecting the rights of all Holders), except with the written consent of such Holder; <U>provided</u>&nbsp;<u>further</U>, any provision that is for the express benefit of only Qualified Holders (including any such provisions in <U>Section
2(b)</U> or the definition of Qualified Holders in <U>Section 1</U>) may only be amended, modified, extended or waived in a manner
disproportionately adverse in any material respect to any Holder with the consent of such Holder or in a manner disproportionately
adverse in any material respect to the RCF Lender Qualified Holders with the consent of the RCF Lender Qualified Holders. Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does
not directly or indirectly affect the rights of other Holders of Registrable Securities may be given by Holders of at least a
majority of the Registrable Securities being sold by such Holders pursuant to such Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Waivers</U>.
No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof,
nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination
and Effect of Termination</U>. This Agreement shall terminate with respect to each Holder when such Holder no longer holds any
Registrable Securities and will terminate in full when no Holder holds any Registrable Securities, except for the provisions of
<U>Section 5</U>, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability
for breach or Registration Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled
to indemnification rights pursuant to <U>Section 5</U> shall retain such indemnification rights with respect to any matter that
(i) may be an indemnified liability thereunder and (ii) occurred prior to such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U>.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered
via facsimile or electronic mail in PDF or similar electronic or digital format at or prior to 5:00 p.m. (New York time) on a
Business Day in the place of receipt, (ii) the Business Day after the date of transmission, if such notice or communication is
delivered via facsimile or electronic mail in PDF or similar electronic or digital format later than 5:00&nbsp;p.m. (New York
time) on any date and at or prior to 11:59 p.m. (New York time) on such date, (iii) the Business Day following the date of mailing,
if sent by nationally recognized overnight courier service and (iv) upon actual receipt by the Party to whom such notice is required
to be given. The address for such notices and communications shall be as follows (or at such other address as shall be given in
writing to the Company by any Party to the other Parties):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Company:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valaris
Limited</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5847
San Felipe, Suite 3300</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston,
TX 77002</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention: &nbsp;&nbsp;&nbsp;Michael
McGuinty, General Counsel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-Mail: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael.McGuinty@valaris.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to any other Person who is then a Holder, to the address of such Holder as it appears on the signature pages hereto or such other
address as may be designated in writing hereafter by such Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Successors
and Assigns; Transfers; New Issuances</U>. This Agreement shall be binding upon and inure to the benefit of the Parties hereto
and their respective heirs, executors, administrators, successors and legal representatives. The rights of a Holder hereunder
may be transferred, assigned, or otherwise conveyed on a pro rata basis in connection with any transfer, assignment, or other
conveyance of Registrable Securities to any transferee or assignee; <U>provided</U> that all of the following additional conditions
are satisfied with respect to any transfer, assignment or conveyance of rights hereunder: (i) such transfer or assignment is made
in compliance with the Securities Act, any other applicable securities or &ldquo;blue sky&rdquo; laws, or rules or regulations
promulgated by FINRA, and the terms and conditions of the organizational documents of the Company; (ii) such transferee or assignee
shall have delivered to the Company a joinder agreement in substantially the form attached hereto as <U>Exhibit A</U> agreeing
to become subject to and bound by the terms of this Agreement; and (iii) the Company is given written notice by such Holder of
such transfer or assignment, stating the name and address of the transferee or assignee, identifying the Registrable Securities
with respect to which such rights are being transferred or assigned and the aggregate principal amount of Registrable Securities
beneficially owned by such transferee or assignee. Notwithstanding any other provision of this Agreement to the contrary, the
Company shall not transfer or assign its rights or obligations hereunder without the prior written consent of each Holder.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governing
Law</U>. This Agreement, and any claim, controversy or dispute arising under or related to this Agreement (whether contractual
or non-contractual), shall be governed by, and construed in accordance with, the laws of the State of New York, without regard
to the choice of law or conflicts of law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Submission
to Jurisdiction</U>. Each of the Parties, by its execution of this Agreement, (i) hereby irrevocably submits to the exclusive
jurisdiction of the United States District Court for the Southern District of New York and the state courts sitting in the State
of New York, County of New York for the purpose of any Proceeding arising out of or based upon this Agreement or relating to the
subject matter hereof, (ii) to the extent not prohibited by applicable law, hereby waives, and agrees not to assert, and agrees
not to allow any of its Subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that
it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that any such Proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject
matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any Proceeding
arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named
courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such Proceeding
to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding
the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert
indemnification rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included
in clause (i) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce
a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service
of process in any such Proceeding in any manner permitted by New York law, and agrees that service of process by registered or
certified mail, return receipt requested, at its address specified pursuant to <U>Section 6(f)</U> hereof is reasonably calculated
to give actual notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Waiver
of Venue</U>. The Parties irrevocably and unconditionally waive, to the fullest extent permitted by applicable law, (i) any objection
that they may now or hereafter have to the laying of venue of any Proceeding arising out of or relating to this Agreement in any
court referred to in <U>Section 6(i)</U> and (ii) the defense of an inconvenient forum to the maintenance of such Proceeding in
any such court.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>WAIVER
OF JURY TRIAL</U>. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Cumulative
Remedies</U>. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severability</U>.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain
in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the Parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Entire
Agreement</U>. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and
supersedes all prior contracts or agreements with respect to the subject matter hereof and supersedes any and all prior or contemporaneous
discussions, agreements and understandings, whether oral or written, that may have been made or entered into by or among any of
the Parties or any of their respective Affiliates relating to the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Execution
of Agreement</U>. This Agreement may be executed and delivered (by facsimile, by electronic mail PDF or otherwise) in any number
of counterparts, each of which, when executed and delivered, shall be deemed an original, and all of which together shall constitute
the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Determination
of Ownership</U>. In determining ownership of First Lien Notes hereunder for any purpose, the Company may rely solely on the records
of the registrar or indenture trustee for the First Lien Notes from time to time, or, if no such registrar or indenture trustee
exists, the Company&rsquo;s ledger and register of members.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Headings;
Section References</U>. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
Recourse</U>. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that certain
of the Holders may be partnerships or limited liability companies, each of the Holders and the Company agrees and acknowledges
that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had
against any of the Company&rsquo;s or the Holder&rsquo;s former, current or future direct or indirect equity holders, controlling
persons, stockholders, directors, officers, employees, agents, Representatives, Affiliates, members, financing sources, managers,
general or limited partners or assignees (each, a &ldquo;<U>Related Party</U>&rdquo; and collectively, the &ldquo;<U>Related Parties</U>&rdquo;),
in each case other than the Company, the current or former Holders or any of their respective assignees under this Agreement,
whether by the enforcement of any assessment or by any legal or equitable Proceeding, or by virtue of any applicable law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred
by any of the Related Parties, as such, for any obligation or liability of the Company or the Holders under this Agreement or
any documents or instruments delivered in connection herewith for any claim based on, in respect of or by reason of such obligations
or liabilities or their creation; <U>provided</U>, however, nothing in this <U>Section&nbsp;6(r)</U> shall relieve or otherwise
limit the liability of the Company or any current or former Holder, as such, for any breach or violation of its obligations under
this Agreement or such agreements, documents or instruments.</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Descriptive
Headings; Interpretation; No Strict Construction</U>. Unless the context requires otherwise: (i) any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms; (ii) references to Sections, paragraphs, Schedules, Exhibits
and clauses (including sub-clauses) refer to Sections, paragraphs, Schedules, Exhibits and clauses (including sub-clauses) of
this Agreement; (iii) the terms &ldquo;<U>include</U>,&rdquo; &ldquo;<U>includes</U>,&rdquo; &ldquo;<U>including</U>&rdquo; or
words of like import shall be deemed to be followed by the words &ldquo;without limitation&rdquo;; (iv) the terms &ldquo;<U>hereof</U>,&rdquo;
 &ldquo;<U>herein</U>&rdquo; or &ldquo;<U>hereunder</U>&rdquo; refer to this Agreement as a whole and not to any particular provision
of this Agreement; (v) unless the context otherwise requires, the term &ldquo;or&rdquo; is not exclusive and shall have the inclusive
meaning of &ldquo;and/or&rdquo;; (vi) defined terms herein will apply equally to both the singular and plural forms and derivative
forms of defined terms will have correlative meanings; (vii) references to any law or statute shall be deemed to refer to such
law or statute as amended or supplemented from time to time and shall include all rules and regulations and forms promulgated
thereunder, and references to any law, rule, form or statute shall be construed as including any legal and statutory provisions,
rules or forms consolidating, amending, succeeding or replacing the applicable law, rule, form or statute; (viii) references to
any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance
with the terms hereof and thereof; (ix) references to any Person include such Person&rsquo;s successors and permitted assigns;
(x) references to &ldquo;days&rdquo; are to calendar days unless otherwise indicated; (xi) references to &ldquo;writing&rdquo;,
 &ldquo;written&rdquo; and comparable terms refer to printing, typing and other means of reproducing words (including electronic
media) in a visible form; and (xii) all references to $, currency, monetary values and dollars set forth herein shall mean United
States dollars, unless otherwise stated. Each of the Parties hereto acknowledges that each Party was actively involved in the
negotiation and drafting of this Agreement and agrees that no law or rule of construction shall be raised or used in which the
provisions of this Agreement shall be construed in favor or against any party hereto because one is deemed to be the author thereof.
All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations
and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the time. All
references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references
to the comparable successors thereto from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Recapitalizations,
Exchanges, etc</U>. The provisions of this Agreement shall apply to the fullest extent set forth herein with respect to (i) the
First Lien Notes and (ii) any and all securities into which First Lien Notes are exchanged or substituted in any recapitalization
or other capital reorganization by the Company. The Company shall cause any successor or assign (whether by merger, consolidation,
sale of assets or otherwise) to assume the obligations of the Company under this Agreement or enter into a new registration rights
agreement with the Holders on terms substantially the same as this Agreement as a condition of any such transaction.</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Aggregation</U>.
All Registrable Securities owned or acquired by any Holder or its Affiliated entities or Persons (assuming full conversion, exchange
and exercise of all convertible, exchangeable and exercisable securities into Registrable Securities) shall be aggregated together
for the purpose of determining the availability of any right under this Agreement, and for purposes concerning any underwriting
cutback provision, any such Holder and its Affiliates shall be deemed to be a single participating Holder, and any proportionate
reduction with respect to such participating Holder shall be based upon the aggregate principal amount of Registrable Securities
owned by all Persons included in such participating Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Further
Assurances</U>. Each of the Parties to this Agreement shall, and shall cause their Affiliates to, execute and deliver such additional
documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the
provisions hereof and to give effect to the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Signature
Pages Follow</I>]</FONT></P>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VALARIS
    LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jonathan Baksht</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan
    Baksht</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Signatory</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Signature
Page to Registration Rights Agreement]</FONT></P>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[Holder&rsquo;s
signature pages on file with the company]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">[Signature
Page to Registration Rights Agreement]</FONT></P>



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    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>SCHEDULE
I</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 10pt"><U>HOLDERS</U></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[On
file with the Company]</I></FONT></P>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>EXHIBIT
A</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Form
of Joinder Agreement</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned hereby agrees, effective as of the date set forth below, to become a party to that certain Registration Rights Agreement
(as amended, restated and modified from time to time, the &ldquo;<U>Agreement</U>&rdquo;) dated as of April 30, 2021, by and among
Valaris Limited, a company organized under the laws of Bermuda (the &ldquo;<U>Company</U>&rdquo;), and the holders of First Lien
Notes named therein, and for all purposes of the Agreement the undersigned will be included within the term &ldquo;Holder&rdquo;
(as defined in the Agreement). The address, facsimile number and email address to which notices may be sent to the undersigned
are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 18%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile
    No.:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B>If
    entity<B>]</B></FONT></TD>
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    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B>ENTITY
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    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    </TR>
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    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
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    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B>If
    individual<B>]</B></FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
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    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
    Name:</FONT></TD>
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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
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<DESCRIPTION>EXHIBIT 10.4
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;10.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VALARIS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2021 MANAGEMENT INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;I</B></FONT><B>.
PURPOSE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Valaris Limited 2021 Management
Incentive Plan (the &ldquo;Plan&rdquo;) is designed to provide certain key persons, on whose initiative and efforts the successful conduct
of the business of Valaris Limited, an exempted company incorporated under the laws of the Bermuda (the &ldquo;Company&rdquo;) depends,
and who are responsible for the management, growth and protection of the business of the Company, with incentives to: (a)&nbsp;enter into
and remain in the service of the Company Group, (b)&nbsp;acquire a proprietary interest in the success of the Company Group, (c)&nbsp;maximize
their performance and (d)&nbsp;enhance the long-term performance of the Company Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;II</B></FONT><B>.
DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in the Plan, the following terms shall
have the respective meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Award&rdquo;
means the grant of any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Dividend Equivalent or cash award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Award
Agreement&rdquo; means the document (in written or electronic form) communicating the terms, conditions and limitations applicable to
an Award. The Committee may, in its discretion, require that the Grantee execute such Award Agreement or may provide for procedures through
which Award Agreements are made available but not executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Board&rdquo;
means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Bye-laws&rdquo;
means the bye-laws of the Company, as amended and/or restated and in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Cause&rdquo;
in connection with a termination of employment or other service to the Company Group unless otherwise provided in an Award Agreement,
has the meaning ascribed to such term in any employment, offer letter, severance or similar arrangement between a Grantee and any member
of the Company Group at the time of the grant of an Award if applicable, or in the absence of any such agreement that defines cause, &ldquo;Cause&rdquo;
shall mean:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
failure by the Grantee substantially to perform the Grantee&rsquo;s employment or other duties (fiduciary or otherwise);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
excessive unauthorized absenteeism by the Grantee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
refusal by the Grantee to obey the lawful orders of the Board or any other person or committee to whom the Grantee reports;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
act or omission by the Grantee that is or may be injurious to any member of the Company Group, monetarily or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>any
act or omission by the Grantee that is inconsistent with the best interests of any member of the Company Group;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Grantee&rsquo;s material violation of any policies of any member of the Company Group, including, without limitation, those policies relating
to discrimination, sexual harassment or anti-bribery and anti-corruption and money laundering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Grantee&rsquo;s unauthorized (a)&nbsp;removal from the premises of any member of the Company Group of any document (in any medium or form)
relating to the Company or an affiliate or the customers or clients of any member of the Company Group or (b)&nbsp;disclosure to any person
or entity of any of the Company&rsquo;s, or any other member of the Company Group&rsquo;s, confidential or proprietary information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Grantee&rsquo;s commission of any felony, or any other crime involving moral turpitude;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Grantee&rsquo;s commission or omission of any act involving dishonesty or fraud; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>in
respect of the termination of a director, in addition to the above, as the term &ldquo;cause&rdquo; is defined in the Bye-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Code&rdquo;
shall mean the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code shall include the rules, regulations
and guidance promulgated pursuant to such Code section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Committee&rdquo;
has the meaning set forth in Section&nbsp;3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Company
Group&rdquo; shall mean the Company and its subsidiaries. Any reference in the Plan and any Award Agreement to the &ldquo;Company Group&rdquo;
shall mean and be a reference to all of the entities included in the definition of Company Group on a collective basis, and each entity
included in the definition of Company Group on an individual basis, unless otherwise specified in the Plan or such Award Agreement or
the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Disability&rdquo;
means, unless otherwise defined in an Award Agreement, a permanent and total disability (as defined in Code Section&nbsp;22(e)(3)), whereby
the Grantee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. A determination
of Disability may be made by a physician selected or approved by the Committee and, in this respect, the Grantee will submit to any reasonable
examination(s)&nbsp;required by such physician upon request. Notwithstanding the foregoing, in the event that an Award is subject to Code
Section&nbsp;409A, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Code Section&nbsp;409A,
the definition of &ldquo;Disability&rdquo; for purposes of such Award will be the definition of &ldquo;disability&rdquo; provided under
Code Section&nbsp;409A if and to the extent inconsistent with the above definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>&ldquo;</I>Dividend
Equivalents&rdquo; means, in the case of Restricted Stock Units, an amount equal to all dividends and other distributions (or the economic
equivalent thereof), excluding, unless the Committee determines otherwise in its discretion, any dividends deemed by the Committee to
be special, extraordinary or non-recurring, that are payable to shareholders of record in respect of the relevant record dates that occur
during the Restriction Period or performance period, as applicable, on a like number of Shares that are subject to the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
term &ldquo;employment&rdquo; and &ldquo;employed&rdquo; shall be deemed to mean an employee&rsquo;s employment with, or a consultant&rsquo;s
provision of services to, the Company Group and each director&rsquo;s service as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Exercise
Price&rdquo; means the price at which a Grantee may exercise his or her right to receive cash or Shares, as applicable, under the terms
of an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Exchange
Act&rdquo; means the U.S. Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Fair
Market Value&rdquo; of a Share means, as of a particular date, (i)&nbsp;if Shares are then listed or admitted to trading on a national
securities exchange, the closing sales price per Share on the date in question (or if there was no reported sale on such date, on the
last preceding date on which any reported sale occurred) on the principal national securities exchange on which such Share is so listed
or admitted to trading, (ii)&nbsp;if the Shares are not so listed or admitted to trading, the average of the closing high bid and low
asked quotations as reported on an inter-dealer quotation system for such Share on the date in question, or, if there are no quotations
available for such date, on the last preceding date on which such quotations shall be available, (iii)&nbsp;if none of the above are
applicable, the fair market value as determined in good faith by the Committee in accordance with any applicable requirements of Section&nbsp;409A
or 422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Grantee&rdquo;
means the recipient of an Award under the Plan, including any employee, officer, director, consultant or other service provider who is
selected by the Committee to participate in the Plan, including any person to whom one or more Awards have been made and remain outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Incentive
Stock Option&rdquo; means an Option that is designated as such in the applicable Award Agreement and intended to comply with the requirements
set forth in Section&nbsp;422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Nonqualified
Stock Option&rdquo; means an Option that is not intended to comply with the requirements set forth in Section&nbsp;422 of the Code and
any Option that is not designated as an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Plan&rdquo;
has the meaning set forth in Article&nbsp;I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Option&rdquo;
means a right to purchase a specified number of Shares at a specified Exercise Price, which is either an Incentive Stock Option or a
Nonqualified Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Restricted
Stock&rdquo; means Shares allotted and issued or transferred pursuant to Section&nbsp;6.4 that are restricted and/or subject to forfeiture
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Restricted
Stock Unit&rdquo; means a unit that provides for the allotment and issuance, transfer, or delivery of one Share or equivalent value in
cash upon the satisfaction of the terms, conditions, and restrictions applicable to such Restricted Stock Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Share&rdquo;
means one common share of the Company, par value $0.01 per share, or any shares hereafter allotted and issued or which may be allotted
and issuable in substitution or exchange for a Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Stock
Appreciation Right&rdquo; or &ldquo;SAR&rdquo; means a right to receive a payment, in cash or by allotment and issuance, transfer, or
delivery of Shares, equal to the excess of the Fair Market Value of a specified number of Shares on the date the right is exercised over
a specified Exercise Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;Tax
Equalization&rdquo; or &ldquo;Hypothetical Tax&rdquo; shall mean the methodology established by the Company, either through general personnel
policies or specific agreement, to neutralize, in whole or in part, the tax consequences to employees assigned to locations outside of
the employee&rsquo;s home country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
terms &ldquo;termination of employment,&rdquo; &ldquo;terminated employment&rdquo; and related terms or usages shall mean (i)&nbsp;the
Grantee ceasing to be employed by, or to provide consulting services for, any member of the Company Group, or any corporation (or any
of its subsidiaries) which assumes the Grantee&rsquo;s award in a transaction to which Section&nbsp;424(a)&nbsp;of the Code applies; (ii)&nbsp;the
Grantee ceasing to be a director; or (iii)&nbsp;in the case of a Grantee who is, at the time of reference, both an employee or consultant
and a director, the later of the events set forth in subparagraphs (i)&nbsp;and (ii)&nbsp;above. For purposes of clauses (i)&nbsp;and
(ii)&nbsp;above, a Grantee who continues his employment, consulting relationship or service as a director with a Company subsidiary subsequent
to its sale by the Company, shall have a termination of employment upon the date of such sale. The Committee may in its sole discretion
determine whether any leave of absence constitutes a termination of employment for purposes of the Plan and the impact, if any, of any
such leave of absence on awards theretofore made under the Plan. A person whose status changes from consultant, employee, or director
to any other of such positions without interruption shall not be considered to have had a termination of employment by reason of such
change. Employment shall not be deemed to have ceased by reason of the transfer of employment, without interruption of service, between
or among the Company and any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;III</B></FONT><B>.
ADMINISTRATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Administration
by Committee; Constitution of Committee</I></B>. The Plan shall be administered by the Compensation Committee of the Board or such other
committee or subcommittee as the Board may designate or a committee formed by the abstention or recusal of a non-Qualified Member (as
defined below) of the Compensation Committee or such other committee appointed by the Board (the &ldquo;Committee&rdquo;). The members
of the Committee shall be appointed by, and serve at the pleasure of, the Board. While it is intended that at all times that the Committee
acts in connection with the Plan, the Committee shall consist solely of two or more Qualified Members, the fact that the Committee is
not so comprised will not invalidate any grant hereunder that otherwise satisfies the terms of the Plan. A &ldquo;Qualified Member&rdquo;
is an individual who is a &ldquo;non-employee director&rdquo; within the meaning of Rule&nbsp;16b-3 promulgated under the Exchange Act.
If the Committee does not exist, or for any other reason determined by the Board, the Board may take any action under the Plan that would
otherwise be the responsibility of the Committee. The term &ldquo;Committee&rdquo; as used herein shall refer to the Board to the extent
that the Board is acting in place of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Committee&rsquo;s
Authority. </I></B>Subject to Article&nbsp;VII, the Committee shall have the full authority and discretion to take any actions it deems
necessary or advisable for the administration and operation of the Plan and to carry out its functions as described herein, including
but not limited to complete authority (i)&nbsp;to select individuals to whom Awards may from time to time be granted and the terms and
conditions (not inconsistent with the terms of the Plan) of such Awards, (ii)&nbsp;to determine whether and to what extent Awards, or
any combination thereof, are to be granted hereunder to one or more individuals eligible for Awards pursuant to Article&nbsp;IV hereof,
(iii)&nbsp;to interpret, construe and administer the Plan, any Awards granted under the Plan and any Award Agreements hereunder, (iv)&nbsp;to
exercise all of the powers granted to it under the Plan, (v)&nbsp;to prescribe, amend and rescind rules&nbsp;and regulations relating
to the Plan and any Award Agreements, including rules&nbsp;governing its own operations, (vi)&nbsp;to make all determinations necessary
or advisable in administering the Plan or any Award Agreements, (vii)&nbsp;to correct any defect, supply any omission and reconcile any
inconsistency in the Plan or in any Award Agreement, (viii)&nbsp;to delegate such powers and authority to such Person as it deems appropriate
with respect to the Plan, Awards and any Award Agreements, (ix)&nbsp;to waive any conditions, restrictions or limitations under any Awards
(including any such conditions, restrictions or limitations contained in any Award Agreements), and (x)&nbsp;to amend the Plan to reflect
changes in applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>3.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Committee
Action; Delegation</I></B>. Actions of the Committee shall be taken by the vote of a majority of its members (or a unanimous decision
in the event the Committee is comprised of two members). To the extent permitted by applicable law, any action may be taken by a written
instrument signed by a majority of the Committee members, and action so taken shall be fully as effective as if it had been taken by a
vote at a meeting. Notwithstanding the foregoing or any other provision of the Plan, to the fullest extent permitted by applicable law,
the Committee may delegate to one or more officers of the Company the authority to designate the individuals (other than such officer(s)),
among those eligible to receive Awards pursuant to the terms of the Plan, who will receive Awards under the Plan and the size of each
such grant, provided that the Committee shall itself grant Awards to those individuals who could reasonably be considered to be subject
to the insider trading provisions of Section&nbsp;16 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>3.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Determinations
Final.</I></B> The determination of the Committee on all matters relating to the Plan or any Award Agreement shall be final, binding and
conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>3.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Indemnity.</I></B>
No member of the Board or the Committee or officer of the Company to whom the Committee has delegated authority in accordance with the
provisions of this Article&nbsp;III shall be liable for anything done or omitted to be done by him or her, by any member of the Board
or the Committee or by any officer of the Company in connection with the performance of any duties under the Plan, and shall, to the fullest
extent permitted by applicable law and the Bye-laws, be indemnified and held harmless by the Company from any claim, loss, damage or expense
(including counsel fees) with respect to any such action or determination, except for his or her own willful misconduct or fraud or dishonesty
or as expressly provided by applicable law or the Bye-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;IV</B></FONT><B>.
Eligibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The persons eligible to receive
awards under the Plan are those current and prospective officers, directors (whether or not they are employed by the Company), and employees
of, and consultants or other service providers to, the Company Group (collectively, &ldquo;key persons&rdquo;) as the Committee in its
sole discretion shall select.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;V</B></FONT><B>.
Shares Available for Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>5.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Aggregate
Number of Shares.</I></B>&#8239;&#8239;Subject to Section&nbsp;5.3, Awards under the Plan may be granted with respect to up to an aggregate
of <FONT STYLE="font-family: Symbol">8,960,573</FONT> Shares.&#8239;&#8239;Shares issued pursuant to the Plan may be authorized but unissued
Shares or Shares acquired or repurchased by the Company and cancelled or Shares acquired or repurchased by the Company and held in treasury
for the purposes of the Plan, all of which may be issued pursuant to Incentive Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>5.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Certain
Shares to Become Available Again. </I></B>If any Award is forfeited, reacquired, expires unexercised, is unearned or otherwise terminates
or is canceled without the delivery of Shares, or Shares owned by a Grantee are tendered to satisfy the tax withholding obligations of
any Award granted under the Plan, then the Shares covered by such forfeited, reacquired, expired, unexercised, terminated or canceled
Award or tendered for such tax withholding shall again become available for issuance pursuant to new Awards granted or to be granted under
this Plan. If an Award is settled for cash (in whole in part) or otherwise does not result in the delivery or issuance of all or a portion
of the Shares subject to such Award, such Shares shall to the extent of such cash settlement, immediately become available for issuance
pursuant to new Awards granted or to be granted under this Plan. Notwithstanding the foregoing, the following Shares may not again be
made available for issuance as Awards under the Plan: (i)&nbsp;Shares tendered by a Grantee or withheld by the Company in payment of the
Exercise Price of an Option; and (ii)&nbsp;Shares reacquired by the Company on the open market or otherwise using cash proceeds from the
exercise of Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>5.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Adjustment
Upon Changes in Share Capital</I></B>. Upon certain changes in the share capital of the Company, the number of Shares available for issuance
under the Plan pursuant to Section&nbsp;5.1 shall be adjusted pursuant to Article&nbsp;VIII<B><I>.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;VI</B></FONT><B>.
Awards Under the Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>6.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>General.
</I></B>The Committee shall designate from time to time the individuals who are to be the recipients of Awards and shall determine the
type or types of Awards to be granted to each such individual. Each Award shall be embodied in an Award Agreement, which shall contain
such terms, conditions and limitations as shall be determined by the Committee, in its sole discretion, and, if required by the Committee,
shall be signed (electronically or otherwise) by the Grantee to whom the Award is granted and by an authorized officer for and on behalf
of the Company. Awards may be granted singly, in combination or in tandem. Awards may also be made in combination or in tandem with, in
replacement of, or as alternatives to, grants or rights under the Plan or any other plan of the Company or any of its subsidiaries, including
the plan of any acquired entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the termination of employment or service
with the Company Group by a Grantee, any unexercised, unvested or unpaid Awards shall be treated as set forth herein or in the applicable
Award Agreement or in any other written agreement the Company has entered into with the Grantee, it being understood that the Committee
may, in its sole and absolute discretion, prescribe additional terms, conditions, restrictions and limitations applicable to the Award,
including without limitation rules&nbsp;pertaining to the termination of employment or service by reason of death or disability. Employment
shall not be deemed to have ceased by reason of the transfer of employment, without interruption of service, between or among the Company
and any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any other provision of the Plan
to the contrary, Awards granted under the Plan shall vest no earlier than the first anniversary of the date on which the Award is granted;
<U>provided</U>, that the following Awards shall not be subject to the foregoing minimum vesting requirement: any (i)&nbsp;Shares delivered
in lieu of fully vested cash awards under incentive plans of the Company Group, (ii)&nbsp;Awards to non-employee directors that vest on
the earlier of the one-year anniversary of the date of grant and the next annual general meeting of shareholders which is at least 50
weeks after the immediately preceding year&rsquo;s annual general meeting, and (iii)&nbsp;any additional Awards the Committee may grant,
up to a maximum of five percent (5%) of the available share reserve authorized for issuance under the Plan pursuant to Section&nbsp;5.1
(subject to adjustment under Article&nbsp;VIII); and, <U>provided</U>, <U>further</U>, that the foregoing restriction does not apply to
the Committee&rsquo;s discretion to provide for accelerated exercisability or vesting of any Award, including in cases of retirement,
death, disability or a change in control of the Company, in the terms of the Award or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>6.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Stock
Options. </I></B>The Committee may grant Options to such individuals, in such amounts and subject to such terms and conditions, including
vesting and forfeiture (which may be based on continuing employment or service, achievement of pre-established performance objectives,
a combination of such conditions or such other conditions as the Committee shall consider appropriate), as the Committee shall determine
in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Types</U>.
The Committee shall determine at the time of grant whether an Option is an Incentive Stock Option or Nonqualified Stock Option; provided,
however, that an Incentive Stock Option may only be granted to individuals who are employees of the Company or its &ldquo;parent&rdquo;
or any &ldquo;subsidiary&rdquo; within the meaning of Code Sections 424(e)&nbsp;and (f)&nbsp;on the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exercise
Price</U>. Each Award Agreement with respect to an Option shall set forth the Exercise Price of such Option. The Exercise Price shall
be determined by the Committee in its sole discretion; provided, however, that the Exercise Price shall be at least 100% of the Fair Market
Value of a Share on the date the Option is granted, and provided, further, that the Exercise Price per Share shall be not less than the
par value of a Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exercise
Period</U>. The Committee shall determine the periods during which an Option shall be exercisable, whether in whole or in part (which
may depend upon or be related to a period of continued employment with the Company Group, the achievement of performance goals or other
conditions or a combination of such conditions) and the date on which the Option shall expire. Such periods shall be determined by the
Committee in its sole discretion; provided, however, that no Option shall be exercisable more than 10 years after the date of grant. The
Committee may provide that an Option will be automatically exercised on specific dates or upon the occurrence of a specified event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Incentive
Stock Option Limitation</U>. To the extent that the aggregate Fair Market Value (determined as of the time the option is granted) of the
Shares with respect to which an Incentive Stock Option is first exercisable by any employee during any calendar year shall exceed $100,000,
or such other amount as may be specified from time to time under Section&nbsp;422 of the Code, such Option shall be treated as a Nonqualified
Stock Option. Notwithstanding the provisions of this Section&nbsp;to the contrary, an Incentive Stock Option may not be granted under
the Plan to an individual who, at the time the Option is granted, owns stock or shares possessing more than 10% of the total combined
voting power of all classes of stock or shares of his employer corporation or company or of its parent or subsidiary corporations or companies
(as such ownership may be determined for purposes of Section&nbsp;422(b)(6)&nbsp;of the Code) unless (i)&nbsp;at the time such Incentive
Stock Option is granted the option exercise price is at least 110% of the Fair Market Value of the Shares subject thereto and (ii)&nbsp;the
Incentive Stock Option by its terms is not exercisable after the expiration of 5 years from the date it is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Method
of Exercise</U>. No Shares shall be delivered pursuant to any exercise of an Option until payment in full of the Exercise Price is received
by the Company and the Grantee has paid any required taxes. Options that have become exercisable may be exercised by delivery of written
or electronic notice of exercise to the Company in accordance with the terms of the Option. Any written notice of exercise of an Option
shall be accompanied by payment for the Shares being purchased. Such payment shall be made by one or more of the following methods: (i)&nbsp;certified
or official bank check (or the equivalent thereof acceptable to the Company or its exchange agent); (ii)&nbsp;with the consent of the
Committee, delivery of Shares having a Fair Market Value (determined as of the exercise date) equal to all or part of the Exercise Price;
(iii)&nbsp;a &ldquo;net exercise&rdquo; procedure effected by withholding the minimum number of Shares otherwise deliverable in respect
of the Option that are needed to pay the Exercise Price and all applicable required withholding taxes; or (iv)&nbsp;by such other method
as the Committee may permit in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Termination
of Employment or Service</U>.&#8239;&#8239;Except to the extent otherwise provided in an Award Agreement or determined by the Committee,
the following provisions will apply on termination of employment or services: A Grantee whose employment or service with the Company Group
terminates may exercise any outstanding Option (i)&nbsp;only to the extent that the Award was exercisable on (or became exercisable in
connection with) the effective date of the termination of employment or service and (ii)&nbsp;only during the three-month period following
the termination of employment or service, but in no event after the original expiration date of the Option.&#8239;&#8239;The Option, to
the extent not exercisable on the effective date of the termination of employment or service or not exercised before the earlier to occur
of (A)&nbsp;the end of the three-month period following the termination of employment or service and (B)&nbsp;the original expiration
date of the Option, shall terminate. Notwithstanding the foregoing, if a Grantee&rsquo;s employment or service is terminated for Cause,
all Options not theretofore exercised shall terminate as of the commencement of business on the effective date of the Grantee&rsquo;s
termination of employment or service. A Grantee whose employment or service terminates by reason of a Disability or on account of death,
may (or, in the case of death, his designated beneficiary or, if none, his estate) exercise any outstanding Option (i)&nbsp;only to the
extent that the award was exercisable on (or became exercisable in connection with) the effective date of the termination of employment
or service; and (ii)&nbsp;only during the period ending on the earlier of (A)&nbsp;the first anniversary of the Grantee&rsquo;s termination
of employment or service and (B)&nbsp;the original expiration date of the Option.&#8239;&#8239;The Option, to the extent not exercisable
on the effective date of the termination of employment or service or not exercised before the earlier to occur of (A)&nbsp;the first anniversary
of the date of the Grantee&rsquo;s termination of employment or service and (B)&nbsp;the original expiration date of the Option, shall
terminate. If a Grantee dies subsequent to terminating employment or service but prior to the expiration of an Option (as provided by
paragraphs (a)&nbsp;or (c)&nbsp;above), the Option shall remain exercisable until the earlier to occur of (A)&nbsp;the first anniversary
of the Grantee&rsquo;s death or (B)&nbsp;the original expiration date of the Option. The Option, to the extent not exercised before the
earlier to occur of (A)&nbsp;the first anniversary of the Grantee&rsquo;s death and (B)&nbsp;the original expiration date of the Option,
shall terminate. An Option may not be treated as an Incentive Stock Option to the extent that it remains exercisable for more than three
months following a Grantee&rsquo;s termination of employment for any reason other than death or Disability (including death within three
months after a termination of employment or within the one year after a termination due to Disability), or for more than one year following
a Grantee&rsquo;s termination of employment as the result of Disability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Stock
Appreciation Rights. </I></B>The Committee may grant Stock Appreciation Rights (&ldquo;SAR&rdquo;) to such individuals, in such amounts
and subject to such terms and conditions, including vesting, reacquisition and forfeiture (which may be based on continuing employment
or service, achievement of pre-established performance objectives, a combination of such conditions or such other conditions as the Committee
shall consider appropriate), as the Committee shall determine in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exercise
Price</U>. The Exercise Price per Share of an SAR shall be an amount determined by the Committee but in no event shall such amount be
less than 100% of the Fair Market Value of a Share on the date the SAR is granted (other than in the case of an SAR granted in substitution
of previously granted awards). Unless otherwise determined by the Committee, or as otherwise provided in the applicable Award Agreement,
upon exercise of an outstanding exercisable SAR, each SAR shall entitle a Grantee upon exercise to an amount equal to (i)&nbsp;the excess
of (a)&nbsp;the Fair Market Value of a Share on the exercise date over (b)&nbsp;the Exercise Price of such SAR multiplied by (ii)&nbsp;the
number of SARs exercised, and payment to the Grantee shall be made in Shares (valued at such Fair Market Value) or in cash (or a combination
of the two), as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exercise
Period</U>. The Committee shall determine the periods during which a Stock Appreciation Right shall be exercisable, whether in whole
or in part (which may depend upon or be related to a period of continued employment with the Company, the achievement of performance
goals or other conditions or a combination of such conditions) and the date on which the SAR shall expire. Such periods shall be determined
by the Committee in its sole discretion; provided, however, that no Stock Appreciation Right shall be exercisable more than 10 years
after the date of grant. The Committee may provide that a Stock Appreciation Right will be automatically exercised on specific dates
or upon the occurrence of a specified event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Method
of Exercise</U>. Stock Appreciation Rights that have become exercisable may be exercised by delivery of written or electronic notice of
exercise to the Company in accordance with the terms of the Stock Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Termination
of Employment or Service</U>.&#8239;&#8239;Except to the extent otherwise provided in an Award Agreement or determined by the Committee,
the following provisions will apply on termination of employment or service: A Grantee whose employment or service with the Company Group
terminates may exercise any outstanding Stock Appreciation Right (i)&nbsp;only to the extent that the Award was exercisable on (or became
exercisable in connection with) the effective date of the termination of employment or service and (ii)&nbsp;only during the three-month
period following the termination of employment or service, but in no event after the original expiration date of the SAR.&#8239;&#8239;The
Stock Appreciation Right, to the extent not exercisable on the effective date of the termination of employment or service or not exercised
before the earlier to occur of (A)&nbsp;the end of the three-month period following the termination of employment or service and (B)&nbsp;the
original expiration date of the SAR, shall terminate. Notwithstanding the foregoing, if a Grantee&rsquo;s employment or service is terminated
for Cause, all Stock Appreciation Rights not theretofore exercised shall terminate as of the commencement of business on the effective
date of the Grantee&rsquo;s termination of employment or service. A Grantee whose employment or service terminates by reason of a Disability
or on account of death, may (or, in the case of death, his designated beneficiary or, if none, his estate) exercise any outstanding Stock
Appreciation Right (i)&nbsp;only to the extent that the award was exercisable on (or became exercisable in connection with) the effective
date of the termination of employment or service; and (ii)&nbsp;only during the period ending on the earlier of (A)&nbsp;the first anniversary
of the Grantee&rsquo;s termination of employment or service and (B)&nbsp;the original expiration date of the award.&#8239;&#8239;The Stock
Appreciation Right, to the extent not exercisable on the effective date of the termination of employment or service or not exercised before
the earlier to occur of (A)&nbsp;the first anniversary of the Grantee&rsquo;s termination of employment or service and (B)&nbsp;the original
expiration date of the SAR, shall terminate. If a Grantee dies subsequent to terminating employment or service but prior to the expiration
of a Stock Appreciation Right (as provided by paragraphs (a)&nbsp;or (c)&nbsp;above), the SAR shall remain exercisable until the earlier
to occur of (A)&nbsp;the first anniversary of the Grantee&rsquo;s death or (B)&nbsp;the original expiration date of the award. The Stock
Appreciation Right, to the extent not exercised before the earlier to occur of (A)&nbsp;the first anniversary of the Grantee&rsquo;s termination
of employment or service and (B)&nbsp;the original expiration date of the SAR, shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>6.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Restricted
Stock. </I></B>The Committee may grant Awards of Restricted Stock to such individuals, in such amounts and subject to such terms and conditions,
including vesting, reacquisition and forfeiture, (which may be based on continuing employment or service, achievement of pre-established
performance objectives, a combination of such conditions or such other conditions as the Committee shall consider appropriate) as the
Committee shall determine in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Issuance
of Shares</U>. Promptly after a Grantee accepts an Award of Restricted Stock, the Company or its transfer agent or branch registrar shall
cause Shares to be registered in the name of the Grantee in the Company&rsquo;s register of members or branch register and may, but is
not obligated to, also issue to the Grantee a share certificate or certificates for the Shares covered by the Award. Upon such entry into
the register of members or branch register, the Grantee shall have the rights of a shareholder with respect to the Restricted Stock, subject
to any other restrictions and conditions contained in the applicable Award Agreement, including any requirement that any dividends or
other distributions be held in custody by the Company until such Restricted Stock vests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Custody
of Share Certificate(s)</U>. Unless the Committee shall otherwise determine, any share certificates issued evidencing Shares of Restricted
Stock shall remain in the possession of the Company or another custodian designated by the Company until such Shares are free of any restrictions
specified in the applicable Award Agreement. The Committee may direct that such share certificate(s)&nbsp;bear a legend setting forth
the applicable restrictions on transferability, and that any register entry related to such Shares be subject to electronic coding or
stop order reflecting the applicable restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Election
Under 83(b)</U>. No Grantee shall make an election under Section&nbsp;83(b)&nbsp;of the Code with respect to any Award of Restricted Stock
without the written approval of the Committee, which the Committee may grant or withhold in its discretion. Each Grantee making an election
will provide a copy thereof to the Company within thirty (30)&nbsp;days of the filing of such election with the U.S. Internal Revenue
Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>6.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Restricted
Stock Units. </I></B>The Committee may grant Awards of Restricted Stock Units to such individuals, in such amounts and subject to such
terms and conditions, including vesting, reacquisition and forfeiture, (which may be based on continuing employment or service, achievement
of pre-established performance objectives, a combination of such conditions or such other conditions as the Committee shall consider appropriate)
as the Committee shall determine in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Restricted
Stock Unit Grants</U>. A grant of a Restricted Stock Unit entitles the Grantee to receive a Share or, in the sole discretion of the Committee,
the value of a Share, on a date specified in the Award Agreement.&#8239;&#8239;If no date is specified, the Grantee shall receive such Share
or value on the date that the Restricted Stock Unit vests. A grant of Restricted Stock Unit may include Dividend Equivalents subject to
such terms and conditions as prescribed for in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Vesting;
Forfeiture</U>.&#8239;&#8239;The Committee shall specify at the time of grant the date or dates (which may depend upon or be related to
a period of continued employment with the Company, the achievement of performance goals or other conditions or a combination of such conditions)
on which the Restricted Stock Units shall vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>6.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Unrestricted
Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Committee may grant (or
sell at a purchase price at least equal to par value) Shares free of restrictions under the Plan, to such key persons and in such amounts
and subject to such forfeiture and/or reacquisition provisions as the Committee shall determine in its sole discretion. Shares may be
thus granted or sold as settlement of cash awards under incentive plans of the Company Group or in respect of past services or other valid
consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>6.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Cash
Awards</I></B><I>. </I>The Committee shall have the authority to grant cash awards to such key persons and in such amounts and subject
to such forfeiture, reacquisition and clawback provisions as the Committee shall determine in its discretion. Cash awards may be granted
subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>6.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Performance
Awards. </B>The Committee shall have the authority, at the time of grant of any Award described in the Plan, to designate such Award
as a &ldquo;performance award.&rdquo; The Committee shall also have the authority to grant a standalone cash-based performance compensation
award pursuant to this Section&nbsp;6.8. The Committee shall determine the length of the performance period, the type of performance
award to be issued and the performance goals to apply and such other terms and conditions as determined by the Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
performance criteria that will be used to establish the performance goal(s)&nbsp;may be based on the attainment of specific levels of
performance of the Company (and/or one or more affiliates, divisions or operational units, or any combination of the foregoing) as determined
by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Committee may alter performance criteria or modify the calculation of a performance goal without obtaining shareholder approval to reflect
any event that would reasonably be expected to affect or alter such performance criteria or performance goal, including, but not limited
to: (i)&nbsp;asset write-downs; (ii)&nbsp;litigation or claim judgments or settlements; (iii)&nbsp;the effect of changes in tax laws,
accounting principles, or other laws or regulatory rules&nbsp;affecting reported results; (iv)&nbsp;any reorganization and restructuring
programs; (v)&nbsp;nonrecurring items; (vi)&nbsp;acquisitions or divestitures; (vii)&nbsp;any other specific unusual or infrequently occurring
events, or objectively determinable category thereof; (viii)&nbsp;foreign exchange gains and losses; (ix)&nbsp;a change in the Company&rsquo;s
fiscal year; or (x)&nbsp;any other event as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Use
of Negative Discretion</U>. In determining the actual amount of an individual Grantee&rsquo;s performance award for a performance period,
the Committee may reduce or eliminate the amount of the performance compensation award earned under the performance formula in the performance
period through the use of negative discretion if, in its sole judgment, such reduction or elimination is appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>6.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Assumption
under the Plan of Outstanding Stock Options. </I></B>Notwithstanding any other provision of the Plan, the Board or the Committee, in its
discretion, may authorize the assumption and continuation under the Plan of outstanding and unexercised stock options or other types of
stock-based incentive awards that were granted under a stock option plan (or any other type of stock incentive plan or agreement) that
is or was maintained by a corporation or other entity that was merged into, amalgamated or consolidated with, or whose stock or assets
were acquired by, the Company as the surviving corporation. Any such action will be upon such terms and conditions as the Board or the
Committee, in its discretion, may deem appropriate, including provisions to preserve the holder&rsquo;s rights under the previously granted
and unexercised stock option or other stock-based incentive award. The exercise price and number of shares for any such stock options
shall be determined in accordance with the principles of Sections 409A and&nbsp;424(a)&nbsp;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;VII</B></FONT><B>.
Amendment of the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board may from time to time suspend, discontinue, revise or amend the Plan (and the Committee may amend any Award Agreement) in any respect
whatsoever, except that no such amendment shall materially impair any rights or materially increase any obligations under any Award theretofore
made under the Plan without the consent of the Grantee (or, upon the Grantee&rsquo;s death, the person having the right to exercise the
Award). For purposes of this Article&nbsp;VII any action of the Board or the Committee that in any way alters or affects the tax treatment
of any Award or that in the sole discretion of the Board is necessary to prevent the Grantee from being subject to tax with respect to
an Award under Section&nbsp;409A of the Code shall not be considered to materially impair any rights of any Grantee. Notwithstanding the
foregoing, no amendment or alteration shall be effective prior to its approval by the shareholders of the Company to the extent shareholder
approval is otherwise required by applicable legal requirements or the requirements of the securities exchange on which the Company&rsquo;s
shares are listed, including any amendment that expands the types of Awards available under the Plan, materially increases the number
of Shares available for Awards under the Plan, materially expands the classes of persons eligible for Awards under the Plan, materially
extends the term of the Plan, or limits any provisions of the Plan that prohibit the repricing of Options or SARs, or decreases any minimum
vesting requirements for any Award. </FONT>The Committee shall have no right to suspend, discontinue, revise or amend the terms of the
Plan other than as set forth in Section&nbsp;3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;VIII</B></FONT><B>.
Adjustment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>8.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I><U>Corporate
Events</U></I></B>.&#8239;&#8239;In the event of any change in the number of Shares issued and outstanding by reason of any share dividend
or split, reverse share split, recapitalization, consolidation, combination or exchange of shares or similar corporate change (collectively
referred to as &ldquo;corporate events&rdquo;), the Committee shall make the following adjustments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Shares
Available for Grants</U>.&#8239;&#8239;The maximum number of Shares and/or the class of Shares with respect to which the Committee may grant
Awards, as described in Section&nbsp;5.1, shall be appropriately adjusted by the Committee.&#8239;&#8239;In the event of any change in the
number of Shares issued and outstanding by reason of any event or transaction other than a corporate event, the Committee may, but need
not, adjust the maximum number and class of Shares with respect to which the Committee may grant Awards, as described in Section&nbsp;5.1,
in each case as the Committee may deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Restricted
Stock.</U>&#8239;&#8239;Unless the Committee in its sole discretion otherwise determines, any securities or other property (including dividends
paid in cash) received by a Grantee with respect to a Share of Restricted Stock as a result of a corporate event will not vest until such
Share of Restricted Stock vests, and shall be promptly deposited with the Company or another custodian designated by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Restricted
Stock Units</U>.&#8239;&#8239;The Committee shall adjust outstanding grants of Restricted Stock Units to reflect any corporate event as
the Committee may deem appropriate to prevent the enlargement or dilution of rights of Grantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Options
and Stock Appreciation Rights</U>.&#8239;&#8239;Subject to any required action by the shareholders of the Company, in the event of any increase
or decrease in the number of issued Shares or a change in the class of Shares resulting from a corporate event or any other increase or
decrease in the number of Shares effected without receipt of consideration by the Company, the Committee shall proportionally adjust the
number or class of Shares subject to each outstanding Option and Stock Appreciation Right and the Exercise Price of each such Option and
Stock Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Outstanding
Options, Stock Appreciation Rights and Restricted Stock Units &ndash; Certain Mergers</U>.&#8239;&#8239;Subject to any required action by
the shareholders of the Company, in the event that the Company shall be the surviving company in any merger, amalgamation or consolidation
(except a merger, amalgamation or consolidation as a result of which the holders of Shares receive securities of another corporation or
company and/or other property, including cash), each Option, Stock Appreciation Right and Restricted Stock Unit outstanding on the date
of such merger, amalgamation or consolidation shall pertain to and apply to the securities which a holder of the number of Shares subject
to such Option, Stock Appreciation Right or Restricted Stock Unit would have received in such merger, amalgamation or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Outstanding
Options, Stock Appreciation Rights and Restricted Stock Units &ndash; Certain Other Transactions</U>.&#8239;&#8239;In the event of (i)&nbsp;a
dissolution, winding up or liquidation of the Company, (ii)&nbsp;a sale of all or substantially all of the Company&rsquo;s assets, (iii)&nbsp;a
merger, amalgamation or consolidation involving the Company in which the Company is not the surviving company or (iv)&nbsp;a merger, amalgamation
or consolidation involving the Company in which the Company is the surviving company but the holders of Shares receive securities of another
corporation or company and/or other property, including cash, the Committee shall, in its sole discretion, have the power to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>cancel,
effective immediately prior to the occurrence of such event, each Option, Stock Appreciation Right and Restricted Stock Unit outstanding
immediately prior to such event (whether or not then vested or exercisable), and, in full consideration of such cancellation, pay (A)&nbsp;to
the Grantee to whom such Option or Stock Appreciation Right was granted an amount (whether in cash or, to the extent holders of Shares
receive securities in the applicable transaction and the Committee so elects, securities), for each Share subject to such Option or Stock
Appreciation Right, respectively, equal to the excess of (x)&nbsp;the value, as determined by the Committee in its sole discretion, of
the property (including cash) received by the holder of a Share as a result of such event over (y)&nbsp;the exercise price of such Option
or Stock Appreciation Right and (B)&nbsp;to the Grantee to whom such Restricted Stock Unit was granted, for each Share subject to such
Award, the value, as determined by the Committee in its sole discretion, of the property (including cash) received by the holder of a
Share as a result of such event, provided, however, that if such Option, Stock Appreciation Right or Restricted Stock Unit was subject
to vesting or exercisability based upon achievement of specified performance objectives, the Committee may provide that such payments
only shall be made to the extent that the applicable performance objective was achieved, assuming the performance period ended on the
date of the applicable event, or pay at target; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(1)&nbsp;provide
that each Option and Stock Appreciation Right outstanding immediately prior to such event (whether or not otherwise vested and exercisable)
(a)&nbsp;may be exercised during a period of not less than 30 days prior to the occurrence of such event and (b)&nbsp;shall expire upon
the occurrence of such event, and (2)&nbsp;cancel, effective immediately prior to the occurrence of such event, each Restricted Stock
Unit outstanding immediately prior to such event (whether or not then vested), and, in full consideration of such cancellation, pay to
the Grantee to whom such Restricted Stock Unit was granted, for each Share subject to such Award, the value, as determined by the Committee
in its sole discretion, of the property (including cash) received by the holder of a Share as a result of such event, provided, however,
that if such Option, Stock Appreciation Right or Restricted Stock Unit was subject to vesting or exercisability based upon achievement
of specified performance objectives, the Committee may provide that such Option and Stock Appreciation Right only shall be exercisable
and payment only shall be made with respect to such Restricted Stock Unit to the extent that the applicable performance objective was
achieved, assuming the performance period ended on the date of the applicable event, or pay at target; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>provide,
in a manner consistent with Section&nbsp;409A of the Code, for the exchange of each Option, Stock Appreciation Right and Restricted Stock
Unit outstanding immediately prior to such event (whether or not then exercisable) (the &ldquo;original awards&rdquo;) for an Option on,
Stock Appreciation Right and Restricted Stock Unit with respect to, as appropriate, some or all of the property which a holder of the
number of Shares subject to such Option, Stock Appreciation Right or Restricted Stock Unit would have received and, incident thereto,
make an equitable adjustment as determined by the Committee in its sole discretion in the exercise price of the Option or Stock Appreciation
Right, or the number of shares or amount of property subject to the Option, Stock Appreciation Right or Restricted Stock Unit, with the
other terms of such Awards the same as the terms of the applicable original awards, or, if the Committee so determines in its sole discretion,
provide for a cash payment to the Grantee to whom such Option, Stock Appreciation Right or Restricted Stock Unit was granted in partial
consideration for the exchange of the Option, Stock Appreciation Right or Restricted Stock Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Outstanding
Options, Stock Appreciation Rights and Restricted Stock Units &ndash; Other Changes</U>.&#8239;&#8239;In the event of any change in the
capitalization of the Company or a corporate event other than those specifically referred to in Sections 8.1(a)-(f)&nbsp;hereof, the Committee
shall, in its discretion, in a manner consistent with Section&nbsp;409A of the Code, make such adjustments in the number and class of
Shares or other property subject to Options, Stock Appreciation Rights and Restricted Stock Units outstanding on the date on which such
change occurs and in the Exercise Price of each such Option and Stock Appreciation Right as the Committee may, in its sole discretion,
consider appropriate to prevent dilution or enlargement of rights.&#8239;&#8239;In addition, if and to the extent the Committee, in its
sole discretion, determines it is appropriate, the Committee may elect to cancel each or any Option, Stock Appreciation Right and Restricted
Stock Unit outstanding immediately prior to such event (whether or not then exercisable), and, in full consideration of such cancellation,
pay to the Grantee to whom such award was granted an amount in cash, (A)&nbsp;for each Share subject to such Option or Stock Appreciation
Right, respectively, equal to the excess of (i)&nbsp;the Fair Market Value of a Share on the date of such cancellation over (ii)&nbsp;the
exercise price of such Option or Stock Appreciation Right (B)&nbsp;for each Share subject to such Restricted Stock Unit equal to the Fair
Market Value of a Share on the date of such cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>8.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I><U>No
Other Rights</U>. </I></B>Except as expressly provided in the Plan, no Grantee shall have any rights by reason of any subdivision or
consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any
dissolution, winding-up or liquidation, merger, amalgamation or consolidation of the Company or any other corporation. Except as expressly
provided in the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to an Award or the exercise price of
any Option or Stock Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>8.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Share
Fractions.</I></B> No fractional Shares will be issued or delivered pursuant to the Plan or any Award, unless otherwise determined by
the Company or Committee, and the Company or Committee will determine whether cash, other securities or other property will be paid or
transferred in lieu of any fractional Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase; color: #010000"><B>Article&nbsp;IX</B></FONT><B>.
Miscellaneous</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Repricing.
</I></B>Notwithstanding the foregoing and except as may be permitted under Article&nbsp;VIII hereof, the Committee may not, without shareholder
approval, directly or indirectly reduce the Exercise Price of an outstanding Option or Stock Appreciation Right, including (i)&nbsp;changing
the terms of an Option or Stock Appreciation Right to reduce the Exercise Price of such Option or Stock Appreciation Right; (ii)&nbsp;cancelling
an Option or Stock Appreciation Right in exchange for a new Option or Stock Appreciation Right with a lower Exercise Price, (iii)&nbsp;cancelling
an Option or Stock Appreciation Right in exchange for a different type of Award under the Plan that has a value that is greater than the
excess of the Fair Market Value of the applicable Shares on the date of such payment over the Exercise Price, (iv)&nbsp;authorizing, in
lieu of the exercise or in exchange for the cancellation of an Option or Stock Appreciation Right, the payment of cash in an amount that
is greater than the excess of the Fair Market Value of the applicable Shares on the date of such payment over the Exercise Price, or (v)&nbsp;taking
any other action that is treated as a &ldquo;repricing&rdquo; under generally accepted accounting principles, unless the cancellation
and exchange occurs in connection with an adjustment permitted under Article&nbsp;VIII.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Transfer.
</I></B>Except as otherwise provided in the Plan or the Award Agreement or as approved by the Committee in writing, (a)&nbsp;no Award
or right granted to any person under the Plan or under any Award Agreement shall be assignable or transferable other than by will or by
the laws of descent and distribution, in accordance with the terms of such Awards and to the extent not forfeited upon death or pursuant
to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of the Plan
or applicable Award and in the form acceptable to the Committee; and (b)&nbsp;all rights granted under the Plan or any Award Agreement
shall be exercisable during the life of the Grantee only by the Grantee or the Grantee&rsquo;s legal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Issuance
of Shares. </I></B>Notwithstanding anything herein to the contrary, the Company will not be obligated to cause to enter a Grantee&rsquo;s
ownership of Shares in the Company&rsquo;s register of members or branch register or to be issued or delivered any certificates evidencing
Shares pursuant to the Plan unless and until the Company is advised by its counsel that the issuance and delivery of such certificates
is in compliance with all applicable law and the requirements of any securities exchange on which Shares are traded. The Committee may
require, as a condition of entry into the register of members or branch register or the issuance and delivery of certificates evidencing
Shares pursuant to the terms hereof, that the recipient of such Shares make such covenants, agreements and representations, and that such
certificates bear such legends, as the Committee, in its discretion, deems necessary or desirable. The Committee may, in its discretion,
defer the effectiveness of any exercise or settlement of an Award in order to allow the issuance of Shares to be made pursuant to a registered
transaction or pursuant to an exemption from registration or other methods for compliance available under applicable law. The Committee
will inform the Grantee in writing of its decision to defer the effectiveness of the exercise or settlement of an Award. During the period
that the effectiveness of the exercise or settlement of an Award has been deferred, the Grantee may, by written notice to the Committee,
withdraw any applicable exercise election and obtain the refund of any amount paid with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Withholding
Taxes. </I></B>The Company shall have the right to require payment of applicable federal, state, local or non-U.S. taxes, including social
security obligations and any amounts owed to the Company under the Company&rsquo;s Tax Equalization or Hypothetical Tax policies or specific
agreements relating thereto as a condition to the exercise, vesting or settlement of any Award. The amount determined by the Committee
to be due upon the exercise, vesting or settlement of any Award, or at any other applicable time, shall be paid in full at the time of
exercise, vesting or settlement in cash or, if permitted by the Committee, the Grantee may arrange for such payment by means of surrendering,
or otherwise forfeiting the right to require the Company to allot and issue, transfer, or deliver Shares with respect to the Award, or
tendering Shares, valued at Fair Market Value on the date of exercise, or any combination of the foregoing methods, or otherwise entering
into arrangements to pay the withholding amount in a form acceptable to the Company. The Committee may take or require such other action
as may be necessary in the opinion of the Committee to satisfy all obligations for withholding of such taxes; provided, however, that
to the extent a Grantee surrenders Shares, or otherwise forfeits or surrenders the right to require the Company to allot and issue, transfer,
or deliver Shares, the number of such Shares must equal in Fair Market Value no more than the sum of the amount of withholding due based
on the withholding rate(s)&nbsp;applied by the Company, in its discretion, in accordance with the applicable withholding laws and regulations
in effect at the time such withholding is required, if at all; provided, however, that with the approval of the Committee, the Grantee
may elect withholding at a rate up to the maximum rate applicable to the Grantee. If Shares subject to the Award are used as set forth
above to satisfy tax or other charges, such Shares shall be valued based on the Fair Market Value on the date as of which the amount of
the tax or charges is determined. Other Shares tendered to pay taxes or charges will be valued based on the Fair Market Value on the date
received by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Employer
NICs.</I></B> In respect of a Grantee who is resident in the United Kingdom, the Committee may, to the extent it is lawful to do so, require
that the Grantee&rsquo;s Award Agreement includes the Grantee&rsquo;s irrevocable agreement that: (i)&nbsp;the Company may recover the
whole or any part of any secondary class 1 (employer) National Insurance Contributions from the Grantee; and (ii)&nbsp;at the request
of the Company, the Grantee will elect (using a form approved by Her Majesty&rsquo;s Revenue and Customs) that the whole or any part of
the liability for any secondary class 1 (employer) National Insurance Contributions will be transferred to the Grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Requirement
to Enter into Tax Election.</I></B> Where a Grantee is resident in the United Kingdom, the Committee may require the Grantee to make or
enter into a valid election with his or her employer under Section&nbsp;431 of the UK Income Tax (Earnings and Pensions) Act 2003 to disapply
the provisions of Chapter 2 of Part&nbsp;7 of that Act in respect of any Shares awarded as Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Right
of Discharge Reserved. </I></B>Nothing in the Plan or in any Award Agreement shall confer upon any Grantee any right with respect to continuance
of employment or service by the Company Group, or interfere in any way with any right of the Company Group to terminate the Grantee&rsquo;s
employment or service at any time for any reason whatsoever without liability to the Company Group or any of its affiliates. For purposes
of the Plan, a sale of any subsidiary of the Company that employs a Grantee or for which a Grantee provides service shall be treated as
the termination of such Grantee&rsquo;s employment or service unless such Grantee&rsquo;s employment or service with a Company Group continues
following such sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Nature
of Payments</I></B>. Any and all grants of Awards and issuances of Shares under the Plan shall be in consideration of services performed
for the Company Group by the Grantee and any Shares issued under the Plan shall be issued fully paid. All such grants and issuances shall
constitute a special incentive payment to the Grantee and shall not be taken into account in computing the amount of salary or compensation
of the Grantee for the purpose of determining any benefits under any pension, retirement, profit-sharing, bonus, life insurance or other
benefit plan of any member of the Company Group or under any agreement between any member of the Company Group and the Grantee, unless
such plan or agreement specifically otherwise provides.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Restrictions
on Share Transferability</I></B>. The Committee may impose such restrictions on any grant of Options or on any Shares acquired pursuant
to the exercise of an Option as it may deem advisable, including, without limitation, restrictions under (i)&nbsp;any shareholders&rsquo;
agreement, buy/sell agreement, right of first refusal, non-competition, and any other agreement between the Company and any of its securities
holders or employees or (ii)&nbsp;any applicable law. Any certificate issued to evidence Shares issued upon the exercise of an Award may
bear such legends and statements as the Committee will deem advisable to assure compliance with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Section&nbsp;409A.
</I></B>Awards made under the Plan are intended to be exempt from, or to the extent not exempt, to comply with, the requirements of Section&nbsp;409A
of the Code so as not to be subject to tax under Section&nbsp;409A, and the Plan and Award Agreements shall be interpreted accordingly.&#8239;&#8239;Notwithstanding
the foregoing, none of the Company Group, the Committee, or the Board guarantee any particular tax outcome and the Grantee is solely responsible
for any tax in connection with an Award, including any tax under Section&nbsp;409A of the Code. Notwithstanding anything else herein to
the contrary, if the Grantee is a &ldquo;specified employee&rdquo;, any payment scheduled to be made to a Grantee after the Grantee&rsquo;s
termination of employment shall not be made until the first business day following the date six months after the date of the termination
of employment (or, if earlier such Grantee&rsquo;s death), to the extent necessary to comply with Section&nbsp;409A(a)(B)(i)&nbsp;and
applicable Treasury Regulations.&#8239;&#8239;Following any such six-month delay, all such delayed payments will be paid in a single lump
sum on the date six months after such termination of employment. For any Awards that are nonqualified deferred compensation subject to
Section&nbsp;409A of the Code, any iteration of the word &ldquo;termination&rdquo; (i.e., &ldquo;terminated&rdquo;) with respect to a
Grantee&rsquo;s employment or service, shall mean a separation from service within the meaning of Section&nbsp;409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Non-Uniform
Determinations. </I></B>The Committee&rsquo;s determinations under the Plan and with respect to Awards granted under the Plan need not
be uniform and may be made by it selectively among persons who receive, or who are eligible to receive, Awards under the Plan (whether
or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee shall be entitled, among
other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a)&nbsp;the
persons to receive Awards under the Plan, (b)&nbsp;the terms and provisions of Awards under the Plan, and (c)&nbsp;the treatment of leaves
of absence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Notice.</I></B>
All notices and other communications from a Grantee to the Committee under, or in connection with, the Plan and any Award Agreement shall
be deemed to have been filed with the Committee when actually received in the form specified by the Committee at the location, or by the
person, designated by the Committee for the receipt of any such notices and communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Other
Payments or Awards. </I></B>Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any
Award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Unfunded
Status</I></B>. The Plan is intended to constitute an &ldquo;unfunded&rdquo; plan for incentive and deferred compensation. Although bookkeeping
accounts may be established with respect to Grantees who are entitled to cash, Shares or rights thereto under the Plan, any such accounts
shall be used merely as a bookkeeping convenience. The Company shall not be required to segregate any assets that may at any time be
represented by cash, Shares or rights thereto, nor shall the Plan be construed as providing for such segregation, nor shall the Company,
the Board or the Committee be deemed to be a trustee of any cash, Shares or rights thereto to be granted under the Plan. Any liability
or obligation of the Company to any Grantee with respect to an Award of cash, Shares or rights thereto under the Plan shall be based
solely upon any contractual obligations that may be created by the Plan and any Award Agreement, and no such liability or obligation
of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company. None of the Company,
the Board or the Committee shall be required to give any security or bond for the performance of any obligation that may be created by
the Plan. With respect to the Plan and any Awards granted hereunder, Grantees are general and unsecured creditors of the Company and
have no rights or claims except as otherwise provided in the Plan or any applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Termination
for Cause</I></B>. Any rights the Company may have hereunder in respect of the events giving rise to Cause shall be in addition to the
rights the Company may have under any other agreement with a Grantee or at law or in equity. Any determination of whether a Grantee&rsquo;s
employment or service with the Company Group is (or is deemed to have been) terminated for Cause shall be made by the Committee in its
sole discretion. If, subsequent to a Grantee&rsquo;s voluntary termination of employment or service or involuntary termination of employment
or service without Cause, it is discovered that the Grantee&rsquo;s employment or service could have been terminated for Cause, the Committee
may deem such Grantee&rsquo;s employment or service to have been terminated for Cause. A Grantee&rsquo;s termination of employment or
service for Cause shall be effective as of the date of the occurrence of the event giving rise to Cause, regardless of when the determination
of Cause is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Clawback.
</I></B>Notwithstanding anything to the contrary contained in this Plan or any Award Agreement, any Award shall be subject to recovery
or clawback by the Company under any clawback policy adopted by any member of the Company Group, whether before or after the date of grant
of the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.17&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Awards
to Foreign Nationals and Grantees Outside the United States and the United Kingdom. </I></B>Notwithstanding any provision of the Plan
to the contrary, in order to comply, or facilitate compliance, with the applicable law or customs in other countries in which the Company
or any of its affiliates operates or has employees or to qualify for preferred tax treatment of such jurisdictions, the Committee, in
its discretion, will have the power and authority to (a)&nbsp;determine which affiliates will be covered by the Plan; (b)&nbsp;determine
which persons employed outside the United States and United Kingdom are eligible to participate in the Plan; (c)&nbsp;amend or vary the
terms and provisions of the Plan and the terms and conditions of any Award granted to persons who reside outside the United States and
United Kingdom; (d)&nbsp;establish subplans and modify exercise procedures and terms and procedures to the extent such actions are deemed
to be necessary or advisable; and any such subplans and modifications to the terms and procedures of the Plan that are established under
this Section&nbsp;9.17 will be attached to the Plan document as appendices or annexes; and (e)&nbsp;take any action, before or after an
Award is made, that it deems advisable to obtain or comply with any applicable law or regulatory exemptions or approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.18&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Consent
to Holding and Processing of Personal Data. </I></B>Participants and eligible Employees acknowledge that personal data in relation to
them may be held by the Company, any subsidiary, their employer, and/or any trustee and passed onto a third-party broker, registrar, advisor,
administrator and/or future purchaser of the Company or any subsidiary for the operation or administration of the Plan. The Company is
the data controller in relation to this processing of personal data for the purposes of applicable data protection laws. Further information
about how the Company processes personal data of key persons is set out in the Company&rsquo;s privacy notice, available by contacting
the Company&rsquo;s Human Resources Department at HRSC@valaris.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.19&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Headings.
</I></B>Any article, section, subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience
only and are not intended to expand, limit or otherwise define the contents of such subdivisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.20&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Successors
and Assigns. </I></B>The Plan and any applicable Award Agreement(s)&nbsp;shall be binding on all successors and permitted assigns of a
Grantee, including, without limitation, the estate of such Grantee and the executor, administrator or trustee of such estate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.21&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Survival
of Terms; Conflicts. </I></B>The provisions of the Plan shall survive the termination of the Plan to the extent consistent with, or necessary
to carry out, the purposes thereof. To the extent of any conflict between the Plan and any Award Agreement, the Plan shall control; <U>provided</U>,
<U>however</U>, that any Award Agreement may impose greater restrictions or grant lesser rights than the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.22&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Effective
Date and Term of Plan. </I></B>The Plan was adopted by the Board on _____, 2021. Unless sooner terminated by the Board, the Plan shall
terminate on _____, 2031, the tenth anniversary of the adoption of the Plan.&#8239;&#8239;No Awards shall be made under the Plan after either
such date, as applicable. All Awards made under the Plan prior to its termination shall remain in effect until such Awards have been satisfied
or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.23&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Governing
Law. </I></B>Except to the extent preempted by any applicable federal law, the Plan will be construed and administered in accordance with
the laws of Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000"><B>9.24&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><B><I>Construction.
</I></B>Neither the Plan nor any Award Agreement shall be construed or interpreted with any presumption against the Company by reason
of the Company causing the Plan or any Award Agreement to be drafted. Whenever from the context it appears appropriate, any term stated
in either the singular or plural shall include the singular and plural, and any term stated in the masculine, feminine or neuter gender
shall include the masculine, feminine and neuter. Unless otherwise stated, references to Sections and Articles (as the case may be) are
to sections and articles (respectively) of this Plan.</P>

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<TYPE>EX-10.5
<SEQUENCE>9
<FILENAME>tm2114630d1_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VALARIS EXECUTIVE SEVERANCE PLAN</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(As Amended and Restated as of April&nbsp;30,
2021)</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of this Valaris
Executive Severance Plan is to enable the Employer to offer certain payments and benefits to Eligible Individuals if their employment
with the Employer is terminated by the Employer without Cause (and not on account of death or Disability). The Valaris Executive Severance
Plan was originally adopted on November&nbsp;10, 2019 and is hereby amended and restated effective April&nbsp;30, 2021.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;I
</B></FONT><B><BR>
DEFINITIONS</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Plan,
capitalized terms and phrases used herein shall have the meanings ascribed in this Article&nbsp;I.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Accrued
Obligations</U></B>&rdquo; means (i)&nbsp;all earned but unpaid Base Pay through the date of termination prorated for any partial period
of employment, payable in accordance with customary payroll practices and the requirements of applicable law; (ii)&nbsp;any benefits to
which such individual has a vested entitlement as of the date of termination, payable in accordance with the terms of any applicable benefit
plan or as otherwise required by law; (iii)&nbsp;any accrued but unused vacation, payable in a lump sum with the individual&rsquo;s final
pay check or as otherwise required by law; and (iv)&nbsp;payment of any approved but not yet reimbursed business expenses incurred prior
to the date of termination, payable in accordance with applicable policies of the Company and its Affiliates.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Affiliate</U></B>&rdquo;
shall have the meaning set forth in Rule&nbsp;12b-2 promulgated under Section&nbsp;12 of the Exchange Act.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Base
Pay</U></B>&rdquo; means a Participant&rsquo;s annual base compensation rate for services paid by the Employer to the Participant at the
time immediately prior to the Participant&rsquo;s termination of employment, as reflected in the Employer&rsquo;s payroll records. Base
Pay shall not include commissions, bonuses, overtime pay, incentive compensation, retention awards or benefits paid under any retirement
plan, any group medical, dental or other welfare benefit plan, non-cash compensation, or any other additional compensation.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Board</U></B>&rdquo;
means the Board of Directors of Valaris Limited, a Bermuda exempted company, or any successor thereto.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Cause</U></B>&rdquo;
means any of the following: (a)&nbsp;the willful and continued failure of a Participant to perform substantially the Participant&rsquo;s
duties and obligations (other than any such failure resulting from bodily injury or disease or any other incapacity due to mental or physical
illness), (b)&nbsp;gross misconduct by the Participant, (c)&nbsp;the willful and material breach by the Participant of any policies of
the Company or its Affiliates or the Valaris Code of Conduct, or (d)&nbsp;the conviction of the Participant by a court of competent jurisdiction,
from which conviction no further appeal can be taken, of a crime punishable by imprisonment.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.6</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Change
in Control</U></B>&rdquo; means the occurrence of any of the following events: (a)&nbsp;a change in the ownership of Valaris Limited,
which occurs on the date that any one person, or more than one person acting in concert (as defined in the City Code on Takeovers and
Mergers), acquires ownership of shares in the capital of Valaris Limited (the &ldquo;<U>Shares</U>&rdquo;) that, together with Shares
held by such person or persons acting in concert, constitutes more than fifty percent (50%) of the total voting power of the Shares; or
(b)&nbsp;the majority of the members of the Board is replaced during any twelve (12) month period by directors whose appointment or election
is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or (c)&nbsp;a sale of all
or substantially all of the assets of Valaris Limited; provided, however, a Change in Control of Valaris Limited shall not be deemed to
have occurred by virtue of the consummation of any transaction or series of related transactions immediately following which the beneficial
holders of the voting Shares immediately before such transaction or series of transactions continue to have a majority of the direct or
indirect ownership in one or more entities which, singly or together, immediately following such transaction or series of transactions,
either (i)&nbsp;own all or substantially all of the assets of Valaris Limited as constituted immediately prior to such transaction or
series of transactions, or (ii)&nbsp;are the ultimate parent with direct or indirect ownership of all of the voting Shares after such
transaction or series of transactions. For further clarification, a &ldquo;<U>Change in Control</U>&rdquo; of Valaris plc shall not be
deemed to have occurred by virtue of the consummation of any transaction or series of related transactions effected for the purpose of
changing the place of incorporation or form of organization of Valaris Limited or the ultimate parent company of Valaris Limited and its
subsidiaries. For avoidance of doubt, the neither the filing for Chapter 11 nor the effective date or implementation of a plan of reorganization
(and the transactions contemplated thereby) will constitute a &ldquo;<U>Change in Control</U>&rdquo; for purposes of the Plan or any other
compensation arrangement between the Company and a Participant.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>COBRA</U></B>&rdquo;
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended together with the regulations and other official guidance
promulgated thereunder.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.8</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Code</U></B>&rdquo;
means the United States Internal Revenue Code of 1986, as amended, and the treasury regulations and other official guidance promulgated
thereunder.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.9</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Code
Section&nbsp;409A</U></B>&rdquo; means Section&nbsp;409A of the Code together with the treasury regulations and other official guidance
promulgated thereunder.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Company</U></B>&rdquo;
means Ensco Incorporated, a Delaware corporation and any of its successors as provided in Article&nbsp;VI hereof.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.11</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Compensation
Committee</U></B>&rdquo; means the Compensation Committee of the Board.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.12</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Dependents</U></B>&rdquo;
means the Participant&rsquo;s spouse and other dependents covered under the Employer&rsquo;s medical, dental and vision plans immediately
before the Participant&rsquo;s termination date.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.13</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Disability</U></B>&rdquo;
shall occur upon the Participant becoming eligible for disability benefits under the Employer&rsquo;s long-term disability plan, or, if
earlier, upon the Participant becoming eligible for Social Security disability benefits or any comparable state-provided disability benefits
for Participants located in non-United States jurisdictions.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.14</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Effective
Date</U></B>&rdquo; means the effective date of the Third Amended Joint Chapter 11 Plan of Reorganization, as such plan may be subsequently
amended.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.15</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Eligible
Individual</U></B>&rdquo; means an employee of the Employer employed in one of the positions specified on Appendix A-l or Appendix A-2,
as applicable, or any other appendices as adopted and approved by the Committee from time to time, excluding any employee with an individual
employment agreement or any other written agreement with the Employer, in either case, that provides for severance payments or benefits
outside the context of a Change in Control. Eligible Individuals shall be limited to a select group or management or highly compensated
employees of the Employer.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.16</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Employer</U></B>&rdquo;
means the Company and its Affiliates. For purposes of determining the entity responsible for making payments hereunder to a Participant,
 &ldquo;Employer&rdquo; shall mean the legal entity on whose payroll records the Participant is listed.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.17</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Exchange
Act</U></B>&rdquo; means the Securities Exchange Act of 1934, as amended together with regulations and other official guidance promulgated
thereunder.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.18</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Good
Reason</U></B>&rdquo; means (a)&nbsp;a material reduction in the Participant&rsquo;s base salary or a material reduction in the aggregate
overall compensation opportunity available to the Participant, provided that the Board shall have the discretion to modify the Participant&rsquo;s
overall compensation package subject to the foregoing restrictions, (b)&nbsp;a material diminution in the Participant&rsquo;s authority,
duties or responsibilities, (c)&nbsp;a relocation of the Participant&rsquo;s primary place of employment to a location that increases
the Participant&rsquo;s normal commute by more than thirty-five (35) miles (but excluding a relocation from or to the Houston, Texas metropolitan
area or to or from the London Metropolitan area); (d)&nbsp;any other action or inaction that constitutes a material breach by the Company
of its obligations under this Plan or any other agreement between the Company and the Participant; or (e)&nbsp;the Company&rsquo;s failure
to make an award under the MIP satisfactory to the Participant as of the Effective Date within one hundred and twenty (120) days after
the Effective Date. In the case of the Participant&rsquo;s allegation of Good Reason (other than pursuant to clause&nbsp;(c)&nbsp;above),
(i)&nbsp;the Participant shall provide notice to the Board of the event alleged to constitute Good Reason within ninety (90) days (or,
with respect to clause (e), thirty (30) days) of the occurrence of such event, and (ii)&nbsp;the Company shall have the opportunity to
remedy the alleged Good Reason event within thirty (30) days from receipt of notice of such allegation. If the Company does not cure the
circumstance giving rise to Good Reason to the Participant&rsquo;s reasonable satisfaction, the Participant must terminate his employment
with the Company within thirty (30) days following the end of the thirty (30) day cure period described in clause (ii)&nbsp;above in order
for his termination to be considered a termination for Good Reason.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.19</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B>&ldquo;Initial
Participants&rdquo;</B> means the individuals listed on Appendix A-1 and Appendix A-2.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.20</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>MIP</U></B>&rdquo;
means the Valaris Limited 2021 Management Incentive Plan adopted by Valaris Limited as of the Effective Date for awards made to directors
and employees of Valaris Limited and its subsidiaries.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.21</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Participant</U></B>&rdquo;
means an Eligible Individual who is approved by the Compensation Committee (or an authorized delegate thereof) to participate in the Plan.
An Eligible Individual shall become a Participant in the Plan as of the later of (i)&nbsp;the date he or she commences employment with
the Employer, and (ii)&nbsp;the date he or she is approved by the Compensation Committee (or an authorized delegate thereof) to participate
in the Plan. Notwithstanding the foregoing, the Initial Participants are Participants in the Plan as of the Effective Date, subject to
their execution of a Participant Notice in substantially the same form as attached hereto as Appendix C.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.22</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Plan</U></B>&rdquo;
means this Valaris Executive Severance Plan, as amended from time to time in accordance with the terms and conditions hereof.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.23</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Release</U></B>&rdquo;
shall have the meaning set forth in <U>Section&nbsp;2.2</U> hereof.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.24</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Severance
Benefits</U></B>&rdquo; means the severance payments and benefits specified for a Participant in Appendix A-l or Appendix A-2, as applicable,
or any other appendices as adopted for any Participant by the Committee from time to time.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;1.25</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&ldquo;<B><U>Target
Bonus</U></B>&rdquo; means a Participant&rsquo;s target bonus opportunity under the Ensco plc 2018 Cash Incentive Plan, as amended from
time to time, or any other annual, quarterly, or similar cash incentive program maintained by the Employer excluding, for the avoidance
of doubt, any plan, arrangement or agreement governing performance units, cash, long-term incentive awards, or retention awards. For the
avoidance of doubt, the initial Target Bonus for the initial Participants will be the Target Bonus specified for any Participant in Appendix
A-1 or Appendix A-2.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;II
</B></FONT><B><BR>
SEVERANCE BENEFITS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Eligibility
for Severance Benefits</U></B>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Qualifying
Events</U>. If a Participant&rsquo;s employment is terminated by the Employer without Cause (excluding by reason of death or Disability)
or, with respect to Initial Participants, by the Participant for Good Reason, then the Employer shall pay or provide the Participant
with the Severance Benefits in accordance with <U>Section&nbsp;2.3</U> hereto, subject to the provisions of this Plan, including <U>Section&nbsp;2.2
</U>hereof.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Non-Qualifying
Events</U>. Unless otherwise provided by the Compensation Committee at the time of such a termination, a Participant shall not be entitled
to the Severance Benefits if the Participant&rsquo;s employment is terminated (i)&nbsp;by the Employer for Cause, (ii)&nbsp;by the Participant
without Good Reason, (iii)&nbsp;on account of the Participant&rsquo;s death or Disability, or (iv)&nbsp;for any reason other than as expressly
specified in <U>Section&nbsp;2.1(a)</U>&nbsp;hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Duty to Mitigate; Offset; Set-off</U>. No Participant entitled to receive Severance Benefits hereunder shall be required to seek other
employment or to attempt in any way to reduce any amount payable to the Participant by the Employer pursuant to the Plan and there shall
be no offset against any amounts due to the Participant under the Plan on account of any remuneration attributable to any subsequent employment
that the Participant may obtain or otherwise. Except as set forth below, the amounts payable hereunder shall not be subject to setoff,
counterclaim, recoupment, defense or other right which the Employer may have against the Participant. Notwithstanding the foregoing, to
the extent that a Participant is entitled to severance payments or benefits from the Employer under any other severance policy, plan,
program or agreement, including under applicable local legal requirements, the Ensco Incorporated Severance Plan (Shore-Based Employees),
the Rowan Companies Plc Protection Plan, or any Change in Control Severance Agreement entered into with the Company or any of its Affiliates,
each of the Severance Benefits payable under this Plan shall be reduced (but not below zero) by an amount equal to the comparable payments
or benefits provided under such other policy, plan, program or agreement. In the event of the Participant&rsquo;s breach of any provision
hereunder, including, without limitation, <U>Section&nbsp;2.2</U> hereof or any provision of the Release, the Company shall be entitled
to recover any payments previously made to the Participant hereunder (including the value of any equity awards accelerated, valued by
reference to the fair market value of a share of applicable stock on the date of acceleration).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Release
Required</U></B>. As a condition to receiving the Severance Benefits, the Participant must execute and not revoke a separation and release
agreement in substantially the form attached hereto as Appendix B. with such changes thereto as the Company determines are appropriate
to comply with local law or custom or any changes in legal requirements or best practices after the Effective Date (the &ldquo;<U>Release</U>&rdquo;).
The Release must be executed and delivered to the Company within the period of time set forth therein.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Plan
Benefits</U></B>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Accrued
Obligations</U>. In the event of a Participant&rsquo;s termination of employment for any reason, such Participant shall be entitled to
receive the Accrued Obligations. Participation in all benefit plans of the Employer will terminate upon a Participant&rsquo;s date of
termination except as otherwise specifically provided in the applicable plan.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Severance
Benefits</U>. The Severance Benefits for a Participant shall be determined as set forth in Appendix A-1 or Appendix A-2 attached hereto,
as applicable, or as set forth in any other applicable appendices as adopted by the Committee for such Participant from time to time.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;III
</B></FONT><B><BR>
UNFUNDED PLAN</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan shall be &ldquo;unfunded&rdquo;
and the Severance Benefits shall be paid out of the general assets of the Employer as and when the Severance Benefits become payable under
the Plan. All Participants shall be solely unsecured general creditors of the Employer. If the Employer decides in its sole discretion
to establish any advance accrued reserve on its books against the future expense of the Severance Benefits payable hereunder, or if the
Employer decides in its sole discretion to fund a trust from which Plan benefits may be paid from time to time, such reserve or trust
shall not under any circumstances be deemed to be an asset of the Plan.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;IV
</B></FONT><B><BR>
ADMINISTRATION OF THE PLAN</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Compensation Committee (or, where applicable, any duly authorized delegee of the Compensation Committee) shall have the exclusive right,
power, and authority, in its sole and absolute discretion, to administer, apply and interpret the Plan and any other documents related
thereto in good faith, and to decide all factual and legal matters arising in connection with the operation or administration of the Plan.
Without limiting the generality of the foregoing, the Compensation Committee (or, where applicable, any duly authorized delegee of the
Compensation Committee) shall have the sole and absolute discretionary authority to:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">take
all actions and make all decisions (including factual decisions) with respect to the eligibility for and the amount of benefits payable
under the Plan;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">formulate,
interpret and apply rules, regulations and policies necessary to administer the Plan;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;decide
questions, including legal or factual questions, relating to the calculation and payment of benefits, and all other determinations made,
under the Plan;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">resolve
and/or clarify in good faith any factual or other ambiguities, inconsistencies and omissions arising under the Plan or other Plan documents;
and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">process,
and approve or deny, benefit claims and rule&nbsp;on any benefit exclusions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All determinations made by the Compensation Committee
(or, where applicable, any duly authorized delegee of the Compensation Committee) with respect to any matter arising under the Plan shall
be final and binding on the Employer, the Participant, any beneficiary, and all other parties affected thereby.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to the limitations of applicable law, the Compensation Committee may delegate any and all of its powers and responsibilities hereunder
to other persons by formal resolution adopted by the Compensation Committee. Any such delegation shall not be effective until it is adopted
by the Compensation Committee and accepted by the person(s)&nbsp;designated and may be rescinded at any time by written notice from the
Compensation Committee to the person to whom the delegation is made. The Company&rsquo;s Chief Executive Officer and Vice President, Human
Resources are each hereby delegated the day-to-day authority to enter into Releases under the Plan and process the payment of benefits
under the Plan.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;V
</B></FONT><B><BR>
AMENDMENT AND TERMINATION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board may amend, modify
or terminate this Plan without notice at any time and for any reason, except as prohibited by law; provided, however, that (A)&nbsp;with
respect to the Initial Participants, no such amendment may adversely affect an Initial Participant without such Initial Participant&rsquo;s
written consent; and (B)&nbsp;with respect to Participants other than the Initial Participants, no such modification or termination may
(a)&nbsp;materially and adversely affect the benefits or protections provided hereunder to any Participant who has incurred a termination
by the Employer without Cause (excluding by reason of death or Disability) prior to the date of such amendment, modification or termination,
or (b)&nbsp;for a period of twelve (12) months following the consummation of a Change in Control, without a Participant&rsquo;s written
consent, (i)&nbsp;prevent that Participant from becoming eligible for Severance Benefits under the Plan, or (ii)&nbsp;reduce or alter
to the detriment of the Participant the Severance Benefits payable, or potentially payable, to the Participant under the Plan (including,
without limitation, imposing additional conditions on payment or changes to the time or form of payment).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;VI
</B></FONT><B><BR>
SUCCESSORS</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Plan,
the Company shall include any and all successors or assignees, whether direct or indirect, by purchase, merger, consolidation or otherwise,
to all or substantially all of the business or assets of the Company and such successors and assignees shall perform the Company&rsquo;s
obligations under the Plan, in the same manner and to the same extent that the Company would be required to perform such obligations if
no such succession or assignment had taken place. In the event that the surviving corporation in any transaction to which the Company
is a party is a subsidiary of another corporation, the ultimate parent corporation of such surviving corporation shall cause the surviving
corporation to perform the obligations of the Company under the Plan in the same manner and to the same extent that the Company would
be required to perform such obligations if no such succession or assignment had taken place. In such event, the term &ldquo;Company.&rdquo;
as used in the Plan, shall mean the Company, as hereinbefore defined, and any successor or assignee (including the ultimate parent corporation)
to the business or assets thereof which by reason hereof becomes bound by the terms and provisions of the Plan.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article&nbsp;VII
</B></FONT><B><BR>
MISCELLANEOUS</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.1</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Minors
and Incompetents</U></B>. If the Compensation Committee shall find that any person to whom Severance Benefits are payable under the Plan
is unable to care for his or her affairs because of illness or accident, or is a minor, any Severance Benefits due (unless a prior claim
therefore shall have been made by a duly appointed guardian, committee or other legal representative) may be paid to the spouse, a child,
parent, or brother or sister, or to any person deemed by the Compensation Committee to have incurred expense for such person otherwise
entitled to Severance Benefits, in such manner and proportions as the Compensation Committee may determine in its sole discretion. Any
such payment of Severance Benefits shall be a complete discharge of the liabilities of the Company, the Employer and the Compensation
Committee under the Plan.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.2</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Limitation
of Rights</U></B>. Nothing contained herein shall be construed as conferring upon a Participant the right to continue in the employ of
the Employer as an employee or in any other capacity or to interfere with the Employer&rsquo;s right to discharge such Participant at
any time for any reason whatsoever.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.3</FONT>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Payment
Not Salary</U></B>. Any Severance Benefits payable under the Plan shall not be deemed salary or other compensation to the Participant
for the purposes of computing benefits to which the Participant may be entitled under any retirement plan or other arrangement of the
Employer maintained for the benefit of its employees, unless such plan or arrangement provides otherwise.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.4</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Severability</U></B>.
In case any provision of the Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining
parts hereof, but the Plan shall be construed and enforced as if such illegal and invalid provision never existed.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.5</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Withholding</U></B>.
The Employer shall have the right to make such provisions as it deems necessary or appropriate to satisfy any obligation it may have to
withhold federal, state or local income, payroll, national insurance or other taxes incurred by reason of payments pursuant to the Plan.
In lieu thereof, to the extent permitted by applicable law, the Company and/or the Employer shall have the right to withhold the amounts
of such taxes from any other sums due or to become due from the Company and/or the Employer to the Participant upon such terms and conditions
as the Compensation Committee may prescribe.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.6</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Legal
Counsel</U></B>. The Company shall reimburse an Initial Participant for any reasonable out-of-pocket expenses incurred in negotiating
contractual arrangements pursuant to the Plan. In the event of any legal dispute, including arbitration, the Company shall reimburse the
Participant for all reasonable costs and attorneys&rsquo; fees incurred in connection with any such action if the Initial Participant
prevails on any material issue involved in such dispute.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.7</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Non-Alienation
of Benefits</U></B>. The Severance Benefits payable under the Plan shall not be subject to alienation, transfer, assignment, garnishment,
execution or levy of any kind, and any attempt to cause any Severance Benefit to be so subjected shall not be recognized.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.8</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Governing
Law</U></B>. The Plan shall be governed by the laws of the State of Texas, without regard to the conflicts of law principles thereof.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.9</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Code
Section&nbsp;409A</U></B>. The provisions of this <U>Section&nbsp;7.9</U> shall only apply if and to the extent that the applicable Participant
is subject to the provisions of Code&nbsp;Section&nbsp;409A. The intent of the parties is that payments and benefits under this Plan comply
with or be exempt from Code Section&nbsp;409A and, accordingly, to the maximum extent permitted, this Plan shall be interpreted to be
in compliance therewith. If the Participant notifies the Company (with specificity as to the reason therefor) that the Participant believes
that any provision of this Plan (or of any award of compensation, including equity compensation or benefits) would cause the Participant
to incur any additional tax or interest under Code Section&nbsp;409A and the Company concurs with such belief or the Company (without
any obligation whatsoever to do so) independently makes such determination, the Company shall, after consulting with the Participant,
reform such provision to attempt to comply with Code Section&nbsp;409A through good faith modifications to the minimum extent reasonably
appropriate to conform with Code Section&nbsp;409A. To the extent that any provision hereof is modified in order to comply with Code Section&nbsp;409A,
such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic
benefit to the Participant and the Company of the applicable provision without violating the provisions of Code Section&nbsp;409A. In
no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Participant by
Code Section&nbsp;409A or damages for failing to comply with Code Section&nbsp;409A. With respect to any payment or benefit considered
to be nonqualified deferred compensation under Code Section&nbsp;409A, a termination of employment shall not be deemed to have occurred
for purposes of any provision of this Plan providing for the payment of any amounts or benefits upon or following a termination of employment
unless such termination is also a &ldquo;separation from service&rdquo; within the meaning of Code Section&nbsp;409A and, for purposes
of any such provision of this Plan, references to a &ldquo;termination,&rdquo; &ldquo;termination of employment&rdquo; or like terms shall
mean &ldquo;separation from service.&rdquo; Notwithstanding anything to the contrary in this Plan, if the Participant is deemed on the
date of termination to be a &ldquo;specified employee&rdquo; within the meaning of that term under Code Section&nbsp;409A(a)(2)&nbsp;(B),
then with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under Code Section&nbsp;409A
payable on account of a &ldquo;separation from service,&rdquo; such payment or benefit shall not be made or provided until the date which
is the earlier of (i)&nbsp;the expiration of the six month period measured from the date of such &ldquo;separation from service&rdquo;
of the Participant, and (ii)&nbsp;the date of the Participant&rsquo;s death, to the extent required under Code Section&nbsp;409A. Upon
the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <U>Section&nbsp;7.9</U> (whether they
would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the
Participant, without interest, in a lump sum, and any remaining payments and benefits due under this Plan shall be paid or provided in
accordance with the normal payment dates specified for them herein. To the extent that reimbursements or other in-kind benefits under
this Plan constitute &ldquo;nonqualified deferred compensation&rdquo; for purposes of Code Section&nbsp;409A, (x)&nbsp;all expenses or
other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such
expenses were incurred by the Participant, (y)&nbsp;any right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit, and (z)&nbsp;no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided
in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other
taxable year. For purposes of Code Section&nbsp;409A, the Participant&rsquo;s right to receive any installment payments pursuant to this
Plan shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Plan specifies a
payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion
of the Company. Notwithstanding any other provision of this Plan to the contrary, in no event shall any payment under this Plan that constitutes
 &ldquo;nonqualified deferred compensation&rdquo; for purposes of Code Section&nbsp;409A be subject to offset by any other amount unless
otherwise permitted by Code Section&nbsp;409A. Where payments under this Plan are to be made within a specified period after the Release
becomes effective and irrevocable, and such period for the Participant&rsquo;s consideration, execution and revocation of the Release
spans two taxable years, payment shall be made in later taxable year.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.10</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Parachute
Payment Limitations</U></B>.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
any contrary provision in this Plan, if an Eligible Individual is a &ldquo;disqualified individual&rdquo; (as defined in Section&nbsp;280G
of the Code), and the Severance Benefits that would otherwise be paid to such Eligible Individual under this Plan together with any other
payments or benefits that such Eligible Individual has a right to receive from the Company (and affiliated entities required to be aggregated
in accordance with Q/A-10 and Q/A-46 of Treas. Reg. &sect;1.280G-l) (collectively, the &ldquo;Payments&rdquo;) would constitute a &ldquo;parachute
payment&rdquo; (as defined in Section&nbsp;280G of the Code), the Payments shall be either (a)&nbsp;reduced (but not below zero) so that
the aggregate present value of such Payments and benefits received by the Eligible Individual from the Company and its Affiliates shall
be $1.00 less than three times such Eligible Individual&rsquo;s &ldquo;base amount&rdquo; (as defined in Section&nbsp;280G of the Code)
(the &ldquo;<U>Safe Harbor Amount</U>&rdquo;) and so that no portion of such Payments received by such Eligible Individual shall be subject
to the excise tax imposed by Section&nbsp;4999; or (b)&nbsp;paid in full, whichever produces the better net after-tax result for such
Eligible Individual (taking into account any applicable excise tax under Section&nbsp;4999 and any applicable federal, state and local
income and employment taxes). The determination as to whether any such reduction in the amount of the Payments is necessary shall be made
by the Company in good faith and such determination shall be conclusive and binding on such Eligible Individual. If reduced Payments are
made to the Eligible Individual pursuant to this <U>Section&nbsp;7.10</U> and through error or otherwise those Payments exceed the Safe
Harbor Amount, the Eligible Individual shall immediately repay such excess to the Company or its applicable Affiliate upon notification
that an overpayment has been made.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
reduction of Payments, if applicable, shall be made by reducing, first, Severance Benefits to be paid in cash hereunder in the order in
which such payments would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing,
to the extent necessary, through to such payment or benefit that would be made first in time) and second, by reducing any other cash payments
that would be payable to the Eligible Individual outside of this Plan which are valued in full for purposes of Code Section&nbsp;280G
in a similar order (last to first), any third, by reducing any equity acceleration hereunder of awards which are valued in full for purposes
of Section&nbsp;280G of the Code in a similar order (last to first), and finally, by reducing any other payments or benefit provided hereunder
in a similar order (last to first).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.11</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Non-Exclusivity</U></B>.
The adoption of the Plan by the Company shall not be construed as creating any limitations on the power of the Company to adopt such other
supplemental severance arrangements as it deems desirable, and such arrangements may be either generally applicable or limited in application.
Nothing in this Plan shall prevent or limit the Participant&rsquo;s continuing or future participation in any benefit, bonus, incentive
or other plan or program provided by the Company of any of its Affiliates and for which the Participant may qualify, nor shall anything
herein limit or reduce such rights as the Participant may have under any agreements with the Company or any of its Affiliates; provided,
that no payments or benefits under the Plan shall result in a duplication of payments or benefits provided under any severance plan or
arrangement to which the Participant is eligible to participate or a party to. Amounts which are vested benefits or which the Participant
is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company or any of
its Affiliates at or subsequent to the date of termination shall be payable in accordance with such plan, policy, practice or program
or contract or agreement, except as explicitly modified by this Plan.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.12</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Headings
and Captions; Number</U></B>. The headings and captions herein are provided for reference and convenience only. They shall not be considered
part of the Plan and shall not be employed in the construction of the Plan. Whenever used in the Plan, the singular shall be deemed to
include the plural, unless the context clearly indicates otherwise.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.13</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Communications</U></B>.
All announcements, notices and other communications regarding the Plan will be made by the Company in writing (whether in electronic form
or otherwise). Except for written amendments to the Plan or official written communications issued by the Company in connection with the
Plan, Participants in the Plan may not rely on any representation or statement made by the Employer or any of its officers, directors,
employees or agents, whether written or oral, regarding such Participants&rsquo; participation in the Plan and any rights hereunder.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.14</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Notices</U></B>.
For purposes of this Plan, notices and all other communications provided for in this Plan or contemplated hereby shall be in writing and
shall be deemed to have been duly given when personally delivered, delivered by a nationally recognized overnight delivery service or
when mailed via United States certified or registered mail, return receipt requested, postage prepaid, and addressed, in the case of the
Company, to the Company at:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Valaris Limited</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Ensco Incorporated c/o<BR>
Attn: General Counsel<BR>
5847 San Felipe, Suite&nbsp;3300<BR>
Houston, TX 77057</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and in the case of the Participant, to the Participant
at the most recent address of the Participant that is set forth in the Company&rsquo;s records.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.15</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Local
Legal Requirements</U></B>. The Company&rsquo;s Chief Executive Officer and Vice President, Human Resources may create sub-plans that
revise the terms of this Plan, including the Release attached hereto as Appendix B, as each such individual deems advisable or appropriate
to conform to or comply with any applicable foreign or local legal requirements or customs. Such sub-plans shall be applied consistently
to all similarly-situated Participants located in the effected jurisdiction and shall not have the effect of increasing the amount of
any Severance Benefits payable or to be provided hereunder.</FONT></P>




<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>EXHIBIT&nbsp;10.6</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Appendix A-1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Severance Benefits
for Executive Vice Presidents</U></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial Participant covered by this Appendix
A-1 shall be Jonathan Baksht (EVP&nbsp;&amp; CFO).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B><U>Cash Severance</U></B>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Participant incurs a qualifying termination,
an amount of cash, payable by the Employer in a lump sum promptly and in all events within 30 days following the date on which the Release
as required by <U>Section&nbsp;2.2</U> becomes effective and irrevocable, equal to 2.00 <I>multiplied by</I> the sum of (i)&nbsp;the Participant&rsquo;s
Base Pay (without regard to any reductions implemented without the Participant&rsquo;s consent) <I>plus</I> (ii)&nbsp;the Participant&rsquo;s
annualized Target Bonus (as set forth below).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 50%; text-align: justify">Participant</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify">Target Bonus</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Jonathan Baksht</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">$467,500 (85% of Base Salary)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B><U>Bonus for Performance Period of Termination.</U></B></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A cash amount, equal to the Participant&rsquo;s
Target Bonus for the performance period in which the termination occurs, payable by the Employer in a lump sum promptly and in all events
within 30 days following the date on which the Release required by <U>Section&nbsp;2.2</U> becomes effective and irrevocable; provided,
however, that the foregoing shall not prevent the Participant from receiving any bonus relating to any performance period completed prior
to termination.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><B><U>LTIP Awards</U></B>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Time-Based
Awards</U>. Any outstanding unvested time-based equity awards (including cash settleable awards) granted on or following the Effective
Date held by the Participant as of the date of termination shall 100% accelerate and become exercisable or settle (as applicable) within
30 days following the date on which the Release as required by <U>Section&nbsp;2.2</U> becomes effective and irrevocable.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Performance-Based
Awards</U>. A pro-rated portion of any outstanding unvested performance-based equity awards (including cash settleable awards) granted
on or following the Effective Date held by the Participant as of the date of termination shall vest based on actual performance over the
applicable performance period, with such pro-rated portion determined based on the number of full months of the Participant&rsquo;s continuous
service during the performance period out of the number of full months in the performance period. Vesting and settlement of such pro-rated
awards shall not be accelerated and such awards shall remain subject to achievement of applicable performance criteria.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Appendix
A-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 13; Options: NewSection -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding the foregoing, the provisions
of this Section&nbsp;3 of Appendix A-1 will not apply to a Participant&rsquo;s awards under the MIP in the event the Participant resigns
pursuant to clause&nbsp;(e)&nbsp;of the definition of Good Reason.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Other Benefits</U></B></FONT>.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subject
to the Participant&rsquo;s timely election of continuation coverage under COBRA or other applicable law, the Employer shall maintain continued
group health plan coverage following the Participant&rsquo;s termination date under any of the Employer&rsquo;s medical, dental and vision
plans that covered the Participant immediately before the Participant&rsquo;s termination date, for the Participant and his or her eligible
Dependents, for a period of twelve (12) months following the Participant&rsquo;s termination date. During this period, except to the extent
provided otherwise by the American Rescue Plan Act of 2021, the Participant shall be responsible for paying any contributions toward the
cost of such coverages at active employee rates and the Employer shall (either directly or through reimbursement) subsidize the difference
between such rates and any applicable premiums, whether under COBRA or otherwise; provided, that if the continued coverage contemplated
by this Section&nbsp;4(a)&nbsp;would be discriminatory and would result in the imposition of excise taxes or other liabilities on the
Company for failure to comply with any requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and the Health
Care and Education Reconciliation Act of 2010, as amended (to the extent applicable), or other applicable law, the Company will provide
Participant with a cash payment equal to the employer-portion of any COBRA premiums, inclusive of any taxes thereon, for the remainder
of the twelve (12) month period. Following such 12-month period, the Participant shall be responsible for the full cost associated with
any continued coverage, whether under COBRA, any insurance policy conversion rights or otherwise. The Employer&rsquo;s obligation to provide
subsidized continuation coverage under this Plan shall immediately terminate if the Participant becomes eligible for group medical coverage
provided by another employer. The Participant shall give prompt notice to the Employer if he or she becomes eligible for group medical
coverage offered by another employer during the 12-month period referenced in this section. In jurisdictions outside the United States,
a health coverage benefit that is comparable to what is described in this Section&nbsp;4(a)&nbsp;shall offered.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Participant shall receive Company-provided outplacement services for up to twelve (12) months following the Participant&rsquo;s termination
of employment.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Employer, at determined in its sole discretion in accordance with local customs, shall reimburse the Participant for any legal fees actually
incurred by or on behalf of Participant in connection with the execution of the Release.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Appendix
A-1</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Appendix A-2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Severance Benefits for Senior Vice Presidents</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial Participants covered by this Appendix
A-2 shall be Gilles Luca (SVP&nbsp;&amp; COO), Alan Quintero (SVP, Business Development), and Michael T. McGuinty (SVP, General Counsel
and Secretary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Cash Severance.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If a Participant incurs a qualifying
termination, an amount of cash, payable by the Employer in a lump sum promptly and in all events within 30 days following the date on
which the Release as required by <U>Section&nbsp;2.2 </U>becomes effective and irrevocable, equal to the sum of (i)&nbsp;the Participant&rsquo;s
Base Pay (without regard to any reductions implemented without the Participant&rsquo;s consent) plus (ii)&nbsp;the Participant&rsquo;s
annualized Target Bonus (as set forth below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 94%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Participant</B></FONT></TD>
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Target Bonus</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gilles Luca</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$446,250 (85% of Base Salary)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael T. McGuinty</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$408,000 (80% of Base Salary)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alan Quintero</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$368,000 (80% of Base Salary)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Bonus for Performance Period of Termination.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A cash amount, equal to the Participant&rsquo;s
Target Bonus for the performance period in which the termination occurs, payable by the Employer in a lump sum promptly and in all events
within 30 days following the date on which the Release required by <U>Section&nbsp;2.2</U> becomes effective and irrevocable; provided,
however, that the foregoing shall not prevent the Participant from receiving any bonus relating to any performance period completed prior
to termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>LTIP Awards.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Time-Based
Awards</U>. Any outstanding unvested time-based equity awards (including cash settleable awards) granted on or following the Effective
Date held by the Participant as of the date of termination shall 100% accelerate and become exercisable or settle (as applicable) within
30 days following the date on which the Release as required by <U>Section&nbsp;2.2</U> becomes effective and irrevocable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Performance-Based
Awards</U>. A pro-rated portion of any outstanding unvested performance-based equity awards (including cash settleable awards) granted
on or following the Effective Date held by the Participant as of the date of termination shall vest based on actual performance over the
applicable performance period, with such pro-rated portion determined based on the number of full months of the Participant&rsquo;s continuous
service during the performance period out of the number of full months in the performance period. Vesting and settlement of such pro-rated
awards shall not be accelerated and such awards shall remain subject to achievement of applicable performance criteria.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Appendix A-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding the foregoing, the provisions
of this Section&nbsp;3 of Appendix A-2 will not apply to a Participant&rsquo;s awards under the MIP in the event the Participant resigns
pursuant to clause (e)&nbsp;of the definition of Good Reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Other Benefits</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subject
to the Participant&rsquo;s timely election of continuation coverage under COBRA or other applicable law, the Employer shall maintain continued
group health plan coverage following the Participant&rsquo;s termination date under any of the Employer&rsquo;s medical, dental and vision
plans that covered the Participant immediately before the Participant&rsquo;s termination date, for the Participant and his or her eligible
Dependents, for a period of twelve (12) months following the Participant&rsquo;s termination date. During this period, except to the extent
provided otherwise by the American Rescue Plan Act of 2021, the Participant shall be responsible for paying any contributions toward the
cost of such coverages at active employee rates and the Employer shall (either directly or through reimbursement) subsidize the difference
between such rates and any applicable premiums, whether under COBRA or otherwise; provided, that if the continued coverage contemplated
by this Section&nbsp;4(a)&nbsp;would be discriminatory and would result in the imposition of excise taxes or other liabilities on the
Company for failure to comply with any requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and the Health
Care and Education Reconciliation Act of 2010, as amended (to the extent applicable), or other applicable law, the Company will provide
Executive with a cash payment equal to the employer-portion of any COBRA premiums, inclusive of any taxes thereon, for the remainder of
the twelve (12) month period. Following such 12-month period, the Participant shall be responsible for the full cost associated with any
continued coverage, whether under COBRA, any insurance policy conversion rights or otherwise. The Employer&rsquo;s obligation to provide
subsidized continuation coverage under this Plan shall immediately terminate if the Participant becomes eligible for group medical coverage
provided by another employer. The Participant shall give prompt notice to the Employer if he or she becomes eligible for group medical
coverage offered by another employer during the 12-month period referenced in this section. In jurisdictions outside the United States,
a health coverage benefit that is comparable to what is described in this Section&nbsp;4(a)&nbsp;shall offered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Participant shall receive Company-provided outplacement services for up to twelve (12) months following the Participant&rsquo;s termination
of employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Employer, at determined in its sole discretion in accordance with local customs, shall reimburse the Participant for any legal fees actually
incurred by or on behalf of Participant in connection with the execution of the Release.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Appendix A-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Appendix B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Form&nbsp;of Separation and Release Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Release Agreement (this
 &ldquo;<U>Release Agreement</U>&rdquo;) is entered into as of the date set forth below by and between [__________], an individual (&ldquo;<U>Employee</U>&rdquo;),
and [__________] (the &ldquo;<U>Company</U>&rdquo;). Capitalized terms used herein that are not otherwise defined shall have the meaning
ascribed to such terms in the Valaris Executive Severance Plan (the &ldquo;<U>Severance Plan</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
Employee has been employed by the Company as its [__________];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
Employee&rsquo;s employment with the Company will terminate effective as of [__________] (the &ldquo;<U>Termination Date</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
Employee is eligible to receive severance payments and benefits (the &ldquo;<U>Severance Benefits</U>&rdquo;) in accordance with and subject
to the terms of the Severance Plan; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
Employee&rsquo;s receipt of the Severance Benefits is subject to Employee&rsquo;s execution and non-revocation of a release of claims,
and the Company and Employee desire to enter into this Release Agreement upon the terms set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW,
THEREFORE</B></FONT>, in consideration of the covenants undertaken and the releases contained in this Release Agreement, and in consideration
of the obligations of the Company to pay the Severance Benefits (conditioned upon this Release Agreement), Employee and the Company agree
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Release</U>.
Employee, on behalf of herself, his or her descendants, dependents, heirs, executors, administrators, assigns, and successors, and each
of them, hereby acknowledges full and complete satisfaction of the Company&rsquo;s obligations to him or her and covenants not to sue
and fully releases and discharges the Company and each of its direct and indirect parents, subsidiaries and affiliates, past and present,
as well as its and their trustees, directors, officers, members, managers, partners, agents, attorneys, insurers, employees, stockholders,
representatives, assigns, and successors, past and present, and each of them, hereinafter together and collectively referred to as the
 &ldquo;Releasees.&rdquo; with respect to and from any and all claims, wages, demands, rights, liens, agreements or contracts (written
or oral), covenants, actions, suits, causes of action, obligations, debts, costs, expenses, attorneys&rsquo; fees, damages, judgments,
orders and liabilities of whatever kind or nature in law, equity or otherwise (each, a &ldquo;Claim&rdquo;), which he or she now owns
or holds or he or she has at any time heretofore owned or held or may in the future hold as against any of said Releasees arising out
of or in any way connected with Employee&rsquo;s service as an officer, director, employee, member or manager of any Releasee or Employee&rsquo;s
separation from his or her position as an officer, director, employee, manager and/or member, as applicable, of any Releasee, whether
known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of said Releasees, or any of them, committed
or omitted prior to the date of this Release Agreement including, without limiting the generality of the foregoing, any Claim under Title
VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967 (&ldquo;ADEA&rdquo;), the Americans with Disabilities
Act, the Family and Medical Leave Act of 1993, or any other federal, state or local law, regulation, or ordinance, or any Claim for severance
pay, bonus, sick leave, holiday pay, vacation pay, life insurance, health or medical insurance or any other fringe benefit, workers&rsquo;
compensation or disability; provided however, that the foregoing release shall not apply to any obligation of the Company to Employee
pursuant to or with respect to any of the following: (1)&nbsp;any right to indemnification that Employee may have pursuant to the Company&rsquo;s
Bylaws or the Company&rsquo;s corporate charter or under any written indemnification agreement with the Company (or any corresponding
provision of any subsidiary or affiliate of the Company) with respect to any loss, damages or expenses (including but not limited to attorneys&rsquo;
fees to the extent otherwise provided) that Employee may in the future incur with respect to his or her service as an employee, officer
or director of the Company or any of its subsidiaries or affiliates; (2)&nbsp;any rights that Employee may have to insurance coverage
for such losses, damages or expenses under any Company (or subsidiary or affiliate) directors and officers liability insurance policy;
(3)&nbsp;any rights to continued group health plan coverage that Employee may have under COBRA; or (4)&nbsp;any rights to payment of benefits
that Employee may have under a retirement plan sponsored or maintained by the Company that is intended to qualify under Section&nbsp;401(a)&nbsp;of
the Internal Revenue Code of 1986, as amended. In addition, this release does not cover any Claim that cannot be so released as a matter
of applicable law. Employee acknowledges and agrees that he or she has received any and all leave and other benefits that he or she has
been and is entitled to pursuant to the Family and Medical Leave Act of 1993.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Acknowledgment
of Payment of Wages and Offset</U>. Employee acknowledges that he or she has received all amounts owed for his or her regular and usual
salary (including, but not limited to, any bonus or other wages), and usual benefits through the date of this Release Agreement. The Severance
Benefits shall, however, be subject to setoff, counterclaim, recoupment, defense or other right which the Company may have against Employee
and shall, to the extent permitted by applicable law, be reduced by the amount of any (i)&nbsp;severance pay or acceleration of benefits
under any other agreement with, or plan, program, or policy of, the Company (if any) and (ii)&nbsp;other payments that the Company may
otherwise be compelled to pay to Employee under applicable law (other than amounts owed for his or her regular and usual salary including,
but not limited to, any bonus or other wages, and usual benefits through the Termination Date).</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>ADEA
Waiver</U>. Employee expressly acknowledges and agrees that by entering into this Release Agreement, Employee is waiving any and all rights
or Claims that he or she may have arising under ADEA and the Older Worker Benefits Protection Act (&ldquo;OWBPA&rdquo;), which have arisen
on or before the date of execution of this Release Agreement. Employee further expressly acknowledges and agrees that:</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Employee
is hereby advised in writing by this Release Agreement to consult with an attorney before signing this Release Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Employee
has voluntarily chosen to enter into this Release Agreement and has not been forced or pressured in any way to sign it;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Employee
was given a copy of this Release Agreement on [__________] and informed that he or she had [forty-five (45) / twenty-one (21)] days within
which to consider this Release Agreement and that if he or she wished to execute this Release Agreement prior to expiration of such [45
/ 21]-day period, he or she should execute the Endorsement attached hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Employee
was informed that he or she had seven (7)&nbsp;days following the date of execution of this Release Agreement in which to revoke this
Release Agreement, and this Release Agreement will become null and void if Employee elects revocation during that time. Any revocation
must be in writing and must be received by the Company during the seven-day revocation period. In the event that Employee exercises his
or her right of revocation, neither the Company nor Employee will have any obligations under this Release Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Nothing
in this Release Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of
this waiver under the ADEA or the OWBPA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically
authorized by federal law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Transferred Claims</U>. Employee warrants and represents that the Employee has not heretofore assigned or transferred to any person not
a party to this Release Agreement any released matter or any part or portion thereof and he or she shall defend, indemnify and hold the
Company and each of its affiliates harmless from and against any claim (including the payment of attorneys&rsquo; fees and costs actually
incurred whether or not litigation is commenced) based on or in connection with or arising out of any such assignment or transfer made,
purported or claimed.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Severability</U>.
It is the desire and intent of the parties hereto that the provisions of this Release Agreement be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision
of this Release Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable under any
present or future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of
this Release Agreement or affecting the validity or enforceability of such provision in any other jurisdiction; furthermore, in lieu of
such invalid or unenforceable provision there will be added automatically as a part of this Release Agreement, a legal, valid and enforceable
provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding the foregoing, if such provision
could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction,
be so narrowly drawn, without invalidating the remaining provisions of this Release Agreement or affecting the validity or enforceability
of such provision in any other jurisdiction.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Release Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together
constitute one and the same agreement.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>. THIS RELEASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT
TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF TEXAS OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS
OF ANY JURISDICTION OTHER THAN THE STATE OF TEXAS TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF TEXAS,
WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS RELEASE AGREEMENT, EVEN IF UNDER SUCH JURISDICTION&rsquo;S CHOICE OF LAW OR CONFLICT
OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Amendment
and Waiver</U>. The provisions of this Release Agreement may be amended and waived only with the prior written consent of the Company
and Employee, and no course of conduct or failure or delay in enforcing the provisions of this Release Agreement shall be construed as
a waiver of such provisions or affect the validity, binding effect or enforceability of this Release Agreement or any provision hereof.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Descriptive
Headings</U>. The descriptive headings of this Release Agreement are inserted for convenience only and do not constitute a part of this
Release Agreement.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Construction</U>.
Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed
to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Release
Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule&nbsp;of strict construction
shall be applied against any party.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Arbitration</U>.
Any disputes relating to this Release Agreement, including the arbitrability thereof, shall by mutual agreement be finally settled by
binding arbitration in accordance with the Judicial Arbitration&nbsp;&amp; Mediation Service,&nbsp;Inc. (&ldquo;JAMS&rdquo;) Comprehensive
Arbitration Rules&nbsp;and Procedures or any successor provision thereto, as follows: Any party aggrieved will deliver a notice to the
other party setting forth the specific points in dispute. Any points remaining in dispute thirty (30) days after the giving of such notice
may be submitted to JAMS arbitration conducted before a single neutral arbitrator in Houston, Texas. The arbitrator shall be appointed
by agreement of the parties hereto or, if no agreement can be reached, by JAMS. The arbitrator may enter a default decision against any
party who fails to participate in the arbitration proceedings. Notwithstanding the foregoing, a party who seeks equitable relief shall
not be obligated to utilize the arbitration proceedings required hereunder and instead may seek such relief in any state or federal court
sitting in Houston, Texas. The decision of the arbitrator on the points in dispute will be final, unappealable and binding, and judgment
on the award may be entered in any court having jurisdiction thereof. The arbitrator shall only be authorized to interpret the provisions
of this Release Agreement, and shall not amend, change or add to any such provisions. The parties agree that this provision has been adopted
by the parties to rapidly and inexpensively resolve any disputes between them and that this provision will be grounds for dismissal of
any court action commenced by either party with respect to this Release Agreement, other than post-arbitration actions seeking to enforce
an arbitration award or proceedings seeking equitable relief as permitted by this Release Agreement. In the event that any court determines
that this arbitration procedure is not binding, or otherwise allows any litigation regarding a dispute, claim, or controversy covered
by this Release Agreement to proceed, the parties hereto hereby waive any and all right to a trial by jury in or with respect to such
litigation. Each party will bear its own expenses and the fees of its own attorneys. The parties and the arbitrator will keep confidential,
and will not disclose to any person, except the parties' advisors and legal representatives, or as may be required by law or to enforce
in court an arbitrator's award, the existence of any dispute hereunder. Employee acknowledges that arbitration pursuant to this Release
Agreement includes all controversies or claims of any kind (e.g., whether in contract or in tort, statutory or common law, legal or equitable)
now existing or hereafter arising under any federal, state, local or foreign law, including, but not limited to, the ADEA, the OWBPA,
Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Employee Retirement Income Security Act, the Family and Medical
Leave Act of 1993, the Americans With Disabilities Act and all similar federal, state and local laws, and Employee hereby waives all rights
thereunder to have a judicial tribunal and/or a jury determine such claims.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B><U>Restrictive Covenants.</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
party acknowledges and agrees that Employee shall continue to be obligated to comply with the terms of any restrictive covenant, intellectual
property, or confidentiality agreement that Employee executed in connection with Employee&rsquo;s employment with the Company or its affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Confidentiality</U>.
During the course of Employee&rsquo;s employment with the Company, the Company has (1)&nbsp;disclosed or entrusted to Employee, and provided
Employee with access to, Confidential Information (as defined below), (2)&nbsp;placed Employee in a position to develop business goodwill
belonging to Valaris Limited (&ldquo;<U>Valaris</U>&rdquo;) and its affiliates, and (3)&nbsp;disclosed or entrusted to Employee business
opportunities to be developed for Valaris and its affiliates. Valaris and its affiliates have also taken such actions on the date of this
Release Agreement. Employee acknowledges that Confidential Information has been developed or acquired by Valaris and its affiliates through
the expenditure of substantial time, effort and money and provides Valaris and its affiliates with an advantage over competitors who do
not know or use the Confidential Information. Employee further acknowledges and agrees that the nature of the Confidential Information
obtained during his or her employment would make it difficult, if not impossible, for Employee to perform in a similar capacity for a
business competitive with Valaris and its affiliates without disclosing or utilizing Confidential Information. Employee shall hold in
confidence and not directly or indirectly disclose, use, copy or make lists of any Confidential Information, except to the extent necessary
to carry out his or her duties on behalf of Valaris and its affiliates. Employee agrees to give to Valaris and its affiliates notice of
any and all attempts to compel disclosure of any Confidential Information within one (1)&nbsp;business day of being informed that such
disclosure is being, or will be, compelled. Such written notice shall include a description of the Confidential Information to be disclosed,
the court, government agency, or other forum through which the disclosure is sought, and the date by which the Confidential Information
is to be disclosed, and shall contain a copy of the subpoena, order or other process used to compel disclosure. For the avoidance of doubt,
the provisions of this subsection shall not apply to (a)&nbsp;any disclosure or use authorized by Valaris or its affiliates or required
by applicable law and (b)&nbsp;any information that is or becomes generally available to the public (other than as a result of Employee&rsquo;s
unauthorized disclosure). This confidentiality covenant shall be in addition to, and not limit or restrict in any way, any other confidentiality
agreement or other post-employment covenant between Employee and Valaris and its affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">As used herein, &ldquo;<U>Confidential
Information</U>&rdquo; means information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory)
relating to the business, products, affairs and finances of Valaris or any of its affiliates for the time being confidential to Valaris
or its affiliates, and trade secrets including, without limitation, technical data and know-how relating to the business of Valaris or
any of its affiliates or any of their respective business contacts, including in particular (by way of illustration only and without limitation):
(i)&nbsp;information relating to the business of exploring, acquiring, developing, exploiting and disposing of oil and natural gas resources
(regardless of when conceived, made, developed or acquired); (ii)&nbsp;information relating to the business or prospective business, current
or projected plans or internal affairs of Valaris or any of its affiliates; (iii)&nbsp;information relating to the current or prospective
marketing or sales of any products or services of Valaris or any of its affiliates, including non-public lists of customers' and suppliers'
names, addresses and contacts; sales targets and statistics; market share and pricing information; marketing surveys; research and reports;
non-public advertising and promotional material; strategies; and financial and sales data; (iv)&nbsp;information relating to any actual
or prospective business strategies of Valaris or any of its affiliates; (v)&nbsp;information relating to any actual acquisitions, investments
or corporate opportunities or prospective acquisition, investment targets or corporate opportunities; (vi)&nbsp;know-how, trade secrets,
unpublished information relating to Valaris or any of its affiliates&rsquo; intellectual property and to the creation, production or supply
of any products or services of Valaris or any of its affiliates; (vii)&nbsp;information to which Valaris or any of its affiliates owes
an obligation of confidence to a third party (including, without limitation, customers, clients, suppliers, partners, joint venturers
and professional advisors of Valaris or any of its affiliates); and (viii)&nbsp;other commercial, financial or technical information relating
to the business or prospective business of Valaris or any of its affiliates, or to any past, current or prospective client, customer,
supplier, licensee, officer or employee, agent of Valaris or any of its affiliates, or any member or person interested in the share capital
or assets of Valaris or any of its affiliates, and any other person to whom Valaris or any of its affiliates may provide or from whom
they may receive information (whether marked confidential or not).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Non-Compete</U>.
In exchange for the Severance Benefits and the Company&rsquo;s provision to Employee of Confidential Information and to protect the Company
and its affiliates&rsquo; legitimate business interests, Employee hereby agrees that for a period of [twelve (12) / six (6)]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
months after the Termination Date (the &ldquo;<U>Restricted Period</U>&rdquo;), Employee will not, without the prior written consent of
the Chief Executive Officer of Valaris pic, directly or indirectly, provide services to, or own any interest in, manage, operate, control,
or participate in the ownership, management, operation or control of, any Direct Competitor (including as an employee or Consultant, other
than as an employee of, or consultant to, the Company or its affiliates); provided, however, that notwithstanding the foregoing, Employee
may own, directly or indirectly, solely as a passive investment, securities of any entity traded on a national securities exchange if
Employee is not a controlling person of, or a member of a group which controls, such entity and does not, directly or indirectly, own
two percent (2%) or more of any class of securities of such entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Non-Solicitation</U>.
Employee hereby agrees that during the Restricted Period Employee will not, directly or indirectly, induce or attempt to induce, or cause
or solicit any officer, manager, contractor or employee of the Company or its Affiliates to cease their relationship with the Company
or its Affiliates or hire or engage any such officer, manager, contractor or employee of the Company or its Affiliates, or in any way
materially interfere with the relationship between the Company and its Affiliates, on the one hand, and any such officer, manager, contractor
or employee, on the other hand. Notwithstanding the foregoing, nothing in this Release Agreement shall prohibit Employee from making a
general, public solicitation for employment, or using an employee recruiting or search firm to conduct a search, that does not specifically
target employees or consultants of the Company or its Affiliates so long as no persons who were at any time during the twelve (12) month
period prior to the commencement of such solicitation, employees or consultants of the Company or its Affiliates are hired or otherwise
engaged as a result of such general solicitations or search firm efforts. Employee hereby agrees that during the Restricted Period, he
will not, directly or indirectly, induce, or attempt to induce, cause or solicit any customer, client or supplier of the Company or its
Affiliates to reduce or cease doing business with the Company or its Affiliates, or in any way knowingly interfere with the relationship
between any customer, client or supplier of the Company or its Affiliates, on the one hand, and the Company and its Affiliates, on the
other hand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1
</SUP></FONT>NTD: Confirm appropriate time period for each participant.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Intellectual
Property Assignment</U>. Employee hereby assigns to the Company all rights, including, without limitation, copyrights, patents, trade
secret rights, and other intellectual property rights associated with any ideas, concepts, techniques, inventions, processes, works of
authorship, Confidential Information or trade secrets (i)&nbsp;developed or created by Employee, solely or jointly with others, during
the course of performing work for or on behalf of the Company or any of its Affiliates at any time during Employee&rsquo;s period of employment
with the Company, (ii)&nbsp;that Employee conceived, developed, discovered or made in whole or in part during Employee&rsquo;s employment
by the Company that relate to the business of the Company or its Affiliates or the actual or demonstrably anticipated research or development
of the Company or its Affiliates, or (iii)&nbsp;that Employee conceives, develops, discovers or makes in whole or in part during or after
Employee&rsquo;s employment by the Company that are made through the use of any trade secrets of the Company or the use of the equipment,
facilities, supplies, or time of the Company or its Affiliates (collectively, &ldquo;<U>Work Product</U>&rdquo;). Without limiting the
foregoing, to the extent possible, all software, compilations and other original works of authorship included in the Work Product will
be considered a &ldquo;work made for hire&rdquo; as that term is defined in Title 17 of the United States Code. If, notwithstanding the
foregoing, Employee for any reason retains any right, title or interest in or relating to any Work Product, Employee agrees promptly to
assign, in writing and without any requirement of further consideration, all such right, title, and interest to the Company. Upon request
of the Company at any time, Employee will take such further actions, including execution and delivery of instruments of conveyance, as
may be appropriate to evidence, perfect, record or otherwise give full and proper effect to any assignments of rights under or pursuant
to this Release Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(F)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Company
Documents and Property</U>. All writings, records, and other documents and things comprising, containing, describing, discussing, explaining,
or evidencing any Confidential Information, and all equipment, computers, mobile phones, components, manuals, parts, keys, tools, and
the like in Employee&rsquo;s custody, possession or control that have been obtained by, prepared by, or provided to, Employee by the Company
or any Affiliate in the course or scope of Employee&rsquo;s employment with the Company (or any Affiliate) shall be the exclusive property
of the Company (or such Affiliate, as applicable), shall not be copied and/or removed from the premises of the Company or any Affiliate,
except in pursuit of the business of the Company or an Affiliate, and shall be delivered to the Company or an Affiliate, as applicable,
without Employee retaining any copies or electronic versions, within one (1)&nbsp;day following the Termination Date or at any other time
requested by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(G)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Disparaging Comments</U>. Employee and the Company shall refrain from any criticisms or disparaging comments about each other or in any
way relating to Employee&rsquo;s employment or separation from employment with the Company; provided, however, that nothing in this Release
Agreement shall apply to or restrict in any way the communication of information to any governmental law enforcement agency by either
Party that is required by compulsion of law. A violation or threatened violation of this prohibition may be enjoined by a court of competent
jurisdiction. The rights under this provision are in addition to any and all rights and remedies otherwise afforded by law to the Parties.
Employee acknowledges that in executing this Release Agreement, he or she has knowingly, voluntarily, and intelligently waived any free
speech, free association, free press or First Amendment to the United States Constitution (including, without limitation, any counterpart
or similar provision or right under any other state constitution which may be deemed to apply) and rights to disclose, communicate, or
publish disparaging information or comments concerning or related to the Company; provided, however, nothing in this Release Agreement
shall be deemed to prevent Employee from testifying fully and truthfully in response to a subpoena from any court or from responding to
an investigative inquiry from any governmental agency. For all purposes of the obligations of Employee under this Section&nbsp;12(G),
the term &ldquo;Company&rdquo; refers to the Company and its Affiliates, and its and their directors, officers, employees, shareholders,
investors, partners and agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(H)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cooperation</U>.
Employee agrees to make himself or herself available as reasonably practical with respect to, and to use reasonable efforts to cooperate
in conjunction with, the transition of duties and any litigation or investigation arising from events that occurred during Employee&rsquo;s
employment with or engagement by the Company (whether such litigation or investigation is then pending or subsequently initiated) involving
the Company or any affiliate thereof, including providing testimony and preparing to provide testimony if so requested by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Employee
also agrees to keep confidential the terms of this Release Agreement. This provision does not prohibit Employee from providing this information
on a confidential and privileged basis to his or her attorneys or accountants for purposes of obtaining legal or tax advice or as otherwise
required by law. Moreover, the parties have the right to disclose in confidence trade secrets to government officials, or to an attorney,
for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets
in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure all
in accordance with 18 U.S.C. &sect; 1833(b). Nothing in this Release Agreement shall restrict such disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Nouns
and Pronouns</U>. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns and pronouns shall include the plural and vice-versa.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Legal
Counsel</U>. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity
to consult with legal counsel of their choice. Employee acknowledges and agrees that he or she has read and understands this Release Agreement
completely, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Release Agreement
and he or she has had ample opportunity to do so.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. The Severance Plan and this Release Agreement set forth the entire agreement of the parties and fully supersede and replace
any and all prior agreements, promises, representations, or understandings, written or oral, between the Employer and Employee that relate
to the subject matter of the Severance Plan and this Release Agreement. This Release Agreement may be amended or modified only by a written
instrument identified as an amendment hereto that is executed by both parties.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Release Agreement may
not be executed prior to the Termination Date. The undersigned has read and understands the consequences of this Release Agreement and
voluntarily signs it. The undersigned declares under penalty of perjury under the laws of the State of Texas that the foregoing is true
and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EXECUTED this _____ day of __________________,
20___, at ___________________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Employee&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ENDORSEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I, [_______________], hereby
acknowledge that I was given [45/21] days to consider the foregoing Release Agreement and voluntarily chose to sign the Release Agreement
prior to the expiration of the [45/21]-day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I declare under penalty of
perjury under the laws of the United States and the State of Texas that the foregoing is true and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EXECUTED this _____ day of __________________,
20___, at ___________________.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 27; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Appendix C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Form&nbsp;of Participation Notice</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Participant Notice (this
 &ldquo;<U>Agreement</U>&rdquo;) is entered into as of the date set forth below by and between [__________], an individual (&ldquo;<U>Employee</U>&rdquo;),
and Ensco Incorporated (the &ldquo;<U>Company</U>&rdquo;). Capitalized terms used herein that are not otherwise defined shall have the
meaning ascribed to such terms in the Valaris Executive Severance Plan as amended and restated effective [&#9679;] (the &ldquo;<U>Severance
Plan</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[NAME]<BR>
[ADDRESS]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear [FIRST NAME]:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You acknowledge that you have been selected to
participate in the Severance Plan.&nbsp; The terms and conditions of your participation are set forth in and governed by the terms of
the Plan and this participation notice (this &ldquo;<U>Participation Notice</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Acknowledgments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By signing this Participation Notice, you hereby
acknowledge and agree that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">As a condition to, and in consideration of, your right to participate in the Plan, you hereby expressly
acknowledge and agree that neither the Company&rsquo;s filing for bankruptcy nor the consummation of the plan of reorganization entered
into by Valaris plc and its affiliates pursuant to Chapter 11 of the United States Bankruptcy Code (and the transactions contemplated
thereby) will constitute a &ldquo;change in control&rdquo;, &ldquo;change of control&rdquo; or any similar term for purposes of any compensatory
arrangements entered into by and between you and the Valaris Limited, Ensco Incorporated or any of their predecessors or affiliates, including
but not limited to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">- Change in Control Severance Agreement
between you and Valaris plc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">- Ensco plc 2018 Cash Incentive Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">- Ensco plc 2018 Long-Term Incentive
Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please note that you are not required to participate
in the Plan and may decline participation in the Plan by not timely returning this Participation Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
you wish to accept participation in the Plan, you must execute this Participation Notice and see that it is returned in person or via
email to Kristin Larsen at </FONT>Kristin.Larsen@valaris.com so that it is received no later than [April&nbsp;30, 2021]. This Participation
Notice may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute
one and the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>Appendix
C</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions regarding this Participation
Notice or the Plan, please direct those questions to Kristin Larsen at 713.430.4311.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 52%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr. Thomas
    Burke</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreed to and accepted:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NAME]</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>10
<FILENAME>tm2114630d1_ex10-6.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
10.6</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMPLOYMENT
AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Employment Agreement (&ldquo;<U>Agreement</U>&rdquo;), initially dated as of October 7, 2018 (the &ldquo;<U>Execution Date</U>&rdquo;)
and amended and restated as of the date of approval of the plan of reorganization (the &ldquo;<U>Plan of Reorganization</U>&rdquo;)
of Valaris plc and its affiliates (the &ldquo;<U>Effective Date</U>&rdquo;), is made by and among (i) Rowan Companies, Inc., a
Delaware corporation (&ldquo;<U>RCI</U>&rdquo;), ENSCO Global Resources Limited, a UK company (&ldquo;<U>Ensco UK</U>&rdquo;),
and, solely for the purposes of guaranteeing the payments and obligations under this Agreement, Valaris Limited, a Bermuda exempted
company (&ldquo;<U>Valaris</U>&rdquo;, and together with its subsidiaries, the &ldquo;Company&rdquo;) and (ii) Dr. Thomas Burke
(the &ldquo;<U>Executive</U>&rdquo;) (collectively referred to herein as the &ldquo;<U>Parties</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECITALS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
                                         Rowan Companies plc (&ldquo;<U>Rowan</U>&rdquo;), the ultimate parent company of RCI,
                                         entered into that certain Transaction Agreement with Valaris (then operating under the
                                         name Ensco plc), dated October 7, 2018 (the &ldquo;<U>Transaction Agreement</U>&rdquo;),
                                         under which Valaris acquired Rowan&rsquo;s class A ordinary shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
                                         consistent with Section 1.5 of the Transaction Agreement, the Executive was appointed
                                         President and Chief Executive Officer of Valaris pursuant to this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
                                         Executive has previously entered into that certain Change in Control Agreement with Rowan,
                                         effective as of April 25, 2014 (the &ldquo;<U>CiC Agreement</U>&rdquo;); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
                                         Valaris plc, Ensco UK, Rowan and RCI, among other related entities, have filed for protection
                                         under Chapter 11 of the U.S. Bankruptcy Code, and in connection therewith, the parties
                                         hereto desire to amend the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B>, in consideration of the foregoing and of the respective covenants and agreements set forth below, and for other
good and valuable consideration, the receipt and adequacy of which is acknowledged, the Parties hereto agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effectiveness</U>.
This Agreement was initially effective as of October 7, 2018, and this Agreement, as amended and restated, shall be
effective as of the Effective Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Term</U>. Subject to Section 1(a), Executive&rsquo;s
term of employment under this Agreement (&ldquo;<U>Term</U>&rdquo;) shall be for the period beginning April 11, 2019 (the &ldquo;<U>Commencement
Date</U>&rdquo;) and ending on the second anniversary of the Commencement Date, subject to earlier termination as provided in
<U>Section 3</U>. The Term shall automatically renew for additional, consecutive twelve (12) month periods unless no later than
ninety (90) days prior to the end of the then-applicable Term either party gives written notice of non-renewal (&ldquo;<U>Notice
of Non-Renewal</U>&rdquo;) to the other, in which case Executive&rsquo;s employment shall terminate at the end of the then-applicable
Term, subject to earlier termination as provided in <U>Section 3</U>.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Position and Duties</U>. During the Term,
Ensco UK shall employ Executive. Executive shall serve as President and Chief Executive Officer of Valaris and as a member of
the Board of Directors of Valaris (the &ldquo;<U>Board</U>&rdquo;), with such responsibilities, duties and authority as reflected
in the Corporate Governance Policy in Annex IV to the Transaction Agreement (as the same may be amended in accordance with its
terms), and such other duties, consistent with the position of President and Chief Executive Officer, as may from time to time
be agreed to by Executive and the Board. Executive will not receive any additional compensation for his service on the Board.
Executive shall devote substantially all of Executive&rsquo;s working time and efforts to the business and affairs of the Company
(which shall include service to its affiliates) and shall not engage in outside business activities without the consent of the
Board, provided that Executive shall be permitted to (i) manage Executive&rsquo;s personal, financial and legal affairs and (ii)
participate in trade associations, in each case, subject to compliance with this Agreement and provided that such activities do
not materially interfere with Executive&rsquo;s duties and responsibilities hereunder. Executive agrees that Executive shall not
accept a position as a member of the board of directors of any other company or organization without first obtaining written consent
of the Board. Executive further agrees to observe and comply in all material respects with the rules and policies of the Company
as adopted by the Company from time to time and applicable to Valaris&rsquo;s executive officers and directors generally, in each
case as amended from time to time, as set forth in writing, and as delivered or made available to Executive, including but not
limited to policies relating to bribery and insider trading (each, a &ldquo;<U>Policy</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Principal Place of Business; Relocation</U>.
Executive acknowledges that Executive&rsquo;s principal place of employment shall be London, England for such period of time until
the Board elects that Executive shall relocate to Houston, Texas, or such other location to which Executive and the Board mutually
agree; provided that it is agreed that Executive shall not be required to work in the UK for longer than three (3) years following
the Commencement Date unless Executive expressly consents to any longer period. Executive hereby expressly consents to (i) Executive&rsquo;s
relocation from Houston, Texas to London, England in connection with the commencement of Executive&rsquo;s employment with the
Company, and, (ii) if the Board, in its discretion, determines to relocate the Executive back to Houston, Texas, any such relocation,
in each instance subject to relocation benefits as set forth herein. Executive hereby expressly waives any &ldquo;good reason,&rdquo;
 &ldquo;constructive termination&rdquo; or similar concept that he may otherwise be entitled to claim under any agreement with
Rowan, Valaris, or any of their respective affiliates, by reason of such required relocations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indemnification</U>. During and after the
Term, Executive shall be entitled to the indemnification, expense advancement and related rights set forth in the Indemnification
Agreements previously entered into between the Executive and Rowan or RCI, and, without duplication, to indemnification, expense
advancement and related rights no less favorable than those provided to executive officers and directors of Valaris, provided
that any such indemnification shall be subject to any applicable law restricting such indemnities, from time to time in force.
In addition, the Company will procure and maintain director&rsquo;s and officer&rsquo;s liability insurance which includes Executive
as a named or additional insured with coverage no less favorable than provided to other executive officers and directors of Valaris.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sick Pay</U>. While employed in the U.K.,
Executive shall not be entitled to statutory sick pay under applicable U.K. legislation, but instead shall be subject to the sick
pay policy applicable to U.S.-based employees of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>UK Working Time Regulations</U>. The parties
each agree that the nature of the Executive&rsquo;s position is such that his working time cannot be measured and, accordingly,
while he is based in the UK, that his employment falls within the scope of regulation 20 of the Working Time Regulations 1998.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Change in Control</U>. Executive acknowledges
and agrees that the consummation of the plan of reorganization entered into by Valaris plc and its affiliates pursuant to Chapter
11 of the United States Bankruptcy Code and any transactions contemplated thereby will not constitute a &ldquo;change in control&rdquo;
or &ldquo;change of control&rdquo; under this Agreement, the CiC Agreement, the Quarterly Incentive Program (as defined below)
or any other compensatory plan, agreements or arrangements entered into by and between Executive, the Company, Ensco or any of
their predecessors or affiliates or under which Executive may be entitled to compensation or benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
and Related Matters. <FONT STYLE="font-weight: normal">During the Term, Executive will be entitled to the following:</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Base
Salary</U>. During the Term, Executive&rsquo;s initial base salary was $950,000 per annum, which, effective January 1, 2020, was
reduced to $855,000 per annum, (the &ldquo;<U>Base Salary</U>&rdquo;) with the consent of the Executive. Ensco UK shall pay the
Base Salary in accordance with the customary payroll practices of Ensco UK and the Base Salary shall be pro-rated for partial
years of employment hereunder. Executive&rsquo;s Base Salary amount shall be reviewed at least annually by the Compensation Committee
of the Board (the &ldquo;<U>Compensation Committee</U>&rdquo;) during the Term and may be adjusted from time to time by the Compensation
Committee or the Board, provided, however, that the Base Salary may not be reduced without Executive&rsquo;s express consent.
In the event there is a material change to UK income taxes rules a Base Salary review shall be triggered (although the Compensation
Committee shall be under no obligation to increase the Executive&rsquo;s Base Salary).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Annual Bonus</U>. Until termination of the
quarterly incentive program described in that certain letter agreement between Executive and the Company dated May 11, 2020 (the
 &ldquo;<U>Quarterly Incentive Program</U>&rdquo;), the Quarterly Incentive Program will govern the Executive&rsquo;s rights to
cash incentive compensation. Following the completion of the Quarterly Incentive Program, for each fiscal year of Valaris that
commences during the Term, Executive shall be eligible to participate in an annual short-term incentive bonus plan that is similar
in all material respects to that applicable to other executive officers of Valaris. Executive&rsquo;s annual incentive compensation
under such incentive program (&ldquo;<U>Annual Bonus</U>&rdquo;) shall be targeted at 110% of Executive&rsquo;s Base Salary (the
 &ldquo;<U>Target Annual Bonus</U>&rdquo;), with the expectation that the bonus will scale upward and downward based on actual
performance, as determined by the Board or the Compensation Committee and dependent on performance goals that are established
by the Board or the Compensation Committee annually. The actual amount of any Annual Bonus that will be paid to the Executive
each year, if any, will be calculated based on the level of achievement of the performance goals established by the Company under
the incentive program for the year in question and the terms of the incentive program. The payment of any Annual Bonus pursuant
to the incentive program shall be subject to Executive&rsquo;s continued employment with the Company through the date of payment,
except as otherwise provided in <U>Section 4</U> below or the CiC Agreement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sign-On Bonus</U>. In consideration of Executive&rsquo;s
(i) waiver of single trigger vesting for certain awards subject to time-based vesting only as of the Closing Date (as defined
in the Transaction Agreement) pursuant to <U>Section 2(d)(iii)</U> below, (ii) waiver of certain Change in Control and Good Reason
rights pursuant to <U>Section 2(d)(iii)</U> below, (iii) waiver of certain Change in Control severance payments under the CiC
Agreement and (iv) relocation from the United States to the UK and the associated cost of living and tax burden associated with
such move, Valaris made a one-time lump sum cash payment of $3,750,000 to Executive (the &ldquo;<U>Signing Bonus</U>&rdquo;).
In the event the Executive&rsquo;s employment with the Company terminates as a result of Executive&rsquo;s resignation without
Good Reason (in accordance with <U>Section 3(a)(vi)</U> below) or a termination by Ensco UK for Cause (in accordance with <U>Section
3(a)(iii)</U> below), in each case during the three-year period immediately following the Execution Date, Executive will be required
to immediately re-pay the Signing Bonus, on a pro-rata basis, net of any taxes paid thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Long-Term Incentives</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Equity Incentive Awards</I>. During the Term,
Executive shall be eligible to participate in and will receive awards under Valaris&rsquo;s long-term incentive award plans and
programs as in effect from time to time at a level and on terms commensurate with his position as President and Chief Executive
Officer of the Company (the &ldquo;<U>LTIP Awards</U>&rdquo;). Subject to the approval of the Board or Compensation Committee,
as applicable, within 120 days of the Effective Date, Executive will be granted an LTIP Award under the Company&rsquo;s 2021 Management
Incentive Plan (the &ldquo;<U>Emergence Award</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Separate Award Agreements</I>. The LTIP Awards
shall be granted subject to the terms and conditions of the applicable plans and individual award agreements to be entered into
between the Company and Executive, provided that in the event of any conflict between the terms of such award agreements and this
Agreement, this Agreement shall control unless the terms of the applicable award agreement(s) are more favorable to Executive,
in which case the applicable award agreement(s) shall control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Legacy Agreement</I>. The Company continues
to expressly assume and guarantee the performance of all obligations (currently and in the future) of Rowan pursuant to the CiC
Agreement. As previously agreed with Executive, the first sentence of Section 4 of the CiC Agreement shall not apply to any Awards
(as defined in the CiC Agreement) held by the Executive on the Closing Date (as defined in the Transaction Agreement) that are
subject solely to time-based vesting. For purposes of this Agreement, (i) the term &ldquo;Company&rdquo; in the definition of
Change in Control shall be deemed to mean the Company and its successors and assigns instead of Rowan and (ii) the term &ldquo;Effective
Date&rdquo; in the definition of &ldquo;Change in Control&rdquo; shall mean the Closing Date.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Benefits</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Term, the Executive shall be eligible
to participate in employee benefit plans, programs and arrangements of the Company (including medical, dental and defined contribution
retirement plans).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Term, the Executive shall be eligible
to participate in an expatriate assignment and tax equalization policy (the &ldquo;<U>Expatriate Assignment Policy</U>&rdquo;)
that is not less favorable than Valaris&rsquo;s current expatriation assignment and tax equalization policy otherwise applicable
to its senior executive officers residing in London. In accordance with Valaris&rsquo;s policy, tax equalization benefits will
be provided on foreign assignment related to income pertaining to housing allowance, relocation benefits and non-cash benefits
(including but not limited to home leave reimbursement, dependent education tuition, relocation allowance, tax preparation fees,
moving expenses, etc.). Housing, relocation and non-cash benefits will not be taxable to the Executive and Valaris will be responsible
for the associated home and host country tax obligations. Executive shall be responsible for both home and host location personal
income and social taxes relating to all other compensation and would be eligible to utilize any foreign tax credits associated
with such tax payments to offset home country tax obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, during the Term, Executive will be entitled to the following allowances consistent with the Expatriate
Assignment Policy: (i) a cost of living allowance of $25,000 per year, payable in monthly installments, (ii) a housing allowance
equal to $160,000 annually, payable in monthly installments, (iii) education reimbursement of up to $45,000 per child per year,
(iv) reimbursement for Executive and each eligible dependent for one home leave roundtrip airline ticket and ground transportation
(airport transfer) per year, and (v) reimbursement for tax preparation services. Executive will not receive any foreign service
premium or an allowance or reimbursement for utilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Vacation</U>. During the Term, Executive shall
be entitled to four (4) weeks of paid vacation. In addition, while based in the UK he shall be entitled to the usual UK public
holidays and while based in the US he shall be entitled to the usual US public holidays. Any vacation shall be taken at the reasonable
and mutual convenience of the Company and Executive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Business Expenses</U>. During the Term, the
Company shall reimburse Executive for all reasonable travel and other business expenses incurred by Executive in the performance
of Executive&rsquo;s duties to the Company in accordance with the Company&rsquo;s expense reimbursement policy, which shall not
be less favorable than the expense reimbursement policy applicable to other executive officers of Valaris.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Relocation</U>. In the event the Executive&rsquo;s
principal place of employment is relocated (whether outside of the United States, from a location outside of the United States
back to the United States, or otherwise), the Executive will, in accordance with the Expatriate Assignment Policy, receive a payment
in the amount of $20,000, along with such other relocation benefits provided under the Company&rsquo;s relocation policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Key Person Insurance</U>. At any time during
the Term, the Company shall have the right to insure the life of Executive for the Company&rsquo;s sole benefit. The Company shall
have the right to determine the amount of insurance and the type of policy. Executive shall reasonably cooperate with the Company
in obtaining such insurance by submitting to physical examinations, by supplying all information reasonably required by any insurance
carrier, and by executing all necessary documents reasonably required by any insurance carrier, provided that any information
provided to an insurance company or broker shall not be provided to the Company without the prior written authorization of Executive.
Executive shall incur no financial obligation by executing any required document, and shall have no interest in any such policy.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive&rsquo;s
employment hereunder may be terminated by Ensco UK upon approval of Valaris in accordance with the Governing Policy, or by Executive,
as applicable, without any breach of this Agreement under the following circumstances:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Circumstances</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Death</I>.
Executive&rsquo;s employment hereunder shall terminate upon Executive&rsquo;s death.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Disability</I>. If Executive has incurred
a Disability, as defined in <U>Section 11.(d)</U> below, Ensco UK may terminate Executive&rsquo;s employment</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Termination for Cause</I>. Ensco UK may terminate
Executive&rsquo;s employment for Cause, as defined in <U>Section 11.(a)</U> below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Termination without Cause</I>. Ensco UK may
terminate Executive&rsquo;s employment without Cause. A termination of Executive&rsquo;s employment by Ensco UK that is not approved
in accordance with the Governing Policy shall be a termination by Ensco UK without Cause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Resignation from the Company for Good Reason.
</I>Executive may resign and terminate Executive&rsquo;s employment with the Company for Good Reason, as defined in <U>Section
11.(e)</U> below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Resignation from the Company Without Good
Reason</I>. Executive may resign Executive&rsquo;s employment with the Company for any reason other than Good Reason or for no
reason.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice
of Termination</U>. Any termination of Executive&rsquo;s employment by Ensco UK or by Executive under this <U>Section 3</U> (other
than termination pursuant to paragraph (a)(i)) or by reason of either party giving Notice of Non-Renewal pursuant to <U>Section
1.(b)</U> shall be communicated by a written notice to the other party hereto (i) indicating the specific termination provision
in this Agreement relied upon, (ii) setting forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of Executive&rsquo;s employment under the provision so indicated, if applicable, and (iii) specifying a Date of
Termination which, if submitted by Executive in a resignation without Good Reason, shall be at least thirty (30) days following
the date of such notice (a &ldquo;<U>Notice of Termination</U>&rdquo;); <I>provided, however, </I>that in the event that Executive
delivers a Notice of Termination to Ensco UK, Ensco UK may, in its sole discretion, change the Date of Termination to any date
that occurs following the date of Ensco UK&rsquo;s receipt of such Notice of Termination and is prior to the date specified in
such Notice of Termination. A Notice of Termination submitted by Ensco UK may provide for a Date of Termination on the date Executive
receives the Notice of Termination, or any date thereafter elected by Ensco UK in its sole discretion. The failure by Ensco UK
or Executive to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Good
Reason shall not waive any right of such Party hereunder or preclude such Party from asserting such fact or circumstance in enforcing
such Party&rsquo;s rights hereunder.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Company Obligations upon Termination</U>.
Upon termination of Executive&rsquo;s employment pursuant to any of the circumstances listed in <U>Section 3</U>, Executive (or
Executive&rsquo;s estate) shall be entitled to receive pursuant to this Agreement the sum of: (i) the portion of Executive&rsquo;s
Base Salary earned through the Date of Termination, but not yet paid to Executive; (ii) any vacation time that has been accrued
but unused in accordance with the Company&rsquo;s Policies, (iii) any expenses owed to Executive pursuant to <U>Section 2.(g)</U>;
and (iv) any amount accrued and arising from Executive&rsquo;s participation in, or benefits accrued under any employee benefit
plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit
plans, programs or arrangements (collectively, the &ldquo;<U>Company Arrangements</U>&rdquo;). Except as otherwise expressly required
by law, as specifically provided herein, or as provided in the CiC Agreement, all of Executive&rsquo;s rights to salary, severance,
benefits, bonuses and other compensatory amounts hereunder (if any) shall cease upon the termination of Executive&rsquo;s employment
hereunder. In the event that Executive&rsquo;s employment is terminated by Ensco UK for any reason, Executive&rsquo;s sole and
exclusive remedy shall be to receive the payments and benefits described in this <U>Section 3.(c)</U> or <U>Section 4</U>, or
pursuant to the CiC Agreement, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Deemed Resignation</U>. Upon termination of
Executive&rsquo;s employment for any reason, Executive shall be deemed to have resigned from the Board and all offices and directorships,
if any, then held with the Company or its affiliates. Executive agrees that Executive will execute any resignation letters or
other instruments reasonably requested by the Company in connection with the foregoing and he hereby irrevocably appoints the
Company to be his attorney to execute any documents and do any things and generally to use his name for the purpose of giving
the Company or its nominee the full benefit of this clause.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severance
Payments.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination
for Cause, or Termination Upon Death, Disability or Resignation from the Company Without Good Reason</U>. If Executive&rsquo;s
employment shall terminate as a result of Executive&rsquo;s death pursuant to <U>Section 3.(a)(i)</U> or Disability pursuant to
<U>Section 3.(a)(ii)</U>, pursuant to <U>Section 3.(a)(iii)</U> for Cause, or pursuant to <U>Section 3.(a)(vi)</U> for Executive&rsquo;s
resignation from the Company without Good Reason, then Executive shall not be entitled to any payments or benefits, except as
provided in <U>Section 3.(c)</U>, provided, however, that in the event of Executive&rsquo;s death, Disability or retirement, Executive&rsquo;s
long-term incentive awards may vest or remain eligible to vest to the extent set forth in an applicable award agreement covering
such award.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination without Cause or Resignation from
the Company for Good Reason</U>. If Executive&rsquo;s employment terminates without Cause pursuant to <U>Section 3.(a)(iv)</U>
or pursuant to <U>Section 3.(a)(v)</U> due to Executive&rsquo;s resignation for Good Reason, then, subject to Executive signing
on or before the 45<SUP>th</SUP> day following Executive&rsquo;s Separation from Service (as defined below), and not revoking,
a release of claims substantially in the form attached as Exhibit A to this Agreement (&ldquo;<U>Release</U>&rdquo;) (save that
if determined by the Company, the Release will be amended to validly waive any claims that the Executive may have in the UK as
well as the US and to otherwise reflect any changes in applicable law), and Executive&rsquo;s continued compliance with <U>Sections
6</U> and <U>7</U>, Executive shall receive, in addition to payments and benefits set forth in <U>Section 3.(c)</U>, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an amount in cash equal to 2.00 times the Base
Salary, payable in a single lump sum on the First Payment Date (as defined below);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an amount in cash equal to 2.00 times the Average
Bonus Amount, payable in single lump sum amount on the First Payment Date. For the purposes of this Agreement, the &ldquo;<U>Average
Bonus Amount</U>&rdquo; means the greater of: (A) the average of the combined annual bonus awards received by Executive from the
Company pursuant to its annual incentive plans in the three calendar years immediately before the Date of Termination (including,
for the avoidance of doubt, the annual bonus awards received from Rowan and/or RCI prior to the Commencement Date) and (B) Executive&rsquo;s
Target Annual Bonus for the year during which the termination of employment occurs;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a pro-rated portion (based on the number of days
Executive was employed by the Company during the fiscal year in which the Date of Termination occurs) of the Annual Bonus award
that Executive would have earned had Executive remained employed through the end of the fiscal year in which the Date of Termination
occurs, as determined by the Board based upon actual performance for such year (and, to the extent there is any discretionary
component thereof, with the discretionary aspects being determined at not less than the target level) and paid at the same time
annual bonuses are generally paid to the Company&rsquo;s senior executives; provided, however, that in the event the Separation
from Service occurs during the period the Quarterly Incentive Program is in effect, the provision of the Quarterly Incentive Program
will determine Executive&rsquo;s entitlement to a pro-rated incentive for the quarterly period in which the termination occurs,
and this subclause (iii) will not be applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continued coverage in the employer-provided medical,
dental and vision plans available to Executive and Executive&rsquo;s eligible dependents immediately prior to the Date of Termination,
to the extent such coverage is elected by Executive pursuant to COBRA, for a period of twenty four (24) months following the Date
of Termination; provided, that Executive will only be responsible for paying the applicable premiums for the cost of all such
coverages at a rate not to exceed the cost to active employees of the Company, it being understood that during such twenty four
(24) month period Executive shall pay the full cost (i.e., the full COBRA premium rate or such other rate reasonably determined
by the Company) of the coverages as determined under the then current practices of the Company on a monthly basis and the Company
will reimburse Executive the excess of such costs, if any, above the then active employee cost for such coverages; provided, that
if the continued coverage contemplated by this <U>Section 4(b)(iv)</U> would be discriminatory and would result in the imposition
of excise taxes or other liabilities on the Company for failure to comply with any requirements of the Patient Protection and
Affordable Care Act of 2010, as amended, and the Health Care and Education Reconciliation Act of 2010, as amended (to the extent
applicable), or other applicable law, the Company will provide Executive with a cash payment equal to the employer-portion of
any COBRA premiums, inclusive of any taxes thereon, for the remainder of the twenty four (24) month period;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if before, upon the commencement of or during
the Term, Executive was required to relocate his principal place of employment outside of the United States, reimbursement of
the reasonable cost of return relocation-related expenses (not including make-whole payments for any loss incurred on the sale
of Executive&rsquo;s principal residence) as provided under the Company&rsquo;s Expatriate Assignment Policy; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of Executive&rsquo;s unvested equity, equity-based
or long-term incentive awards granted under any equity or long-term incentive plans of Valaris or Rowan (including without limitation
any stock options, restricted stock, restricted stock units, performance units, and/or performance shares) shall immediately become
100% vested in all of the rights and interests then held by Executive, provided, however, that unless a provision more favorable
to the Executive is included in an applicable award agreement, all performance-based awards shall remain subject to attaining
the applicable performance goals and conditions; provided, further, that if the Executive resigns for Good Reason on account of
failure of the Company to grant, within one hundred and twenty (120) days after the Effective Date, an Emergence Award that is
satisfactory to the Executive, then this subsection (vi) shall not apply to such Emergence Awards and all such Emergence Awards
shall be cancelled and forfeited without consideration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
any period during which the Quarterly Incentive Program is in place, Executive&rsquo;s Annual Bonus, Average Bonus Amount, &ldquo;average
short-term incentive bonus,&rdquo; &ldquo;short-term annual incentive bonus&rdquo; or &ldquo;short-term incentive opportunity&rdquo;
for purposes of the severance provisions of this Agreement and the CIC Agreement shall be deemed to be the Target Annual Bonus,
and there will be no discretionary component of Executive&rsquo;s short-term incentive opportunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Application of CiC Agreement</U>. It is the
express intent of the Parties that the payments and benefits under this Agreement shall not duplicate any payments or benefits
under the CiC Agreement. In the event Executive incurs a termination of employment during the Term of this Agreement and such
termination entitles Executive to severance and/or benefits under the terms of the CiC Agreement, the terms of the CiC Agreement
shall govern, and Executive shall not be entitled to any additional severance hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Survival</U>. Notwithstanding anything to
the contrary in this Agreement, the provisions of <U>Sections 5</U> through <U>10</U> and <U>Section 12</U>, this <U>Section 4</U>,
and the Company&rsquo;s obligations to pay the Company Arrangements will survive the termination of Executive&rsquo;s employment
pursuant to <U>Section 3</U>.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parachute
Payments.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is the objective of this Agreement to maximize
Executive&rsquo;s net after-tax benefit if payments or benefits provided under this Agreement are subject to excise tax under
Section 4999 of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (the &ldquo;Code&rdquo;).
Notwithstanding any other provisions of this Agreement, in the event that any payment or benefit by the Company or any affiliate
or otherwise to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms
of this Agreement or otherwise (all such payments and benefits, including the payments under <U>Sections 4.(b)</U> hereof, being
hereinafter referred to as the &ldquo;<U>Total</U> Payments&rdquo;), would be subject (in whole or in part) to the excise tax
imposed by Section 4999 of the Code (the &ldquo;Excise Tax&rdquo;), then the Total Payments shall be reduced to the extent necessary
so that no portion of the Total Payments shall be subject to the Excise Tax, but only if (i) the net amount of such Total Payments,
as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes on such reduced Total
Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced
Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting
the net amount of federal, state and local income and employment taxes on such Total Payments and the amount of Excise Tax to
which Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized
deductions and personal exemptions attributable to such unreduced Total Payments).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Total Payments shall be reduced in the following
order: (i) reduction of non-cash benefits, beginning with those that would be provided last in time, (ii) reduction of equity
award vesting, beginning with vesting or settlements that would occur last in time, (iii) reduction of cash payments, beginning
with payments that would be made last in time, and (iv) reduction of any other payments or benefits otherwise payable to Executive
on a pro-rata basis or such other manner that complies with Section 409A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All determinations regarding the application
of this <U>Section 5</U> shall be made by an accounting firm with experience in performing calculations regarding the applicability
of Section 280G of the Code and the Excise Tax selected by the Company and acceptable to Executive (&ldquo;<U>Independent Advisors</U>&rdquo;),
a copy of which report and all worksheets and background materials relating thereto shall be provided to Executive. For purposes
of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total
Payments the receipt or enjoyment of which Executive shall have waived at such time and in such manner as not to constitute a
 &ldquo;payment&rdquo; within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total
Payments shall be taken into account which, in the opinion of the Independent Advisors, does not constitute a &ldquo;parachute
payment&rdquo; within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code)
and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent
Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the
Code, in excess of the &ldquo;base amount&rdquo; (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation;
and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined
by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. The costs of obtaining
such determination and all related fees and expenses (including related fees and expenses incurred in any later audit) shall be
borne solely by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-Solicitation;
Unfair Competition; and Non-Disparagement. <FONT STYLE="font-weight: normal">Executive acknowledges that during the Term, the
Company will provide Executive with access to Confidential Information (as defined below). Ancillary to the rights provided to
Executive as set forth in this Agreement, Executive&rsquo;s continued employment with the Company during the Term (subject to
earlier termination as provided herein) and the Company&rsquo;s provision of Confidential Information, and Executive&rsquo;s agreements
regarding the use of same, in order to protect the value of any Confidential Information, the Company and Executive agree to the
following provisions against unfair competition, which Executive acknowledges represent a fair balance of the Company&rsquo;s
rights to protect their business and Executive&rsquo;s right to pursue employment:</FONT></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
shall not, at any time during the Restriction Period (as defined below), directly or indirectly engage in, have any equity interest
in, or manage, provide services to or operate any person, firm, corporation, partnership or business (whether as director, officer,
employee, agent, representative, partner, security holder, consultant, independent contractor, or otherwise) that is primarily
engaged in the business of providing contracted offshore drilling rigs in any country (or its territorial waters) in which the
Company (i) has offices, establishes offices or has definitive plans to locate an office as of the Date of Termination, or (ii)
has provided offshore oil and gas drilling services in the 24 months preceding the Date of Termination and in each case which
competes with those parts of the business of the Company with which the Executive was involved to a material extent or for which
he was responsible during the 12 months prior to the Date of Termination. Nothing herein shall prohibit Executive from being a
passive owner of less than 5% of the outstanding equity interest of any entity, so long as Executive has no active participation
in the business of such entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive shall not, at any time during the Restriction
Period, directly or indirectly, solicit, divert or take away from the Company, business opportunities with any Customer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive shall not, at any time during the Restriction
Period, directly or indirectly, divert or take away any acquisition or other business opportunity that the Company is pursuing
or with respect to which the Company has expended material efforts to identify or pursue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive shall not, at any time during the Restriction
Period, directly or indirectly, contact or solicit, for the purpose of hiring, or hire any employee of the Company or any person
employed by the Company at any time during the 12-month period immediately preceding the Date of Termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive shall not, at any time during the Restriction
Period, directly or indirectly, induce or otherwise encourage any employee of the Company to leave the employment of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive shall not, at any time during the Restriction
Period, directly or indirectly, induce any supplier, distributor, representative or agent of the Company to terminate or adversely
modify its relationship with the Company and with whom or which the Executive, or any person who reported directly to him, had
material dealings during the 12-month period immediately preceding the Date of Termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive shall not, at any time during and after
the Term, disparage the Company in any way that could adversely affect the goodwill, reputation or business relationships of the
Company with the public generally, or with its customers, suppliers or employees; provided, that the foregoing shall not apply
to the extent that testimony is required in connection with any proceeding or otherwise as required by law or truthful statements
to correct or clarify disparaging comments by the Company.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the terms of this <U>Section 6</U>
shall be determined by any court of competent jurisdiction: (i) while the Executive is based in the US, to be unenforceable by
reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive
in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over
the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it
may be enforceable, all as determined by such court in such action, and (ii) while the Executive is based in the UK, to go beyond
what is reasonable in all the circumstances for the protection of the legitimate interests of the Company but would be valid if
any particular restriction(s) were deleted or some part or parts of its or their wording were deleted, restricted or limited then
such restriction(s) shall apply with such deletions, restrictions or limitations as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As used in this <U>Section 6</U>, (i) the term
 &ldquo;<U>Company</U>&rdquo; shall include the Company and its current and future affiliates (ii) the term &ldquo;<U>Restriction
Period</U>&rdquo; shall mean the period beginning on the Effective Time, and ending on the date twelve (12) months following the
Date of Termination, provided, however, that while based in the US only, in the event Executive receives the payments and benefits
described in <U>Section 4.(b)</U> or <U>Section 4(c)</U>, the Restriction Period shall continue until the date that is 24 months
following the Date of Termination and (iii) the word &ldquo;<U>Customer</U>&rdquo; shall include any person, firm, company or
entity who or which at any time during the 12 months prior to the Date of Termination (A) was provided with goods or services
by the Company; or (B) was in the habit of dealing with the Company, other than in a de minimis way; and in each case with whom
or which the Executive, or any person who reported directly to him, had material dealings at any time during the 12 months prior
to the Date of Termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nondisclosure
of Proprietary Information.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except in connection with the faithful performance
of Executive&rsquo;s duties hereunder or pursuant to <U>Section 7.(c)</U> and <U>(d)</U>, Executive shall, in perpetuity, maintain
in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for Executive&rsquo;s
benefit or the benefit of any person, firm, corporation or other entity (other than the Company) any confidential or proprietary
information or trade secrets of or relating to the Company (including, without limitation, business plans, business strategies
and methods, acquisition targets, intellectual property in the form of patents, trademarks and copyrights and applications therefor,
ideas, inventions, works, discoveries, improvements, information, documents, formulae, practices, processes, methods, developments,
source code, modifications, technology, techniques, data, programs, other know-how or materials, owned, developed or possessed
by the Company, whether in tangible or intangible form, information with respect to the Company&rsquo;s operations, processes,
products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential customers, marketing
methods, costs, prices, contractual relationships, regulatory status, litigation or investigations, prospects and compensation
paid to employees or other terms of employment) (collectively, the &ldquo;<U>Confidential Information</U>&rdquo;), or deliver
to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or
containing any such Confidential Information. The Parties hereby stipulate and agree that, as between them, any item of Confidential
Information is important, material and confidential and affects the successful conduct of the businesses of the Company (and any
successor or assignee of the Company). Notwithstanding the foregoing, Confidential Information shall not include (i) any information
legally acquired by or otherwise becoming known to Executive from or through any party other that the Company or its affiliates
(which party Executive reasonably believes is not bound by any confidentiality obligation to the Company), or (ii) information
that has been published in a form generally available to the public or is publicly available or has become public knowledge prior
to the date Executive proposes to disclose or use such information, <I>provided, that </I>such publishing or public availability
or knowledge of the Confidential Information shall not have resulted from Executive directly or indirectly breaching Executive&rsquo;s
obligations under this <U>Section 7.(a)</U> or any other similar provision by which Executive is bound, or from any third-party
breaching a provision similar to that found under this <U>Section 7.(a)</U>. For the purposes of the previous sentence, Confidential
Information will not be deemed to have been published or otherwise disclosed merely because individual portions of the information
have been separately published, but only if material features comprising such information have been published or become publicly
available.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon termination of Executive&rsquo;s employment
for any reason, Executive will promptly deliver to the Company all correspondence, drawings, manuals, letters, notes, notebooks,
reports, programs, plans, proposals, financial documents, or any other documents or property concerning the Company&rsquo;s customers,
business plans, marketing strategies, products, property or processes. In addition, upon termination of Executive&rsquo;s employment
for any reason, Executive shall return to the Company all property of the Company provided to Executive by the Company, or otherwise
in the custody, possession or control of Executive (including, but not limited to, computers, computer equipment, office equipment,
cell phone, keys, passcards, calling cards, credit cards, rolodexes, tapes, software, computer files, marketing and sales materials,
and any other record, document or piece of equipment belonging to the Company. Following termination of employment, Executive
will not retain any copies of the Company&rsquo;s property, including any copies existing in electronic form, which are in Executive&rsquo;s
possession or control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive may respond to a lawful and valid subpoena
or other legal process but shall give the Company the earliest possible notice thereof, shall, as much in advance of the return
date as possible, make available to the Company and its counsel the documents and other information sought and shall assist such
counsel at Company&rsquo;s expense in resisting or otherwise responding to such process, in each case to the extent permitted
by applicable laws or rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing in this Agreement shall prohibit Executive
from (i) disclosing information and documents when required by law, subpoena or court order (subject to the requirements of <U>Section
7.(c)</U> above), (ii) disclosing information and documents to Executive&rsquo;s attorney, financial or tax adviser for the purpose
of securing legal, financial or tax advice, (iii) disclosing Executive&rsquo;s post-employment restrictions in this Agreement
in confidence to any potential new employer, (iv) retaining, at any time, Executive&rsquo;s personal correspondence, Executive&rsquo;s
personal contacts and documents related to Executive&rsquo;s own personal benefits, entitlements and obligations, or (v) while
based in the UK, disclosing information which the Executive or another person may be ordered to disclose by a court of competent
jurisdiction or which he discloses pursuant to and in accordance with the Public Interest Disclosure Act 1998, or as may be required
by law.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing in this Agreement shall prohibit Executive
from reporting possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions
of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of
2002, or any other whistleblower protection provisions of any law or regulation (including the right to receive an award for information
provided to any such government agencies).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18 U.S.C. &sect; 1833(b) provides: &ldquo;An
individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret that&mdash;(A) is made&mdash;(i) in confidence to a federal, state or local government official, either directly
or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law;
or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.&rdquo;
Nothing in this Agreement is intended to conflict with 18 U.S.C. &sect; 1833(b) or create liability for disclosures of trade secrets
that are expressly allowed by 18 U.S.C. &sect; 1833(b). Accordingly, the parties hereto have the right to disclose in confidence
trade secrets to federal, state and local government officials, or to an attorney, for the sole purpose of reporting or investigating
a suspected violation of law. The parties hereto also have the right to disclose trade secrets in a document filed in a lawsuit
or other proceeding, but only if the filing is made under seal and protected from public disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventions.
<FONT STYLE="font-weight: normal">All rights to discoveries, inventions, improvements and innovations (including all data and
records pertaining thereto) related to the business of the Company, whether or not patentable, copyrightable, registrable as a
trademark, or reduced to writing, that Executive may discover, invent or originate during the Term, either alone or with others
and whether or not during working hours or by the use of the facilities of the Company (&ldquo;<U>Inventions</U>&rdquo;), shall
be the exclusive property of the Company. Executive shall promptly disclose all Inventions to the Company, shall execute at the
request of the Company any assignments or other documents the Company may deem reasonably necessary to protect or perfect its
rights therein, and shall assist the Company, upon reasonable request and at the Company&rsquo;s expense, in obtaining, defending
and enforcing their rights therein. Executive hereby appoints the Company as Executive&rsquo;s attorney-in-fact to execute on
Executive&rsquo;s behalf any assignments or other documents reasonably deemed necessary by the Company to protect or perfect its
rights to any Inventions.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Injunctive Relief. <FONT STYLE="font-weight: normal">It
is recognized and acknowledged by Executive that a breach of the covenants contained in <U>Sections 6</U>, <U>7</U> and <U>8</U>
will cause irreparable damage to Company and their goodwill, the exact amount of which will be difficult or impossible to ascertain,
and that the remedies at law for any such breach will be inadequate. Accordingly, Executive agrees that in the event of a breach
of any of the covenants contained in <U>Sections 6</U>, <U>7</U> and <U>8</U>, in addition to any other remedy which may be available
at law or in equity, the Company will be entitled to specific performance and injunctive relief without the requirement to post
bond.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignment and Successors. <FONT STYLE="font-weight: normal">The
Company may assign its rights and obligations under this Agreement to any of its affiliates or to any successor to all or substantially
all of the business or the assets of the Company (by merger or otherwise), and may assign or encumber this Agreement and its rights
hereunder as security for indebtedness of the Company and its affiliates. This Agreement shall be binding upon and inure to the
benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators,
heirs, distributees, devisees, and legatees, as applicable. None of Executive&rsquo;s rights or obligations may be assigned or
transferred by Executive, other than Executive&rsquo;s rights to payments hereunder, which may be transferred only by will or
operation of law. Notwithstanding the foregoing, Executive shall be entitled, to the extent permitted under applicable law and
applicable Company Arrangements, to select and change a beneficiary or beneficiaries to receive compensation hereunder following
Executive&rsquo;s death by giving written notice thereof to the Company.</FONT></FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Definitions.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Cause</U>.
 &ldquo;Cause&rdquo; for termination by the Company of Executive&rsquo;s employment shall mean:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the willful and continued failure by Executive
to substantially perform Executive&rsquo;s duties hereunder (<I>other than </I>any such failure resulting from Executive&rsquo;s
incapacity due to physical or mental illness or any such actual or anticipated failure after Executive has given notice to the
Company of an event or circumstance constituting Good Reason as described below unless the Company has cured such event or circumstance)
after a written demand for substantial performance is delivered to Executive by the Board, which demand specifically identifies
the manner in which the Board believes that Executive has not substantially performed Executive&rsquo;s duties and, if such breach
is capable of cure, Executive fails to cure same within thirty (30) days after receiving such demand;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the willful engaging by Executive in unauthorized
conduct that is demonstrably and materially injurious to the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the material breach of this Agreement or a material
policy of the Company that has been delivered to Executive before the Execution Date and that apply to executive-level employees
(or that Executive has agreed in writing to include in the definition of Cause) that causes material damage to the Company, which,
if such breach is capable of cure, remains uncured thirty (30) days following Executive&rsquo;s receipt of notice of same; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive has (i) while based in the US, been
convicted of or pled nolo contendere to, a misdemeanor involving moral turpitude or a felony, or (ii) while based in the UK, committed
any criminal offence (other than a motoring offence for which a non-custodial penalty may be imposed).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Date
of Termination</U>. &ldquo;<U>Date of Termination</U>&rdquo; shall mean (i) if Executive&rsquo;s employment is terminated by Executive&rsquo;s
death, the date of Executive&rsquo;s death; (ii) if Executive&rsquo;s employment is terminated pursuant to <U>Section 3.(a)(ii)
 &ndash; (vi)</U> either the date indicated in the Notice of Termination or the date specified by the Company pursuant to <U>Section
3.(b)</U>, whichever is earlier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Disability</U>. &ldquo;<U>Disability</U>&rdquo;
shall mean, at any time the Company sponsors a long-term disability plan for employees, &ldquo;disability&rdquo; as defined in
such long-term disability plan for the purpose of determining a participant&rsquo;s eligibility for benefits; <I>provided, however</I>,
if the long-term disability plan contains multiple definitions of disability, &ldquo;Disability&rdquo; shall refer to that definition
of disability which, if Executive qualified for such disability benefits, would provide coverage for the longest period of time.
The determination of whether Executive has a Disability shall be made by the person or persons required to make disability determinations
under the long-term disability plan. At any time the Company does not sponsor a long-term disability plan for its employees, Disability
shall mean Executive&rsquo;s inability to perform, with or without reasonable accommodation, the essential functions of Executive&rsquo;s
position hereunder for a total of three months during any six-month period as a result of incapacity due to mental or physical
illness as determined by a physician selected by the Company or its insurers and acceptable to Executive or Executive&rsquo;s
legal representative, with such agreement as to acceptability not to be unreasonably withheld or delayed. Any refusal by Executive
to submit to a medical examination for the purpose of determining Disability shall be deemed to constitute conclusive evidence
of Executive&rsquo;s Disability.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Good Reason</U>. &ldquo;<U>Good Reason</U>&rdquo;
shall mean the occurrence of any of the following without Executive&rsquo;s express written consent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a material breach by the Company of the terms
of this Agreement, or any other equity, compensation, or other written agreement between the Company and Executive, including,
but not limited to, the failure of the Company to make any material payment or provide any material benefit specified under this
Agreement or another applicable agreement and the Company&rsquo;s breach of the first sentence of <U>Section 1(d)</U> hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any material diminution in Executive&rsquo;s
authority, duties or responsibilities as President or Chief Executive Officer or the assignment to Executive of any duties materially
inconsistent with Executive&rsquo;s status as President and Chief Executive Officer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the failure of the Company to continue Executive
in the positions of both President and Chief Executive Officer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.05in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a material reduction in Executive&rsquo;s Base
Salary, or Target Bonus, as in effect as of the Effective Time or as the same may be increased from time to time, except for across-the-board
reductions similarly affecting all senior executives of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.05in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company&rsquo;s removal of Executive from
the Board or failure to nominate Executive to the Board (other than in connection with a termination by the Company for Cause,
or a result of death or Disability, and it being understood that a failure of the Company&rsquo;s shareholders to re-elect Executive
to the Board will not constitute Good Reason hereunder);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the relocation of the site of Executive&rsquo;s
principal place of employment to a location that is more than 50 miles outside of either Houston, Texas or London, England;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company gives Executive Notice of Non-Renewal
pursuant to <U>Section 1(b)</U> and the Parties do not, prior to the expiration of the Term, execute a new employment agreement
governing the terms of Executive&rsquo;s employment to be in effect thereafter; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the failure of the Company, within one hundred
and twenty (120) days after the Effective Date, to grant Executive an Emergence Award that is satisfactory to the Executive;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided,
however,</I> that Executive may not resign his employment for Good Reason unless: (x) Executive provides the Company with at least
thirty (30) days (or, in the case of the Company&rsquo;s breach of the first sentence of <U>Section 1(d)</U> hereof, sixty (60)
days) prior written notice of his intent to resign for Good Reason (which notice must describe the particular acts or omissions
which the Executive reasonably believes in good faith constitute &ldquo;Good Reason&rdquo; and be provided within ninety (90)
days following the date on which Executive has knowledge of the occurrence of the acts or omissions purported to constitute Good
Reason); and (y) the Company has not remedied the alleged violation(s) within thirty (30) days after receiving written notice
of the basis for Good Reason.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous
Provisions.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governing
Law; Jurisdiction</U>. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms,
and otherwise in accordance with the substantive laws of Texas without reference to the principles of conflicts of law of Texas.
Any suit or proceeding arising under this Agreement shall be brought solely in a federal or state court sitting in the State of
Texas, except for any suit or proceeding seeking an equitable remedy hereunder, which may be brought in any court of competent
jurisdiction. By Executive&rsquo;s execution hereof, Executive hereby consents and irrevocably submits to the jurisdiction of
the federal and state courts having general jurisdiction over the State of Texas, and agrees that any process in any suit or proceeding
commenced in such courts under this Agreement may be served upon Executive personally, by certified mail, return receipt requested,
or by courier service, with the same full force and effect as if personally served upon Executive in the county in which Executive
is employed. Each of the parties waives any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding
and any defense of lack of jurisdiction with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Validity</U>. The invalidity or unenforceability
of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Clawback</U>. To the extent required by applicable
law or any applicable securities exchange listing standards, or as otherwise determined by the Board (or a committee thereof),
amounts paid or payable under this Agreement or any other compensation arrangement of the Company or its affiliates shall be subject
to the provisions of any applicable clawback policies or procedures adopted by the Company before the grant or award of such compensation,
which clawback policies or procedures may provide for forfeiture and/or recoupment of amounts paid or payable under this Agreement
or any other compensation arrangement of the Company or its affiliates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U>. Any notice, request, claim, demand,
document and other communication hereunder to any Party shall be effective upon receipt (or refusal of receipt) and shall be in
writing and delivered personally or sent by facsimile or certified or registered mail, postage prepaid, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to the Company, the General Counsel at its
headquarters,</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If to Executive, at the last address that the
Company has in its personnel records for Executive, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At any other address as any Party shall have
specified by notice in writing to the other Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Counterparts</U>.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile shall be deemed effective for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Entire Agreement</U>. The terms of this Agreement
are intended by the Parties to be the final expression of their agreement with respect to the subject matter hereof and supersede
all prior understandings and agreements, whether written or oral, except the CiC Agreement, as amended, and as otherwise incorporated
or referenced herein. The Parties further intend that this Agreement shall constitute the complete and exclusive statement of
their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding
to vary the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendments; Waivers</U>. This Agreement may
not be modified, amended, or terminated except by an instrument in writing, signed by Executive and a duly authorized officer
of Company. By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company may waive compliance
by the other Party with any specifically identified provision of this Agreement that such other Party was or is obligated to comply
with or perform; <I>provided, however</I>, that such waiver shall not operate as a waiver of, or estoppel with respect to, any
other or subsequent failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder preclude
any other or further exercise of any other right, remedy, or power provided herein or by law or in equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No Inconsistent Actions</U>. The Parties hereto
shall not voluntarily undertake or fail to undertake any action or course of action inconsistent with the provisions or essential
intent of this Agreement. Furthermore, it is the intent of the Parties hereto to act in a fair and reasonable manner with respect
to the interpretation and application of the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Construction</U>. This Agreement shall be
deemed drafted equally by both the Parties. Its language shall be construed as a whole and according to its fair meaning. Any
presumption or principle that the language is to be construed against any Party shall not apply. The headings in this Agreement
are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs, subparagraphs,
sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. Also, unless
the context clearly indicates to the contrary, (a) the plural includes the singular and the singular includes the plural; (b)
 &ldquo;and&rdquo; and &ldquo;or&rdquo; are each used both conjunctively and disjunctively; (c) &ldquo;any,&rdquo; &ldquo;all,&rdquo;
 &ldquo;each,&rdquo; or &ldquo;every&rdquo; means &ldquo;any and all,&rdquo; and &ldquo;each and every&rdquo;; (d) &ldquo;includes&rdquo;
and &ldquo;including&rdquo; are each &ldquo;without limitation&rdquo;; (e) &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereunder&rdquo;
and other similar compounds of the word &ldquo;here&rdquo; refer to the entire Agreement and not to any particular paragraph,
subparagraph, section or subsection; and (f) all pronouns and any variations thereof shall be deemed to refer to the masculine,
feminine, neuter, singular or plural as the identity of the entities or persons referred to may require.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Legal Fees</U>. The Company shall reimburse
the Executive for any reasonable out-of-pocket expenses incurred in negotiating this Agreement. If it shall be necessary or desirable
for Executive to retain legal counsel or incur other costs and expenses in connection with enforcement of Executive&rsquo;s rights
under this Agreement, the Company shall pay (or Executive shall be entitled to recover from the Company, as the case may be) Executive&rsquo;s
reasonable attorneys&rsquo; fees and cost and expenses incurred in connection with enforcement of his rights (including the enforcement
of any arbitration award in court), if the action relates to Executive&rsquo;s employment with the Company and if a final decision
in connection with at least one material issue of the litigation (or arbitration) is issued in Executive&rsquo;s favor by an arbitrator
or a court of competent jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Enforcement</U>. If any provision of this
Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term of this Agreement,
such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable
provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full
force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.
Furthermore, (i) while the Executive is based in the US, in lieu of such illegal, invalid or unenforceable provision there shall
be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision
as may be possible and be legal, valid and enforceable, and (ii) while the Executive is based in the UK, if any provision would
be valid if some part or parts of its or their wording were deleted, restricted or limited then such provision(s) shall apply
with such deletions, restrictions or limitations as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Withholding</U>. The Company shall be entitled
to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding or other taxes or charges
which the Company is required to withhold whether in the UK, the US or any other relevant jurisdiction. The Company shall be entitled
to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise. In addition, Executive
shall cooperate with the Company following any termination of Executive&rsquo;s employment for any reason in satisfaction of the
Company&rsquo;s and Executive&rsquo;s relative tax obligations hereunder and under the Company&rsquo;s Expatriate Assignment Policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Section 409A</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General.
</I>The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Separation from Service. </I>Notwithstanding
anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement that is considered nonqualified
deferred compensation under Section 409A and is designated under this Agreement as payable upon Executive&rsquo;s termination
of employment shall be payable only upon Executive&rsquo;s &ldquo;separation from service&rdquo; with the Company within the meaning
of Section 409A (a &ldquo;<U>Separation from Service</U>&rdquo;) and, except as provided below, any such compensation or benefits
described in <U>Section 4.(b)</U> shall not be paid, or, in the case of installments, shall not commence payment, until the fifty-third
(53rd) day following Executive&rsquo;s Separation from Service (the &ldquo;<U>First Payment Date</U>&rdquo;). Any installment
payments that would have been made to Executive during the fifty-three (53) day period immediately following Executive&rsquo;s
Separation from Service but for the preceding sentence shall be paid to Executive on the First Payment Date and the remaining
payments shall be made as provided in this Agreement.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Specified Employee. </I>Notwithstanding anything
in this Agreement to the contrary, if Executive is deemed by the Company at the time of Executive&rsquo;s Separation from Service
to be a &ldquo;specified employee&rdquo; for purposes of Section 409A, to the extent delayed commencement of any portion of the
benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section
409A, such portion of Executive&rsquo;s benefits shall not be provided to Executive prior to the earlier of (i) the expiration
of the six-month period measured from the date of Executive&rsquo;s Separation from Service with the Company or (ii) the date
of Executive&rsquo;s death. Upon the first business day following the expiration of the applicable Section 409A period, all payments
deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive&rsquo;s estate or beneficiaries),
and any remaining payments due to Executive under this Agreement shall be paid as otherwise provided herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Expense Reimbursements, Legal Fees. </I>To
the extent that any reimbursements or payment of legal fees under this Agreement are subject to Section 409A, any such reimbursements
or payment payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the
expense or payment was incurred; provided, that Executive submits Executive&rsquo;s reimbursement or payment request, as the case
may be, promptly following the date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the
amount eligible for reimbursement in any subsequent year, other than medical expenses referred to in Section 105(b) of the Code,
and Executive&rsquo;s right to reimbursement or payment under this Agreement will not be subject to liquidation or exchange for
another benefit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Installments. </I>Executive&rsquo;s right
to receive any installment payments under this Agreement, including without limitation any continuation salary payments that are
payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly, each
such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A. Except
as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or deferral
would not result in additional tax or interest pursuant to Section 409A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Data
Protection</U>. The Executive acknowledges that the Company will from time to time process data that relates to him for the purposes
of the administration and management of its employees and its business, for compliance with applicable procedures, laws and regulations,
and for other legitimate purposes. The Executive has a duty to comply with the Company&rsquo;s data protection policy at all times
and to keep all personal information that he has access to as part of his employment secure. The Executive must notify the person
to whom he reports or such other person stipulated by the Company immediately on becoming aware of a data security breach. Failure
to do so may lead to disciplinary action up to and including termination for Cause.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Valaris Guarantee</U>. Valaris hereby guarantees
payment and performance of all obligations of Ensco UK under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
Acknowledgement<FONT STYLE="font-weight: normal">. Executive acknowledges that Executive has read and understands this Agreement,
is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than
those contained in writing herein, and has entered into this Agreement freely based on Executive&rsquo;s own judgment. Executive
also acknowledges and agrees that any compensation payable under this Agreement or otherwise shall be subject to the terms of
any applicable compensation clawback policy adopted by the Company to comply with any provisions of applicable law or any securities
exchange listing standards.</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Signature
Page Follows</I>]</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 55%; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTED
    </B>as a deed by</FONT></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Signature</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO
    Global Resources Limited</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    John Winton</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">acting by an authorized signatory, in the presence of:&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lynn
    Winton</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    Director</FONT></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Print
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5.4pt">&nbsp;</TD></TR>
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<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Witness signature</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-left: 0.5in; width: 48%"><FONT STYLE="font-size: 10pt">/s/ Lynn Burke</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Name (in BLOCK CAPITALS)</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[Signature
Page to Employment Agreement]</I></FONT></P>



<!-- Field: Page; Sequence: 22 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solely
for the purposes of guaranteeing the obligations of Valaris and/or the company under the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>[Signature
Page to Employment Agreement]</I></FONT></P>


<!-- Field: Page; Sequence: 23 -->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>13
<FILENAME>val-20210430_lab.xml
<DESCRIPTION>XBRL LABEL FILE
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
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<DOCUMENT>
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<SEQUENCE>14
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            <endDate>2021-04-30</endDate>
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        <period>
            <startDate>2021-04-30</startDate>
            <endDate>2021-04-30</endDate>
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    <unit id="USD">
        <measure>iso4217:USD</measure>
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    <dei:CurrentFiscalYearEndDate contextRef="From2021-04-30to2021-04-30">--12-31</dei:CurrentFiscalYearEndDate>
    <dei:EntityRegistrantName contextRef="From2021-04-30to2021-04-30" id="xdx2ixbrl0013">Valaris plc</dei:EntityRegistrantName>
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    <dei:DocumentPeriodEndDate contextRef="From2021-04-30to2021-04-30">2021-04-30</dei:DocumentPeriodEndDate>
    <dei:EntityIncorporationStateCountryCode contextRef="From2021-04-30to2021-04-30">D0</dei:EntityIncorporationStateCountryCode>
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    <dei:EntityAddressCityOrTown contextRef="From2021-04-30to2021-04-30">Hamilton</dei:EntityAddressCityOrTown>
    <dei:EntityAddressCountry contextRef="From2021-04-30to2021-04-30">BM</dei:EntityAddressCountry>
    <dei:EntityAddressPostalZipCode contextRef="From2021-04-30to2021-04-30">HM 11</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="From2021-04-30to2021-04-30">44 (0) 20</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="From2021-04-30to2021-04-30">7659 4660</dei:LocalPhoneNumber>
    <dei:EntityInformationFormerLegalOrRegisteredName contextRef="From2021-04-30to2021-04-30">Valaris plc</dei:EntityInformationFormerLegalOrRegisteredName>
    <dei:EntityAddressAddressLine1 contextRef="From2021-04-302021-04-30_dei_FormerAddressMember">Cannon Place</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="From2021-04-302021-04-30_dei_FormerAddressMember">78 Cannon Street</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown contextRef="From2021-04-302021-04-30_dei_FormerAddressMember">London</dei:EntityAddressCityOrTown>
    <dei:EntityAddressCountry contextRef="From2021-04-302021-04-30_dei_FormerAddressMember">GB</dei:EntityAddressCountry>
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    <dei:WrittenCommunications contextRef="From2021-04-30to2021-04-30">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="From2021-04-30to2021-04-30">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="From2021-04-30to2021-04-30">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="From2021-04-30to2021-04-30">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="From2021-04-302021-04-30_us-gaap_CommonStockMember">Common Shares, $0.01 par value per share</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2021-04-302021-04-30_us-gaap_CommonStockMember">VAL</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2021-04-302021-04-30_us-gaap_CommonStockMember">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle contextRef="From2021-04-302021-04-30_us-gaap_WarrantMember">Warrants to purchase Common Shares</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2021-04-302021-04-30_us-gaap_WarrantMember">VAL WS</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2021-04-302021-04-30_us-gaap_WarrantMember">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="From2021-04-30to2021-04-30">false</dei:EntityEmergingGrowthCompany>
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<TYPE>XML
<SEQUENCE>17
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140353943189656">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Apr. 30, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr. 30,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-08097<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Valaris plc<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000314808<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">98-1589854<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">D0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Clarendon House<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">2 Church Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Hamilton<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">BM<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">HM 11<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">44 (0) 20<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">7659 4660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationFormerLegalOrRegisteredName', window );">Entity Information, Former Legal or Registered Name</a></td>
<td class="text">Valaris plc<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Shares, $0.01 par value per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">VAL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_WarrantMember', window );">Warrant [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Warrants to purchase Common Shares<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">VAL WS<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_FormerAddressMember', window );">Former Address [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Cannon Place<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">78 Cannon Street<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">London<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">GB<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">EC4N6AF<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationFormerLegalOrRegisteredName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Former Legal or Registered Name of an entity</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationFormerLegalOrRegisteredName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:tradingSymbolItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
