Mr. David P. Russell Sugar Land, Texas 77479 Dear David:Rowan Companies Inc • November 3rd, 2011 • Drilling oil & gas wells • Texas
In connection with your separation from Rowan Companies, Inc., a Delaware corporation (“Rowan”), and in consideration of your continuing agreements and valuable services to Rowan and its subsidiaries and affiliates which are directly or indirectly controlled by Rowan (collectively, the “Company”) as provided herein, you and Rowan have agreed to the terms and conditions as contained in this letter agreement (the “Letter Agreement”) and in the attachment to the Letter Agreement (the “Attachment”) (hereinafter the Attachment and the Letter Agreement are jointly the “Agreement”) concerning your separation from employment and resignation from all positions with the Company, both effective as of the close of business on August 12, 2011 (the “Separation Date”). The Attachment is part of the Letter Agreement for all purposes. Your resignations as an officer and director are attached hereto as Exhibit A.
