Common use of Management and Operation of Business Clause in Contracts

Management and Operation of Business. Section 6.1 Power and Authority of Board of Directors 29 Section 6.2 Number, Qualification and Term of Office of Directors 32 Section 6.3 Election of Directors 32 Section 6.4 Removal 32 Section 6.5 Resignations 33 Section 6.6 Vacancies 33 Section 6.7 Chairman of Meetings 33 Section 6.8 Place of Meetings 33 Section 6.9 Meetings; Notice 33 Section 6.10 Action Without Meeting 34 Section 6.11 Conference Telephone Meetings 34 Section 6.12 Quorum 34 Section 6.13 Committees 34 Section 6.14 Alternate Members of Committees 35 Section 6.15 Remuneration 35 Section 6.16 Exculpation, Indemnification, Advances and Insurance 35 Section 6.17 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties 40 Section 6.18 Certificate of Formation 43 Section 6.19 Officers 43 Section 6.20 Duties of Officers and Directors 44 Section 6.21 Reliance by Third Parties 44 Section 6.22 Manager 45

Management and Operation of Business. Section 6.1 5.1 Power and Authority of Board of Directors 29 13 Section 6.2 5.2 Number, Qualification Qualification, Term and Term of Office of Directors 32 Section 6.3 Election of Directors 32 14 Section 6.4 Removal 32 5.3 Vacancies 15 Section 6.5 5.4 Meetings 15 Section 5.5 Organization 15 Section 5.6 Resignations 33 and Removals of Directors 15 Section 6.6 Vacancies 33 5.7 Quorum 15 Section 6.7 Chairman 5.8 Nomination of Meetings 33 Directors 16 Section 6.8 Place 5.9 Actions of Meetings 33 the Board by Written Consent 16 Section 6.9 Meetings; Notice 33 Section 6.10 Action Without 5.10 Meeting 34 Section 6.11 by Means of Conference Telephone Meetings 34 16 Section 6.12 Quorum 34 5.11 Committees 16 Section 6.13 Committees 34 5.12 Compensation 16 Section 6.14 Alternate Members 5.13 Duties of Committees 35 Officers and Directors 16 Section 6.15 Remuneration 35 5.14 Exculpation and Indemnification 17 Section 6.16 Exculpation, Indemnification, Advances and Insurance 35 Section 6.17 5.15 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties 40 Interested Directors 19 Section 6.18 5.16 Certificate of Formation 43 20 Section 6.19 5.17 Officers 43 20 Section 6.20 Duties of Officers 5.18 Business Opportunities and Non-Employee Directors 44 22 Section 6.21 5.19 Reliance by Third Parties 44 23 ARTICLE VI BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 6.22 Manager 456.1 Records and Accounting 23 Section 6.2 Fiscal Year 23 Section 6.3 Reports 23 ARTICLE VII

Management and Operation of Business. Section 6.1 5.1 Power and Authority of Board of Directors 29 30 Section 6.2 5.2 Number, Qualification and Term of Office of Directors 32 Section 6.3 5.3 Election of Directors 32 Section 6.4 5.4 Removal 32 33 Section 6.5 5.5 Resignations 33 Section 6.6 5.6 Vacancies 33 Section 6.7 5.7 Nomination of Directors 33 Section 5.8 Chairman of Meetings 33 34 Section 6.8 5.9 Place of Meetings 33 34 Section 6.9 5.10 Regular Meetings 34 Section 5.11 Special Meetings; Notice 33 34 Section 6.10 5.12 Action Without Meeting 34 35 Section 6.11 5.13 Conference Telephone Meetings 34 35 Section 6.12 5.14 Quorum 34 35 Section 6.13 Committees 34 Section 6.14 Alternate Members of 5.15 Committees 35 Section 6.15 5.16 [Reserved] 36 Section 5.17 Minutes of Committees 36 Section 5.18 Remuneration 35 36 Section 6.16 5.19 Exculpation, Indemnification, Advances and Insurance 35 36 Section 6.17 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties 40 Section 6.18 5.20 Certificate of Formation 43 and Certificate of Domestication 40 Section 6.19 5.21 Officers 43 41 Section 6.20 5.22 Duties of Officers and Directors 43 Section 5.23 Outside Activities 44 Section 6.21 5.24 Reliance by Third Parties 44 50 ARTICLE VI BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 6.22 Manager 456.1 Records and Accounting 51 Section 6.2 Fiscal Year 51 Section 6.3 Reports 51

Management and Operation of Business. Section 6.1 5.1 Power and Authority of Board of Directors 29 Section 6.2 5.2 Number, Qualification and Term of Office of Directors 32 31 Section 6.3 5.3 Election of Directors 32 31 Section 6.4 5.4 Removal 32 Section 6.5 5.5 Resignations 32 Section 5.6 Vacancies 32 Section 5.7 Nomination of Directors 33 Section 6.6 Vacancies 33 Section 6.7 5.8 Chairman of Meetings 33 Section 6.8 5.9 Place of Meetings 33 Section 6.9 5.10 Regular Meetings 33 Section 5.11 Special Meetings; Notice 33 Section 6.10 5.12 Action Without Meeting 34 Section 6.11 5.13 Conference Telephone Meetings 34 Section 6.12 5.14 Quorum 34 Section 6.13 5.15 Committees 34 Section 6.14 Alternate Members 5.16 [Reserved] 35 Section 5.17 Minutes of Committees 35 Section 6.15 5.18 Remuneration 35 Section 6.16 5.19 Exculpation, Indemnification, Advances and Insurance 35 Section 6.17 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties 40 Section 6.18 5.20 Certificate of Formation 43 and Certificate of Domestication 40 Section 6.19 5.21 Officers 43 40 Section 6.20 5.22 Duties of Officers and Directors 44 42 Section 6.21 5.23 Outside Activities 43 Section 5.24 Reliance by Third Parties 44 50 ARTICLE VI BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 6.22 Manager 456.1 Records and Accounting 50 Section 6.2 Fiscal Year 50 Section 6.3 Reports 50

Management and Operation of Business. Section 6.1 5.1 Power and Authority of Board of Directors 29 33 Section 6.2 5.2 Number, Qualification and Term of Office of Directors 32 35 Section 6.3 5.3 Election of Directors 32 35 Section 6.4 5.4 Removal 32 36 Section 6.5 5.5 Resignations 33 36 Section 6.6 5.6 Vacancies 33 36 Section 6.7 5.7 Nomination of Directors 36 Section 5.8 Chairman of Meetings 33 37 Section 6.8 5.9 Place of Meetings 33 37 Section 6.9 5.10 Regular Meetings 37 Section 5.11 Special Meetings; Notice 33 37 Section 6.10 5.12 Action Without Meeting 34 37 Section 6.11 5.13 Conference Telephone Meetings 34 37 Section 6.12 5.14 Quorum 34 38 Section 6.13 5.15 Committees 34 38 Section 6.14 5.16 Alternate Members of Committees 35 38 Section 6.15 5.17 Minutes of Committees 38 Section 5.18 Remuneration 35 38 Section 6.16 5.19 Exculpation, Indemnification, Advances and Insurance 35 39 Section 6.17 5.20 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties 40 42 Section 6.18 5.21 Certificate of Formation 43 Section 6.19 5.22 Officers 43 Section 6.20 5.23 Duties of Officers and Directors 44 Directors. 45 Section 6.21 5.24 Outside Activities 46 Section 5.25 Reliance by Third Parties 44 46 Section 6.22 Manager 455.26 Acquisitions by FIG LLC. 46

Management and Operation of Business. Section 6.1 Power 7.1 Management 37 Section 7.2 The Board of Directors; Election and Authority Appointment; Term; Manner of Acting 38 Section 7.3 Nominations of Elected Directors 39 Section 7.4 Removal of Members of Board of Directors 29 40 Section 6.2 Number, Qualification and Term 7.5 Resignations of Office Members of the Board of Directors 32 40 Section 6.3 Election 7.6 Vacancies on the Board of Directors 32 40 Section 6.4 Removal 32 Section 6.5 Resignations 33 Section 6.6 Vacancies 33 Section 6.7 Chairman of Meetings 33 Section 6.8 Place of Meetings 33 Section 6.9 7.7 Meetings; Notice 33 Section 6.10 Action Without Meeting 34 Section 6.11 Conference Telephone Meetings 34 Section 6.12 Quorum 34 Section 6.13 Committees 34 Section 6.14 Alternate Members of Committees 35 Section 6.15 Remuneration 35 Section 6.16 Exculpation, Indemnification, Advances and Insurance 35 Section 6.17 Resolution of Conflicts of InterestCommittees; Standards of Conduct and Modification of Duties Chairman 40 Section 6.18 7.8 Officers 42 Section 7.9 Compensation of Directors 43 Section 7.10 Certificate of Formation 43 Section 6.19 Officers 7.11 Restrictions on the Authority of the Board of Directors 43 Section 6.20 Duties 7.12 Reimbursement of Officers and Directors the Seadrill Member 44 Section 6.21 Reliance by Third Parties 44 Section 6.22 Manager 7.13 Outside Activities 45

Management and Operation of Business. Section 6.1 5.1 Power and Authority of Board of Directors 29 26 Section 6.2 5.2 Number, Qualification and Term of Office of Directors 32 28 Section 6.3 5.3 Election of Directors 32 28 Section 6.4 5.4 Removal 32 29 Section 6.5 5.5 Resignations 33 29 Section 6.6 5.6 Vacancies 33 29 Section 6.7 5.7 Nomination of Directors 29 Section 5.8 Chairman of Meetings 33 30 Section 6.8 5.9 Place of Meetings 33 30 Section 6.9 5.10 Regular Meetings 30 Section 5.11 Special Meetings; Notice 33 30 Section 6.10 5.12 Action Without Meeting 34 31 Section 6.11 5.13 Conference Telephone Meetings 34 31 Section 6.12 5.14 Quorum 34 31 Section 6.13 5.15 Committees 34 31 Section 6.14 Alternate Members 5.16 [Reserved] 32 Section 5.17 Minutes of Committees 35 32 Section 6.15 5.18 Remuneration 35 32 Section 6.16 5.19 Exculpation, Indemnification, Advances and Insurance 35 32 Section 6.17 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties 40 Section 6.18 5.20 Certificate of Formation 43 and Certificate of Domestication 36 Section 6.19 5.21 Officers 43 37 Section 6.20 5.22 Duties of Officers and Directors 44 39 Section 6.21 5.23 Outside Activities 40 Section 5.24 Reliance by Third Parties 44 46 ARTICLE VI BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 6.22 Manager 456.1 Records and Accounting 47 Section 6.2 Fiscal Year 47 Section 6.3 Reports 47 ARTICLE VII

Management and Operation of Business. Section 6.1 5.1 Power and Authority of Board of Directors 29 28 Section 6.2 5.2 Number, Qualification and Term of Office of Directors 32 30 Section 6.3 5.3 Election of Directors 32 30 Section 6.4 5.4 Removal 32 31 Section 6.5 5.5 Resignations 33 31 Section 6.6 5.6 Vacancies 33 31 Section 6.7 5.7 Nomination of Directors 31 Section 5.8 Chairman of Meetings 33 32 Section 6.8 5.9 Place of Meetings 33 32 Section 6.9 5.10 Regular Meetings 32 Section 5.11 Special Meetings; Notice 33 32 Section 6.10 5.12 Action Without Meeting 34 33 Section 6.11 5.13 Conference Telephone Meetings 33 Section 5.14 Quorum 33 Section 5.15 Committees 33 Section 5.16 [Reserved] 34 Section 6.12 Quorum 34 Section 6.13 5.17 Minutes of Committees 34 Section 6.14 Alternate Members of Committees 35 5.18 Remuneration 34 Section 6.15 Remuneration 35 Section 6.16 5.19 Exculpation, Indemnification, Advances and Insurance 35 34 Section 6.17 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties 40 Section 6.18 5.20 Certificate of Formation 43 and Certificate of Domestication 38 Section 6.19 5.21 Officers 43 39 Section 6.20 5.22 Duties of Officers and Directors 44 41 Section 6.21 5.23 Outside Activities 42 Section 5.24 Reliance by Third Parties 44 49 ARTICLE VI BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 6.22 Manager 456.1 Records and Accounting 49 Section 6.2 Fiscal Year 49 Section 6.3 Reports 49

Management and Operation of Business. Section 6.1 5.1 Power and Authority of Board of Directors 29 31 Section 6.2 5.2 Number, Qualification and Term of Office of Directors 32 33 Section 6.3 5.3 Election of Directors 32 34 Section 6.4 5.4 Removal 32 34 Section 6.5 5.5 Resignations 33 34 Section 6.6 5.6 Vacancies 33 34 Section 6.7 5.7 Nomination of Directors 35 Section 5.8 Chairman of Meetings 33 35 Section 6.8 5.9 Place of Meetings 33 35 Section 6.9 5.10 Regular Meetings 35 Section 5.11 Special Meetings; Notice 33 35 Section 6.10 5.12 Action Without Meeting 34 35 Section 6.11 5.13 Conference Telephone Meetings 34 36 Section 6.12 5.14 Quorum 34 36 Section 6.13 5.15 Committees 34 36 Section 6.14 5.16 Alternate Members of Committees 35 36 Section 6.15 5.17 Minutes of Committees 37 Section 5.18 Remuneration 35 37 Section 6.16 5.19 Exculpation, Indemnification, Advances and Insurance 35 37 Section 6.17 5.20 Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties 40 Section 6.18 5.21 Certificate of Formation 43 41 Section 6.19 5.22 Officers 43 41 Section 6.20 5.23 Duties of Officers and Directors 43 Section 5.24 Outside Activities 44 Section 6.21 5.25 Reliance by Third Parties 44 Section 6.22 Manager 455.26 Acquisitions by FIG LLC 45 ARTICLE VI BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 6.1 Records and Accounting 45 Section 6.2 Fiscal Year 45 Section 6.3 Reports 45 ARTICLE VII