Common use of Ownership of the Non-Economic Interest and Incentive Distribution Rights Clause in Contracts

Ownership of the Non-Economic Interest and Incentive Distribution Rights. The Seadrill Member owns the Non-Economic Interest and the Seadrill Member owns 100% of the Incentive Distribution Rights (as defined in the Company LLC Agreement) (the “Incentive Distribution Rights”). The Non-Economic Interest and all of the Incentive Distribution Rights, and the limited liability company interests represented thereby, have been duly authorized for issuance and sale and are validly issued in accordance with the Company LLC Agreement and are fully paid (to the extent required under the Company LLC Agreement) and non-assessable (except as such non-assessability may be affected by Sections 20, 31, 40 and 49 of the Xxxxxxxx Islands LLC Act); and the Seadrill Member owns the Non-Economic Interest and the Incentive Distribution Rights, respectively, free and clear of all Liens.

Ownership of the Non-Economic Interest and Incentive Distribution Rights. The Seadrill Member owns the Non-Economic Interest and the Seadrill Member owns 100% of the Incentive Distribution Rights (as defined in the Company LLC Agreement) (the “Incentive Distribution Rights”). The Non-Economic Interest and all of the Incentive Distribution Rights, and the limited liability company interests represented thereby, have been duly authorized for issuance and sale and are validly issued in accordance with the Company LLC Agreement and are fully paid (to the extent required under the Company LLC Agreement) and non-assessable (except as such non-assessability may be affected by Sections Section 20, 31, 40 and 49 of the The Xxxxxxxx Islands LLC Act); and the Seadrill Member owns the Non-Economic Interest and the Incentive Distribution Rights, respectively, free and clear of all Liens.

Ownership of the Non-Economic Interest and Incentive Distribution Rights. The Seadrill Member owns the Non-Economic Interest and the Seadrill Member owns 100% of the Incentive Distribution Rights (as defined in the Company LLC Agreement) (the “Incentive Distribution Rights”). The Non-Economic Interest and all of the Incentive Distribution Rights, and the limited liability company interests represented thereby, have been duly authorized for issuance and sale and are validly issued in accordance with the Company LLC Agreement and are fully paid (to the extent required under the Company LLC Agreement) and non-assessable (except as such non-assessability may be affected by Sections Section 20, 31, 40 and 49 of the Xxxxxxxx Islands LLC Act); and the Seadrill Member owns the Non-Economic Interest and the Incentive Distribution Rights, respectively, free and clear of all Liens.