RESTATED 1988 NONQUALIFIED STOCK OPTION PLAN 2005 ROWAN COMPANIES, INC. LONG-TERM INCENTIVE PLAN

ROWAN COMPANIES, INC.
RESTATED 1988 NONQUALIFIED STOCK OPTION PLAN

2005 ROWAN COMPANIES, INC. LONG-TERM INCENTIVE PLAN

CHANGE IN CONTROL SUPPLEMENT

[DATE]

[EXECUTIVE’S NAME]
[ADDRESS]

Dear                      :

               Upon the occurrence of a Change in Control during the Term of your Change in Control Agreement (such terms as defined therein), all Options and Awards (as defined in the Rowan Companies, Inc. Restated 1988 Nonqualified Stock Option Plan and the 2005 Rowan Companies, Inc. Long-Term Incentive Plan, as either may be or have been amended from time to time (collectively, the “Plans”)), including without limitation all options to acquire shares of Company stock, all stock appreciation rights, all shares of restricted stock, all restricted stock units, and all other equity a