exv10w1



 






Exhibit 10.1




AMENDMENT TO

NOBLE ENERGY, INC.

1992 STOCK OPTION AND

RESTRICTED STOCK PLAN AGREEMENT




     THIS AMENDMENT, made as of this 27th day of July, 2005, by and between NOBLE ENERGY, INC., a
Delaware corporation (herein called the “Company”) and WILLIAM POILLION (herein called “Employee”),



WITNESSETH THAT:




     WHEREAS, by an Agreement between the Company and Employee dated February 1, 2003 (the “2003
Option Agreement”), the Company granted to Employee the option to purchase shares of Company common
stock pursuant to the Company’s 1992 Stock Option and Restricted Stock Plan, as amended (herein
called the “Plan”); and



     WHEREAS, the Company and Employee now desire to amend the 2003 Option Agreement to modify the
terms of exercise that apply to the shares of Company common stock that may be purchased pursuant
to paragraph 1(c) of the 2003 Option Agreement;



     NOW, THEREFORE, pursuant to the provisions of Section 18 of the Plan, paragraph 1 of the 2003
Option Agreement is hereby amended by restatement in its entirety to read as follows:




     1. Grant of Option, Option Period and Terms of Exercise of Option. The
Company hereby grants to Employee the option to purchase, as hereinafter set forth, 25,000
shares of common stock of the Company at the price of $35.365 per share, for a period
commencing one year from the date of this Agreement and terminating on the first to occur
of (1) the expiration of ten years from the date of this Agreement, or (2) when the
employment of Employee by the Company or a subsidiary of the Company has terminated for any
reason; provided that, in accordance with the provisions of Section 8 of the Plan, the
number of shares purchasable hereunder in any periods of time during which the option
evidenced hereby is exercisable shall be limited as follows: (a) 8,333 shares are
purchasable commencing one year from the date of this Agreement; (b) 8,334 shares are
purchasable commencing two years from the date of this Agreement; and (c) regardless of
whether or not Employee is an employee of the Company or a subsidiary of the Company on
February 1, 2006, 8,333 shares are purchasable only on February 1, 2006; provided further
that solely with respect to the shares that are purchasable under clauses (a) and (b) of
this paragraph 1, (i) if said employment terminates more than one year and less than ten
years from the date hereof other than by reason of death, disability, or retirement, then
Employee may exercise this option with respect to said shares, to the extent he was able to
do so at the date of the termination of employment, at any time within one year after such
termination but not after the expiration of the ten-year period, and (ii) if said
employment terminates more than one year and less than ten years from the date hereof by
reason of Employee’s death, disability, or retirement, then Employee,













 






the executor or administrator of the estate of Employee, or any person who has
acquired this option directly from Employee by bequest or inheritance may exercise this
option with respect to said shares to the extent Employee was entitled to exercise it on
the date of his death, disability, or retirement, at any time within five years after such
death, disability, or retirement, but not after the expiration of the ten-year period.
Retirement is defined in the Plan as termination of employment by a person who is 55 years
of age with five or more years of credited service with the Company, or a person who has at
least twenty years of credited service with the Company prior to termination of employment,
or whose termination of employment with the Company by reason of retirement has been
approved in writing by the Committee acting in its discretion.




     Transfer of employment without interruption of service between or among the Company
and its subsidiaries shall not be considered a termination of service. The term
“subsidiary” as used in this Agreement shall have the meaning set forth in Section 1(m) of
the Plan and shall include future as well as present subsidiaries. This option is, and is
intended to be, a nonqualified stock option, and it is not intended to qualify as an
incentive stock option under Section 422A of the Internal Revenue Code.



IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first
written above.



	 	 	 	 	 
	 	 	NOBLE ENERGY, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ Charles D. Davidson
	 

	 	 	 	 
	 

	 	 	 	Charles D. Davidson
	 

	 	 	 	Chairman, President and CEO
	 
	 	 	 	 
	 	 	EMPLOYEE
	 
	 	 	 	 
	 
	 	/s/ William Poillion	 	 
	 	 	 
	 	 	William Poillion







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