EX-10.5


 Exhibit 10.5 

PARAGON OFFSHORE PLC 

2014 EMPLOYEE OMNIBUS INCENTIVE PLAN 






 PARAGON OFFSHORE PLC 

2014 EMPLOYEE OMNIBUS INCENTIVE PLAN 

1. Plan. Paragon Offshore Limited, a company organized under the laws of England and Wales (as predecessor to Paragon Offshore
plc, a company organized under the laws of England and Wales) (the “Company”), established this Paragon Offshore plc 2014 Employee Omnibus Incentive Plan (this “Plan”), to be effective as of August 1, 2014 (the
“Effective Date”); provided that this Plan has received the requisite shareholder approval. 
 2. Purpose. This Plan
is designed to attract and retain employees of the Company and its subsidiaries, to encourage the sense of proprietorship of such employees and to stimulate the active interest of such persons in the development and financial success of the Company
and its Subsidiaries. These objectives are to be accomplished by making awards under this Plan and thereby providing such employees with a proprietary interest in the growth and performance of the Company and its subsidiaries. The Plan is therefore
being adopted as of the Effective Date as an employees’ share scheme for the purposes of Section 1166 of the UK Companies Act 2006. 

3. Definitions. As used herein, the terms set forth below shall have the following respective meanings: 

“2012 PVRSU Grant” has the meaning set forth in Paragraph 8(b)(iii). 

“Authorized Officer” means the Chief Executive Officer or the senior human resources officer of the Company (or any other
senior officer of the Company to whom any of such individuals shall delegate the authority to execute any Award Agreement). 

“Award” means the grant of any Option, Stock Appreciation Right, Stock Award, or Cash Award, any of which may be structured
as a Performance Award, whether granted singly, in combination or in tandem, to a Participant pursuant to such applicable terms, conditions and limitations as the Committee may establish in accordance with the objectives of this Plan. 

“Award Agreement” means the document (in written or electronic form) communicating the terms, conditions and limitations
applicable to an Award. The Committee may, in its discretion, require that the Participant execute such Award Agreement, or may provide for procedures through which Award Agreements are made available but not executed. Any Participant who is granted
an Award and who does not affirmatively and in writing reject the applicable Award and Award Agreement shall be deemed to have accepted the terms of Award as embodied in the Award Agreement. 

“Board” means the Board of Directors of the Company. 

“Cancelled Award” has the meaning set forth in Paragraph 8(b)(i). 

“Cash Award” means an Award denominated in cash. 

  
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 “Change in Control” means a Change in Control as defined in Attachment
A to this Plan. 
 “Code” means the United States Internal Revenue Code of 1986, as amended from time to time.

 “Committee” means the Compensation Committee of the Board, and any successor committee thereto or such other committee
of the Board as may be designated by the Board to administer this Plan in whole or in part including any subcommittee of the Board as designated by the Board. 

“Company” means Paragon Offshore plc, a company organized under the laws of England and Wales, and, when applicable, its
predecessor, Paragon Offshore Limited, a company organized under the laws of England and Wales. 
 “Consultant” means an
individual providing services to the Company or any of its Subsidiaries, other than an Employee or an Outside Director. 
 “Covered
Employee” means any Employee who is or may be a “covered employee,” as defined in Section 162(m) of the Code. 

“Disability” means, with respect to an Employee, a medically determinable physical or mental impairment that entitles the
Employee to benefits under the Company’s long-term disability plan, as may be in effect from time to time, as determined by the plan administrator of the long-term disability plan. Notwithstanding the foregoing, if an Award is subject to
Section 409A of the Code, the definition of Disability shall conform to the requirements of Treasury Regulation § 1.409A-3(i)(4)(i) to the extent necessary to avoid the imposition of any tax by such Section 409A of the Code. 

“Distribution” means the Distribution as defined in the Employee Matters Agreement. 

“Distribution Date” means the Distribution Date as defined in the Employee Matters Agreement. 

“Dividend Equivalents” means, in the case of an Award comprising Restricted Stock Units or Performance Units, an amount equal
to all dividends and other distributions (or the economic equivalent thereof (excluding, unless the Committee determines otherwise special dividends)) that are payable to shareholders of record in respect of the relevant record dates that occur
during the Restriction Period or performance period, as applicable, on a like number of Shares that are subject to the Award. 

“EMA Award” means an Award granted to a Transferred Employee pursuant to Paragraph 8(b). 

“Employee” means an employee of the Company or any of its Subsidiaries and an individual who has agreed to become an employee
of the Company or any of its Subsidiaries and actually becomes such an employee following such date of agreement. 

  
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 “Employee Matters Agreement” means the Employee Matters Agreement between Noble
Corporation, a company organized under the laws of the Cayman Islands and the Company to be entered into prior to the time of the Company’s separation from Noble Corporation plc, a public limited company incorporated under the laws of England
and Wales. 
 “Employee Trust” means any employee benefit trust established for the benefit of most or all of the employees
or former employees of the Company or its Subsidiaries or certain of their relatives. 
 “Exchange Act” means the United
States Securities Exchange Act of 1934, as amended from time to time. 
 “Exercise Price” means the price at which a
Participant may exercise his right to receive cash or Shares, as applicable, under the terms of an Award. 
 “Fair Market
Value” of a Share means, as of a particular date, 
  

	 	(1)	if Shares are then listed on a national securities exchange, the closing sales price per Share on the consolidated transaction reporting system for the principal national securities exchange on which Shares are listed
on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, 

  

	 	(2)	if the Shares are not so listed, the average of the closing bid and asked price on that date, or, if there are no quotations available for such date, on the last preceding date on which such quotations shall be
available, as reported by an inter-dealer quotation system, 

  

	 	(3)	if Shares are not publicly traded, the most recent value determined by an independent appraiser appointed by the Committee for such purpose, or 


 

	 	(4)	if none of the above are applicable, the fair market value of a Share as determined in good faith by the Committee. 


“Grant Date” means the date an Award is granted to a Participant pursuant to this Plan. 

“Incentive Stock Option” means an Option that is designated as such in the applicable Award Agreement and intended to comply
with the requirements set forth in Section 422 of the Code. 
 “Noble” means Noble Corporation plc, a public limited
company organized under the laws of England and Wales. 
 “Noble Award” means an Award granted pursuant to the Noble Plan.

 “Noble Plan” means the Noble Corporation 1991 Stock Option and Restricted Stock Plan. 

  
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 “Nonqualified Stock Option” means an Option that is not intended to
comply with the requirements set forth in Section 422 of the Code. 
 “Option” means a right to purchase
a specified number of Shares at a specified Exercise Price, which is either an Incentive Stock Option or a Nonqualified Stock Option. 

“Outside Director” means an individual serving as a member of the Board who is not an Employee or a Consultant.

 “Participant” means an Employee to whom an Award has been made under this Plan. 

“Performance Award” means an Award made pursuant to this Plan to a Participant, which award is subject to the
attainment of one or more Performance Goals. 
 “Performance Goal” means one or more standards established by
the Committee to determine in whole or in part whether a Performance Award shall be earned. 
 “Performance
Unit” means a unit evidencing the right to receive in specified circumstances one Share or equivalent value in cash, the value of which at the time it is settled is determined as a function of the extent to which established performance
criteria have been satisfied. 
 “Performance Unit Award” means an Award in the form of Performance Units.

 “Plan” means this Paragon Offshore plc 2014 Employee Omnibus Incentive Plan, as such plan may be amended from time
to time. 
 “Plan Quarter” means each three-month period ending on
March 31, June 30, September 30 and December 31 of each Plan Year. 
 “Plan Year”
means the calendar year. 
 “Qualified Performance Awards” has the meaning set forth in Paragraph
8(a)(vii)(B). 
 “Restricted Stock” means Shares allotted and issued or transferred pursuant to Paragraph 8
that are restricted or subject to forfeiture provisions. 
 “Restricted Stock Award” means an Award in the
form of Restricted Stock. 
 “Restricted Stock Unit” means a unit that provides for the allotment and
issuance, transfer, or delivery of one Share or equivalent value in cash upon the satisfaction of the terms, conditions, and restrictions applicable to such Restricted Stock Unit. 

“Restricted Stock Unit Award” means an Award in the form of Restricted Stock Units. 

  
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 “Restriction Period” means a period of time beginning as of the date upon
which a Restricted Stock Award or Restricted Stock Unit Award is made pursuant to this Plan and ending as of the date upon which such Award is no longer restricted or subject to forfeiture provisions. 

“Retirement” means the termination of an employee’s employment with the Company or a Subsidiary for any reason
(other than death, Disability or termination on account of fraud, dishonesty or other acts detrimental to the interests of the Company or a Subsidiary) on or after the date as of which the sum of such employee’s age and the number of such
employee’s years of continuous service with the Company and its Subsidiaries (including continuous service with a predecessor employer that is taken into account pursuant to an acquisition or other transaction agreement) equals or exceeds
60. 
 “Share” means one registered share of the Company, or any stock or other security hereafter allotted and
issued or which may be allotted and issuable in substitution or exchange for a Share.  
 “Stock Appreciation
Right” or “SAR” means a right to receive a payment, in cash or by allotment and issuance, transfer, or delivery of Shares, equal to the excess of the Fair Market Value of a specified number of Shares on the date the right
is exercised over a specified Exercise Price. 
 “Stock Award” means an Award in the form of Shares,
including a Restricted Stock Award, a Restricted Stock Unit Award, a Performance Unit Award that may be settled in Shares, or an Award of unrestricted Shares, but excluding Options and SARs. 

“Stock-Based Award Limitations” has the meaning set forth in Paragraph 5. 

“Subsidiary” means (1) in the case of a corporation, any corporation of which the Company directly or indirectly owns
shares representing more than 50% of the combined voting power of the shares of all classes or series of capital stock of such corporation that have the right to vote generally on matters submitted to a vote of the shareholders of such corporation,
and (2) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which the Company directly or indirectly more than 50% of the voting, capital or profits interests (whether in the form of
partnership interests, membership interests or otherwise), provided that in the case of any entity that would otherwise fall within sub-paragraphs (1) or (2) of this definition, it shall only be a “Subsidiary” if it is also a
“subsidiary” within the meaning of Section 1159 of the UK Companies Act 2006. 
 “Transferred Employee”
means a Transferred Employee as defined in the Employee Matters Agreement. 
 “Trustee” means the trustee or
trustees for the time being of any Employee Trust. 
 4. Eligibility. 

(a) Employees. All Employees are eligible for Awards under this Plan, provided, however, that if the Committee makes an
Award to an individual whom it expects to become an Employee following the Grant Date of such Award, such Award shall be subject to (among other terms and conditions) the individual actually becoming an Employee. 

  
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 (b) Consultants. No Consultants are eligible for Awards under this Plan. 

(c) Outside Directors. No Outside Directors are eligible for Awards under this Plan 

(d) The Committee or the Board, as applicable, shall determine the type or types of Awards to be made under this Plan and shall designate from
time to time the Employees who are to be granted Awards under this Plan. 
 (e) Transferred Employees shall receive EMA Awards pursuant to
Paragraph 8(b). 
 5. Shares Available for Awards. 

(a) Available Shares. Subject to the provisions of Paragraph 14 hereof, the maximum number of Shares that may be allotted
and issued, transferred, or delivered pursuant to Awards under this Plan (including rights or Options that may be exercised for or settled in Shares) shall equal 10% of the Shares issued and outstanding immediately following the completion of the
Distribution (the “Maximum Share Limit”), all of which shall be available for Incentive Stock Options. Each Share subject to an Award granted under this Plan shall be counted against the Maximum Share Limit as 1 Share. Shares available
under the Plan may be unissued Shares from the Company’s authorized or conditional share capital, Shares held in treasury by the Company or one or more subsidiaries of the Company, or Shares acquired by or allotted and issued or gifted to the
Trustees.  
 Awards settled in cash shall not reduce the Maximum Share Limit under the Plan. If an Award expires or is terminated,
cancelled or forfeited, the Shares associated with the expired, terminated, cancelled or forfeited Awards shall again be available for Awards under the Plan, and the Maximum Share Limit shall be increased by the same amount as such shares were
counted against the Maximum Share Limit. The following Shares shall not become available again for allotment and issuance, transfer, or delivery under the Plan: 
  

	 	(i)	Shares that are tendered or surrendered, or to which the right to require the Company to allot and issue, transfer or deliver Shares is forfeited or surrendered, in payment of the option price of an Option, or withheld
or delivered, or to which the right to require the Company to allot and issue, transfer or deliver Shares is forfeited or surrendered, to satisfy withholding obligations; and 


 

	 	(ii)	Shares underlying a free-standing grant of an SAR, to the extent the number of such Shares exceeds the number of Shares actually allotted and issued, transferred, or delivered upon exercise or settlement of such SAR.


 No account shall be taken of any rights to subscribe for Shares granted to a Trustee to the extent that the rights are
granted solely to enable the Trustee to satisfy grants or awards that have already been taken into account for the purposes of this paragraph (a) (i.e., so as to avoid double counting). 

  
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 The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid
double counting (as, for example, in the case of tandem or substitute awards) and make adjustment if the number of Shares actually delivered differs from the number of Shares previously counted in connection with an Award. 

The Board and the appropriate officers of the Company shall from time to time take whatever actions are necessary to file any required
documents with governmental authorities, stock exchanges and transaction reporting systems to ensure that Shares are available for allotment and issuance, transfer, or delivery pursuant to Awards. 

(b) Limitations. Notwithstanding anything to the contrary contained in this Plan, the following limitations shall apply to any Awards
made hereunder: 
  

	 	(i)	No Employee may be granted during any calendar year Awards consisting of Options or SARs that are exercisable for more than 3,000,000 Shares; 


 

	 	(ii)	No Employee may be granted during any calendar year Stock Awards covering or relating to more than 3,000,000 Shares (the limitation set forth in this clause (ii), together with the limitation set forth in clause
(i) above, being hereinafter collectively referred to as the “Stock-Based Award Limitations”); and 

  

	 	(iii)	No Employee may be granted during any calendar year (1) Cash Awards or other Awards that may be settled solely in cash having a value determined on the Grant Date in excess of $15,000,000. 


6. Administration. 

(a) Authority of the Committee. Except as otherwise provided in this Plan with respect to actions or determinations by the
Board, this Plan shall be administered by the Committee; provided, however, that (i) any and all members of the Committee shall satisfy any independence requirements prescribed by any stock exchange on which the Company lists its Shares;
(ii) Awards may be granted to individuals who are subject to Section 16(b) of the Exchange Act only if the Committee is comprised solely of two or more “non-employee directors” as defined in Securities and Exchange Commission
Rule 16b-3 (as amended from time to time, and any successor rule, regulation or statute fulfilling the same or similar function); and (iii) any Award intended to qualify for the “performance-based compensation” exception under
Section 162(m) of the Code shall be granted only if the Committee is comprised solely of two or more “outside directors” within the meaning of Section 162(m) and regulations pursuant thereto. Subject to the provisions hereof, the
Committee shall have full and exclusive power and authority to administer this Plan and to take all actions that are specifically contemplated hereby or are necessary or appropriate in connection with the administration hereof. The Committee shall
also have full and exclusive power to interpret this Plan and the Award Agreements thereunder and to adopt such rules, regulations and guidelines for carrying out this Plan as it may deem necessary or proper. Subject to Paragraph 6(c) hereof, the
Committee may, in its 

  
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discretion, (x) provide for the extension of the exercisability of an Award, or (y) in the event of a Change in Control, death or termination of employment by reason of
Disability or Retirement, accelerate the vesting or exercisability of an Award, eliminate or make less restrictive any restrictions contained in an Award, waive any restriction or other provision of this Plan or an Award or otherwise amend or modify
an Award in any manner that is, in either case, (1) not adverse to the Participant to whom such Award was granted, (2) consented to by such Participant or (3) authorized by Paragraph 14(c) hereof; provided, however, that
no such action shall permit the term of any Option to be greater than 10 years from its Grant Date. The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Award Agreement in the manner and
to the extent the Committee deems necessary or desirable to further this Plan’s purposes. Any decision of the Committee in the interpretation and administration of this Plan and the Award Agreements thereunder shall lie within its sole and
absolute discretion and shall be final, conclusive and binding on all parties concerned. Except as otherwise provided herein, the Board shall have the same powers as the Committee to the extent the Board administers the Plan or a portion thereof.

 (b) Indemnity. No member of the Board or the Committee or officer of the Company to whom the Committee has delegated
authority in accordance with the provisions of Paragraph 7 of this Plan shall be liable for anything done or omitted to be done by him, by any member of the Board or the Committee or by any officer of the Company in connection with the
performance of any duties under this Plan, except for his own willful misconduct or as expressly provided by statute. 
 (c)
Prohibition on Repricing of Awards. Subject to the provisions of Paragraph 14 hereof, the terms of outstanding Award Agreements may not be amended without the approval of the Company’s shareholders so as to (i) reduce the
Exercise Price of any outstanding Options or SARs or (ii) cancel any outstanding Options or SARs in exchange for cash or other Awards, or Options or SARs with an Exercise Price that is less than the Exercise Price of the original Options or
SARs. 
 7. Delegation. The Committee may delegate any of its duties under the Plan (including, but not limited to, delegating
by resolution to an Authorized Officer the authority to grant Awards) to such agents as it may appoint from time to time, to the extent that such delegation will not result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to
Participants subject to Section 16 of the Exchange Act in respect of the Company and will not cause Awards intended to qualify as “performance-based compensation” under section 162(m) of the Code to fail to so qualify. Any such
delegation hereunder shall only be made to the extent permitted by applicable law. 
 8. Awards. 

(a) Awards; Conditions. The Committee shall determine the type or types of Awards to be made under this Plan and shall designate
from time to time the Employees who are to be the recipients of such Awards. Each Award shall be embodied in an Award Agreement, which shall contain such terms, conditions and limitations as shall be determined by the Committee, in its sole
discretion, and, if required by the Committee, shall be signed by the Participant to whom the Award is granted and by an Authorized Officer for and on behalf of the 

  
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Company. Awards may consist of those listed in this Paragraph 8(a) and may be granted singly, in combination or in tandem. Awards may also be made in combination or in tandem with, in
replacement of, or as alternatives to, grants or rights under this Plan or any other plan of the Company or any of its Subsidiaries, including the plan of any acquired entity; provided, however, that, except as contemplated in Paragraph 14
hereof, no Option or SAR may be issued in exchange for the cancellation of an Option or SAR with a higher Exercise Price nor may the Exercise Price of any Option or SAR be reduced. All or part of an Award may be subject to conditions established by
the Committee. 
 Upon the termination of employment by a Participant, any unexercised, unvested or unpaid Awards shall be treated as set
forth in the applicable Award Agreement or in any other written agreement the Company has entered into with the Participant, it being understood that the Committee may, in its sole and absolute discretion, prescribe additional terms, conditions,
restrictions and limitations applicable to the Award, including without limitation rules pertaining to the termination of employment (by reason of death, Disability, or Retirement). All rights to exercise an Option and any SARs that relate to such
Option shall terminate six months after the date the Participant ceases to be employed by at least one of the employers in the group of employers consisting of the Company and its Subsidiaries (or the remaining term of the Option if shorter), unless
the Award Agreement or other written agreement provides otherwise in connection with any termination of employment by reason of death, Disability, or Retirement. Notwithstanding the foregoing, in the event of the termination of employment of the
Participant on account of fraud, dishonesty or other acts detrimental to the interests of the Company or an affiliate, the Option and any SARs that relate to such Option shall thereafter be null and void for all purposes. Employment shall not be
deemed to have ceased by reason of the transfer of employment, without interruption of service, between or among the Company and any of its Subsidiaries. 

Except as otherwise provided in this Paragraph 8(a) or Paragraph 8(b), any Stock Award or Cash Award that (a) is not a Performance
Award shall have a minimum Restriction Period of three years from the date of grant or (b) is a Performance Award shall have a minimum performance period of one year from the date of grant; provided, however, that (1) the Committee
may provide for earlier vesting upon an Employee’s termination of employment by reason of death, Disability, Retirement, or Change in Control and (2) vesting of a Stock Award or Cash Award may occur incrementally over the three-year
Restriction Period. The foregoing notwithstanding, 10% of the total number of Shares available for allotment and issuance, transfer, or delivery under this Plan shall not be subject to the minimum Restriction Period or performance period, as
applicable, described in the preceding sentence. 
  

	 	(i)	 Options. An Award may be in the form of an Option. An Option awarded pursuant to this Plan may consist of either an Incentive Stock Option or a
Nonqualified Stock Option. The price at which Shares may be purchased upon the exercise of an Option shall be not less than the Fair Market Value of the Shares on the Grant Date; provided that in relation to an Option comprising the right to
subscribe for Shares, the price shall not be less than the nominal value of a Share. The term of an Option shall not exceed 10 years from the Grant Date; provided that the period during which an Option may be exercised may be extended by the
Committee or pursuant 



  
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to procedures of the Committee if the last day of such period occurs at a time when the Company has imposed a prohibition on trading of the Company’s securities in order to avoid violations
of applicable Federal, state, local or foreign law; provided further, that the period during which the Option may be extended is not more than 30 days after the date on which such prohibition on trading is terminated. Options may not include
provisions that “reload” the Option upon exercise. Subject to the foregoing provisions, the terms, conditions and limitations applicable to any Option, including, but not limited to, the term of any Option and the date or dates upon which
the Option becomes vested and exercisable, shall be determined by the Committee. 

  

	 	(ii)	Stock Appreciation Rights. An Award may be in the form of an SAR. The Exercise Price for an SAR shall not be less than the Fair Market Value of the Shares on the Grant Date; provided that in relation to an SAR
comprising the right to subscribe for Shares, the price shall not be less than the nominal value of a Share. In relation to an SAR, an Award holder may be required by or pursuant to procedures of the Committee, in its discretion, to pay the nominal
value of any Shares awarded hereunder, and the provisions of Paragraph 10 (relating to the payment of the Exercise Price of Options) shall apply to such SAR mutatis mutandis in respect of any applicable payment of nominal value. The holder of a
tandem SAR may elect to exercise either the Option or the SAR, but not both. The exercise period for an SAR shall extend no more than 10 years after the Grant Date. SARs may not include provisions that “reload” the SAR upon exercise.
Subject to the foregoing provisions, the terms, conditions, and limitations applicable to any SAR, including, but not limited to, the term of any SAR and the date or dates upon which the SAR becomes vested and exercisable, shall be determined by the
Committee. 

  

	 	(iii)	Stock Awards. An Award may be in the form of a Stock Award. The terms, conditions and limitations applicable to any Stock Award, including, but not limited to, vesting or other restrictions, shall be determined
by the Committee, and subject to the minimum Restriction Period and performance period requirements (except as provided in Paragraph 8(b) or to the extent any such Award is counted against the 10% of Shares as to which such requirements do not
apply) and any other applicable requirements described in this Paragraph 8(a) hereof. In relation to a Stock Award, including an Award of Restricted Stock, or an Award of unrestricted Shares, comprising a right to new issue Shares, an Award holder
may be required by or pursuant to procedures of the Committee, in its discretion, to pay the nominal value of any Shares awarded hereunder, and the provisions of Paragraph 10 (relating to the payment of the Exercise Price of Options) shall apply to
such Awards mutatis mutandis in respect of any applicable payment of nominal value. To the extent otherwise, and subject to any provision of any applicable law or regulation of any governmental authority or any national securities exchange, there
shall not be any purchase price charged for any Stock Award under the Plan. 


  
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	 	(iv)	Restricted Stock Unit Awards. An Award may be in the form of a Restricted Stock Unit Award. The terms, conditions and limitations applicable to a Restricted Stock Unit Award, including, but not limited to, the
Restriction Period and the right to Dividend Equivalents, if any, shall be determined by the Committee. Subject to the terms of this Plan, the Committee, in its sole discretion, may settle Restricted Stock Units in the form of cash or by the
allotment and issuance, transfer or delivery of Shares (or in a combination thereof) equal to the value of the vested Restricted Stock Units; provided, however, that a Restricted Stock Unit Award that may be settled all or in part by the
allotment and issuance, transfer, or delivery of Shares shall be subject to the minimum Restriction Period and performance period requirements (except as provided in Paragraph 8(b) or to the extent any such Award is counted against the 10% of Shares
as to which such requirements do not apply) and any other applicable requirements described in this Paragraph 8(a). In relation to an award of Restricted Stock Units to be satisfied by the allotment and issuance, transfer or delivery by the Company
of Shares, an Award holder may be required by or pursuant to procedures of the Committee, in its discretion, to pay the nominal value of any Shares to be allotted and issued, transferred or delivered, and the provisions of Paragraph 10 (relating to
payment of the Exercise Price of Options) shall apply to such Awards mutatis mutandis in respect of any applicable payment of nominal value. To the extent otherwise, and subject to any provision of any applicable law or regulation of any
governmental authority or any national securities exchange, there shall not be any purchase price charged for any Restricted Stock Units award under the Plan. 

  

	 	(v)	 Performance Unit Awards. An Award may be in the form of a Performance Unit Award. The terms, conditions and limitations applicable to a
Performance Unit Award, including, but not limited to, the Restriction Period and the right to Dividend Equivalents, if any, shall be determined by the Committee. Each Performance Unit shall have an initial value that is established by the Committee
on the Grant Date. Subject to the terms of this Plan, after the applicable performance period has ended, the Participant shall be entitled to receive settlement of the value and number of Performance Units earned by the Participant over the
performance period, to be determined as a function of the extent to which the corresponding performance goals have been achieved. Settlement of earned Performance Units shall be as determined by the Committee and as evidenced in an Award Agreement.
Subject to the terms of this Plan, the Committee, in its sole discretion, may settle earned Performance Units in the form of cash or by the allotment and issuance, transfer or delivery of Shares (or in a combination thereof) equal to the value of
the earned Performance Units as soon as practicable after the end of the performance 



  
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period and following the Committee’s determination of actual performance against the performance measures and related goals established by the Committee; provided, however, that a
Performance Unit Award that may be settled all or in part by the allotment and issuance, transfer, or delivery of Shares shall be subject to the minimum Restriction Period and performance period requirements (except as provided in Paragraph 8(b) or
to the extent any such Award is counted against the 10% of Shares as to which such requirements do not apply) and any other applicable requirements described in this Paragraph 8(a). In relation to a Performance Unit Award, an Award holder may be
required by or pursuant to procedures of the Committee, in its discretion, to pay the nominal value of any Shares awarded hereunder, and the provisions of Paragraph 10 (relating to the payment of the Exercise Price of Options) shall apply to such
Performance Unit Award mutatis mutandis in respect of any applicable payment of nominal value. 

  

	 	(vi)	Cash Awards. An Award may be in the form of a Cash Award. The terms, conditions and limitations applicable to a Cash Award, including, but not limited to, vesting or other restrictions, shall be determined by the
Committee in accordance with this Plan. 

  

	 	(vii)	Performance Awards. Without limiting the type or number of Awards that may be made under the other provisions of this Plan, an Award may be in the form of a Performance Award. The terms, conditions and
limitations applicable to an Award that is a Performance Award shall be determined by the Committee. The Committee shall set Performance Goals in its discretion which, depending on the extent to which they are met, will determine the value and/or
amount of Performance Awards that will be paid out to the Participant and/or the portion of an Award that may be exercised. 

  

	 	(A)	Nonqualified Performance Awards. Performance Awards granted to Employees that are not intended to qualify as qualified performance-based compensation under Section 162(m) of the Code shall be based on
achievement of such Performance Goals and be subject to such terms, conditions and restrictions as the Committee or its delegate shall determine. 

  

	 	(B)	 Qualified Performance Awards. Performance Awards granted to Employees under this Plan that are intended to qualify as qualified
performance-based compensation under Section 162(m) of the Code (“Qualified Performance Awards”) shall be paid, vested or otherwise deliverable solely on account of the attainment of one or more pre-established, objective Performance
Goals established by the Committee prior to the earlier to occur of (1) 90 days after the commencement of the period of 



  
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service to which the Performance Goal relates and (2) the lapse of 25% of the period of service (as scheduled in good faith at the time the goal is established), and in any event while the
outcome is substantially uncertain. A Performance Goal is objective if a third party having knowledge of the relevant facts could determine whether the goal is met. One or more of such goals may apply to the Employee, one or more business units,
divisions or sectors of the Company, or the Company as a whole, and if so desired by the Committee, by comparison with a peer group of companies. A Performance Goal shall include one or more of the following: 


 

	 	•	 	revenue and income measures (which include various revenue, gross margin, income from operations, net income, net sales, earnings per share, earnings before interest, taxes, depreciation and amortization
(“EBITDA”), earnings before interest and taxes (“EBIT”) and economic value added (“EVA”) measures; 

  

	 	•	 	expense measures (which include various costs of goods sold, selling, finding and development costs, operating and maintenance expenses, general and administrative expenses and overhead costs measures);


  

	 	•	 	operating measures (which include various productivity, total costs, operating income, funds from operations, cash from operations, after-tax operating income, market share, margin, sales volumes, availability,
commercial capacity factor and total margin capture factor measures); 

  

	 	•	 	cash flow measures (which include various net cash flow from operating activities and working capital, adjusted cash flow and free cash flow measures); 


 

	 	•	 	liquidity measures (which include various earnings before or after the effect of certain items such as interest, taxes, depreciation and amortization measures); 


 

	 	•	 	leverage measures (which include various debt-to-equity ratio, gross debt and net debt measures); 


  
 13 








	 	•	 	market measures (which include various market share, stock price, growth measure, total shareholder return and market capitalization measures); 


 

	 	•	 	return measures (which include various return on equity, return on assets and return on invested capital measures); 

  

	 	•	 	corporate value measures (which include various compliance, safety, environmental and personnel measures); and 

  

	 	•	 	other measures such as those relating to mergers, acquisitions, dispositions, or similar transactions, or to customer satisfaction. 

  


	 	  	 Unless otherwise stated, such a Performance Goal need not be based upon an increase or positive result under a particular business criterion and could
include, for example, maintaining the status quo or limiting economic losses (measured, in each case, by reference to specific business criteria). In interpreting Plan provisions applicable to Qualified Performance Awards, it is the intent of this
Plan to conform with the standards of Section 162(m) of the Code and Treasury Regulation § 1.162-27(e)(2)(i), as to grants to Covered Employees and the Committee in establishing such goals and interpreting this Plan shall be guided by such
provisions. Prior to the payment of any compensation based on the achievement of Performance Goals applicable to Qualified Performance Awards, the Committee must certify in writing that applicable Performance Goals and any of the material terms
thereof were, in fact, satisfied. For this purpose, approved minutes of the Committee meeting in which the certification is made shall be treated as such written certification. Subject to the foregoing provisions, the terms, conditions and
limitations applicable to any Qualified Performance Awards made pursuant to this Plan shall be determined by the Committee. The Committee may provide in any such Performance Award that any evaluation of performance may include or exclude any of the
following events that occurs during a Performance Period: (a) asset write-downs, (b) litigation or claim judgments or settlements, (c) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting
reported results, (d) any reorganization and 



  
 14 








	 	
restructuring programs, (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of financial
condition and results of operations appearing in the Company’s annual report to shareholders for the applicable year, (f) acquisitions or divestitures, (g) foreign exchange gains and losses, (h) unrealized gains and losses on
energy derivatives, (i) settlement of hedging activities, and (j) gains and losses from asset sales and emission and exchange allowance sales. 

  

	 	(C)	Adjustment of Performance Awards. Awards that are intended to qualify as Performance Awards may not be adjusted upward (such that the amount that would otherwise be payable shall be increased). The Committee may
retain the discretion to adjust such Performance Awards downward (such that the amount that would otherwise be payable shall be decreased), either on a formula or discretionary basis or any combination, as the Committee determines.


 (b) EMA Awards for Transferred Employees. As soon as practicable, with effect as of the Distribution Date, the
Committee shall grant EMA Awards to Transferred Employees whose Noble Awards were cancelled (“Cancelled Awards”) pursuant to the Employee Matters Agreement. EMA Awards shall be Restricted Stock Unit Awards, and such Awards to any
Transferred Employee may include Awards that are in the form of Performance Awards, and in certain circumstances Cash Awards or Stock Awards. 
  

	 	(i)	EMA Awards Generally. The number of Shares subject to a EMA Award granted to a Transferred Employee shall be the number of shares of Noble Shares covered by the related Noble Award that was cancelled as a
Cancelled Award pursuant to the Employee Matters Agreement, multiplied by the Paragon Price Ratio as defined in the Employee Matters Agreement. Each such EMA Award shall vest on the date that the related Cancelled Award would have vested and shall
terminate under the same circumstances that applied to the Cancelled Award, except that any condition related to termination of a Participant’s employment with Noble or its subsidiaries or related to a determination by the committee charged
with administration of the Noble Plan shall be based on an otherwise identical condition related to the termination of a Participant’s employment with the Company or a determination by the Committee under this Plan, respectively. The minimum
Restriction Period shall not apply to EMA Awards, and such Awards shall not count against the 10% of Shares as to which such requirements do not apply. If dividend equivalent rights under the Noble Plan extended to the Cancelled Award, then Dividend
Equivalent Rights under this Plan shall be extended to the EMA Awards. If different vesting dates or other terms or conditions apply to different classes of Cancelled Awards, the foregoing provisions shall apply separately to each such class.



  
 15 








	 	(ii)	EMA Performance Awards. Except as otherwise provided in subparagraph (iii), the EMA Award with respect to the portion of a Noble Award that was a Performance Award under the Noble Plan and was cancelled as a
Cancelled Award under the Employee Matters Agreement shall be subject to the provisions of subparagraph (i) as modified by this subparagraph (ii). Any condition relating to a performance goal established under the Noble Plan shall be replaced
by a Performance Goal under this Plan established by the Committee in its discretion. Such Performance Goal shall generally meet the requirements of Paragraph 8(a)(vii), except that requirement for a minimum performance period of one year shall not
apply; provided that the performance period will end no earlier than the date the performance period would have ended under the Cancelled Award. 

  

	 	(iii)	2012 PVRSU Grant. In the case of an EMA Award in respect of a 2012 Performance Vested Restricted Stock Unit grant under the Noble Plan (“2012 PVRSU Grant”), a bonus, if earned, shall be payable by
Paragon with respect the portion of such 2012 PVRSU Grant that was cancelled as a Cancelled Award under the Employee Matters Agreement. If earned, the amount of such bonus shall equal the value of the Noble ordinary shares that would have otherwise
been issued with respect to the cancelled portion of such 2012 PVRSU Grant, if the cancelled portion had remained in effect. The form of the bonus may, in the Committee’s discretion, be paid in cash or Shares. The bonus shall be earned if Noble
satisfies the performance metrics that apply to its 2012 PVRSU Grants. 

  

	 	(iv)	Dividend Equivalent Matters. To the extent a dividend equivalent payment would have otherwise been paid by Noble after the Distribution Date for the third quarter of 2014 with respect to a Cancelled Award had
such Cancelled Award remained in effect, a Cash Award that may or may not be subject to an Award Agreement shall be provided to the Transferred Employee who held such Cancelled Award. To the extent the Cancelled Award relates to a 2012 PVRSU Grant,
the foregoing shall also apply to the dividend equivalent payment that would have otherwise been paid by Noble after the Distribution Date for the fourth quarter of 2014 with respect to such Cancelled Award had such Cancelled Award remained in
effect. The amount of the Cash Award shall equal the dividend equivalent payment that would have otherwise been paid by Noble with respect to such Cancelled Award, and shall be paid on or about the time the dividend equivalent payment would have
otherwise been made by Noble had such Cancelled Award remained in effect. 


  
 16 








	 	(v)	Interpretation. This Paragraph 8(b) is intended to provide for compliance with the Company’s obligations with respect to outstanding Noble Awards as set forth in the Employee Matters Agreement and shall, to
the extent possible, be interpreted in a manner consistent with that intention. Notwithstanding the defined terms herein, the defined terms relating to the EMA Awards shall be those terms set forth in the Noble Plan, (which terms are incorporated by
reference) at the time the EMA Awards are established, it being understood that such terms shall when applicable and when appropriate relate to the Company rather than Noble. 


9. Award Payment; Dividends and Dividend Equivalents. 

(a) General. Payment of Awards by the Company (or Trustee, as applicable) may be made in the form of cash or by the allotment
and issuance, transfer of delivery of Shares (in book-entry or certificated form), or a combination thereof, and may include such restrictions as the Committee shall determine, including, but not limited to, in the case of Shares, restrictions on
transfer and forfeiture provisions. For a Restricted Stock Award, the certificates evidencing the shares of such Restricted Stock (to the extent that such shares are so evidenced) shall contain appropriate legends and restrictions that describe the
terms and conditions of the restrictions applicable thereto. For a Restricted Stock Unit Award that may be settled by the allotment and issuance, transfer or delivery of Shares, the Restricted Stock Units shall be evidenced by book entry
registration or in such other manner as the Committee may determine.  
 (b) Dividends and Dividend Equivalents. Rights
to (1) dividends will be extended to and made part of any Restricted Stock Award and (2) Dividend Equivalents may be extended to and made part of any Restricted Stock Unit Award and Performance Unit Award, subject in each case to such
terms, conditions and restrictions as the Committee may establish as set forth in the Award Agreement thereto. Dividends and/or Dividend Equivalents shall not be made part of any Options or SARs. 

10. Option Exercise. The Exercise Price shall be paid in full at the time of exercise in cash or, if permitted by the Committee
and elected by the Participant, the Participant may purchase such shares by means of surrendering, or otherwise forfeiting or surrendering the right to require the Company to allot and issue, transfer, or deliver Shares with respect to which the
Option is being exercised, or tendering Shares, valued at Fair Market Value on the date of exercise, or any combination of the foregoing methods, or otherwise entering into arrangements to pay the Exercise Price in a form acceptable to the Company.
The Committee, in its sole discretion, shall determine acceptable methods for Participants to tender Shares, including tender by attestation of shares held by a broker. The Committee may provide for procedures to permit the exercise or purchase of
such Awards by use of the proceeds to be received from the sale of Shares issuable pursuant to an Award (including cashless exercise procedures approved by the Committee involving a broker or dealer approved by the Committee). The Committee may
adopt additional rules and procedures regarding the exercise of Options from time to time, provided that such rules and procedures are not inconsistent with the provisions of this Paragraph 10. 

  
 17 







 11. Taxes. The Company shall have the right to require payment of applicable taxes,
social security obligations and pension plan obligations (or similar charges) as a condition to settlement of any Award. The amount determined by the Committee to be due upon the grant or vesting of any Award, or at any other applicable time, shall
be paid in full at the time of exercise in cash or, if permitted by the Committee and elected by the Participant, the Participant may arrange for such payment by means of surrendering, or otherwise forfeiting or surrendering the right to require the
Company to allot and issue, transfer, or deliver Shares with respect to the Award, or tendering Shares, valued at Fair Market Value on the date of exercise, or any combination of the foregoing methods, or otherwise entering into arrangements to pay
the withholding amount in a form acceptable to the Company. The Committee may take or require such other action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes and other charges;
provided, however, that the number of Shares a Participant surrenders, or as to which a Participant otherwise forfeits or surrenders the right to require the Company to allot and issue, transfer, or deliver Shares, must equal in Fair Market
Value no more than the required minimum withholding taxes. If Shares subject to the Award are used as set forth above to satisfy tax or other withholding, such shares shall be valued based on the Fair Market Value on the date as of which the amount
tax withholding is determined. Other Shares tendered to pay taxes will be valued based on the Fair Market Value on the date received by the Company. 

12. Amendment, Modification, Suspension or Termination. The Board may amend, modify, suspend or terminate this Plan (and the
Committee may amend an Award Agreement) for the purpose of meeting or addressing any changes in legal requirements or for any other purpose permitted by law, except that (1) no amendment or alteration that would adversely affect the rights of
any Participant under any Award previously granted to such Participant shall be made without the consent of such Participant and (2) no amendment or alteration shall be effective prior to its approval by the shareholders of the Company to the
extent shareholder approval is otherwise required by applicable legal requirements or the requirements of the securities exchange on which the Company’s stock is listed, including any amendment that expands the types of Awards available under
this Plan, materially increases the number of Shares available for Awards under this Plan, materially expands the classes of persons eligible for Awards under this Plan, materially extends the term of this Plan, materially changes the method of
determining the Exercise Price of Options, deletes or limits any provisions of this Plan that prohibit the repricing of Options or SARs, or decreases any minimum vesting requirements for any Stock Award (except to the extent any Award affected by
any such modification is counted against the 10% of Shares as to which such requirements do not apply). 
 13. Assignability.
Unless otherwise determined by the Committee and expressly provided for in an Award Agreement, no Award or any other benefit under this Plan shall be assignable or otherwise transferable except (1) by will or the laws of descent and
distribution or (2) pursuant to a domestic relations order issued by a court of competent jurisdiction that is not contrary to the terms and conditions of this Plan or applicable Award and in a form acceptable to the Committee. The Committee
may prescribe and include in applicable Award Agreements other restrictions on transfer. Any attempted assignment of an Award or any other benefit under this Plan in violation of this Paragraph 13 shall be null and void. Notwithstanding the
foregoing, no Award may be transferred for value or consideration. 

  
 18 







 14. Adjustments. 

(a) No Limit on Corporate Power. The existence of outstanding Awards shall not affect in any manner the right or power of the
Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the Shares) or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business,
or any other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above. 

(b) Adjustments. If at any time while the Plan is in effect there shall be any increase or decrease in the number of allotted
and issued and outstanding Shares of the Company effected without receipt of consideration therefor by the Company, through the declaration of a dividend in Shares or through any recapitalization, amalgamation, merger, demerger or conversion or
otherwise in which the Company is the surviving corporation, resulting in a split-up, combination or exchange of Shares of the Company, then and in each such event: 

(i) An appropriate adjustment shall be made in the maximum number of Shares then subject to being optioned or awarded under the
Plan, to the end that the same proportion of the Company’s allotted and issued and outstanding Shares shall continue to be subject to being so optioned and awarded; 

(ii) An appropriate adjustment shall be made in the Stock-Based Award Limitations, to the end that the Stock-Based Award
Limitations shall apply to the same proportion of the Company’s allotted and issued and outstanding Shares; 
 (iii)
Appropriate adjustment shall be made (i) in the number of Shares and the exercise price per Share thereof then subject to purchase pursuant to each Option or Stock Appreciation Right previously granted and then outstanding, to the end that the
same proportion of the Company’s allotted and issued and outstanding Shares in each such instance shall remain subject to purchase at the same aggregate exercise price; and (ii) in the number of Shares then subject to each Stock Award
previously awarded and then outstanding, to the end that the same proportion of the Company’s allotted and issued and outstanding Shares in each such instance shall remain subject to allotment and issuance, transfer or delivery in settlement of
such award; 
 (iv) In the case of Incentive Options, any such adjustments shall in all respects satisfy the requirements of
Section 424(a) of the Code and the Treasury regulations and other guidance promulgated thereunder. 
 (c) Actions not Triggering
Adjustments. Except as is otherwise expressly provided herein, the allotment and issuance by the Company of shares of its capital securities of any class, or securities convertible into shares of capital securities of any class, either in
connection with a direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the number of or option price of Shares then subject to outstanding Options or the number of Shares then subject to outstanding awards of Restricted Stock Units. 

  
 19 







 (d) Certain Corporate Transactions. In the event of a corporate merger, consolidation,
acquisition of property or stock, separation, reorganization or liquidation, the Committee may make such adjustments to Awards or other provisions for the disposition of Awards as it deems equitable, and shall be authorized, in its discretion,
(1) to provide for the substitution of a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Committee determines) for an Award or the assumption of the Award, regardless of whether in a
transaction to which Section 424(a) of the Code applies, (2) to provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the Award and, if the transaction is a
cash merger, provide for the termination of any portion of the Award that remains unexercised at the time of such transaction, or (3) to cancel any such Awards and to deliver to the Participants cash in an amount that the Committee shall
determine in its sole discretion is equal to the fair market value of such Awards on the date of such event, which in the case of Options or Stock Appreciation Rights shall be the excess of the Fair Market Value of Shares on such date over the
Exercise Price of such Award. 
 (e) Section 409A. No adjustment or substitution pursuant to this Paragraph 14 shall be made in
a manner that results in noncompliance with the requirements of Section 409A of the Code, to the extent applicable. 
 15.
Restrictions. No Shares or other form of payment shall be allotted and issued, transferred, or delivered with respect to any Award unless the Company shall be satisfied based on the advice of its counsel that such allotment and
issuance, transfer, or delivery will be in compliance with applicable federal and state securities laws. Certificates evidencing Shares delivered under this Plan (to the extent that such shares are so evidenced) may be subject to such stop transfer
orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or transaction reporting system upon which the Shares is then
listed or to which it is admitted for quotation and any applicable federal or state securities law. The Committee may cause a legend or legends to be placed upon such certificates (if any) to make appropriate reference to such restrictions. The
Committee may, in its discretion, condition the Company’s obligation to allot and issue, transfer or deliver Shares under the Plan upon its receipt from the person to whom such Shares are to be allotted and issued, transferred or delivered of
an executed investment letter containing such representations and agreements as the Company may determine to be necessary or advisable in order to enable the Company to allot, issue, transfer or deliver such Shares to such person in compliance with
the Securities Act of 1933 and other applicable federal, state or local securities laws or regulations. 
 16. Unfunded Plan.
This Plan is unfunded. Although bookkeeping accounts may be established with respect to Participants who are entitled to cash, Shares or rights thereto under this Plan, any such accounts shall be used merely as a bookkeeping convenience. The Company
shall not be required to segregate any assets that may at any time be represented by cash, Shares or rights thereto, nor shall this Plan be construed as providing for such segregation, nor shall the Company, the Board or the Committee be deemed to
be a trustee of any cash, 

  
 20 







 
Shares or rights thereto to be granted under this Plan. Any liability or obligation of the Company to any Participant with respect to an Award of cash, Shares or rights thereto under this Plan
shall be based solely upon any contractual obligations that may be created by this Plan and any Award Agreement, and no such liability or obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of
the Company. None of the Company, the Board or the Committee shall be required to give any security or bond for the performance of any obligation that may be created by this Plan. With respect to this Plan and any Awards granted hereunder,
Participants are general and unsecured creditors of the Company and have no rights or claims except as otherwise provided in this Plan or any applicable Award Agreement. 

17. Section 409A of the Code. 

(a) Intention to Comply. Awards made under this Plan are intended to comply with or be exempt from Section 409A of the
Code, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for an Award if such action would result in the imposition of taxes
under Section 409A of the Code. Notwithstanding anything in this Plan to the contrary, if any Plan provision or Award under this Plan would result in the imposition of an additional tax under Section 409A of the Code, that Plan provision
or Award shall be reformed, to the extent permissible under Section 409A of the Code, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect the Participant’s rights to an Award.  

(b) Unit and Cash Awards. Unless the Committee provides otherwise in an Award Agreement, each Restricted Stock Unit Award,
Performance Unit Award or Cash Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled no later than the 15th day of the third month after the end of the first calendar year in which the Award (or such portion
thereof) is no longer subject to a “substantial risk of forfeiture” within the meaning of Section 409A of the Code. If the Committee determines that a Restricted Stock Unit Award, Performance Unit Award or Cash Award is intended to be
subject to Section 409A of the Code, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Section 409A of the Code. 

(c) Specified Employees. If the Participant is identified by the Company as a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Code on the date on which the Participant has a “separation from service” (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any Award payable or settled on account
of a separation from service that is deferred compensation subject to Section 409A of the Code shall be paid or settled on the earliest of (1) as soon as practicable after, but in no event more than ten days after, the first business day
following the expiration of six months from the Participant’s separation from service, (2) as soon as practicable after the date of the Participant’s death, or (3) such earlier date as complies with the requirements of
Section 409A of the Code. 
 18. Awards to Foreign Nationals and Employees Outside the United States. The Committee may,
without amending this Plan, (1) establish special rules applicable to Awards granted to Participants who are foreign nationals, are employed or otherwise providing services outside the United States, or both, including rules that differ from
(but do not enlarge on) those set forth in this Plan, and (2) grant Awards to such Participants in accordance with those rules. 

  
 21 







 19. Governing Law. This Plan and all determinations made and actions taken pursuant
hereto, shall be undertaken by application of the laws of the State of Texas, except to the extent Texas law is preempted by Federal law of the United States, or the laws of England and Wales. 

20. Right to Continued Service or Employment. Nothing in this Plan or an Award Agreement shall interfere with or limit in any
way the right of the Company or any of its Subsidiaries to terminate any Participant’s employment, or other service relationship with the Company or its Subsidiaries at any time, nor confer upon any Participant any right to continue in the
capacity in which he is employed or otherwise serves the Company or its Subsidiaries. 
 21. Rights of Third Parties. It is
not intended that any of the terms of this Plan should be enforceable by any third party pursuant to the UK Contract (Rights of Third Parties) Act 1999. 

22. Consent to Holding and Processing of Personal Data. By participating in the Plan, participants give their consent to the
holding and processing of data relating to them (including personal data) in relation to and as a consequence of the Plan and to the disclosure of data (even outside the European Economic Area) to their employer, or any Subsidiary, Trustee, to any
possible purchaser of their employer or their employer’s business or of any Subsidiary or the Company and their respective advisors in relation to the Plan. 

23. Term. Unless previously terminated, the Plan shall terminate and no additional Awards may be granted on the expiration of 10
years after the August 1, 2014, Effective Date of the Plan. The Plan shall continue in effect with respect to Awards granted before termination of the Plan and until such Awards have been settled, terminated or forfeited. 

24. Usage. Words used in this Plan in the singular shall include the plural and in the plural the singular, and the gender of
words used shall be construed to include whichever may be appropriate under any particular circumstances of the masculine, feminine or neuter genders. 

25. Headings. The headings in this Plan are inserted for convenience of reference only and shall not affect the meaning or
interpretation of this Plan. 

  
 22 







 ATTACHMENT A 

DEFINITION OF 
 CHANGE IN
CONTROL 
 For purposes of this Plan, a “Change in Control” shall be deemed to have occurred upon the occurrence of any
of the following events: 
 (i) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either (A) the then outstanding registered Shares of the Company (the “Outstanding
Shares”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); provided, however, that for
purposes of this subparagraph (c)(i) the following acquisitions shall not constitute a Change in Control: (w) any acquisition directly from the Company (excluding an acquisition by virtue of the exercise of a conversion privilege), (x) any
acquisition by the Company, (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any company controlled by the Company, or (z) any acquisition by any corporation pursuant to a
reorganization, merger, amalgamation or consolidation, if, following such reorganization, merger, amalgamation or consolidation, the conditions described in clauses (A), (B) and (C) of subparagraph (iii) of this definition are
satisfied; or 
 (ii) individuals who, as of the date of this Agreement, constitute the Board (the “Incumbent Board”) cease for
any reason to constitute a majority of such Board; provided, however, that any individual becoming a director of the Company subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by
a vote of a majority of the directors of the Company then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of either an actual or threatened election contest or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

(iii) consummation of a reorganization, merger, amalgamation or consolidation of the Company, with or without approval by the shareholders of
the Company, in each case, unless, following such reorganization, merger, amalgamation or consolidation, (A) more than 50% of, respectively, the then outstanding shares of common stock (or equivalent security) of the company resulting from such
reorganization, merger, amalgamation or consolidation and the combined voting power of the then outstanding voting securities of such company entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly,
by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Shares and Outstanding Voting Securities immediately prior to such reorganization, merger, amalgamation or consolidation in
substantially the same proportions as their ownership, immediately prior to such reorganization, merger, amalgamation or consolidation, of the Outstanding Shares and Outstanding Voting Securities, as the case may be, (B) no Person (excluding
the Company, any employee benefit plan (or related trust) of the 

  
 A-1 







 
Company or such company resulting from such reorganization, merger, amalgamation or consolidation, and any Person beneficially owning, immediately prior to such reorganization, merger,
amalgamation or consolidation, directly or indirectly, 25% or more of the Outstanding Shares or Outstanding Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25% or more of, respectively, the then outstanding shares
of common stock (or equivalent security) of the company resulting from such reorganization, merger, amalgamation or consolidation or the combined voting power of the then outstanding voting securities of such company entitled to vote generally in
the election of directors, and (C) a majority of the members of the board of directors of the company resulting from such reorganization, merger, amalgamation or consolidation were members of the Incumbent Board at the time of the execution of
the initial agreement providing for such reorganization, merger, amalgamation or consolidation; or 
 (iv) consummation of a sale or other
disposition of all or substantially all the assets of the Company, with or without approval by the shareholders of the Company, other than to a corporation, with respect to which following such sale or other disposition, (A) more than 50% of,
respectively, the then outstanding shares of common stock (or equivalent security) of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of
directors is then beneficially owned, directly or indirectly, by all or substantially all the individuals and entities who were the beneficial owners, respectively, of the Outstanding Shares and Outstanding Voting Securities immediately prior to
such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Shares and Outstanding Voting Securities, as the case may be, (B) no Person
(excluding the Company, any employee benefit plan (or related trust) of the Company or such corporation, and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 25% or more of the Outstanding
Shares or Outstanding Voting Securities, as the case may be) beneficially owns, directly or indirectly, 25% or more of, respectively, the then outstanding shares of common stock (or equivalent security) of such corporation or the combined voting
power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors, and (C) a majority of the members of the board of directors of such corporation were members of the Incumbent Board at
the time of the execution of the initial agreement or action of the Board providing for such sale or other disposition of assets of the Company; or 

(v) approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding the foregoing, or anything to the contrary set forth herein, a transaction or series of related transactions will not be
considered to be a Change in Control if (i) the Company becomes a direct or indirect wholly owned subsidiary of a holding company and (ii) (A) immediately following such transaction(s), the then outstanding shares of common stock (or
equivalent security) of such holding company and the combined voting power of the then outstanding voting securities of such holding company entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly,
by all or substantially all the individuals and entities who were the beneficial owners, respectively, of the Outstanding Shares and Outstanding Voting Securities immediately prior to such transaction(s) in substantially the


  
 A-2 







 
same proportion as their ownership immediately prior to such transaction(s) of the Outstanding Shares and Outstanding Voting Securities, as the case may be, or (B) the shares of Outstanding
Voting Securities outstanding immediately prior to such transaction(s) constitute, or are converted into or exchanged for, a majority of the outstanding voting securities of such holding company immediately after giving effect to such
transaction(s). 
 Notwithstanding the foregoing, if an Award is subject to Section 409A of the Code, the definition of Change in
Control shall conform to the requirements of Section 409A(2)(A)(v) of the Code and the Treasury Regulations promulgated thereunder to the extent necessary to avoid the imposition of any tax by such Section 409A of the Code. 

  
 A-3 







 ATTACHMENT B 

PARAGON OFFSHORE PLC 

2014 EMPLOYEE OMNIBUS INCENTIVE PLAN 

Schedule relating to grants to employees of non-corporate Subsidiaries 

This Schedule sets out the terms and conditions of Awards granted to employees of entities which are non-corporate Subsidiaries of the Company. 

1. Awards may be granted or made in accordance with such provisions as would be applicable if the provisions of the Plan were here set out in full, subject to
the following condition. 
 2. The words: “provided that in the case of any entity that would otherwise fall within sub-paragraphs (1) or
(2) of this definition, it shall only be a “Subsidiary” if it is also a “subsidiary” within the meaning of Section 1159 of the UK Companies Act 2006” shall be deleted from the definition of “Subsidiary”.


  
 B-1