Document:

EX-10.5

 Exhibit 10.5 

NOBLE CORPORATION 
 1991
STOCK OPTION AND RESTRICTED STOCK PLAN 
 This 1991 Stock Option and Restricted Stock Plan (the “Plan”), made and executed by
Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (the “Company”), 
 WITNESSETH
THAT: 
 WHEREAS, pursuant to an Agreement and Plan of Merger, Reorganization and Consolidation (as amended, the “Prior Merger
Agreement”) dated as of December 19, 2008, by and among Noble Corporation, a Swiss corporation (“Noble Swiss”), Noble Corporation, a Cayman Islands company, and Noble Cayman Acquisition Ltd., a Cayman Islands company, on
March 27, 2009, Noble Swiss assumed and became the plan sponsor of the Noble Corporation 1991 Stock Option and Restricted Stock Plan; and 

WHEREAS, pursuant to Section 3.3 of the Merger Agreement, dated June 30, 2013, between Noble Swiss and Noble Corporation Limited, a
company registered in England and Wales (and predecessor to the Company) (the “Merger Agreement”) the Company shall assume, as of the Effective Time (as defined therein) certain Awards outstanding under the Stock Plans (as defined
therein), including the Plan, as provided in and subject to such Section 3.3; and 
 WHEREAS, pursuant to Section 5.2 of the
Merger Agreement, the Company shall assume, as of the Effective Time, the Assumed Plans (as defined therein), including the Plan, and such plans became plans of the Company; and 

WHEREAS, the Company desires to amend, restate, and continue the Plan, effective as of the Effective Time, to reflect the Merger Agreement and
the assumption of the Plan and to provide for certain other changes; 
 NOW, THEREFORE, pursuant to the provisions of Section 15 of the
Plan, and subject to the provisions of Section 14 of the Plan and the provisions set forth below, the Plan is hereby amended and restated in its entirety to read as follows: 

Section 1. Purpose 

The purpose of this Plan is to assist the Company in attracting and retaining, as officers and key employees of the Company and its Affiliates,
persons of training, experience and ability and to provide such persons with additional performance incentives and more closely align the interests of such persons with those of the shareholders of the Company. The Plan is therefore being adopted as
of the Effective Time as an employees’ share scheme for the purposes of Section 1166 of the UK Companies Act 2006. 

 Section 2. Definitions 

Unless the context clearly indicates otherwise, when used in this Plan: 

(a) “Affiliate” means any corporation or other type of entity in a chain of corporations or other entities in which
each corporation or other entity has a controlling interest in another corporation or other entity in the chain, starting with the Company and ending with the corporation or other entity that has a controlling interest in the corporation or other
entity for which the Employee provides direct services. For purposes of this Affiliate definition, the term “controlling interest” has the same meaning as provided in Treasury Regulation section 1.414(c)-2(b)(2)(i), except that the phrase
“more than 50 percent” shall be used instead of the phrase “at least 80 percent” in each place the phrase “at least 80 percent” appears in Treasury Regulation section 1.414(c)-2(b)(2)(i). 

(b) “Agreement” means the written agreement (i) between the Company and an Optionee evidencing an Option and any
SARs that relate to such Option granted by the Company and the understanding of the parties with respect thereto, or (ii) between the Company and a recipient of a Restricted Stock award, a Restricted Stock Units award, a Cash Award or a
Performance Award evidencing the restrictions, terms and conditions applicable to such award and the understanding of the parties with respect thereto. 

(c) “Board” means the Board of Directors of the Company as the same may be constituted from time to time. 

(d) “Cash Award” means a Cash Award awarded under and pursuant to Section 22 of the Plan. 

(e) “Change in Control” means: 

(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 Parent
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 Parent 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 Section 2(e) 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 

  
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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 Parent Shares and Outstanding Parent 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 Parent Shares and Outstanding Parent 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 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 Parent Shares or Outstanding Parent 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 

  
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beneficially owned, directly or indirectly, by all or substantially all the individuals and entities who were the beneficial owners, respectively, of the Outstanding Parent Shares and Outstanding
Parent 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 Parent Shares and Outstanding Parent 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 Parent Shares or Outstanding Parent 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 Parent Shares and Outstanding Parent Voting Securities immediately prior to such transaction(s) in substantially the same
proportion as their ownership immediately prior to such transaction(s) of the Outstanding Parent Shares and Outstanding Parent Voting Securities, as the case may be, or (B) the shares of Outstanding Parent 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). 

(f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Committee” means the Committee provided for in Section 3 of the Plan as the same may be constituted from
time to time. 
 (h) “Company” means Noble Corporation plc, a public limited company incorporated under the laws of
England and Wales, and its successors. 

  
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 (i) “Corporate Transaction” shall have the meaning as defined in
Section 8 of the Plan. 
 (j) “Disability” means the termination of an employee’s employment with the
Company or an Affiliate because of a medically determinable physical or mental impairment (i) that prevents the employee from performing his employment duties in a satisfactory manner and is expected either to result in death or to last for a
continuous period of not less than twelve months as determined by the Committee, or (ii) for which the employee is eligible to receive disability income benefits under a long-term disability insurance plan maintained by the Company or an
Affiliate. 
 (k) “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 Affiliates or certain of their relatives. 
 (l) “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 (m) “Fair Market Value” means the fair market
value per Share determined as follows: (i) if a Share is listed or admitted to trading on a securities exchange registered under the Exchange Act, the Fair Market Value per Share shall be the average of the reported high and low sales price on
the date in question (or if there was no reported sale on such date, on the last preceding date on which any reported sale occurred) on the principal securities exchange on which such Share is listed or admitted to trading, or (ii) if a Share
is not listed or admitted to trading on any such exchange or any similar system then in use, the Fair Market Value per Share shall be the average of the closing high bid and low asked quotations as reported on an inter-dealer quotation system for
such Share on the date in question, or (iii) if neither (i) nor (ii) applies, the Fair Market Value per Share shall be determined in good faith by the Committee in accordance with any applicable requirements of Section 409A or
422 of the Code. 
 (n) “Immediate Family Members” means the spouse, former spouse, children (including
stepchildren) or grandchildren of an individual. 
 (o) “Incentive Option” means an Option that is intended to
satisfy the requirements of Section 422(b) of the Code. 
 (p) “Non-Employee Director” means a director of the
Company who satisfies the definition thereof under Rule 16b-3 promulgated under the Exchange Act. 
 (q) “Nonqualified
Option” means an Option that does not qualify as a statutory stock option under Section 422 or 423 of the Code. 

(r) “Option” means an option to purchase one or more Shares granted under and pursuant to the Plan. 

(s) “Optionee” means a person who has been granted an Option and who has executed an Agreement with the Company. 

  
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 (t) “Outside Director” means a director of the Company who is an
outside director within the meaning of Section 162(m) of the Code and the regulations promulgated thereunder. 
 (u)
“Performance Award” means any Restricted Stock award, Restricted Stock Unit award or Cash Award that has been designated at the time of award as a Performance Award in accordance with the provisions of Section 23 of the Plan. 

(v) “Plan” means the Noble Corporation 1991 Stock Option and Restricted Stock Plan, as amended and restated effective
as of the Effective Time as set forth in the Merger Agreement, as it may be amended from time to time. 
 (w)
“Restricted Stock” means Shares allotted and issued or transferred pursuant to Section 20 of the Plan. 
 (x)
“Restricted Stock Unit” means a Restricted Stock Unit awarded under and pursuant to Section 21 of the Plan that provides for the allotment and issuance, transfer or delivery of one Share upon the satisfaction of the terms, conditions
and restrictions applicable to such Restricted Stock Unit. 
 (y) “Retirement” means the termination of an
employee’s employment with the Company or an Affiliate 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 an Affiliate) 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 Affiliates (including continuous service with a predecessor employer that is taken into account pursuant to
an acquisition agreement) equals or exceeds 60. 
 (z) “SARs” means stock appreciation rights granted pursuant to
Section 7 of the Plan. 
 (aa) “Securities Act” means the Securities Act of 1933, as amended. 

(bb) “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. 
 (cc) “Trustee” means the trustee
or trustees for the time being of any Employee Trust. 
 Section 3. Administration 

The Plan shall be administered by, and the decisions concerning the Plan shall be made solely by, the Compensation Committee of the Board. The
Committee shall be comprised of two or more directors of the Company, each of whom shall be a Non-Employee Director and an Outside Director. Each member of the Committee shall be appointed by and shall serve at the pleasure of the Board. The Board
shall have the sole continuing authority to appoint members of the Committee. In making grants or awards, the Committee shall take into consideration the contribution the person has made or may make to the success of the Company or its Affiliates
and such other considerations as the Board may from time to time specify. 

  
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 The Committee shall hold its meetings at such times and at such places as it may determine. A
majority of the members of the Committee shall constitute a quorum. All decisions and determinations of the Committee shall be made by the majority vote or decision of the members present at any meeting at which a quorum is present; provided,
however, that any decision or determination reduced to writing and signed by all members of the Committee shall be as fully effective as if it had been made by a majority vote or decision at a meeting duly called and held. The Committee may appoint
a secretary (who need not be a member of the Committee) who shall keep minutes of its meetings. The Committee may make any rules and regulations for the conduct of its business that are not inconsistent with the express provisions of the Plan, the
articles of association or by-laws of the Company or any resolutions of the Board. 
 All questions
of interpretation or application of the Plan, or of a grant or award of an Option and any SARs that relate to such Option, or of a Restricted Stock award, a Restricted Stock Units award, a Cash Award or a Performance Award, including questions of
interpretation or application of an Agreement, shall be subject to the determination of the Committee, which determination shall be final and binding upon all parties. 

Subject to the express provisions of the Plan, the Committee shall have the authority, in its sole and absolute discretion, (a) to adopt,
amend or rescind administrative and interpretive rules and regulations relating to the Plan; (b) to construe the Plan; (c) to make all other determinations necessary or advisable for administering the Plan; (d) to determine the terms
and provisions of the respective Agreements (which need not be identical), including provisions defining or otherwise relating to (i) the term and the period or periods and extent of exercisability of Options, (ii) the extent to which
transfer restrictions shall apply to Shares allotted and issued upon exercise of Options or any SARs that relate to such Options or in settlement of awards of Restricted Stock Units, (iii) the effect of termination of employment upon the
exercisability of Options, and (iv) the effect of approved leaves of absence (consistent with any applicable regulations of the Internal Revenue Service) upon the exercisability of Options; (e) to accelerate, regardless of whether the
Agreement so provides, (i) the time of exercisability of any Option and SAR that relates to such Option, (ii) the time of the lapsing of restrictions on any Restricted Stock award that is not a Performance Award, or (iii) the time of
the lapsing of restrictions on or for the vesting or payment of any Restricted Stock Units award or Cash Award that is not a Performance Award, provided that (iv) such acceleration does not subject the benefits payable under a Restricted Stock
Units award or Cash Award to the tax imposed by Section 409A of the Code, and (v) with respect to an Option and SAR that relates to such Option, a Restricted Stock award, a Restricted Stock Units award or a Cash Award that was granted or
awarded on or after February 6, 2010, such an acceleration shall be made only by reason of the death, Disability or Retirement of the person to whom such Option and SAR, Restricted Stock award, Restricted Stock Units award or Cash Award was
granted or awarded, or in connection with a Change in Control; (f) subject to Section 18 of the Plan, to amend any Agreement; provided that such amendment does not (i) adversely affect the Optionee or awardee under such Agreement in a
material way without the consent of such Optionee or awardee, or (ii) cause any benefit provided or payable under such Agreement that is intended to comply with or be exempt from Section 409A of the Code, or intended to be qualified
performance-based compensation within the 

  
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meaning of Treasury Regulation section 1.162-27(e), to fail to comply with or be exempt from Section 409A of the Code or to fail to be qualified performance-based compensation within the
meaning of Treasury Regulation section 1.162-27(e), respectively; (g) to construe the respective Agreements; and (h) to exercise the powers conferred on the Committee under the Plan. The Committee may correct any defect or supply any
omission or reconcile any inconsistency in the Plan in the manner and to the extent it shall deem expedient to carry it into effect, and it shall be the sole and final judge of such expediency. The determinations of the Committee on the matters
referred to in this Section 3 shall be final and conclusive. 
 In addition to the powers of the Committee specified elsewhere in the
Plan, the Committee may by resolution delegate its authority to make grants hereunder to a member of the Committee or to an executive officer of the Company (the “Representative”). The Representative shall, subject to the terms and
conditions specified by the Committee, have the authority to issue awards under the Plan to officers or key employees of the Company and its subsidiaries who are not subject to Section 16 of the Exchange Act. 

Section 4. Shares Subject to the Plan 

(a) The maximum number of Shares that may be allotted and issued, transferred or delivered pursuant to grants or awards made
under the Plan shall not exceed 50,100,000 Shares in the aggregate; the maximum number of Shares that may be allotted and issued, transferred or delivered on or after April 27, 2012, pursuant to Incentive Stock Options shall not exceed
5,200,000 Shares in the aggregate; and the maximum number of Shares for which Options and SARs may be granted, which may be allotted and issued as Restricted Stock, or which may be made subject to awards of Restricted Stock Units, to any one person
during any continuous five-year period shall not exceed 3,000,000 Shares in the aggregate; provided further that each such maximum number of Shares shall be increased or decreased as provided in Section 13 of the Plan. 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 subject to paragraph (f) below. 
 (b) At any time and from time to time, the Committee, pursuant to the
provisions herein set forth, may grant Options and any SARs that relate to such Options, and award Restricted Stock and Restricted Stock Units until the applicable maximum number of Shares shall be exhausted or the Plan shall be sooner terminated.

 (c) Shares subject to an Option that expires or terminates prior to exercise, and Shares that previously have been awarded
as Restricted Stock or made subject to an award of Restricted Stock Units that have since been forfeited, shall remain available for issuance pursuant to grants or awards made under the Plan. No Option shall be granted and no Restricted Stock or
Restricted Stock Units shall be awarded if the number of Shares for which Options have been granted, plus the number of Shares that have been awarded as Restricted Stock and the number of Shares that have been made subject to awards of Restricted
Stock Units, and which pursuant to this Section are not again available for grant or award would, if such Option were granted or such Restricted Stock or Restricted Stock Units were awarded, exceed 50,100,000 (as increased or decreased as provided
in Section 13 of the Plan). 

  
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 (d) No Shares 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 in accordance with the provisions of Section 11(c) of the Plan, 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 in accordance with the provisions of Section 19(c) of the Plan, shall be available after such tender, surrender,
forfeiture, withholding or delivery for the grant of Options or the award of Restricted Stock or Restricted Stock Units pursuant to the provisions of the Plan. 

(e) 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 paragraph (a) above (i.e., so as to avoid double counting). 

Section 5. Eligibility 

The persons who shall be eligible to receive grants of Options and any SARs that relate to such Options, and to receive Restricted Stock
awards, Restricted Stock Unit awards, Cash Awards and Performance Awards, shall be the employees (including officers who are employees) of the Company or one or more of its Affiliates. 

Section 6. Grant of Options 

(a) From time to time while the Plan is in effect, the Committee may, in its sole and absolute discretion, select from among
the persons eligible to receive a grant of Options under the Plan (including persons who have already received such grants of Options) such one or more of them as in the opinion of the Committee should be granted Options. The Committee shall
thereupon, likewise in its sole and absolute discretion, determine the number of Shares to be allotted for option to each person so selected. 

(b) Each person shall enter into an Agreement with the Company, in such form as the Committee may prescribe, setting forth the
terms and conditions of the Option. 
 (c) Each Agreement that includes SARs in addition to an Option shall comply with the
provisions of Section 7 of the Plan. 
 Section 7. Grant of SARs 

The Committee may from time to time grant SARs in conjunction with all or any portion of any Option either (i) at the time of the initial
Option grant (not including any subsequent modification that may be treated as a new grant of an Incentive Option for purposes of Section 424(h) of the Code), or (ii) with respect to Nonqualified Options, at any time after the initial
Option grant while the Nonqualified Option is still outstanding (provided that the grant of such SAR will not subject such Option or SAR or the related Shares to the tax imposed under Section 409A of the Code). SARs shall not be granted other
than in conjunction with an Option granted hereunder. 

  
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 SARs granted hereunder shall comply with the following conditions and also with the terms of the
Agreement governing the Option in conjunction with which they are granted: 
 (a) The SAR shall expire no later than the
expiration of the underlying Option. 
 (b) Upon the exercise of an SAR, the Optionee shall be entitled to receive payment
equal to the excess of the aggregate Fair Market Value of the Shares with respect to which the SAR is then being exercised (determined as of the date of such exercise) over the aggregate purchase price of such Shares as provided in the related
Option. Payment may be made in Shares, valued at their Fair Market Value on the date of exercise, or in cash, or partly in Shares and partly in cash, as determined by the Committee in its sole and absolute discretion. 

(c) SARs shall be exercisable (i) only at such time or times and only to the extent that the Option to which they relate
shall be exercisable, (ii) only when the Fair Market Value of the Shares subject to the related Option exceeds the purchase price of the Shares as provided in the related Option, and (iii) only upon surrender of the related Option or any
portion thereof with respect to the Shares for which the SARs are then being exercised. 
 (d) Upon exercise of an SAR, the
right to acquire a corresponding number of Shares subject to purchase under the related Option shall be canceled. Such canceled Shares shall be charged against the Shares reserved for the Plan, as provided in Section 4 of the Plan, as if the
Option had been exercised to such extent and shall not be available for future Option grants or awards of Restricted Stock or Restricted Stock Units hereunder. 

Section 8. Option Price 

The option price for each Share covered by an Incentive Option or a Nonqualified Option shall be equal to the Fair Market Value of such Share
at the time such Option is granted, but in relation to an Option comprising the right to subscribe for Shares, shall not be less than the nominal value of a Share. Notwithstanding the preceding, if the Company or an Affiliate agrees to substitute a
new Option under the Plan for an old Option, or to assume an old Option, by reason of a corporate merger, amalgamation, consolidation, acquisition of property or shares, separation, reorganization, or liquidation (any of such events being referred
to herein as a “Corporate Transaction”), the option price of the Shares covered by each such new Option or assumed Option may be other than the Fair Market Value of the Shares at the time the Option is granted as determined by reference to
a formula, established at the time of the Corporate Transaction, which will give effect to such substitution or assumption, provided, however, that in all events the requirements of Treasury Regulation section 1.424-1 (but in the case of a
Nonqualified Option, without regard to the requirement described in section 1.424-1(a)(2)) shall 

  
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be satisfied. In the case of an Incentive Option, in the event of a conflict between the terms of this Section 8 and the above cited statute, regulations and rulings, or in the event of an
omission in this Section 8 of a provision required by said laws, the latter shall control in all respects and are hereby incorporated herein by reference as if set out at length. 

Section 9. Option Period and Terms of Exercise 

(a) Each Option shall be exercisable during such period of time as the Committee may specify, but in no event for longer than
10 years from the date when the Option is granted; provided, however, that: 
 (i) All rights to exercise an Option and any
SARs that relate to such Option shall, subject to the provisions of subsection (b) of this Section 9, terminate six months after the date the Optionee ceases to be employed by at least one of the employers in the group of employers
consisting of the Company and its Affiliates, for any reason other than death, Disability or Retirement, except that, in the event of the termination of employment of the Optionee 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 Affiliates. 
 (ii) If the Optionee ceases to be
employed by at least one of the employers in the group of employers consisting of the Company and its Affiliates, by reason of his death, Disability or Retirement, all rights to exercise such Option and any SARs that relate to such Option shall,
subject to the provisions of subsection (b) of this Section 9, terminate five years thereafter. 
 (iii) The period
during which an Option may be exercised may be extended by the Committee or pursuant 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. 
 (b) In no event may an Option or any SARs that relate to such Option be exercised after the expiration of the
term thereof. 
 Section 10. Transferability of Options and SARs 

No Option or any SARs that relate to such Option shall be transferable, other than by will or the laws of descent and distribution, or the
rules thereunder, and may be exercised during the life of the Optionee only by the Optionee, except as otherwise provided herein below. Notwithstanding the foregoing, the Committee may, in its discretion, authorize all or a portion of any
Nonqualified Options and any related SARs to be granted to an Optionee to be on terms which permit transfer by such Optionee (i) by gift to the Immediate Family Members of such 

  
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Optionee, partnerships whose only partners are such Optionee or the Immediate Family Members of such Optionee, limited liability companies whose only shareholders or members are such Optionee or
the Immediate Family Members of such Optionee, and trusts established solely for the benefit of such Optionee or the Immediate Family Members of such Optionee, or (ii) to any other persons or entities in the discretion of the Committee;
provided, that (x) the Agreement pursuant to which such Nonqualified Options are granted must be approved by the Committee, and must expressly provide for transferability in a manner consistent with this Section 10, and (y) subsequent
transfers of transferred Options (and any related SARs) shall be prohibited except those made by will or the laws of descent and distribution. Following transfer, any such Options (and any related SARs) shall continue to be subject to the same terms
and conditions as were applicable immediately prior to transfer; provided, that for purposes of the Plan, the term “Optionee” shall be deemed to refer to the transferee. The events of any termination of employment set forth in
Section 9 hereof shall continue to be applied with respect to the original Optionee, following which the transferred Options (and any related SARs) shall be exercisable by the transferee only to the extent, and for the periods, specified in
Section 9. 
 Section 11. Exercise of Options and SARs 

(a) During the lifetime of an Optionee, only such Optionee may exercise an Option or any SARs that relate to such Option
granted to such Optionee. In the event of an Optionee’s death, any then exercisable portion of his or her Option and any SARs that relate to such Option may, within five years thereafter, or earlier date of termination of the Option, be
exercised in whole or in part by the duly authorized representative of the deceased Optionee’s estate. 
 (b) At any
time, and from time to time, during the period when any Option and any SARs that relate to such Option, or a portion thereof, are exercisable, such Option or SARs, or portion thereof, may be exercised in whole or in part; provided, however, that the
Committee may require any Option or SAR that is partially exercised to be so exercised with respect to at least a stated minimum number of Shares. 

(c) Each exercise of an Option, or a portion thereof, shall be evidenced by a notice in writing to the Company accompanied by
payment in full of the option price of the Shares then being purchased. Payment in full shall mean payment of the full amount due, either (i) in cash, by certified check or cashier’s check, or (ii) in the sole and absolute discretion
of the Committee, and in the accordance with any administrative guidelines or procedures that may be established by the Committee, from time to time, in accordance with the applicable laws or regulations of any governmental authority or any national
securities exchange, including, when appropriate, (A) by causing the payment in respect of an Option exercise to be made partly in cash for the purpose of satisfying any unpaid option price amount that is otherwise due as a result of such
Option exercise, (B) by tendering one or more already owned, nonforfeitable and unrestricted Shares having an aggregate Fair Market Value at the time of exercise equal to the total option price (or the portion thereof being paid with such
Shares), or (C) by surrendering, or otherwise forfeiting or surrendering the right to require the Company to allot and issue, transfer or deliver, such number of the Shares with respect to which such Option is being exercised having an
aggregate Fair Market Value at the time of exercise equal to the total option 

  
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price (or the portion thereof being paid with such Shares), or (iii) in any combination of the forms specified in (i) or (ii) of this subsection or (iv) otherwise entering
into arrangements to pay the option price in a form acceptable to the Company; provided, however, that payment of the option price of an Option by means of tendering or surrendering Shares, or forfeiting or surrendering the right to require the
Company to allot and issue, transfer or deliver Shares, shall not be permitted when the same may cause the Company to incur or record a financial or tax loss or expense that is not acceptable to the Committee. 

(d) Notwithstanding anything contained herein to the contrary, at the request of an Optionee and to the extent permitted by
applicable law, the Committee may, in its sole and absolute discretion, selectively approve arrangements with a brokerage firm or firms under which any such brokerage firm shall, on behalf of the Optionee, make payment in full to the Company of the
option price of the Shares then being purchased, and the Company, pursuant to an irrevocable notice in writing from the Optionee, shall make (or cause to be made) prompt delivery of the appropriate number of Shares to such brokerage firm. Payment in
full for purposes of the immediately preceding sentence shall mean payment of the full amount due, either in cash or by certified check or cashier’s check. 

(e) Each exercise of SARs, or a portion thereof, shall be evidenced by a notice in writing to the Company. 

(f) No Share shall be allotted and issued, transferred or delivered upon exercise of an Option until full payment therefor has
been made and the nominal value of the Share has been fully paid-up, and an Optionee shall have none of the rights of a shareholder of the Company with respect to such Share until such Share is allotted and issued or transferred to him. 

(g) Nothing herein or in any Agreement shall require the Company (or Trustee) to allot and issue, transfer or deliver or
procure the allotment and issuance, transfer or delivery of any Shares upon exercise of an Option or SAR if such allotment and issuance, transfer or delivery would, in the opinion of counsel for the Company, constitute a violation of applicable law.
Upon the exercise of an Option or SAR (as a result of which the Optionee receives Shares), or portion thereof, the Optionee shall give to the Company satisfactory evidence that he is acquiring such Shares for the purposes of investment only and not
with a view to their distribution; provided, however, if or to the extent that the Shares delivered to the Optionee shall be included in a registration statement filed by the Company under the Securities Act, such investment representation shall be
abrogated. 
 Section 12. Delivery of Shares 

As promptly as may be practicable after an Option or SAR (as a result of the exercise of which the Optionee receives Shares), or a portion
thereof, has been exercised as hereinabove provided, or Shares are to be allotted and issued, transferred or delivered in settlement of all or a portion of a Restricted Stock Units award, the Company or the Trustee shall make delivery (or

  
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cause delivery to be made) of the appropriate number of Shares; provided that, delivery of Shares in respect of the settlement of a Restricted Stock Units award shall not be made later than the
end of the calendar year in which the vesting condition is met for delivery of such Shares, or if later 2.5 months after the occurrence of such vesting condition. In the event that an Optionee exercises both (i) an Incentive Option or SARs that
relate to such Option (as a result of which the Optionee receives Shares), or a portion thereof, and (ii) a Nonqualified Option or SARs that relate to such Option (as a result of which the Optionee receives Shares), or a portion thereof,
separately identifiable Shares shall be allotted and issued in certificate or book-entry form, one for the Shares subject to the Incentive Option and one for the Shares subject to the Nonqualified Option. 

Section 13. Changes in Company’s Shares and Certain Corporate Transactions 

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: 

(a) 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; 

(b) Appropriate adjustment shall be made (i) in the number of Shares and the option price per Share thereof then subject
to purchase pursuant to each Option 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 option price; and (ii) in the number of Shares then subject to each award of Restricted Stock Units 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. 

(c) 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, and in the case of Nonqualified Options and Restricted Stock Unit awards, any such adjustments shall in all respects satisfy the requirements of
Section 409A of the Code and the Treasury regulations and other guidance promulgated thereunder. 
 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 

  
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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. Furthermore, the presence of outstanding Options or outstanding awards of Restricted Stock Units shall not affect in any manner the right or power of the Company to make, authorize or consummate (i) any or all adjustments,
recapitalizations, amalgamations, reorganizations or other changes in the Company’s capital structure or its business; (ii) any merger, demerger, conversion, amalgamation or consolidation of the Company; (iii) any issue by the Company
of debt securities or preferred shares that would rank above the Shares subject to outstanding Options or outstanding awards of Restricted Stock Units; (iv) the dissolution or liquidation of the Company; (v) any sale, transfer or
assignment of all or any part of the assets or business of the Company; or (vi) any other corporate act or proceeding, whether of a similar character or otherwise. 

Section 14. Effective Date 

The 1991 Stock Option and Restricted Stock Plan was originally adopted on January 31, 1991, and amended thereafter (collectively, the
“1991 Plan”); the Company subsequently amended and restated the 1991 Plan, effective October 29, 2009, and again effective as of April 27, 2012 (collectively, the “2012 Plan”). This amendment and restatement was adopted
by the Board on             , and will become effective as of the Effective Time as set forth in the Merger Agreement, provided that, if the Merger Agreement is not approved by the
shareholders of the Company or does not otherwise become effective, then the 2012 Plan shall remain in effect. 
 Section 15.
Amendment, Suspension or Termination 
 The Board may at any time amend, suspend or terminate the Plan; provided, however, that the Board
may not, without approval of the shareholders of the Company, amend the Plan so as to (a) increase the maximum number of Shares subject thereto, as specified in Sections 4(a) and 13 of the Plan, (b) reduce the option price for Shares
covered by Options granted hereunder below the price specified in Section 8 of the Plan, or (c) permit the “repricing” of Options and any SARs that relate to such new Options in contravention of Section 18 of the Plan; and
provided further, that the Board may not modify, impair or cancel any outstanding Option or SAR that relates to such Option, or the restrictions, terms or conditions applicable to outstanding Restricted Stock awards, Restricted Stock Units awards,
Cash Awards or Performance Awards, without the consent of the holder thereof. Notwithstanding the foregoing, an amendment to provide that the exercise price, nominal value or tax withholding, as applicable, in respect of all or part of a share-based
award shall be satisfied by any of the methods specified in, or as permitted by, Section 11(c), 19(c), 20(b) or 21(a) or (b), shall not require consent of the holder. 

Notwithstanding any provision in the Plan to the contrary, the Plan shall not be amended or terminated in such manner that would cause the
Plan or any amounts or benefits payable hereunder to fail to comply with the requirements of Section 409A of the Code, to the extent applicable, and any such amendment or termination that may reasonably be expected to result in such
non-compliance shall be of no force or effect. 

  
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 Section 16. Requirements of Law 

Notwithstanding anything contained herein or in any Agreement to the contrary, the Company shall not be required to sell, allot and issue,
transfer or deliver or cause to be sold, allotted, issued, transferred or delivered Shares under any Option, SAR, Restricted Stock award or Restricted Stock Units award if the sale, allotment and issuance, transfer or delivery thereof would
constitute a violation by the Optionee, awardee, the Company or any of its Affiliates of any provision of any law or regulation of any governmental authority or any national securities exchange; and as a condition of any sale, allotment and
issuance, transfer or delivery of Shares upon the exercise of an Option or SAR, the award of Restricted Stock or the settlement of a Restricted Stock Units award, the Company may require such agreements or undertakings, if any, as the Company may
deem necessary or advisable to assure compliance with any such law or regulation. 
 Section 17. Incentive Options 

At the time an Option is granted, the Committee may, in its sole and absolute discretion, designate such Option as an Incentive Option intended
to qualify under Section 422(b) of the Code; provided, however, that Incentive Options may be granted only to employees of the Company or a “parent corporation” or a “subsidiary corporation” of the Company (which terms, for
the purposes of this Section 17 and any Incentive Stock Option granted under the Plan, shall have the meanings set forth in Section 424(e) and (f) of the Code, respectively). Any provision of the Plan to the contrary notwithstanding,
(a) no Incentive Option shall be granted to any person who, at the time such Incentive Option is granted, owns shares possessing more than 10 percent of the total combined voting power of all classes of shares of the Company or of its parent or
subsidiary corporation (within the meaning of Section 422(b)(6) of the Code) unless the option price under such Incentive Option is at least 110 percent of the Fair Market Value of the Shares subject to the Incentive Option at the date of its
grant and such Incentive Option is not exercisable after the expiration of five years from the date of its grant, and (b) the aggregate Fair Market Value of the Shares subject to an Incentive Option and the aggregate Fair Market Value of the
shares of the Company and its parent and subsidiary corporations (or a predecessor corporation of the Company or any such parent or subsidiary corporation) subject to any other incentive stock option (within the meaning of Section 422(b) of the
Code) of the Company and its parent and subsidiary corporations (or a predecessor corporation of the Company or any such parent or subsidiary corporation), that may become exercisable for the first time by any individual during any calendar year,
shall not (with respect to any Optionee) exceed $100,000, determined as of the date the Incentive Option is granted. 
 Section 18.
Modification of Options and SARs 
 Subject to the terms and conditions of and within the limitations of the Plan, the Committee may
modify, extend or renew outstanding Options and any SARs that relate to such Options granted under the Plan. The Committee shall not have authority to accept the surrender or cancellation of any Options and any SARs that relate to such Options
outstanding hereunder (to the extent not theretofore exercised) and grant new Options and any SARs that relate to such new Options hereunder in substitution therefor (to the extent not theretofore exercised) at any option price that is less than the
option price of the Options surrendered or cancelled. 

  
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Notwithstanding the foregoing provisions of this Section 18, no modification of an outstanding Option and any SARs that relate to such Option granted hereunder shall, without the consent of
the Optionee, alter or impair any rights or obligations under any Option and any SARs that relate to such Option theretofore granted hereunder to such Optionee, except as may be necessary, with respect to Incentive Options, to satisfy the
requirements of Section 422(b) of the Code. 
 No modification, extension or renewal authorized by this Section 18 shall be made
by the Committee in such manner that would cause or result in the Plan or any amounts or benefits payable hereunder to fail to comply with the requirements of Section 409A of the Code, to the extent applicable, and any such modification,
extension or renewal that may reasonably be expected to result in such non-compliance shall be of no force or effect. 
 Section 19.
Agreement Provisions 
 (a) Each Agreement shall contain such provisions (including, without limitation, restrictions or
the removal of restrictions upon the exercise of the Option and any SARs that relate to such Option and the transfer of Shares thereby acquired, or upon the Shares allotted and issued, transferred or delivered in settlement of an award of Restricted
Stock Units) as the Committee shall deem advisable. 
 (b) Each Agreement shall recite that it is subject to the Plan and
that the Plan shall govern where there is any inconsistency between the Plan and the Agreement. 
 (c) Each Agreement shall
contain a covenant by the Optionee or awardee, in such form as the Committee may require in its discretion, that he or she consents to and will take whatever affirmative actions are required, in the opinion of the Committee, to enable the Company or
appropriate Affiliate or Trustee to satisfy any applicable tax obligations (including but not limited to, tax withholding obligations), social security obligations and pension plan obligations (or similar charges). An Agreement may contain such
provisions as the Committee deems appropriate, from time to time, in accordance with the applicable laws or regulations of any governmental authority or any national securities exchange, to enable the Company or its Affiliates or Trustee to satisfy
any such obligations, including, when appropriate, provisions permitting the Company (or an Employee Trust), upon the exercise of an Option or SAR (as a result of which the Optionee receives Shares) or the satisfaction of the conditions for the
allotment and issuance, transfer or delivery of Shares in settlement of a Restricted Stock Units award, (i) to cause the payment in respect of such exercise or settlement to be made in partly in cash, (ii) to withhold Shares, or otherwise
permit the forfeiture or surrender of the Optionee’s or awardee’s rights to require the Company to allot and issue, transfer or deliver Shares subject to such Option or award, otherwise which may be allotted and issuable to the Optionee
exercising the Option or SAR or to the awardee of such Restricted Stock Units award, or (iii) to accept delivery of Shares owned by the Optionee or awardee, to satisfy the applicable withholding obligations. 

(d) Each Agreement relating to an Incentive Option shall contain a covenant by the Optionee immediately to notify the Company
in writing of any disqualifying disposition (within the meaning of Section 421(b) of the Code) of Shares received upon the exercise of an Incentive Option. 

  
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 (e) Any provision of this Plan to the contrary notwithstanding, the Agreement
evidencing each Restricted Stock award, Restricted Stock Units award or Cash Award awarded on or after February 6, 2010, shall provide for a restriction period with respect to a Restricted Stock award, or a vesting period with respect to a
Restricted Stock Units award or Cash Award, that shall not be less than three years from the date of the awarding of such award so that the restrictions may cease or vesting may occur with respect to no more than one-third of the Shares or amount
subject to such award on each of the first three anniversaries of the date of the awarding of such award; provided, however, that notwithstanding the foregoing provisions of this subsection (e), the Committee in its sole and absolute discretion may
provide in an Agreement evidencing an award that its restrictions shall cease or such award shall vest upon the death, Disability or Retirement of the person to whom such award was awarded, or in connection with a Change in Control. 

Section 20. Restricted Stock 

(a) From time to time while the Plan is in effect, the Committee may, in its sole and absolute discretion, award Shares of
Restricted Stock to such persons as it shall select from among those persons who are eligible under Section 5 of the Plan to receive awards of Restricted Stock. Any award of Restricted Stock shall be made from Shares subject hereto as provided
in Section 4 of the Plan. 
 (b) In relation to an award of Restricted Stock 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 Section 11(c) above shall apply to such awards mutatis mutandis in
respect of any applicable withholding obligations. 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 award or unrestricted stock award under the Plan. 
 (c) A Share of Restricted Stock shall
be subject to such restrictions, terms and conditions, including forfeitures, if any, as may be determined by the Committee, which may include, without limitation, the rendition of services to the Company or its Affiliates for a specified time or
the achievement of specific goals, and to the further restriction that no such Share may be sold, assigned, transferred, discounted, exchanged, pledged or otherwise encumbered or disposed of until the terms and conditions set by the Committee at the
time of the award of the Restricted Stock have been satisfied. A Restricted Stock award may be a Performance Award or an award that is not a Performance Award. Each recipient of an award of Restricted Stock shall enter into an Agreement with the
Company, in such form as the Committee shall prescribe, setting forth the restrictions, terms and conditions of such award. 

  
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 If a person is awarded Shares of Restricted Stock, whether or not escrowed as provided below, the
person shall be the record owner of such Shares and shall have all the rights of a shareholder of the Company with respect to such Shares (unless the escrow agreement, if any, specifically provides otherwise), including the right to vote and the
right to receive dividends or other distributions made or paid with respect to such Shares. Any certificate or certificates representing Shares of Restricted Stock shall bear a legend similar to the following: 

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ALLOTTED AND ISSUED PURSUANT TO THE TERMS OF THE NOBLE CORPORATION 1991 STOCK OPTION AND
RESTRICTED STOCK PLAN AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, DISCOUNTED, EXCHANGED, PLEDGED OR OTHERWISE ENCUMBERED OR DISPOSED OF IN ANY MANNER EXCEPT AS SET FORTH IN THE TERMS OF THE AGREEMENT EMBODYING THE AWARD OF SUCH SHARES DATED
            , 20    . 
 In order to enforce the
restrictions, terms and conditions that may be applicable to a person’s Shares of Restricted Stock, the Committee may require the person, upon the receipt of a certificate or certificates representing such Shares or the allotment and issuance
of such Shares in book-entry form, or at any time thereafter, to deposit such certificate or certificates, together with stock powers and other instruments of transfer, appropriately endorsed in blank, with the Company or an escrow agent designated
by the Company under an escrow agreement, or to enter into an escrow agreement pertaining to Shares allotted and issued in book-entry form, in such form as by the Committee shall prescribe. 

After the satisfaction of the restrictions, terms and conditions set by the Committee at the time of an award of Restricted Stock to a person,
the Share certificate legend set forth above and any similar evidence of a transfer restriction applicable to a Share allotted and issued in book-entry form shall be removed with respect to the number of Shares that are no longer subject to such
restrictions, terms and conditions. 
 The Committee shall have the authority (and the Agreement evidencing an award of Restricted Stock may
so provide) to cancel all or any portion of any outstanding restrictions prior to the expiration of such restrictions with respect to any or all of the Shares of Restricted Stock awarded to a person on or after February 6, 2010, on such terms
and conditions as the Committee may deem appropriate, provided that such a cancellation (i) shall be made only by reason of the death, Disability or Retirement of the person to whom such Restricted Stock award has been awarded, or in connection
with a Change in Control, and (ii) does not cause any Shares of Restricted Stock that were awarded as a Performance Award to fail to be qualified performance-based compensation within the meaning of Treasury Regulation section 1.162-27(e). 

  
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 (d) Without limiting the provisions of the first paragraph of subsection
(c) of this Section 20, if a person to whom Restricted Stock has been awarded ceases to be employed by at least one of the employers in the group of employers consisting of the Company and its Affiliates, for any reason, prior to the
satisfaction of any terms and conditions of an award, any Restricted Stock remaining subject to restrictions shall thereupon be forfeited by the person and transferred, assigned and delivered to, and reacquired by, the Company or an Affiliate (or an
Employee Trust) at no cost to the Company or the Affiliate (or Trustee as the case may be); provided, however, if the cessation is due to the person’s death, Retirement or Disability, the Committee may, in its sole and absolute discretion, deem
that the terms and conditions have been met for all or part of such remaining portion. In the event of such forfeiture, the person, or in the event of his death, his personal representative, shall forthwith transfer, assign and deliver to the
Secretary of the Company the Shares of Restricted Stock remaining subject to such restrictions, accompanied by such instruments of transfer, assignment and delivery, if any, as may reasonably be required by the Secretary of the Company. 

(e) In case of any consolidation or merger of another corporation into the Company in which the Company is the surviving
corporation and in which there is a reclassification or change (including a change to the right to receive cash or other property) of the Shares (other than a change in par value, or from par value to no par value, or as a result of a subdivision or
combination, but including any change in such shares into two or more classes or series of shares), the Committee may provide that payment of Restricted Stock shall take the form of the kind and amount of shares and other securities (including those
of any new direct or indirect parent of the Company), property, cash or any combination thereof receivable upon such consolidation or merger. 

Section 21. Restricted Stock Units 

(a) From time to time while the Plan is in effect, the Committee may, in its sole and absolute discretion, award Restricted
Stock Units to such persons as it shall select from among those persons who are eligible under Section 5 of the Plan to receive awards of Restricted Stock Units. The Committee shall impose such terms, conditions and restrictions on Restricted
Stock Units as it may deem advisable, including without limitation prescribing the period over which and the conditions upon which a Restricted Stock Unit may become vested or be forfeited and/or providing for vesting upon the achievement of
specified performance goals. A Restricted Stock Units award may be a Performance Award or an award that is not a Performance Award. Upon the lapse of restrictions with respect to each Restricted Stock Unit, the person to whom such award was made
shall be entitled to require the Company to allot and issue, transfer or deliver one Share as provided in the Agreement; provided, that payment in respect of an award of Restricted Stock Units may be made partly in cash or otherwise by the
forfeiture or surrender of the award holder’s rights to require the Company to allot and issue, transfer or deliver Shares subject to such Restricted Stock Units, when appropriate and in accordance with the applicable laws or regulations of any
governmental authority or any national securities exchange, for the purpose of facilitating the payment of any of the amounts due to the Company or Affiliate or Trustee (as the case may be) in connection with the delivery of any Shares hereunder.

  
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 (b) 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 Section 11(c) above shall apply to such awards mutatis mutandis in respect of any applicable withholding obligations. 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. 

(c) To the extent provided by the Committee in its sole and absolute discretion, a Restricted Stock Units award may include a
tandem cash dividend equivalent right or other cash distribution right that provides for the payment, with respect to each Share that is subject to such Restricted Stock Units award (i.e., has not been allotted and issued, transferred or delivered
in settlement thereof or the right to require the Company to allot and issue, transfer or deliver such Share has not been surrendered or forfeited), of an amount in cash equal to the amount of any cash dividend or other cash distribution paid by the
Company with respect to a Share while such Restricted Stock Units award remains outstanding. The Committee, in its sole and absolute discretion, may provide for the amount of any such cash dividend or other cash distribution (i) to be paid
directly to the awardee of such Restricted Stock Units award at the time of payment of the related cash dividend or other cash distribution, (ii) to be credited to a bookkeeping account subject to the same vesting and payment provisions that
apply to such Restricted Stock Units award (with or without interest in the sole and absolute discretion of the Committee), or (iii) to be subject to such other provisions or restrictions as may be determined by the Committee in its sole and
absolute discretion. 
 (d) At the time of awarding Restricted Stock Units, the Committee may, in its sole and absolute
discretion, prescribe additional terms, conditions, restrictions and limitations applicable to the awarded Restricted Stock Units, including without limitation rules pertaining to the termination of employment (by reason of death, Disability,
Retirement or otherwise) of the person to whom such award was made. 
 Section 22. Cash Awards 

The Committee may, in its sole and absolute discretion, award Cash Awards to such persons as it shall select from among those persons who are
eligible under Section 5 of the Plan to receive Cash Awards. A Cash Award shall provide for the payment of a cash bonus upon the achievement of specified performance goals. A Cash Award may be a Performance Award or an award that is not a
Performance Award. The Committee shall specify the terms, conditions, restrictions and limitations that apply to a Cash Award (which need not be identical among the persons to whom such awards are made). 

  
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 Section 23. Performance Awards 

(a) The Options and SARs granted pursuant to the Plan are granted under terms that are designed to provide for the payment of
qualified performance-based compensation within the meaning of Treasury Regulation section 1.162-27(e). In addition, at the time of awarding any Restricted Stock award, Restricted Stock Units award or Cash Award the Committee may, in its sole and
absolute discretion, designate such award to be a Performance Award that is intended to satisfy the requirements for the payment of qualified performance-based compensation within the meaning of Treasury Regulation section 1.162-27(e) (such
requirements the “162(m) Requirements”). The compensation payable under Performance Awards shall be provided or paid solely on account of the attainment of one or more preestablished, objective performance goals during a specified
performance period that shall not be shorter than one year, and shall comply with the 162(m) Requirements. 
 (b) Each
Agreement embodying a Performance Award shall set forth (i) the maximum amount that may be earned thereunder in the form of cash or Shares, as applicable, (ii) the performance goal or goals and level of achievement applicable to such
Performance Award, (iii) the performance period over which performance is to be measured, and (iv) such other terms and conditions as the Committee may determine that are not inconsistent with the Plan or the 162(m) Requirements. 

(c) The performance goal or goals for a Performance Award shall be established in writing by the Committee based on one or more
performance goals as set forth in this Section 23 not later than 90 days after commencement of the performance period with respect to such award, provided that the outcome of the performance in respect of the goal or goals remains substantially
uncertain as of such time. At the time of the award of a Performance Award, and to the extent permitted under Section 162(m) of the Code and the Treasury regulations and other guidance promulgated thereunder, the Committee may provide for the
manner in which the performance goals will be measured in light of specified corporate transactions, extraordinary events, accounting changes and other similar occurrences. 

(d) The performance goal or goals to be used for the purposes of Performance Awards may be described in terms of objectives
that are related to the particular eligible employee to whom the award is being made, or objectives that are Company-wide or related to a subsidiary, division, department, region, function or business unit of the Company in which such person is
employed or with respect to which such person performs services, and may consist of one or more or any combination of the following criteria: (a) an amount or level of earnings or cash flow, (b) earnings or cash flow per share (whether on
a pre-tax, after-tax, operational or other basis), (c) return on equity or assets, (d) return on capital or invested capital and other related financial measures, (e) cash flow or EBITDA, (f) revenues, (g) income, net income
or operating income, (h) expenses or costs or expense levels or cost levels (absolute or per unit), (i) proceeds of sale or other disposition, (j) share price, (k) total shareholder return, (l) operating profit,
(m) profit margin, (n) capital expenditures, (o) net borrowing, debt leverage levels, credit quality or debt ratings, (p) the accomplishment of mergers, acquisitions, dispositions, or similar business transactions, (q) net
asset value per share, (r) economic value added, (s) individual business objectives, (t) operational downtime, efficiency or rig utilization, and/or (u) safety results. The performance goals based on these performance measures
may be made relative to the performance of peers or other business entities. 

  
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 (e) Prior to the payment of any compensation pursuant to a Performance Award, the
Committee shall certify in writing that the applicable performance goal or goals and other material terms of the Award have been satisfied. The Committee in its sole and absolute discretion shall have the authority to reduce, but not to increase,
the amount payable in cash and the number of Shares to be granted, allotted and issued, transferred, delivered, retained or vested pursuant to a Performance Award. 

(f) Any provision of this Plan to the contrary notwithstanding, (i) the maximum number of Shares that may be subject to
all Options and SARs granted to any one person during any one calendar year shall not exceed 3,000,000 in the aggregate, (ii) the maximum number of Shares that may be awarded as Restricted Stock or made subject to all Restricted Stock Units
awards awarded to any one person during any one calendar year shall not exceed 3,000,000 in the aggregate, and (iii) the maximum amount that may be paid under all Cash Awards awarded to any one person during any one calendar year shall not
exceed $15,000,000 in the aggregate, provided that each such maximum number of Shares shall be increased or decreased as provided in Section 13 of the Plan. 

Section 24. General 

(a) Nothing contained in the Plan or in any Agreement shall confer upon any employee the right to continue in the employ of the
Company or any Affiliate, or interfere in any way with the rights of the Company or any Affiliate to terminate his or her employment at any time, with or without cause. 

(b) Neither the members of the Board nor any member of the Committee shall be liable for any act, omission or determination
taken or made in good faith with respect to the Plan, or any Option and any SARs that relate to such Option granted hereunder, or any Restricted Stock, Restricted Stock Unit, Cash Award or Performance Award awarded hereunder, and the members of the
Board and the Committee shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expenses (including counsel fees) arising therefrom to the full extent permitted by law and under any
directors’ and officers’ liability or similar insurance coverage that may be in effect from time to time. 
 (c)
Any payment of cash or any allotment and issuance, transfer or delivery of Shares to the Optionee or the recipient of any other award awarded under the Plan, or to his or her legal representative, heir, legatee or distributee, in accordance with the
provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims of such persons hereunder. The Committee may require any such person, as a condition precedent to such payment, to execute a release and receipt therefor in such
form as the Committee shall determine. 
 (d) Neither the Committee, the Board nor the Company guarantees the Shares from
loss or depreciation. 

  
 - 23 - 

 (e) All expenses incident to the administration of the Plan, including, but not
limited to, legal and accounting fees, shall be paid by the Company or its Affiliates. 
 (f) Records of the Company and its
Affiliates regarding a person’s period of employment, termination of employment and the reason therefor, leaves of absence, re-employment and other matters shall be conclusive for all purposes hereunder, unless determined by the Committee to be
incorrect. 
 (g) Any action required of the Company shall be by resolution of its Board or by a person authorized to act by
resolution of the Board. Any action required of the Committee shall be by resolution of the Committee or by a person authorized to act by resolution of the Committee. 

(h) If any provision of the Plan or any Agreement is held to be illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining provisions of the Plan or such Agreement, as the case may be, but such provision shall be fully severable and the Plan or such Agreement, as the case may be, shall be construed and enforced as if the illegal or invalid
provision had never been included herein or therein. 
 (i) Whenever any notice is required or permitted hereunder, such
notice must be in writing and personally delivered or sent by mail. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered on the date on which it is personally delivered, or, whether actually received or not, on
the third business day after it is deposited in the United States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered in
accordance herewith. The Company, an Optionee or a recipient of any other award awarded under the Plan may change, at any time and from time to time, by written notice to the other, the address that it or he or she had theretofore specified for
receiving notices. Until changed in accordance herewith, the Company and each Optionee and other award recipient shall specify as its and his or her address for receiving notices the address set forth in the Agreement pertaining to the Option or
other award to which such notice relates. 
 (j) Any person entitled to notice hereunder may waive such notice. 

(k) The Plan shall be binding upon each Optionee and each recipient of any other award awarded under the Plan, and his or her
heirs, legatees, distributes, permitted transferees and legal representatives, upon the Company, its successors and assigns, upon the trustees of any Employee Trust established in connection with the Plan, and upon the Committee and its successors.

 (l) The titles and headings of Sections and paragraphs are included for convenience of reference only and are not to be
considered in the construction of the provisions hereof. 
 (m) All questions arising with respect to the provisions of the
Plan shall be determined 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. 

  
 - 24 - 

 (n) Words used in the masculine shall apply to the feminine where applicable, and
wherever the context of the Plan dictates, the plural shall be read as the singular and the singular as the plural. 
 (o)
The Plan is intended to comply with Section 409A of the Code, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner that is compliant with the application of Section 409A of the Code. The benefits payable
under the Plan are intended to be exempt from or compliant with the requirements of Section 409A of the Code, and neither the Company nor the Committee shall cause or permit any payment, benefit or consideration to be substituted for a benefit
that is payable under the Plan if such action would result in the failure of any benefit that is subject to Section 409A of the Code to comply with the applicable requirements of Section 409A of the Code. No adjustment authorized by
Section 13 or any other Section of the Plan shall be made by the Company or the Committee in such manner that would cause or result in the Plan or any amounts or benefits payable hereunder to fail to comply with the requirements of
Section 409A of the Code, to the extent applicable, and any such adjustment that may reasonably be expected to result in such non-compliance shall be of no force or effect. 

(p) No right or interest of an awardee under any Restricted Stock Units award, Cash Award or Performance Award may be assigned,
transferred or alienated, in whole or in part, either directly or by operation of law (except pursuant to a qualified domestic relations order within the meaning of Section 414(p) of the Code or a similar domestic relations order under
applicable foreign law), and no such right or interest shall be liable for or subject to any debt, obligation or liability of such awardee. 

(q) 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. 
 (r) 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 Affiliate, Trustee, to any possible
purchaser of their employer or their employer’s business or of any Affiliate or the Company and their respective advisors in relation to the Plan. 

  
 - 25 -EX-10.6

 Exhibit 10.6 

NOBLE CORPORATION 

FIFTH AMENDED AND RESTATED 

NOBLE CORPORATION 1992 NONQUALIFIED STOCK OPTION 

AND SHARE PLAN FOR NON-EMPLOYEE DIRECTORS 

RECITALS 
 WHEREAS, Noble
Corporation, a Swiss corporation (“Noble Swiss”), has maintained the Fourth Amended and Restated Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors (the “1992 Plan”); and 

WHEREAS, pursuant to Section 3.3 of the Merger Agreement dated June 30, 2013 between Noble Swiss and Noble Corporation Limited, a
company registered in England and Wales (“NCL”), (the “Merger Agreement”), Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (and successor to NCL) (the “Company”) shall
assume, as of the Effective Time (as defined therein) certain Awards outstanding under the Stock Plans (as defined therein), including the 1992 Plan, as provided in and subject to such Section 3.3; and 

WHEREAS, pursuant to Section 5.2 of the Merger Agreement, the Company shall assume, as of the Effective Time, the Assumed Plans (as
defined therein), including the 1992 Plan, and such plans became plans of the Company; and 
 WHEREAS, pursuant to the provisions of
Section 6.01 of the 1992 Plan, the Board of Directors of the Company (the “Board”) may amend the 1992 Plan; and 
 WHEREAS,
the Company desires to amend, restate, and continue the 1992 Plan, as the Fifth Amended and Restated Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors (the “Plan”), effective as of the Effective
Time, to reflect the Merger Agreement and the assumption of the 1992 Plan and to provide for certain other changes in connection with the transactions described in the Merger Agreement; 

NOW, THEREFORE, pursuant to the provisions of Section 6.01 of the 1992 Plan, and subject to the provisions of Section 6.02 of the
Plan and the provisions set forth below, the 1992 Plan is hereby amended and restated in its entirety to read as follows: 
 ARTICLE I

 GENERAL  

1.01 Definitions. As used herein the following terms shall have the following meanings: 

(a) “Award Date” means the date selected by the Board for annual awards pursuant to this Plan, or if no
such date is selected by the Board, the date on which the Board action approving any such awards is taken.  

 (b) “Board” means the Board of Directors of the Company. 

(c) “Code” means the United States Internal Revenue Code of 1986, as amended. 

(d) “Company” means Noble Corporation plc, a public limited company incorporated under the laws of
England and Wales, and its successors.  
 (e) “Director” means a member of the Board and does
not include any person named as a director emeritus pursuant to the by-laws of the Company.  
 (f)
“Effective Time” means the Effective Time as set forth in the Merger Agreement; provided that if the Merger Agreement is not so approved by the shareholders of the Company or does not otherwise become effective, then the Fourth
Amended and Restated Plan shall remain in effect.  
 (g) “Employee” means any employee of the
Company or any parent or subsidiary corporation of the Company within the meaning of Sections 424(e) and (f) of the Code.  

(h) “Fair Market Value” means (1) the average of the closing sales prices of the Shares for the 10
business days immediately preceding the date in question, as reported on a national securities exchange (if the Shares are listed for trading on such exchange), or (2) if the Shares are not listed for trading on a national securities exchange
or any similar system then in use, then the average of the mean between the bid and asked prices of the Shares for the 10 business days immediately preceding the date in question, as reported by an
inter-dealer quotation system. Such closing sales prices shall be appropriately adjusted to take into account any share dividend, split or combination with respect to the Shares that occurs within such 10
business day period. Any grant made under the Plan based on an exercise price equal to “Fair Market Value” as described herein shall be made in accordance with Treasury Regulation §1.409A-1(b)(5)(iv), with the commitment to make such
grant being irrevocably specified prior to the beginning of such 10 business day period.  
 (i)
“Immediate Family Members” means the spouse, former spouse, children (including stepchildren) or grandchildren of an individual. 

(j) “Initial Award” shall have the meaning assigned to such term in Section 4.01 hereof. 

(k) “Non-Employee Director” shall mean an individual who (1) was at the Effective Time, or
hereafter becomes, a Director by virtue of an election by the shareholders of the Company, (2) is neither an Employee nor an officer of the Company (i.e., an individual elected or appointed by the Board or chosen in such other manner as may be
prescribed in the articles of association or by-laws of the Company to serve as such) and (3) has not elected to decline to participate in the Plan with respect to a particular Option or award of Restricted Shares pursuant to Section 1.03
hereof. Additionally, the term “Non-Employee Director” shall include an individual who served  

  
 -2- 

 
as a Director prior to, but not after, the Effective Time with respect to awards granted to such individual prior to the Effective Time to the extent such awards were outstanding as of the
Effective Time; such individual is not eligible for the grant of any additional award. 
 (l) “Option” means
any option to purchase Shares granted pursuant to the Plan. 
 (m) “Optionee” means a Non-Employee Director
who has been granted an Option. 
 (n) “Option Period” shall have the meaning assigned to such term in
Section 3.02(b) hereof. 
 (o) “Plan” shall mean this Fifth Amended and Restated Noble
Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors, as it may be amended from time to time.  

(p) “Restricted Shares” means Shares awarded with restrictions pursuant to Section 4.02 hereof. 

(q) “Share” means a share of the Company and any share or shares of capital securities or other
securities of the Company hereafter allotted and issued or which may be alloted and issuable in respect of or in substitution or exchange for each such present share. 

(r) “Vesting Period” shall have the meaning assigned to such term in Section 4.02(b) hereof. 

1.02 Options. The Options shall be options that are not qualified as “incentive stock options” under Section 422
of the Code. 
 ARTICLE II 

ADMINISTRATION 
 The Plan
shall be administered by the Board. The Board shall have no authority, discretion or power to select the Non-Employee Directors who will receive awards of Shares or Restricted Shares but shall have the authority to set the number of Shares or
Restricted Shares covered by each award subject to the express provisions of the Plan. The Board shall administer the Plan subject to the express provisions hereof, including Section 6.01. 

Subject to the foregoing limitations, the Board shall have authority and power to adopt such rules and regulations and to take such action as
it shall consider necessary or advisable for the administration of the Plan, and to construe, interpret and administer the Plan. The decisions of the Board relating to the Plan shall be final and binding upon the Company, the Non- Employee
Directors, the Optionees, the holders of Shares or Restricted Shares and all other persons. No member of the Board shall incur any liability by reason of any action or determination made in good faith with respect to the Plan or any Option agreement
or Restricted Share agreement entered into pursuant to the Plan. 

  
 -3- 

 ARTICLE III 

OPTIONS 
 3.01
Participation. No Options shall be granted pursuant to this Plan from and after October 25, 2007. Each Non-Employee Director who has been granted Options prior to such date shall continue to hold such Options on the terms and
conditions described in the Option agreement evidencing such Options. 
 3.02 Option Agreements. In the event the Plan is
amended to provide for the grant of Options, each Option shall be evidenced by a written Option agreement, which agreement shall be entered into by the Company and the Non-Employee Director to whom the Option is granted. Each such agreement
includes, incorporates or conforms to the following terms and conditions, and such other terms and conditions not inconsistent therewith or with the terms and conditions of this Plan as the agreement provides: 

(a) Price. The exercise price per Share under each Option shall be the Fair Market Value per Share on the Award
Date of such Option, but in relation to an Option comprising the right to subscribe for Shares shall not be less than the nominal value of a Share.  

(b) Option Period. Each Option shall be exercisable from time to time over a period (i) commencing upon the
earlier of (A) the date that is one year following the Award Date of such Option and (B) the day immediately prior to the date of the next annual general meeting of shareholders occurring following such Award Date; provided that the date
of such annual general meeting of shareholders is at least 355 days after such Award Date, and (ii) ending upon the expiration of ten years from such Award Date (the “Option Period”), unless terminated sooner pursuant to the
provisions described in Section 3.02(c) below The period during which an Option may be exercised may be extended by the Board or pursuant to procedures of the Board 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.  
 (c) Termination of Services, Death, Etc.
Each Option agreement shall provide as follows with respect to the exercise of the Option evidenced thereby in the event that the Optionee ceases to be a Director for the reasons described in this Section 3.02(c):  

  
 -4- 

 (i) If the Optionee ceases to be a Director on account of such Optionee’s
(a) fraud or intentional misrepresentation, or (b) embezzlement, misappropriation or conversion of assets or opportunities of the Company or any direct or indirect majority-owned subsidiary of the Company, then the Option shall
automatically terminate and be of no further force or effect as of the date the Optionee ceases to be a Director; 
 (ii) If
the Optionee shall die during the Option Period while a Director (or during the additional five-year period provided by paragraph (iii) of this Section 3.02(c)), the Option may be exercised, to the extent that the Optionee was entitled to
exercise it at the date of the Optionee’s death, within five years after such death (if otherwise within the Option Period), but not thereafter, by the executor or administrator of the estate of such Optionee, or by the person or persons who
shall have acquired the Option directly from the Optionee by bequest or inheritance; or 
 (iii) If an Optionee ceases to be
a Director for any reason (other than the circumstances specified in paragraphs (i) and (ii) of this Section 3.02(c)) within the Option Period, the Option may be exercised, to the extent the Optionee was able to do so at the date of
termination of the directorship, within five years after such termination (if otherwise within the Option Period), but not thereafter. 

(d) Transferability. No Option shall be transferable, other than by will or the laws of descent and
distribution, or the rules thereunder, or pursuant to a qualified domestic relations order as defined in the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, and may be exercised during the life of the Optionee
only by the Optionee, except as otherwise provided herein below. Notwithstanding the foregoing, all or a portion of the Options granted to an Optionee may be transferred by such Optionee (i) by gift to the Immediate Family Members of such
Optionee, partnerships whose only partners are such Optionee or the Immediate Family Members of such Optionee, limited liability companies whose only shareholders or members are such Optionee or the Immediate Family Members of such Optionee, and
trusts established solely for the benefit of such Optionee or the Immediate Family Members of such Optionee, or (ii) to any other persons or entities in the discretion of the Board; provided that subsequent transfers of transferred Options
shall be prohibited except those made by will or the laws of descent and distribution. Following transfer, any such Options shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer; provided that
for purposes of the Plan and any Option agreement under the Plan, the term “Optionee” shall be deemed to refer to the transferee. The events of any termination of association set forth in Section 3.02(c) of the Plan and in the Option
agreement shall continue to be applied with respect to the original Optionee, following which the transferred Options shall be exercisable by the transferee only to the extent, and for the periods, specified in Section 3.02(c) of the Plan and
in the Option agreement.  

  
 -5- 

 (e) Agreement to Continue in Service. Each Optionee shall agree to
remain in the service of the Company, at the pleasure of the Company’s shareholders, for a continuous period extending at least through the earlier of (i) the date that is one year following the Award Date of the Option and (ii) the
day immediately prior to the date of the next annual general meeting of shareholders occurring following such Award Date; provided that the date of such annual general meeting of shareholders is at least 355 days after such Award Date, at the
retainer rate and fee schedule then in effect or at such changed rate or schedule as the Company from time to time may establish; provided that nothing in the Plan or in any Option agreement evidencing an Option shall confer upon such Optionee any
right to continue as a Director.  
 (f) Exercise, Payments, Etc. Each Option agreement between the
Company and an Optionee shall provide that the method for exercising the Option evidenced thereby shall be in writing signed by the Optionee and shall specify the number of Shares with respect to which such Option is being exercised. Each exercise
of an Option or portion thereof shall be accompanied by payment in full of the purchase price of the Shares being purchased. Subject to applicable laws or regulations of any governmental authority or any national securities exchange, and in the sole
and absolute discretion of the Board, “payment in full” shall mean payment of the full amount of the purchase price due (i) by cash or check, (ii) by surrendering such number of the Shares, or otherwise forfeiting or surrendering
the right to require the Company to allot and issue, transfer or deliver Shares, with respect to the Option being exercised that have an aggregate Fair Market Value at the time of exercise equal to the total purchase price (or portion thereof being
paid with such Shares), or (iii) in any combination of the forms specified in clauses (i) (ii) and (iii) of this sentence or (iv) otherwise entering into arrangements to pay the purchase price in a form acceptable to the
Board; provided that forfeiture or surrendering of the right the right to require the Company to allot and issue, transfer or deliver Shares pursuant to clause (ii) of this sentence shall be applicable for all periods on and after the date of
the Plan’s fifth amendment and restatement. In addition, at the request of an Optionee and to the extent permitted by applicable law, the Company may approve reasonable arrangements with such Optionee and a brokerage firm under which such
Optionee may exercise an Option by properly delivering notice of exercise, together with such other documents as the brokerage firm or the Company shall require, and the Company shall, upon payment in full by cash or check of the purchase price and
any other amounts due in respect of such exercise, provide for delivery of the appropriate number of Shares to or on behalf of Optionee in respect of such exercise.  

ARTICLE IV 
 AWARD OF
SHARES OR RESTRICTED SHARES 
 4.01 Participation. Subject to Section 1.03 hereof, each Non-Employee Director shall
be awarded Shares or Restricted Shares on the terms and conditions herein described. On each Award Date occurring on or after the Effective Time, Shares or Restricted Shares shall be awarded to each person who is a Non-Employee Director on such
date; provided, however, that no such award shall be made to a Non-Employee Director in respect of the Award Date on which such director receives the Initial Award (as herein defined). Each Non-Employee Director serving on an Award Date, other 

  
 -6- 

 
than any Non-Employee Director who is entitled to receive the Initial Award on such Award Date in accordance with the following sentence, shall be awarded, as of such date, such number of Shares
or Restricted Shares as is determined by the Board prior to the Award Date; provided that in no event shall such number of Shares or Restricted Shares exceed an aggregate of 8,000 per Non-Employee Director. Each Non-Employee Director who begins
serving on the Board after the Effective Time shall be granted such number of Shares or Restricted Shares as may be determined by the Board (but not to exceed an aggregate of 8,000 Shares or Restricted Shares per Non-Employee Director) on such date
or dates as may be determined by the Board (the “Initial Award”). 
 4.02 Award Agreements. Awards of unrestricted
Shares need not be evidenced by an agreement. Each Restricted Share award shall be evidenced by a written Restricted Share agreement, which agreement shall be entered into by the Company and the Non-Employee Director to whom Restricted Shares are
awarded. Each such agreement entered into shall include the following terms and such other terms and conditions not inconsistent therewith or with the terms and conditions of this Plan as the Board considers appropriate in each such case: 

(a) Price. In relation to an Award comprising a right to subscribe for Shares, a Non-Employee Director may be
required by the Board, in its discretion, or pursuant to procedures of the Board, to pay the nominal value of any Shares allotted and issued, transferred or delivered hereunder. With respect to awards of unrestricted Shares, such nominal value may
be paid by causing any such grant to be made partly in cash in lieu of unrestricted Shares, which cash shall be retained by, or returned to, the Company to the extent required to satisfy the applicable nominal value payment obligation. With respect
to awards of Restricted Shares, the Board shall establish procedures for the payment of nominal value, prior to the time that such awards are made under the Plan. Otherwise, there shall not be any purchase price charged for any Restricted Shares or
unrestricted Shares awarded under the Plan.  
 (b) Vesting Period. Each Restricted Share award shall
vest one-third per year over three years commencing on the first anniversary of the Award Date (“Vesting Period”), unless terminated sooner pursuant to the provisions described in Section 4.02(e) below. If a Non-Employee Director is
awarded Restricted Shares, the Non-Employee Director shall be the record owner of such Restricted Shares and shall have all the rights of a shareholder with respect to such Restricted Shares, including the right to vote and the right to receive
dividends or other distributions made or paid with respect to such Restricted Shares. Upon vesting, the vested shares shall be delivered to or on behalf of the Non-Employee Director free of any restrictions. 

(c) Sale, Transferability, Etc. Restricted Shares may not be sold, transferred, assigned, pledged or otherwise
encumbered or disposed of prior to the date all applicable restrictions lapse.  

  
 -7- 

 (d) Restrictive Legend. If a Non-Employee Director requests in
writing and the Board consents to allotting and issuing Restricted Shares in stock certificate form, any such certificate shall bear a legend similar to the following:  

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ALLOTTED AND ISSUED PURSUANT TO THE TERMS OF THE FIFTH AMENDED AND RESTATED NOBLE
CORPORATION 1992 NONQUALIFIED STOCK OPTION AND SHARE PLAN FOR NON-EMPLOYEE DIRECTORS AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, DISCOUNTED, EXCHANGED, PLEDGED OR OTHERWISE ENCUMBERED OR DISPOSED OF IN ANY MANNER EXCEPT AS SET FORTH IN THE TERMS OF
THE AGREEMENT EMBODYING THE AWARD OF SUCH SHARES DATED             , 20            . A COPY OF SUCH PLAN AND AGREEMENT ARE ON
FILE IN THE OFFICES OF THE COMPANY. 
 (e) Termination of Service, Death, Etc. Each Restricted Share agreement
shall provide as follows with respect to the award of Restricted Shares in the event that the holder of Restricted Shares ceases to be a Director for the reasons described in this Section 4.02(e):  

(i) If the holder of Restricted Shares ceases to be a Director on account of such holder’s (a) fraud or intentional
misrepresentation, or (b) embezzlement, misappropriation or conversion of assets or opportunities of the Company or any direct or indirect majority-owned subsidiary of the Company, then any Restricted Shares remaining subject to restrictions
shall automatically thereupon be forfeited, and assigned and transferred to, and reacquired by, the Company (or its designee) as of the date the holder ceases to be a Director. Director hereby declares, in the event of such forfeiture, that the
Restricted Shares and any rights thereto are hereby assigned to the Company (or its designee). 
 (ii) The Board shall have
the authority (and the Restricted Share agreement evidencing an award of Restricted Shares may so provide) to cancel all or any portion of any outstanding restrictions prior to the expiration of such restrictions with respect to any or all of the
Restricted Shares awarded to a Non-Employee Director hereunder on such terms and conditions as the Board may deem appropriate. 

(iii) If a Non-Employee Director to whom Restricted Shares have been awarded ceases to be a Director, for any reason, prior to
the satisfaction of any terms and conditions of an award, any Restricted Shares remaining subject to restrictions shall automatically thereupon be forfeited, and assigned and transferred to, and reacquired by, the Company (or its designee);
provided, however, if the cessation is due to the person’s death, retirement or disability, the Board may, in its sole and absolute discretion, deem that the terms and conditions have been met for all or part of such remaining portion. Director
hereby declares, in the event of such forfeiture, that the Restricted Shares and any rights thereto are hereby assigned to the Company (or its designee). 

  
 -8- 

 (iv) In case of any consolidation, amalgamation or merger of another corporation
into the Company in which the Company is the surviving corporation and in which there is a reclassification or change (including a change to the right to receive cash or other property) of the Shares (other than a change in par value, or from par
value to no par value, or as a result of a subdivision or combination, but including any change in such shares into two or more classes or series of shares), the Board may provide that payment of Restricted Shares shall take the form of the kind and
amount of shares of stock and other securities (including those of any new direct or indirect parent of the Company), property, cash or any combination thereof receivable upon such consolidation or merger. 

(f) No Right to Continue in Service. Nothing in the Plan or in any Restricted Share agreement evidencing the
award of Restricted Shares shall confer upon such holder any right to continue as a Director.  
 ARTICLE V 

SHARES SUBJECT TO THE PLAN 

5.01 Shares. The total number of Shares as to which Options may be granted or Shares or Restricted Shares may be awarded shall
be 1,950,000, in the aggregate, except as such number of Shares shall be adjusted in accordance with the provisions of Section 5.02 hereof. Shares available under the Plan may be unissued Shares from the Company’s authorized or conditional
share capital or Shares held in treasury by the Company or one or more subsidiaries of the Company. If any outstanding Option expired or was terminated for any reason on or after October 25, 2007 and before the end of the Option Period, the
Shares allocable to the unexercised portion of such Option shall neither be available for purposes of the Plan nor subject to the Plan. If any outstanding Option expired or was terminated for any reason prior to October 25, 2007 and before the
end of the Option Period, the Shares allocable to the unexercised portion of such Option shall again be subject to award under the Plan. If any Restricted Shares are forfeited for any reason before the end of the Vesting Period, the Restricted
Shares shall again be subject to award under the Plan. The Company shall, at all times during the life of any outstanding Options, retain as authorized and unissued Shares at least the number of shares from time to time included in the outstanding
Options or otherwise assure itself of its ability to perform its obligations under the Plan. No Shares 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 purchase price of an Option in accordance with the provisions of Section 3.02(f) of the Plan shall be available after such surrender for the grant of Restricted Shares (or Options in the event the Plan is amended to provide for the grant
of Options) pursuant to the provisions of the Plan. 

  
 -9- 

 5.02 Adjustments Upon Changes in Shares. In the event the Company shall effect a
split of the Shares or dividend payable in Shares, or in the event the outstanding Shares shall be combined into a smaller number of shares, the maximum number of shares as to which Shares or Restricted Shares may be awarded shall be increased or
decreased proportionately. In the event that before delivery by the Company of all of the Shares in respect of which any Option has been granted, the Company shall have effected such a split, dividend or combination, the shares still subject to the
Option shall be increased or decreased proportionately and the purchase price per share shall be increased or decreased proportionately so that the aggregate purchase price for all the then optioned shares shall remain the same as immediately prior
to such split, dividend or combination. 
 In the event of a reclassification of the Shares not covered by the foregoing, or in the event of
a liquidation, separation or reorganization, including a merger, demerger, conversion, amalgamation, consolidation or sale of assets, the Board shall make such adjustments, if any, as it may deem appropriate in the maximum number of shares then
subject to being awarded as Shares or Restricted Shares and in the number, purchase price and kind of shares covered by the unexercised portions of Options theretofore granted. The provisions of this Section 5.02 shall only be applicable if,
and only to the extent that, the application thereof does not conflict with any applicable law. 
 5.03 Insufficient Shares.
If on the Award Date of any award of Shares or Restricted Shares fewer Shares remain available for award under the Plan than are necessary to permit the award of Shares or Restricted Shares in accordance with the provisions of Article IV hereof,
then (i) first, an Initial Award shall be granted on such date to each Non-Employee Director who is to receive an Initial Award on such date and (ii) second, Shares shall be awarded to the remaining Non-Employee Directors then serving
covering, in the aggregate for each such Non-Employee Director, an equal number of whole Shares, and all such Shares so awarded to all such Non-Employee Directors shall cover, in the aggregate, all remaining Shares then available for award under the
Plan. 
 ARTICLE VI 

GENERAL PROVISIONS 
 6.01
Amendment, Suspension or Termination of Plan. Subject to the limitations set forth in this Section 6.01, the Board may from time to time amend, modify, suspend or terminate the Plan. Nevertheless, no such amendment, modification,
suspension or termination shall (a) impair any Options theretofore granted or Restricted Shares or Shares awarded, or (b) be made without the approval of the shareholders of the Company where such change would (i) materially increase
the total number of Shares which may be allotted and issued under the Plan (other than as provided in Section 5.02 hereof), (ii) materially modify the requirements as to eligibility for participation in the Plan, (iii) materially
increase the benefits accruing to participants under the Plan, (iv) have the effect of providing for the grant of Options to purchase Shares at less than the Fair Market Value per share thereof on the applicable Award Date or (v) require
the approval of shareholders under the rules of any securities exchange on which the Shares are then listed for trading. 

  
 -10- 

 Notwithstanding any provision in the Plan to the contrary, the Plan shall not be amended or
terminated in such manner that would cause the Plan or any amounts or benefits payable hereunder to fail to comply with the requirements of Section 409A of the Code, to the extent applicable, and any such amendment or termination that may
reasonably be expected to result in such non-compliance shall be of no force or effect. 
 6.02 Effectiveness. This Plan shall
be amended and restated by the Company as of the Effective Time. 
 6.03 Withholding. The Board may establish such rules and
procedures as it considers desirable in order to satisfy any obligation of the Company or its affiliates to withhold taxes and/or social security contributions (or similar charges) of any kind required by law to be withheld in connection with the
grant, vesting, exercise, lapse of restrictions, allotment and issuance, transfer, delivery, distribution with respect to, or other applicable event with respect to, an award under the Plan, and the provisions of Section 3.02(f) or 4.02(a)
above shall apply, as applicable, to such awards mutatis mutandis in respect of any applicable withholding obligations. 
 6.04
Paragraph Headings. The paragraph headings included herein are only for convenience, and they shall have no effect on the interpretation of the Plan. 

6.05 Gender. Words of any gender used in the Plan shall be construed to include any other gender. 

6.06 Section 409A. The Plan is intended to comply with Section 409A of the Code, and ambiguous provisions hereof, if
any, shall be construed and interpreted in a manner that is compliant with the application of Section 409A of the Code. Neither the Company nor the Board shall cause or permit any payment, benefit or consideration to be substituted for a
benefit that is payable under the Plan if such action would result in the failure of any amount that is subject to Section 409A of the Code to comply with the applicable requirements of Section 409A of the Code. No adjustment authorized by
Section 4.02, Section 5.02 or any other section of the Plan shall be made by the Company or the Board in such manner that would cause or result in the Plan or any amounts or benefits payable hereunder to fail to comply with the
requirements of Section 409A of the Code, to the extent applicable, and any such adjustment that may reasonably be expected to result in such non-compliance shall be of no force or effect. 

  
 -11- 

 6.07 Governing Law. The provisions of the Plan shall be governed by and construed
in accordance with 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. 

6.08 Notices. All notices to be given hereunder shall be in writing and shall be deemed to have been duly given if
(i) delivered personally, (ii) transmitted by United States registered or certified mail (or the applicable foreign version thereof), postage prepaid, (iii) sent by prepaid courier service, or (iv) sent by telecopy or facsimile
transmission, confirmation receipt requested. Such notices shall be effective (i) if delivered personally or sent by courier service, upon actual receipt by the intended recipient, (ii) if mailed, upon the date of delivery as shown by the
return receipt therefor, or (iii) if sent by telecopy or facsimile transmission, upon the date evidenced in the confirmation receipt. A party may change, at any time and from time to time, by written notice to the other, its address for
receiving notices. Until such address is changed in accordance herewith, notices hereunder shall be delivered or sent (i) to the individual at his address as set forth in the records of the Company or (ii) to the Company at c/o Noble
Drilling Services, Inc., 13135 South Dairy Ashford, Suite 800, Sugar Land, TX 77478, Attention: Executive Vice President (Tel.: 1-281-276-6100, Fax: 1-281-276-6316). 

6.09 Third Party Rights. 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.  
 6.10 Data Protection. 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 affiliate thereof, to any possible purchaser of their employer or their employer’s business or of any affiliate thereof or of the Company and their respective advisors in relation to the Plan.  

  
 -12-

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