Document:

exv10w1

 

Exhibit 10.1

NOBLE CORPORATION

2008 SHORT TERM INCENTIVE PLAN

Section 1. Purpose

     The success of Noble Corporation (“Noble”) and its subsidiaries (collectively, unless the
context otherwise requires, the “Company”) is a result of the efforts of all key employees. In
order to focus each employee’s efforts on optimizing the Company’s overall results, operationally
and financially, the Company maintains this Short Term Incentive Plan (the “Plan”) to reward
employees for successful achievement of specific goals.

     An effective incentive plan should both align employee interests with those of shareholders
and motivate and influence employee behavior. Key positions within the Company have the ability to
make a positive contribution to key factors that increase shareholder value. These factors can be
quantified and measured through achievement of various financial and operational targets, such as
safety, earnings per share and cash operating margins. The objectives of using such targets in the
formulation of the specific Company goals are to link an employee’s annual incentive award more
closely to the creation of shareholder wealth and to promote a culture of high performance and an
environment of team work.

Section 2. Participation and Eligibility

     Full-time employees in salary classifications 18N and higher are eligible for consideration of
a bonus under the Plan, subject to the approval of the Compensation Committee (the “Committee”) of
the Board of Directors (the “Board”) of Noble. Each such employee will be considered either a
“corporate employee” or a “division employee” for purposes of adjustment of such employee’s target
bonus pursuant to Section 6. Full-time, non-exempt employees not in such salary classifications
are also eligible for consideration of a bonus under the Plan, subject to the discretion of the
Committee. The Plan year shall be the calendar year.

     To be eligible to receive a bonus payment with respect to a Plan year, the person must be
actively employed on the last day of such Plan year and must continue to be employed through the
date on which bonus payments for such Plan year are made.

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     In the event of death, disability or retirement, the employee or estate of the former employee
may receive a pro-rated payment from the Plan, at the discretion of the Committee and the CEO.
For purposes of the Plan, “disability” means any termination of employment with the Company or an
affiliate of the Company because of a long-term or total disability, as determined by the Committee
and CEO, and “retirement” means a termination of employment with the Company on a voluntary basis
by a person if, immediately prior to such termination of employment, the sum of the age and the
number years of continuous service of such person with the Company (or affiliate) is equal to or
greater than 60.

     The total bonus paid for a Plan year shall not be greater than the aggregate bonus accruals
for all participating offices and divisions for such Plan year. If the accrual amount for a
specific participating office or division for a Plan year is greater than the bonus amount under
the Plan for such office or division, the excess accrual balance will not be distributed. If the
accrual amount for a specific participating office or division for a Plan year is less than the
bonus amount under the Plan, only the accrual balance will be distributed.

Section 3. Administrative Procedures 

     During the fourth quarter of each year, the Company will commence preparation of budgets and
forecasts for the succeeding Plan year. The Board will approve the budget for the Plan year not
later than March 31st of such Plan year.

     Goals for a Plan year for each of the categories in Section 5 will be compiled by management
and submitted to the Committee for approval no later than the second quarter meeting of the Board
in such Plan year. The specific goals established for the Plan year will be set forth in an Annex
II to this Plan for such Plan year, and the Annex II hereto for each Plan year shall be
incorporated into and made a part of this Plan for such Plan year.

     If, after the establishment of goals for a Plan year, the budget changes substantially due to
subsequent events, such as the acquisition or sale of assets, then the Chief Executive Officer of
Noble (the “CEO”) shall, at his discretion, recommend to the Committee the adjustment of the
respective goals in order that they may not be adversely impacted by such an event. Any such
revised goals shall be applicable to the Plan year from and after the time of their approval.

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Section 4. Target Bonus

     A target bonus is determinable for each full-time employee in salary classification 18N or
higher. The target bonus for an employee is an amount equal to the employee’s salary at the end of
the Plan year multiplied times the target bonus percentage assigned to such employee’s salary
classification. 50 percent of this amount is eligible to be paid based on the achievement of the
stated goals under the Plan, as set forth below and on page 4, and 50 percent will be available at
the discretion of the Compensation Committee based on merit, individual and team performance and
additional selected criteria. Target bonus percentages range from 10 percent to 100 percent based
on salary classification, as follows:

	 	 	 	 	 
	Salary Classification	 	Target Bonus Percentage
	18N

	 	 	10	%
	19N

	 	 	15	%
	20N through 22N

	 	 	20	%
	23N through 24N

	 	 	25	%
	25N

	 	 	30	%
	26C

	 	 	35	%
	27C through 28C

	 	 	40	%
	29C through 30C

	 	 	45	%
	31C through 32C

	 	 	50	%
	33C

	 	 	55	%
	34C

	 	 	65	%
	35C

	 	 	75	%
	36C

	 	 	90	%
	37C

	 	 	100	%

Section 5. Goal Categories and Weightings 

     Goals for the following categories will be approved by the Committee for each Plan year. Such
goals will then be set forth in the Annex II to this Plan for such Plan year. The relative
weighting assigned to each goal will be as set forth below subject to annual review by the
Committee.

     Corporate Goals

	 	 	 	 	 
	 	 	Assigned Weight
	1.       Safety Results

	 	 	25	%
	2.       Earnings per Share

	 	 	35	%
	3.       Cash Operating Margin

	 	 	40	%

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     Operating Division Goals

Gulf Coast Marine, Mexico, Middle East (including India), West Africa, North Sea, Brazil and
Hibernia:

	 	 	 
	1.       Safety Results
	 	35%
	2.       Cash Operating Margin
	 	65%

Section 6. Adjustment of Target Bonus

     The respective employee target bonuses determined pursuant to Section 4 for a Plan year are
subject to adjustment as set forth in this Section to reflect the levels of achievement of the
specific, predetermined goals for such Plan year. Any bonus multiplier achieved will be applied to
the stated corporate and division goals, pursuant to the terms of the Plan. In situations where
the goal achievement calculation falls between two adjacent ranges, percentages ending in .5 or
higher will round up to the next range, where as percentages below .5 will round down. In
addition, a maximum bonus multiplier of 2.0 may be applied to the discretionary portion of the STIP
award, subject to the approval of the Committee and CEO, as stated in Section 7 of this document.

Corporate Employees. In order to promote cooperation between the corporate office and the
divisions, the target bonus for a corporate employee will be weighted 25 percent for
achievement of the corporate goals, 25 percent for the cumulative average achievement of the
division goals and 50 percent will be based on merit, individual and team performance and
additional selected criteria, as determined by the Compensation Committee.

Operating Division Employees. In order to promote cooperation among the operating divisions
and recognition by each division of its contribution to the Company’s overall performance,
the target bonus for a division employee will be weighted 25 percent for achievement of the
applicable division goals, 25 percent for achievement of the corporate goals and 50 percent
will be based on merit, individual and team performance and additional selected criteria, as
determined by the Compensation Committee.

     Subject to the determination by the Board of a sufficient bonus pool for a Plan year pursuant
to Section 7, the bonus payable to an eligible employee in salary classification 18N or higher will
be an amount equal to such employee’s target bonus amount multiplied times the applicable
multiplier determined under the following schedule:

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	Combined Weighted	 	Applicable Multiplier
	Percentage of Goal Achievement	 	to Calculate Bonus Payable
	Greater than 160%

	 	 	2.00	 
	141–160%

	 	 	1.75	 
	131–140%

	 	 	1.50	 
	121 – 130%

	 	 	1.40	 
	106 – 120%

	 	 	1.20	 
	96 – 105%

	 	 	1.00	 
	76 – 95%

	 	 	.75	 
	65 – 75%

	 	 	.50	 
	Below 65%

	 	 	.00	 

Section 7. Allocation of Bonus Payable 

     After the end of each Plan year, the Board, in its best business judgment, will determine the
total bonus pool for such Plan year, giving due consideration to the aggregate target bonus
amounts, overall Company performance, and levels of attainment of the specific, predetermined
corporate or division goals for such Plan year. In determining overall Company performance, the
Board will consider the Company’s performance in relation to both the predetermined corporate and
division goals and the prevailing market conditions in the industry during the Plan year.

     The total bonus pool authorized by the Board for a Plan year may be an amount equal to, less
than, or greater than the aggregate amount of the bonuses payable to all eligible employees in
salary classifications 18N through 37C (the “Aggregate Calculated Pool”).

     All eligible employees in salary classifications 18N through 37C will receive a bonus as
calculated in accordance with Section 6, provided the Board has determined and authorized a total
bonus pool in an amount equal to or greater than the Aggregate Calculated Pool. If the Board
authorizes a total bonus pool in an amount less than the Aggregate Calculated Pool, then the Board
shall also determine the percentage of such bonus pool (which may be any percentage up to 100
percent) that shall be allocated to the eligible employees in salary classifications 18N through
37C, and the bonuses otherwise payable to such employees, subject to the last sentence of the next
succeeding paragraph, will be prorated accordingly based on the amount so allocated. In such
event, the percentage of the total bonus pool not so allocated, if any, shall be available for
payment to the eligible full-time, non-exempt employees not in salary classifications 18N through
37C based upon merit. If the Board authorizes a total bonus pool in an amount greater than the
Aggregate Calculated Pool, then the excess amount will be allocated to eligible full-time,
non-exempt employees not in salary classifications 18N through 37C, subject to the discretion of
the Committee. Managers having responsibility for recommending the allocation of bonuses to
eligible full-time, non-exempt employees not in salary classifications 18N through 37C shall submit
their recommended bonus based on their performance and contributions to the Executive Vice
President and the CEO for review and approval.

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     All bonus calculations, allocations and recommendations are subject to review and approval by
the Committee. Notwithstanding anything otherwise contained in this Plan, the Committee and
the CEO (and any delegated designee of the CEO) shall have the authority to adjust individual bonus
amounts as deemed to be appropriate for any reason, including, but not limited to, company or
division performance, individual employee performance, employee conduct, etc. 

6exv10w1

 

Exhibit
10.1

SYSCO CORPORATION

2005 NON-EMPLOYEE DIRECTORS STOCK PLAN

RESTRICTED STOCK AWARD AGREEMENT

     This Restricted Stock Award Agreement
(“Agreement”) was made and entered into as of
                         , 20            (“Date of Grant”), by and between Sysco Corporation, a Delaware corporation
(hereinafter “SYSCO”), and
                                        , a director of SYSCO (hereinafter “Director”).

WITNESSETH:

     WHEREAS, the Board of Directors of SYSCO has adopted, and SYSCO’s stockholders have approved,
the Sysco Corporation Amended and Restated 2005 Non-Employee Directors Stock Plan (the “Plan”), the
purpose of which is to promote the interests of SYSCO and its stockholders by enhancing SYSCO’s
ability to attract and retain the services of experienced and knowledgeable directors and by
encouraging such directors to acquire an increased proprietary interest in SYSCO through the
ownership of common stock, $1.00 par value, of SYSCO (“Common Stock”); and

     WHEREAS, the Plan provides that non-employee directors may receive awards of restricted shares
of SYSCO Common Stock; and

     WHEREAS, Director desires to continue to serve on the Board of Directors of SYSCO and to
accept an award of restricted stock in accordance with the terms and provisions of the Plan and
this Agreement;

     NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows:

1. GRANT OF RESTRICTED STOCK AWARD.

     SYSCO,
as authorized by the Board of Directors, hereby grants to Director                              shares of
restricted Common Stock (the “Restricted Stock Award”) pursuant to the provisions of the Plan. The
Restricted Stock Award shall be subject to vesting as set forth in the Plan and summarized below:

	 	(a)	 	One-third of the Restricted Stock Award (being
                     shares)
shall vest on the anniversary of the Date of Grant.
	 
	 	(b)	 	An additional one-third of the Restricted Stock Award (being
                    
shares) shall vest on the second anniversary of the Date of Grant.
	 
	 	(c)	 	The final one-third of the Restricted Stock Award (being
                    
shares) shall vest on the third anniversary of the Date of Grant.
	 
	 	(d)	 	Any unvested portion of a Restricted Stock Award shall vest upon
the occurrence of a Change in Control. For purposes of this Agreement, “Change
in Control” means that a person or persons who are acting together for the
purpose of acquiring an equity interest in SYSCO acquire beneficial ownership
(as defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934,
as amended) of 20% or more of the outstanding Common Stock.

 

 

2. RESTRICTION ON TRANSFER.

     The restricted Common Stock granted as a Restricted Stock Award and this Agreement shall not
be sold, pledged, assigned, transferred, or encumbered prior to the time the Restricted Stock Award
vests as described herein.

3. DEPOSIT WITH SYSCO.

     Each certificate of Restricted Stock Award awarded hereunder shall be registered in the name
of the Director and left, prior to its vesting, on deposit with SYSCO with a stock power endorsed
in blank. Each such certificate will contain the following legend:

The sale or other transfer of the shares of stock represented by this
certificate, whether voluntary, involuntary, or by operation of law,
is subject to certain restrictions on transfer as set forth in the
SYSCO Corporation Amended and Restated 2005 Non-Employee Directors
Stock Plan, and in the associated Award Agreement. A copy of the Plan
and such Award Agreement may be obtained from SYSCO Corporation.

4. CERTAIN RIGHTS OF DIRECTOR.

     Except as otherwise set forth herein, Director, as owner of shares of restricted Common Stock
granted as a Restricted Stock Award, shall have all the rights of a stockholder, including, but not
limited to, the right to vote such shares and the right to receive all dividends paid with respect
to such shares; provided, that all such rights shall be forfeited in respect to any portion of the
Restricted Stock Award as of the date all or any portion of such award is forfeited.

5. CESSATION OF SERVICE.

     Except as set forth below and unless otherwise determined by the Board, if Director ceases to
be a Non-Employee Director (as defined in the Plan) prior to the vesting of any portion of the
Restricted Stock Award, Director shall forfeit the portion of the Restricted Stock Award which is
not vested on the date he ceases to be a Non-Employee Director; provided, however, that unless
otherwise determined by the Board, if (a) Director serves out his or her term but does not stand
for re-election at the end thereof, or (b) Director shall retire from service on the Board (for
reasons other than death) prior to the expiration of his or her term and on or after the date he or
she attains age 71, Director’s Restricted Stock Award shall remain in effect and vest, as if
Director had remained a Non-Employee Director of SYSCO. Upon the death of Director, any unvested
portion of the Restricted Stock Award shall vest.

6. ADJUSTMENT TO AWARD IN CERTAIN EVENTS.

     In the event of a change in the capitalization of SYSCO due to a stock split, stock dividend,
recapitalization, merger, consolidation, combination, or similar event, the aggregate shares
subject to this Agreement shall be adjusted to reflect such change.

7. WITHHOLDING.

     All distributions under the Plan are subject to withholding of all applicable taxes, and SYSCO
may condition the delivery of any shares or other Plan benefits on satisfaction of the applicable
withholding obligations. SYSCO, in its discretion, may either: (a) require you to pay to SYSCO an
amount sufficient to satisfy any local, state, Federal and foreign income tax, employment tax and

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insurance withholding requirements prior to the delivery of any payment or stock owing to you
pursuant to the Restricted Stock Award; or, in its discretion, (b) permit you to surrender shares
of Common Stock which you already own, or reduce the number of shares to be delivered to you by
that number of shares of the Restricted Stock Award, in each case in an amount sufficient to
satisfy all or a portion of such tax or other withholding requirements, but only to the extent of
the minimum amount required to be withheld under applicable law. Any such shares of Common Stock
surrendered or otherwise tendered shall be valued at the Fair Market Value thereof, as defined in
the Plan.

8. NO COMPROMISE WITH REGULATORY AUTHORITY.

     Notwithstanding any other provision of this Agreement to the contrary, Director agrees that
SYSCO shall not be obligated to deliver any shares of Common Stock, if counsel to SYSCO determines
such delivery would violate any law or regulation of any governmental authority or agreement
between SYSCO and any national securities exchange upon which the Common Stock is listed.

9. PLAN CONTROLS.

     In the event of a conflict between the terms of this Agreement and the Plan, the Plan shall be
the controlling document.

10. END OF RESTRICTIONS; DELIVERY OF STOCK.

     If all terms and conditions of this Agreement are complied with in full, all restrictions on
the Restricted Stock Award referred to herein shall lapse and the Director shall receive the
certificate representing such Restricted Stock.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written.

     

	 	 	 	 	 
	 	SYSCO CORPORATION
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	DIRECTOR: 	 
	 	 	 
	 	
 	 
	 	 	 
	 	 	 
	 

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