Document:

exv10w4

 

Exhibit 10.4

 Loan Agreement

     This Loan Agreement (“Agreement”), dated as of May 8, 2008, is made between Citigroup Global
Markets Inc. (“Smith Barney” or “SB”) and MOVE INC. (“Client”), to set forth the terms and
conditions that will govern one or more extensions of credit (each, an “Advance”) by SB to the
Client.

	1.)	 	Advances.

	 	a.)	 	Subject to the terms and conditions of this Agreement, SB agrees to
make one or more Advances to the Client in an aggregate principal amount which
shall not exceed $64,800,000 (as the same may be reduced pursuant to Section 4 and
Section 6(b)(i), the “Loan Maximum”) at any time outstanding. All Advances will
comply with the provisions of Regulation T and other rules and regulations
applicable to margin loans. SB will not under any circumstances be required to
extend credit to the Client unless the Collateral (as hereafter defined) that
secures the Client’s obligation to repay each Advance (and accrued interest, if
any) is acceptable to SB. SB hereby acknowledges and agrees that the auction rate
securities held as of the date hereof by Client in Client’s Smith Barney Account
number 373-90876 (the “Account”) shall at all times constitute acceptable
collateral.
	 
	 	b.)	 	The Client may obtain an Advance by: (i) requesting SB to wire
transfer Federal funds in the amount of the Advance to a bank account in the
Client’s name, (ii) requesting SB to issue a check payable to the Client in the
amount of the Advance, or (iii) by any other method agreed upon by SB and the
Client.
	 
	 	c.)	 	Subject to the terms and conditions of this Agreement, during the
period from the date hereof to but excluding the Maturity Date (as defined below),
the Client may borrow, repay and reborrow Advances hereunder.

	2.)	 	Interest. SB shall charge the Client interest at the per annum variable rate of Open
Federal Funds Rate plus 2.1% (the “Interest Rate”) on the aggregate principal amount of
Advances outstanding, if any. Such interest shall be computed in the same manner as that set
forth for securities margin accounts in the pamphlet prepared by SB entitled “Important New
Account Information” (hereafter referred to as “New Account Document”) under the heading
“Credit Terms”, which may be amended from time to time and which amendment shall become
binding upon written notice to the Client (but such amendments shall not change the Interest
Rate). The Client hereby acknowledges receipt of the New Account Document. Interest shall be
payable monthly on the 21st day of each month (or, if the 21st is not a
business day, on the next business day). If (i) a sufficient amount of cash or money market
fund shares is not available in the

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	 	 	Account to pay the monthly interest amount, or if the Client elects not to make interest
payments from the Account, and (ii) sufficient Collateral acceptable to SB is in SB’s
possession in the Account, the interest due shall be added to the Client’s outstanding
principal balance hereunder and thereafter interest shall accrue on such amount until
the Client’s outstanding balance on all Advances has been repaid in full, whether
before or after demand or termination of this Agreement. The Client understands that
by adding interest to the outstanding principal balance of Client’s Advances, the
amount of additional Advances the Client may obtain shall be proportionately reduced.
In no event shall the total interest and fees charged under this Agreement exceed the
maximum interest rate or total fees permitted by law. In the event any excess
interest or fees are collected, the same shall be refunded or credited to the Client.
	 
	3.)	 	Repayment. The Client agrees to pay on May 7, 2009 (“Maturity Date”) any balance
outstanding with respect to all Advances, including any accrued interest and fees, as well as
any costs of collection and reasonable attorneys’ fees and costs. The total amount owed by
the Client described in the preceding sentence is hereafter referred to in this Agreement as
the “Loan Obligation”. The Client may prepay the Loan Obligation in whole or in part without
penalty at any time prior to the Maturity Date.
	 
	4.)	 	Collateral. As continuing security for the Loan Obligation, the Client hereby
assigns, grants and conveys to SB a first priority lien and security interest in all cash,
stocks, bonds, and other securities and instruments now or hereafter in the Account, and all
dividends, interest and proceeds of such property, and any property substituted by the Client
in accordance with this Agreement (collectively, the “Collateral”). Client may, with SB’s
approval and upon such terms and conditions prescribed by SB, provide additional or substitute
securities or other property for all or part of the Collateral. Client may remove Collateral
from the Account provided that (i) no default exists and no Shortfall will exist upon such
removal and (ii) the Loan Maximum shall be permanently reduced by 50% of the aggregate par
value of the Collateral removed. Any such Collateral removed from the Account shall no longer
constitute “Collateral” and shall be free and clear of the lien and security interest of SB
hereunder. The Client agrees to take any action reasonably requested by SB to maintain and
preserve SB’s first priority lien and security interest in the Collateral.
	 
	5.)	 	Conditions Precedent.

	 	a.)	 	The effectiveness of this Agreement and SB’s obligation to make the
initial Advance hereunder shall be subject to the prior satisfaction of the
following conditions:

	 	i.	 	SB shall have received this Agreement, duly
executed and delivered by all parties thereto;

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	 	ii.	 	SB shall have received from Client SB’s form of
legal entity authorizing resolutions for corporations, completed and
executed by Client.

	 	b.)	 	SB’s obligation to make any Advance hereunder shall be subject to the
prior satisfaction of the following conditions:

	 	i.	 	the representations and warranties of Client
contained in Section 6 shall be true and correct in all material
respects on and as of the date of such Advance immediately prior to and
after giving effect to such Advance;
	 
	 	ii.	 	no default of this Agreement shall exist or would
result from such Advance; and
	 
	 	iii.	 	after giving effect to such Advance, no Shortfall
shall exist and the Loan Obligation shall not exceed the Loan Maximum.

	6.)	 	Representations, Warranties and Covenants.

	 	a.)	 	Client represents and warrants to SB that:

	 	i.	 	it is duly organized and validly existing under
the law of its jurisdiction of establishment, has full authority to
enter into this Agreement and to perform its obligations hereunder, and
that this Agreement complies with all laws, rules and regulations
applicable to it;
	 
	 	ii.	 	as of the date of this Agreement, Client is not
in default under any agreement to which it is a party or by which its
assets are bound involving a liability in excess of $10,000,000, not
connected with this indebtedness;
	 
	 	iii.	 	the Collateral is not subject to any lien,
encumbrance or impediment to transfer (other than (x) SB’s lien and
security interest and (y) liens securing taxes, assessments and other
charges or levies imposed by any governmental authority which are not
yet due and payable or which are being contested in good faith by
appropriate proceedings and for which adequate reserves have been
established on the books of the Client in accordance with generally
accepted accounting principals);
	 
	 	iv.	 	while any Advance (and accrued interest, if any)
is outstanding, it will not pledge the Collateral or grant a security
interest in the Collateral to a third party, or permit the Collateral to
be sold, transferred or become subject to any lien or encumbrance other
than as provided in this Agreement; and

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	 	v.	 	the Client will be deemed to repeat these
representations each time an Advance is obtained hereunder.

	 	b.)	 	Client covenants and agrees with SB as follows, from the date hereof
until the Loan Obligation has been indefeasibly paid in full and SB has no
obligation to make further Advances:

	 	i.	 	unless otherwise directed by SB, Client will
offer for sale at par pursuant to an ongoing sell order each auction
rate security constituting Collateral at each applicable auction on an
applicable interest reset date for such security; Client authorizes SB
to effect such offers and sales at par on Client’s behalf; Client
further agrees that all proceeds of any such sales shall be applied by
SB immediately to repayment of the then outstanding Loan Obligation and
that the Loan Maximum shall be permanently reduced in the amount equal
to 50% of the amount of such proceeds;
	 
	 	ii.	 	During any period that the Client (A) is not
subject to any legal requirement obligating the Client to file its
annual and quarterly financial statements on a public basis with the
Securities and Exchange Commission or (B) Client is obligated to make
such filings but fails to do so in compliance with applicable laws,
rules and regulations, Client shall deliver to SB quarterly unaudited
consolidated and consolidating financial statements within 60 days of
the end of each calendar quarter and annual audited consolidated
financial statements within 120 days after each December 31;
	 
	 	iii.	 	upon the Client or any of its executive officers
or directors obtaining knowledge thereof, Client shall notify SB
promptly, and in no event later than five (5) business days thereafter,
of the occurrence of any default, or event which, with the giving of
notice or the passage of time, or both, would constitute a default,
under this Agreement.

	7.)	 	No Set-off or Withholding; Taxes. All payments by the Client to SB hereunder shall
be made to SB in full without condition or reduction for any counterclaim, defense, recoupment
or setoff and free and clear of and exempt from, and without deduction or withholding for or
on account of, any present or future taxes, levies, imposts, duties or charges of whatsoever
nature imposed by any government or any political subdivision or taxing authority thereof
(“Taxes”). If the Client shall be required by any law to deduct or withhold for any taxes
(other than taxes imposed on SB’s income, and franchise taxes imposed on SB, by the
jurisdiction under the laws of which SB is organized or any political subdivision thereof
(“Excluded Taxes”)) from any such payments, the Client shall increase the amount of such
payment by an amount such that SB receives an amount equal to the sum it would have received
had no such deduction or withholding been made. In addition, the Client will indemnify SB for
the full amount of any Taxes other than Excluded Taxes and any liability resulting therefrom
regardless of whether such Taxes were correctly or legally imposed.

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	8.)	 	Default; Remedies.

	 	a.)	 	Any of the following events that occurs while any Advance (and
accrued interest, if any) is outstanding will be considered a “default” by the
Client under this Agreement:

	 	i.	 	any representation or warranty hereunder by the
Client shall prove to have been incorrect in any material respect when
made;
	 
	 	ii.	 	the Client fails to pay the Loan Obligation on
the Maturity Date;
	 
	 	iii.	 	(A) the par value of the Collateral is less than
200% (50% par loan-to-value) of the sum of the Advances outstanding (and
accrued interest, if any) at the end of any business day, or (B) the
Market Value of the Collateral is less than 142.86 percent (30% market
value maintenance, or any higher minimum maintenance amount promulgated
by FINRA or the NYSE) of the Loan Obligation outstanding at the end any
business day (either (A) or (B) a “Shortfall”) and Client fails to
eliminate the Shortfall by the end of the fourth business day thereafter
by depositing additional cash and/or securities acceptable to SB in the
Account or by repaying outstanding Advances; as used in this Agreement,
“Market Value” means, at any time, the latest market closing price of
any security traded in a nationally recognized market, which may include
any nationally recognized secondary market that develops for auction
rate securities, and in the absence of such a market, the market value
determined by SB in good faith (which may include without limitation
information consisting of relevant market data supplied by third parties
in respect of sales of auction rate securities such as rates, prices and
volume or other relevant data, or such information from internal sources
as may be used by SB to value auction rate securities (not including
non-public information regarding the issuer or borrower in respect of
the security in question); for purposes of this Agreement, a business
day is any day on which the regular trading session on the New York
Stock Exchange is open;
	 
	 	iv.	 	the Client fails to perform any of its other
obligations hereunder and such failure is not remedied by the Client
within five (5) business days after receipt of written notice from SB of
such failure;
	 
	 	v.	 	a liquidator, receiver or trustee is appointed
with respect to all or substantially all of the Client’s assets, or a
bankruptcy petition is

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	 	 	 	filed by or against the Client, and in the case of a
petition filed against the Client, is not dismissed within sixty (60)
business days after it is filed;
	 
	 	vi.	 	the Client shall fail to pay when due and payable
the principal of, or interest on, any indebtedness for borrowed money
(other than the Advances) having an aggregate outstanding principal
amount of $10,000,000 or more (“Material Indebtedness”) or the maturity
of any Material Indebtedness shall have been accelerated in accordance
with the provisions of any indenture, contract or instrument evidencing,
providing for the creation of or otherwise concerning such Material
Indebtedness; or
	 
	 	vii.	 	SB does not have a perfected first priority lien
and security interest in any of the Collateral, except to the extent
resulting from actions or omissions of SB and not from any action of the
Client.

	 	b.)	 	In the event a default occurs and Client has failed to cure such
default after any required notice and permitted cure period SB is authorized, in
its sole discretion, to take one or more of the following actions: (i) declare the
Loan Obligation to be immediately due and payable by the Client to SB; (ii) reduce
the Loan Maximum to a level determined by SB, (iii) liquidate, withdraw or sell
the Collateral and apply it to the Loan Obligation, and (iv) terminate the
Client’s borrowing privileges hereunder. All of the foregoing actions may be done
without any further notice to, or demand upon, the Client. Any sale of Collateral
may be made in SB’s sole discretion on the exchange or market where such business
is then usually transacted, at public auction or private sale. In addition to
SB’s rights under this Agreement, SB shall have the right to exercise any one or
more of the rights and remedies of a secured creditor under the New York Uniform
Commercial Code then in effect. All rights and remedies under this Agreement are
cumulative and are in addition to all other rights and remedies that SB may have
at law or equity. Notwithstanding the foregoing and to the extent permitted by
law, the Client expressly waives compliance with the provisions of Section 202 of
the New York Lien Law.
	 
	 	c.)	 	In the event the proceeds from the sale of the Collateral pursuant to
Section 6(b) are not sufficient to pay the Loan Obligation in full, SB shall have
an unsecured claim against the Client to pay all amounts then due and owing under
the Loan Obligation.

	9.)	 	Limitation of Liability. SB shall not be liable to the Client with respect to the
Advances, the Loan Obligation and this Agreement for:

	 	a.)	 	any loss, damage or expense caused directly or indirectly by
circumstances that are not within SB’s reasonable control, including government
restrictions, exchange or market rulings, suspension of trading, war, strikes or
other conditions commonly known as “Acts of God”, or

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	 	b.)	 	any consequential, incidental, indirect or special damages, even if
such damages are reasonably foreseeable. The specific reference and intent herein
to consequential, incidental, indirect or special damages is to exclude “lost
opportunity” actions and events as a measure of recoverable damages.

	10.)	 	Governing Law. This Agreement will be governed by, and construed in accordance with,
the laws of the State of New York, without regard to the conflict of laws rules of such State.

	11.)	 	Assignment. This Agreement may not be assigned by the Client without SB’s prior
written consent, and shall be binding upon the Client’s heirs, executors, administrators,
successors and permitted assigns (whichever is applicable). SB may assign this Agreement to
any of its affiliates without the Client’s consent or prior notice to the Client, and this
Agreement shall inure to the benefit of and be binding upon each party’s successors and
permitted assigns (whether by merger, consolidation or otherwise).

	12.)	 	Amendments; Waivers; Severability. No amendment, modification or waiver of any
provision of this Agreement or consent hereunder shall be effective unless set forth in
writing and signed by the parties hereto, and each such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given. If any provision
of this Agreement is held to be invalid, illegal or unenforceable by reason of any law, rule,
administrative order or judicial decision, such determination shall not affect the validity of
the remaining provisions of this Agreement.

	13.)	 	Entire Agreement. This Agreement reflects the entire agreement between SB and the
Client concerning Advances and the Loan Obligation and supersedes any other agreement,
promise, representation or undertaking, whether written or oral, concerning the Advances and
the Loan Obligation.

	14.)	 	Indemnity. Without the necessity of a judicial determination, and whether or not
litigation occurs, the Client hereby agrees to indemnify and hold harmless SB and its
directors, officers, employees, agents and affiliates from any and all claims (whether or not
meritorious), liabilities, judgments, damages, losses, costs and expenses of any nature
whatsoever (including reasonable attorneys’ fees and expenses) in any way related to, or
arising out of or in connection with, this Agreement, including without limitation the
Client’s failure to comply with its obligations hereunder (including its failure to repay the
Loan Obligation when due), any action taken or omitted by SB at the Client’s request, or any
material untruth or inaccuracy of any of the Client’s representations and warranties in this
Agreement, but not including any claims (whether or not meritorious), liabilities, judgments,
damages, losses, costs and expenses based on (a) SB’s breach of this

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	 	 	Agreement, or any gross negligence or willful or bad faith acts or (b) events occurring prior
to the date hereof. This indemnification shall survive the termination of this Agreement
and the payment of the Loan Obligation, subject to any applicable statute of limitations.
	 
	15.)	 	No Third Party Beneficiary. Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any person (other than the parties hereto, their respective
successors and assigns permitted hereby and the indemnitees under Section 14) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

	16.)	 	Illegality. If SB determines that any law has made it unlawful, or that any
governmental authority has asserted that it is unlawful, for SB to make, maintain or fund
Advances, or to determine or charge interest rates based upon the Open Federal Funds Rate, SB
shall have the right to declare SB’s obligation to make or allow to remain outstanding
Advances shall be terminated (and such obligation shall be terminated upon such declaration),
and Client shall, upon demand from SB, prepay the aggregate principal amount of all
outstanding Advances, together with accrued but unpaid interest thereon and all other fees and
other amounts payable hereunder constituting the Loan Obligation.

	17.)	 	Set-off. In addition to any rights and remedies of SB provided by law, upon the
occurrence and during the continuance of any default, SB is authorized at any time and from
time to time, without prior notice to Client, any such notice being waived by Client to the
fullest extent permitted by law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final) or accounts at any time held by, indebtedness
or other obligation at any time owing by, SB to or for the credit or the account of Client
against the Loan Obligation owing to SB hereunder, now or hereafter existing, irrespective of
whether or not SB shall have made demand under this Agreement and although the Loan Obligation
or portion thereof Obligations may be contingent or unmatured or denominated in a currency or
instrument different from that of the applicable deposit, account, indebtedness or obligation.
SB agrees promptly to notify the Client after any such set-off and application; provided,
however, that the failure to give such notice shall not affect the validity of such set-off
and application.

	18.)	 	Expenses. Each party shall bear its own costs and expenses in connection with the
preparation and review of this Agreement. The Client agrees to pay or reimburse SB for all
costs and expenses (including reasonable legal fees and expenses) actually incurred in
connection with the enforcement, attempted enforcement, or preservation of any rights or
remedies under this Agreement (including all such costs and expenses incurred during any
“workout” or restructuring in respect of the Loan Obligation and during any legal proceeding,
including any proceeding under any bankruptcy or insolvency law). All such amounts shall be
payable within ten business days after demand therefor.

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	19.)	 	Interest Rate Limitation. Notwithstanding anything to the contrary contained in this
Agreement, the interest paid or agreed to be paid under this Agreement shall not exceed the
maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). If SB
shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall
be applied to the principal of the Advances or, if it exceeds such unpaid principal, refunded
to the Client. In determining whether the interest contracted for, charged or received by SB
exceeds the Maximum Rate, SB may, to the extent permitted by applicable law, (i) characterize
any payment that is not principal as an expense, fee or premium rather than interest, (ii)
exclude voluntary prepayments and the effects thereof and (iii) amortize, prorate, allocate,
and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the Loan Obligation hereunder.

	20.)	 	Survival. Notwithstanding any provision to the contrary, (i) all representations and
warranties made hereunder and in any other document delivered pursuant hereto or in connection
herewith or therewith shall survive the execution and delivery hereof and thereof and (ii) the
provisions of Section 14 shall survive any termination of this Agreement, subject to any
applicable statute of limitations.

	21.)	 	Notices. Notices delivered under this Agreement by SB may be delivered in writing to
Client at 30700 Russell Ranch Road, Westlake Village, California 91362, or by facsimile to
(805) 557-2689 to the attention of: James S. Caulfield, Executive Vice President & General
Counsel. Notices delivered under this Agreement by Client may be delivered in writing to SB
at Citi Smith Barney, 485 Lexington Avenue, New York, New York 10017 Attention: Stuart Weiss,
Credit Department.

	22.)	 	ARBITRATION.

	§	 	Arbitration is final and binding on the parties.
	 
	§	 	The parties are waiving their right to seek remedies in court, including the right to jury
trial.
	 
	§	 	Pre-arbitration discovery is generally more limited than and different from court
proceedings.
	 
	§	 	The arbitrators’ award is not required to include factual findings or legal reasoning, and
any party’s rights to appeal or to seek modification of rulings by the arbitrators is strictly
limited.
	 
	§	 	The panel of arbitrators will typically include a minority of arbitrators who were or are
affiliated with the securities industry.

The Client agrees that all claims or controversies with respect to the Advances, the Loan
Obligation and this Agreement between the Client and SB and/or any of its present or former
officers, directors, or employees concerning or arising from: (i)

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Advances and any other transaction related to this Agreement involving SB or any predecessor firms
by merger, acquisition or other business combination and the Client, whether or not such
transaction occurred in the Client’s Account, or (ii) the construction, performance or breach of
this Agreement, or any duty arising under this Agreement, shall be determined by binding
arbitration before, and only before, any self-regulatory organization or securities exchange of
which SB is a member. The Client may elect which of these arbitration forums shall hear the matter
by sending a registered letter or telegram addressed to Citigroup Global Markets Inc. at 787 7
Avenue, 13th floor, New York, NY 10019, Attn: Law Department. If the Client fails to
make such election before the expiration of five (5) days after receipt of a written request from
SB to make such election, SB shall have the right to choose the forum.

In connection with this Agreement, no person shall bring a putative or certified class action to
arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has
initiated in court a putative class action; or who is a member of a putative class who has not
opted out of the class with respect to any claims encompassed by the putative class action until:
(i) the class certification is denied, (ii) the class is decertified, or (iii) the customer is
excluded from the class by the court.

Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights
under this Agreement except to the extent stated herein.

[signature page follows]

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BY SIGNING BELOW, THE CLIENT AGREES TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS AGREEMENT.
THIS AGREEMENT CONTAINS A PRE-DISPUTE ARBITRATION CLAUSE AT SECTION 21.

This Loan Agreement may be executed in any number of counterparts and by different parties hereto
on separate counterparts, each of which, when so executed and delivered, shall be an original, but
all such counterparts shall constitute one and the same instrument.

	 	 	 	 	 
	MOVE, INC.
Print Client Name

	 	CITIGROUP GLOBAL MARKETS INC.
 

	 	 
	 
	 	 	 	 
	/s/ W. Michael Long

	 	/s/ Stuart N. Weiss	 	 
	Client Signature

	 	(Signature of Authorized Official)	 	 
	 
	 	 	 	 
	 

	 	Stuart N. Weiss, Managing Director	 	 
	 

	 	Senior Credit Officer Level II	 	 
	 

	 	Citigroup Global Wealth Management	 	 
	 

	 	Date: 5/8/08	 	 
	 

	 	(Print Name of Authorized Official)	 	 

11exv10w1

 

Exhibit 10.1

NOBLE CORPORATION

PERFORMANCE-VESTED RESTRICTED STOCK AGREEMENT

     THIS
AGREEMENT, made as of the       day of                      20      , by and between NOBLE CORPORATION,
a Cayman Islands exempted company limited by shares (the “Company”), and                                                             
(“Employee”);

WITNESSETH:

     WHEREAS, the committee (the “Committee”) acting under the Company’s 1991 Stock Option and
Restricted Stock Plan, as amended (the “Plan”), has determined that it is desirable to award shares
of performance-vested restricted stock to Employee under the Plan; and

     WHEREAS, pursuant to the Plan, the Committee has determined that the shares of
performance-vested restricted stock so awarded shall be subject to the restrictions, terms and
conditions of this Agreement;

     NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements herein
contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree
as follows:

     1. Performance-Vested Restricted Stock Award. On the terms and conditions and subject to the
restrictions, including forfeiture, hereinafter set forth, the Company hereby makes to Employee a
performance-vested restricted stock award (the “Award”) of an aggregate of __________ordinary shares
(the “Restricted Shares”), par value U.S.$0.10 per share (“Ordinary Shares”), of the Company. The
Award is made effective as of the date hereof (the “Effective Date”). The Restricted Shares shall
be issued to Employee, subject to forfeiture as herein provided, without the payment of any cash
consideration by Employee. A certificate representing the Restricted Shares shall be issued in the
name of Employee as of the Effective Date and delivered to Employee on the Effective Date or as
soon thereafter as practicable. Employee shall cause the certificate representing the Restricted
Shares, upon receipt thereof by Employee, to be deposited, together with stock powers and any other
instrument of transfer reasonably requested by the Company duly endorsed in blank, with the Company
pursuant to an escrow agreement substantially in the form of Exhibit A hereto (the “Escrow
Agreement”). The Restricted Shares shall be delivered to the Employee upon vesting or assigned and
transferred to and reacquired and canceled by the Company upon forfeiture, as hereinafter set
forth, and in accordance with the terms and conditions of the Escrow Agreement. Unless and until
the Restricted Shares are delivered to Employee upon vesting, the Restricted Shares shall not be
sold, assigned, transferred, discounted, exchanged, pledged or otherwise encumbered or disposed of
by Employee in any manner.

     2. Vesting/Forfeiture.

     (a) Except as set forth in Section 3 of this Agreement, (i) the Award shall not be fully
vested immediately but shall be subject to forfeiture in accordance with the restricted period and
performance measurement determined by the Committee and set forth on Schedule I hereto and (ii)

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the termination of the forfeiture provisions applicable to the Restricted Shares shall be
conditioned upon the continuous employment of Employee by the Company or an Affiliate from the date
of this Agreement to the applicable date of vesting.

     (b) Upon and to the extent of the achievement of the performance measurement hereunder with
respect to the Restricted Shares, as determined by the Committee, the shares with respect to which
such performance measurement has been achieved shall vest in Employee in accordance with Schedule I
hereto, and Employee shall be entitled to have delivered to him a new certificate, without the
legend referenced in Section 10 of this Agreement, for the number of such vested Ordinary Shares.

     (c) If the employment of Employee by the Company or an Affiliate terminates at any time prior
to determination of vesting/forfeiture except on account of (i) death, Disability or Retirement of
Employee or (ii) a Change in Control (as defined in Section 3(c)) of the Company, then, subject to
Section 3(b), the Restricted Shares shall be forfeited and automatically transferred to and
reacquired and canceled by the Company. Transfer of employment without interruption of service
between or among the Company and any of its subsidiaries shall not be considered a termination of
employment.

     3. Acceleration of Vesting and Termination of Forfeiture Provisions.

     (a) The vesting of this Award and the termination of the forfeiture provisions hereof are
subject to acceleration upon the occurrence of (i) the death, Disability or Retirement of Employee
or (ii) a Change in Control of the Company (whether with or without termination of employment of
Employee by the Company or an Affiliate). Upon the occurrence of any of the events specified in
(i) of this subsection (a),

	 	(A)	 	the Restricted Shares comprising the Award shall be prorated based on the
number of months of actual service by Employee during the three years in the period
ended December 31, 2010, and
	 
	 	(B)	 	the determination of vesting shall be made in accordance with Section 2(b) of
this Agreement.

Upon the occurrence of the event specified in (ii) of this subsection (a),

	 	(A)	 	a number of shares equal to 66.7 percent of the Restricted Shares (which
equates to the target for this Award) shall immediately become vested and no longer be
subject to any forfeiture provisions of this Agreement,
	 
	 	(B)	 	Employee shall be entitled to have delivered to him a new certificate, without
the legend referenced in Section 10 of this Agreement, for such number of vested
Ordinary Shares, and
	 
	 	(C)	 	the balance of 33.3 percent of the Restricted Shares shall be forfeited.

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     (b) Notwithstanding anything contained herein to the contrary, the Committee shall have the
right 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 on such terms and conditions as
the Committee may, in writing, deem appropriate.

     (c) For purposes of this Agreement, the following term shall have the indicated meaning:

     Change in Control: The term “Change in Control” means (i) a determination by the Committee
that any person or group (as defined in Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) has become the direct or indirect beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) of more than 50 percent of the Voting Stock of the
Company; (ii) the Company is merged or amalgamated with or into or consolidated with another
corporation and, immediately after giving effect to the merger, amalgamation or consolidation, less
than 50 percent of the outstanding voting securities entitled to vote generally in the election of
directors or persons who serve similar functions of the surviving or resulting entity are then
beneficially owned (within the meaning of Rule 13d-3 under the Exchange Act) in the aggregate by
(x) the members of the Company immediately prior to such merger, amalgamation or consolidation, or
(y) if a record date has been set to determine the members of the Company entitled to vote on such
merger, amalgamation or consolidation, the members of the Company as of such record date; (iii) the
Company either individually or in conjunction with one or more subsidiaries of the Company, sells,
conveys, transfers or leases, or the subsidiaries of the Company sell, convey, transfer or lease,
all or substantially all of the property of the Company and the subsidiaries of the Company, taken
as a whole (either in one transaction or a series of related transactions), including Capital Stock
of the subsidiaries of the Company, to any Person (other than a Wholly Owned Subsidiary); (iv) the
liquidation or dissolution of the Company; or (v) the first day on which a majority of the
individuals who constitute the board of directors of the Company are not Continuing Directors. For
purposes of this definition, “Voting Stock” means, with respect to any Person, securities of any
class or classes of Capital Stock in such Person entitling the holders thereof (whether at all
times or at the times that such class of Capital Stock has voting power by reason of the happening
of any contingency) to vote in the election of members of the board of directors (or comparable
body) of such Person; “Person” means any individual, corporation, limited liability company,
partnership, joint venture, joint stock company, unincorporated organization or government or any
agency or political subdivision thereof; “Capital Stock” in any Person means any and all shares,
interests, participations or other equivalents in the equity interest (however designated) in such
Person and any rights (other than debt securities convertible into an equity interest), warrants or
options to acquire an equity interest in such Person; “Wholly Owned Subsidiary” means any
subsidiary of the Company of which 100 percent of the total Voting Stock (other than directors’
qualifying shares) is at the time owned by the Company, either directly or indirectly through
ownership of one or more subsidiaries of the Company; and “Continuing Director” means an individual
who (A) is a member of the board of directors of the Company and (B) either (I) was a member of the
board of directors of the Company on the Effective Date or (II) whose nomination for election or
election to the board of directors of the Company was approved by a vote of at least 66-2/3 percent
of the Continuing Directors who were members of the board of directors of the Company at the time
of such nomination or election.

3

 

     4. Escrow Agreement. In accordance with Section 20(b) of the Plan, the Committee has approved
the form of Escrow Agreement and prescribed its use hereunder in order to enforce the restrictions,
terms and conditions applicable to the Restricted Shares.

     5. Rights as Member. Upon the issuance of a certificate or certificates representing the
Restricted Shares to Employee, Employee shall become the owner thereof for all purposes and shall
have all rights as a member of the Company, including, without limitation, voting rights and the
right to receive dividends and distributions, with respect to the Restricted Shares, subject to the
forfeiture provisions hereof and the following provisions of this Section 5. If the Company shall
pay or declare a dividend or make a distribution of any kind, whether due to a reorganization,
recapitalization or otherwise, with respect to the Ordinary Shares constituting the Restricted
Shares, then the Company shall pay or make such dividend or other distribution with respect to the
Restricted Shares.

     6. Agreements Regarding Withholding Taxes.

     (a) Employee may elect, within 30 days of the Effective Date and on notice to the Company, to
realize income for United States federal income tax purposes equal to the fair market value of the
Restricted Shares on the date of award, which shall be the Effective Date. In such event, Employee
shall make arrangements satisfactory to the Committee to pay in the year of such award any United
States federal, state or local taxes required to be withheld with respect to such shares. If
Employee fails to make such payments, the Company and its subsidiaries shall, to the extent
permitted by law, have the right to deduct in the year of such award any United States federal,
state or local taxes of any kind required by law to be withheld with respect to such Ordinary
Shares.

     (b) (i) No later than the date of the lapse of the restrictions on any of the Restricted
Shares set forth herein, Employee will make arrangements satisfactory to the Committee regarding
payment of any United States federal, state or local taxes (or foreign taxes) of any kind required
by law to be withheld with respect to the Restricted Shares with respect to which such restrictions
have lapsed.

     (ii) (A) Unless and until the Committee shall determine otherwise and provide notice to
Employee in accordance with Section 6(b)(ii)(B) of this Agreement, Employee shall satisfy the
obligation of Employee under Section 6(b)(i) of this Agreement by delivery to the Company or its
subsidiaries of Restricted Shares to which Employee shall be entitled upon the vesting thereof,
valued at the fair market value of such shares at the time of such delivery to the Company or its
subsidiaries

     (B) The Committee may determine, after the Effective Date and on notice to the Employee, to
authorize one or more arrangements (in addition to the arrangement prescribed in Section
6(b)(ii)(A) of this Agreement) satisfactory to the Committee for Employee to satisfy the obligation
of Employee under Section 6(b)(i) of this Agreement.

     (iii) If Employee does not, for whatever reason, satisfy the obligation of Employee under
Section 6(b)(i) of this Agreement, then the Company and its subsidiaries shall, to the extent
permitted by law, have the right to deduct from any payments of any kind otherwise due to Employee
any United States federal, state or local taxes (or foreign taxes) of any kind required by

4

 

 law to
be withheld with respect to the Restricted Shares with respect to which the restrictions set
forth herein have lapsed.

     7. Non-Assignability. The Award is not assignable or transferable by Employee.

     8. Newly-Issued Ordinary Shares. The Ordinary Shares awarded to Employee as the Restricted
Shares shall be newly-issued Ordinary Shares of the Company.

     9. Capital Adjustments. If any of the following events shall occur at any time while the
Award is outstanding and any Restricted Shares have not either become vested or been forfeited, the
following adjustments shall be made in the number of Ordinary Shares then constituting the
Restricted Shares under the Award, as appropriate:

     (a) Share Dividend or Split; Combination. If the Company pays a dividend on its outstanding
Ordinary Shares in Ordinary Shares or subdivides its outstanding Ordinary Shares into a greater
number of Ordinary Shares, the number of Ordinary Shares then subject to the Award shall be
proportionately increased. Conversely, if the outstanding Ordinary Shares are combined into a
smaller number of Ordinary Shares, the number of Ordinary Shares then subject to the Award shall be
proportionately reduced. An adjustment made pursuant to this Section 9(a) shall become effective
as of the record date in the case of a dividend and shall become effective immediately after the
effective date in the case of a subdivision or combination.

     (b) Recapitalization or Reorganization. In case of any recapitalization or reclassification
of the Ordinary Shares, or any merger, amalgamation or consolidation of the Company with or into
one or more other corporations, or any sale of all or substantially all the assets of the Company,
as a result of which the holders of the Ordinary Shares receive other stock, securities or property
in lieu of or in addition to, but on account of, their Ordinary Shares, the Company shall make or
cause to be made lawful and adequate provision whereby, upon the vesting of the Award after the
record date for the determination of the holders of Ordinary Shares entitled to receive such other
stock, securities or property, the Employee shall receive, in addition to the Ordinary Shares with
respect to which the Award has vested, the shares of stock, securities or other property which
would have been allocable to such Ordinary Shares had the Award vested immediately prior to such
record date. The subdivision or combination of Ordinary Shares at any time outstanding into a
greater or smaller number of Ordinary Shares shall not be deemed to be a recapitalization or
reclassification of the Ordinary Shares for the purposes of this Section 9(b).

     10. Legend. Each certificate representing Restricted Shares shall conspicuously set forth on
the face or back thereof, in addition to any legends required by applicable law or other agreement,
a legend in substantially the following form:

5

 

THE ORDINARY SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN 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                     , 200 
      . A COPY OF
SUCH PLAN AND AGREEMENT IS ON FILE IN THE OFFICES OF THE CORPORATION.

     11. Defined Terms; Plan Provisions. Unless the context clearly indicates otherwise, the
capitalized terms used (and not otherwise defined) in this Agreement shall have the meanings
assigned to them under the provisions of the Plan. By execution of this Agreement, Employee agrees
that the Award and the Restricted Shares shall be governed by and subject to all applicable
provisions of the Plan. This Agreement is subject to the Plan, and the Plan shall govern where
there is any inconsistency between the Plan and this Agreement.

     12. Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Texas, without regard to the principles of conflicts of
laws thereof, except to the extent Texas law is preempted by Federal law of the United States or by
the laws of the Cayman Islands.

     13. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, personal representatives, successors and permitted
assigns.

     14. Entire Agreement; Amendment. This Agreement, together with any Schedules and Exhibits and
any other writings referred to herein or delivered pursuant hereto, constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, whether written or oral, between the parties with respect to
the subject matter hereof. To the fullest extent provided by applicable law, this Agreement may be
amended, modified and supplemented by mutual consent of the parties hereto at any time, with
respect to any of the terms contained herein, in such manner as may be agreed upon in writing by
such parties.

     15. Notices. All notices and other communications hereunder shall be in writing and shall be
deemed given if directed in the manner specified below, to the parties at the following addresses
and numbers:

     (a) If to the Company, when delivered by hand, confirmed fax or mail (registered or certified
mail with postage prepaid) to:

Noble Corporation

13135 S. Dairy Ashford, Suite 800

Sugar Land, Texas 77478

Attention: Chief Executive Officer

Fax: 281-276-6316

6

 

With a copy to:

Chairman of Compensation Committee

c/o Noble Corporation

13135 S. Dairy Ashford, Suite 800

Sugar Land, Texas 77478

Fax: 281-276-6316

     (b) If to Employee, when delivered by hand, confirmed fax or mail (registered or certified
mail with postage prepaid) to:

The address and number, if any, set forth opposite

Employee’s signature below

Either party may at any time give to the other notice in writing of any change of address of the
party giving such notice and from and after the giving of such notice the address or addresses
therein specified will be deemed to be the address of such party for the purposes of giving notice
hereunder.

     16. Severability. If any provision of this Agreement is held to be unenforceable, this
Agreement shall be considered divisible and such provision shall be deemed inoperative to the
extent it is deemed unenforceable, and in all other respects this Agreement shall remain in full
force and effect; provided, however, that if any such provision may be made enforceable by
limitation thereof, then such provision shall be deemed to be so limited and shall be enforceable
to the maximum extent permitted by applicable law.

     17. Counterparts. This Agreement may be executed by the parties hereto in any number of
counterparts, each of which shall be deemed an original, but all of which shall constitute one and
the same agreement. Each counterpart may consist of a number of copies hereof each signed by less
than all, but together signed by all, the parties hereto.

     18. Descriptive Headings. The descriptive headings herein are inserted for convenience of
reference only, do not constitute a part of this Agreement, and shall not affect in any manner the
meaning or interpretation of this Agreement.

     19. Gender. Pronouns in masculine, feminine and neuter genders shall be construed to include
any other gender, and words in the singular form shall be construed to include the plural and vice
versa, unless the context otherwise requires.

     20. References. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and
words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. Whenever the words “include,” “includes” and “including” are used in
this Agreement, such words shall be deemed to be followed by the words “without limitation.”

7

 

     IN WITNESS WHEREOF, the Company and Employee have executed this Agreement as of the date first
above written.

	 	 	 	 	 
	 	NOBLE CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title: 
 	 	 
	Address and fax number, if any: 	 	 
	 
		 	Name of Employee:
	 

13135 S. Dairy Ashford, Suite 800

Sugar Land, Texas 77478

Fax: 281-276-6316

8

 

SCHEDULE I

NOBLE CORPORATION

PERFORMANCE MEASURES FOR THE 2008-2010 PERFORMANCE CYCLE

AWARD OF PERFORMANCE-VESTED RESTRICTED STOCK

     The Committee has determined that the following restricted period and performance measures
shall be applicable to the Award of Restricted Shares represented hereby:

1. Restricted Period. The restricted period for the Restricted Shares shall extend from the
Effective Date of the Award through December 31, 2010, and thereafter until such time as vesting or
forfeiture of the Restricted Shares is confirmed, as determined by the Committee, based on
achievement of the performance measures specified in paragraph 2 below.

2. Performance Measures. The performance measure used to determine the extent of vesting of the
Restricted Shares is the cumulative total member (shareholder) return (“TSR”) for the Ordinary
Shares of the Company for the three year period beginning on the first NYSE trading day of 2008 and
ending on the last NYSE trading day of 2010 (the “Performance Cycle”). Fifty Percent (50%) of the
award will be earned/vested based on the Company’s TSR performance relative to the companies within
the Dow Jones U.S. Oil Equipment & Services Index (the “Index”) and fifty percent (50%) of the
award will be earned/vested based on the Company’s TSR performance relative to a specific
competitor group composed of seven drilling companies (the “Competitor Group”). The seven drilling
companies comprising the Competitor Group are Diamond Offshore Drilling, Inc., ENSCO International
Inc., Helmerich & Payne, Inc., Nabors Industries, Ltd., Pride International, Inc., Rowan Companies,
Inc. and Transocean, Inc.

     TSR for the Performance Cycle shall be defined and calculated as follows, where “Beginning
Price” is the closing price on the first NYSE trading day of 2008 and “Ending Price” is the closing
price on the last NYSE trading day of 2010, in each case as applied to the applicable equity
security:

TSR = (Ending Price — Beginning Price + dividends per share paid*)

          Beginning Price

 

			
	*	 	Stock dividends paid in securities rather than cash in which there is a
distribution of less than 25 percent of the outstanding shares (as calculated prior to
the distribution) shall be treated as cash for purposes of this calculation.

     The companies comprising the Index on the last NYSE trading day of the Performance Cycle shall
be the companies used in the comparison for determining the Company’s percentile rank relative to
the companies in the Index. Any company in the Index on the last NYSE trading date of the
Performance Cycle that entered the Index after the first NYSE trading date of the Performance Cycle
will, for the purpose of calculating the TSR of the companies in the Index, be added into the Index
only as of the time such company entered the Index. For example, if a company enters the Index on
March 30, 2009 and is in the Index on December 31, 2010, the entering company’s performance for
comparison purposes relative to the Company and the other companies in the Index will be included
only from March 30, 2009.

I-1

 

     The companies comprising the Competitor Group on the last NYSE trading day of the Performance
Cycle shall be the companies used in the comparison for determining the Competitor Group
performance measurement. If a Competitor Group company’s common equity security is no longer
publicly traded on the last NYSE trading day of the Performance Cycle, then an appropriate
proportionate adjustment will be effected over the remaining number of companies in the Competitor
Group in making the determination of the Competitor Group measure; provided, however, that if the
number of companies comprising the Competitor Group on the last NYSE trading day of the Performance
Cycle is less than five, then, notwithstanding anything contained herein to the contrary, one
hundred percent (100%) of the award will be based on performance relative to the companies in the
Index, determined as described above, and the Competitor Group performance measure shall be
inapplicable and not used in determining the overall performance measure for vesting. Any
proportionate adjustment to the Competitor Group vesting schedule will be made on the following
basis with interpolation between these values:

	 	 	 	 	 
	Percentile Rank	 	Vesting Applicable
	 
	100

	 	 	100.0	%
	75

	 	 	67.7	%
	50

	 	 	42.7	%
	35

	 	 	25.0	%
	<35

	 	 	0.0	%
	 

     Notwithstanding anything contained herein to the contrary, the Company must have positive TSR
for the Performance Cycle for any of the Restricted Shares to vest.

     The number of the Restricted Shares vesting, if at all, over the Performance Cycle shall be
determined in accordance with the vesting matrix set forth on Annex I to this Schedule I.

3. Administrative Matters. The Committee shall confirm the vesting or forfeiture of the
Restricted Shares as soon as reasonably practicable after the completion of the Performance Cycle
and, in any event, within two months after the calculation of the TSR for the Ordinary Shares and
the Index. Employee shall be given notice of the confirmation of vesting of all or part of the
Restricted Shares.

I-2

 

ANNEX I TO SCHEDULE I

2008 — 2010 Performance Cycle

Performance-Vested Restricted Stock Performance Vesting Matrix

Index Performance Matrix

2008-2010 Performance Cycle

Performance-Vested Restricted Stock Performance Vesting Schedule

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Percentage of	 	Percentage of	 	 
	TSR For Ordinary Shares of the	 	the Target	 	Restricted Shares	 	 
	Company Relative to the Index	 	Vesting	 	Vesting	 	 
	Percentile
	 	 	 	 	 	 	 	 	 	 	 

	90 and greater
	 (maximum)	 	 	150	%	 	 	100.0	%	 	 

	 	85	 	 	 	133	%	 	 	88.7	%	 	 

	 	80	 	 	 	117	%	 	 	78.0	%	 	 

	75
	 (target)	 	 	100	%	 	 	66.7	%	 	 

	 	70	 	 	 	93	%	 	 	62.0	%	 	 

	 	65	 	 	 	86	%	 	 	57.3	%	 	 

	 	60	 	 	 	79	%	 	 	52.7	%	 	 

	 	55	 	 	 	71	%	 	 	47.3	%	 	 

	 	50	 	 	 	64	%	 	 	42.7	%	 	 

	 	45	 	 	 	57	%	 	 	38.0	%	 	 

	40
	 (threshold)	 	 	50	%	 	 	33.3	%	 	 

	Below 40
	 	 	 	0	%	 	 	0	%	 	 

Competitor Group Performance Matrix (based on the number of companies in the Competitor Group
on the date of this Agreement):

2008-2010 Performance Cycle

Performance-Vested Restricted Stock Performance Vesting Schedule

	 	 	 	 	 	 	 	 	 	 	 	 	 
	TSR For Ordinary Shares of	 	Percentage of	 	Percentage of	 	 
	the Company Relative to	 	the Target	 	Restricted Shares	 	 
	the Competitor Group	 	Vesting	 	Vesting	 	 
	Percentile	 	 	 
	 	 	 	 	 	 	 	 
	100	 (maximum)	 	 	150.0	%	 	 	100.0	%	 	 

	 	87.5	 	 	 	141.6	%	 	 	94.4	%	 	 

	75	 (target)	 	 	102.0	%	 	 	67.7	%	 	 

	 	62.5	 	 	 	82.1	%	 	 	54.7	%	 	 

	 	50	 	 	 	63.8	%	 	 	42.7	%	 	 

	37.5	 (threshold)	 	 	42.0	%	 	 	28.0	%	 	 

	Below 35	 	 	 	0	%	 	 	0	%	 	 

Values between those listed will be interpolated.

I-3

 

EXHIBIT A

NOBLE CORPORATION

ESCROW AGREEMENT

FOR PERFORMANCE-VESTED RESTRICTED STOCK AWARD

     THIS ESCROW AGREEMENT, made as of the ___day of                      20___, by and among Noble
Corporation, a Cayman Islands exempted company limited by shares (the “Company”),
                                         (“Employee”), and the Company, as escrow agent (the “Escrow Agent”),
pursuant to a Performance Restricted Stock Agreement dated of even date herewith (the “Restricted
Stock Agreement”) between the Company and Employee;

WITNESSETH:

     WHEREAS, the Company and Employee desire the Escrow Agent to serve as Escrow Agent for the
Deposit Shares (as hereinafter defined) as contemplated by Section 1 of the Restricted Stock
Agreement, and the Escrow Agent is willing to serve as Escrow Agent pursuant to the provisions
hereof; and

     WHEREAS, the Restricted Stock Agreement requires that an Escrow Agreement in the form hereof
be entered into by the parties hereto;

     NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements herein
contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree
as follows:

     1. Defined Terms. Each capitalized term used herein and not otherwise defined shall have the
meaning accorded thereto in the Restricted Stock Agreement.

     2. Deposit of Shares. In order to enforce the restrictions, terms and conditions, including
forfeiture, applicable to the Award of Restricted Shares to Employee pursuant to the Restricted
Stock Agreement, concurrent with the signing of the Restricted Stock Agreement, Employee has
deposited or caused to be deposited with the Escrow Agent the Restricted Shares, together with
stock powers duly endorsed in blank by Employee. The shares so deposited with the Escrow Agent and
such stock powers are referred to herein collectively as the “Deposit Shares.” The Deposit Shares
shall be registered in the name of Employee.

     3. Term. The Deposit Shares shall be held by the Escrow Agent in accordance with the terms of
this Agreement from the date of deposit until the Deposit Shares have been disposed of by Escrow
Agent in accordance with this Agreement.

A-1

 

     4. Disposition of the Deposit Shares.

     (a) Upon receipt by the Escrow Agent at any time of joint written instructions from the
Committee and Employee, the Escrow Agent will deliver the Deposit Shares in accordance with such
instructions.

     (b) Upon receipt by Escrow Agent of the Committee’s notice that (i) a number of the Restricted
Shares specified in such notice has become vested in Employee (the “Vested Shares”) and a number of
the Restricted Shares specified in such notice has been forfeited by Employee (the “Forfeited
Shares”), (ii) Employee is entitled to delivery of the Vested Shares pursuant to the Restricted
Stock Agreement and the Company is entitled to delivery of the Forfeited Shares pursuant to the
Restricted Stock Agreement and (iii) the certificate representing the Deposit Shares, together with
the stock powers duly endorsed in blank by Employee, should be delivered to the Company, Escrow
Agent shall promptly deliver the certificate representing the Deposit Shares and such stock powers
to the Company. The Company shall then cause a new certificate representing the number of Vested
Shares (with cash in lieu of any fractional share) not required to satisfy the payment of any tax
withholding obligation of Employee under the Restricted Stock Agreement to be delivered to Employee
and any Forfeited Shares to be delivered to the Company for cancellation.

     (c) The Escrow Agent shall not be required to inquire or make any investigation beyond the
bounds of this Escrow Agreement in delivering all or any of the Deposit Shares.

     5. Certain Agreements of the Company and Employee.

     (a) The Company agrees with Employee to give the Escrow Agent prompt notice in accordance with
Section 4(b) of this Escrow Agreement in the event of vesting of all or any of the Deposit Shares
pursuant to the Restricted Stock Agreement.

     (b) Employee acknowledges (i) that the disposition of the Deposit Shares pursuant to Section
4(b) of this Escrow Agreement may be made upon the unilateral action of the Committee, (ii) that
even in the event Employee disagrees with the Committee’s notice or makes objection to the Escrow
Agent with respect thereto, the Escrow Agent shall nevertheless be required to dispose of the
Deposit Shares in accordance with the Committee’s notice and (iii) that any claim or remedy with
respect to any dispute Employee has concerning the delivery of all or any of the Deposit Shares to
the Company pursuant to this Escrow Agreement or otherwise concerning the Restricted Stock
Agreement shall be raised only against the Company so long as the Escrow Agent acts in good faith.

     (c) The Company and Employee hereby jointly and severally agree to indemnify, defend and hold
harmless the Escrow Agent from and against any and all losses, damages, liabilities and expenses
that may be incurred by the Escrow Agent arising out of or in connection with its performance of
its duties as Escrow Agent hereunder in accordance with the terms hereof, including any legal costs
and expenses of defending itself against any claims or liabilities, including, without limitation,
its good faith disbursement of Deposit Shares pursuant to this Escrow Agreement.

A-2

 

     6. Escrow Agent.

     (a) The Escrow Agent shall not be required to use its own funds in the performance of any of
its duties, or in the exercise of any of its rights or powers, with respect to the Deposit Shares.

     (b) The Escrow Agent may confer with its counsel with respect to any question relating to its
duties or responsibilities hereunder and it shall not be liable for any act done or omitted by it
in good faith on advice of counsel. It shall be protected in acting upon any certificate,
statement, request, consent, agreement or other instrument whatsoever (not only as to its due
execution or the validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which it shall in good faith believe to be
valid and to have been signed or presented by a proper person or persons. The Escrow Agent shall
not be bound by any notice of a claim, or demand with respect thereto, or any waiver, modification,
amendment, termination or rescission of this Escrow Agreement, unless in writing received by it,
and if the duties of the Escrow Agent herein are affected, unless it shall have given its prior
written consent thereto. The Escrow Agent shall not be liable or responsible for anything done or
omitted to be done by it in good faith, it being understood that its liability hereunder shall be
limited solely to gross negligence or willful misconduct on its part.

     7. Notices. All notices and other communications hereunder shall be in writing and shall be
deemed given if directed in the manner specified below, to the parties at the following addresses
and numbers:

     (a) If to the Company, when delivered by hand, confirmed fax or mail (registered or certified
mail with postage prepaid) to:

Noble Corporation

13135 S. Dairy Ashford, Suite 800

Sugar Land, Texas 77478

Attention: Chief Executive Officer

Fax: 281-276-6316

With a copy to:

Chairman of Compensation Committee

c/o Noble Corporation

13135 S. Dairy Ashford, Suite 800

Sugar Land, Texas 77478

Fax: 281-276-6316

     (b) If to Employee, when delivered by hand, confirmed fax or mail (registered or certified
mail with postage prepaid) to:

The address and number, if any, set forth opposite

Employee’s signature on the Restricted Stock Agreement

     (c) If to the Escrow Agent, when delivered by hand, confirmed fax or mail (registered or
certified mail with postage prepaid) to:

A-3

 

Noble Corporation

13135 S. Dairy Ashford, Suite 800

Sugar Land, Texas 77478

Attention: Escrow — Restricted Stock Award

Fax: 281-276-6316

Any party may at any time give to the others notice in writing of any change of address of the
party giving such notice and from and after the giving of such notice the address or addresses
therein specified will be deemed to be the address of such party for the purposes of giving notice
hereunder.

     8. Assignment; Binding Effect. This Escrow Agreement is not assignable by the Escrow Agent
and shall be binding upon and inure to the benefit of the parties hereto, and their respective
heirs, personal representatives, successors and permitted assigns.

     9. Governing Law. This Escrow Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Texas, without regard to the principles of conflicts of
laws thereof, except to the extent Texas law is preempted by Federal law of the United States or by
the laws of the Cayman Islands.

     10. Termination. This Escrow Agreement shall be terminated only upon the delivery of all the
Deposit Shares either to Employee as Vested Shares or to the Company as Forfeited Shares, as the
case may be, in accordance with the provisions hereof.

A-4

 

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

	 	 	 	 	 
	 	NOBLE CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 

Name of Employee:

NOBLE CORPORATION,

as Escrow Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]