Document:

exv10w33

Exhibit 10.33

FOURTH AMENDED AND RESTATED

CHANGE OF CONTROL SEVERANCE AGREEMENT

     This Fourth Amended and Restated Change of Control Severance Agreement (this “Agreement”)
between Newfield Exploration Company, a Delaware corporation (the “Company”), and                     
(“Executive”) is made and entered into effective as of January 1, 2009 (the
“Effective Date”).

     WHEREAS, Executive is a key executive of the Company;

     WHEREAS, it is in the best interest of the Company and its stockholders if key executives can
approach material business development decisions objectively and without concern for their personal
situation;

     WHEREAS, the Company recognizes that the possibility of a Change of Control (as defined below)
of the Company may result in the early departure of key executives to the detriment of the Company
and its stockholders;

     WHEREAS, in order to help retain and motivate key management and to help ensure continuity of
key management, the Board of Directors of the Company (the “Board”) authorized and directed the
Company to enter into a change of control agreement with Executive (the “Original Change of Control
Agreement”);

     WHEREAS, Executive and the Company desire to amend and restate the Original Change of Control
Agreement, as amended;

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Company and Executive agree to amend and restate the Original Change of
Control Agreement, as amended, as set forth herein.

	 	1.	 	Term of Agreement.

	 	A.	 	The term of this Agreement (the “Term”) shall commence on the
Effective Date and shall continue in effect through the third anniversary of
the Effective Date; provided, however, commencing on the first day following
the Effective Date and on each day thereafter, the Term of this Agreement shall
automatically be extended for one additional day unless the Board shall give
written notice to Executive that the Term shall cease to be so extended in
which event the Agreement shall terminate on the third anniversary of the date
such notice is given.
	 
	 	B.	 	Notwithstanding anything in this Agreement to the contrary, if
a Change of Control occurs during the Term of this Agreement, the Term shall
automatically be extended for the 36-month period following the date of the
Change of Control; provided, however, that in no event shall such extension of
the Term expire prior to the end of the 30-day period described in Section 2E
below, if applicable.

 

 

	 	C.	 	Termination of this Agreement shall not alter or impair any
rights of Executive arising hereunder on or before such termination.

	 	2.	 	Certain Definitions.

	 	A.	 	“Bonus” shall mean an amount equal to one-half of the
total of all cash bonuses (whether paid or deferred) awarded to Executive by
the Company with respect to (i) the two most recent calendar years ending prior
to Executive’s termination of employment or (ii) if greater, the two most
recent calendar years ending prior to the Change of Control.
	 
	 	B.	 	“Cause” shall mean:

	 	(i)	 	the willful and continued failure by Executive
to substantially perform Executive’s duties with the Company (other
than any such failure resulting from Executive’s incapacity due to
physical or mental illness);
	 
	 	(ii)	 	Executive’s conviction of or plea of nolo
contendre to a felony or a misdemeanor involving moral turpitude;
	 
	 	(iii)	 	Executive willfully engages in gross
misconduct materially and demonstrably injurious to the Company;
	 
	 	(iv)	 	Executive’s material violation of any material
policy of the Company; or
	 
	 	(v)	 	Executive’s having been the subject of any
order, judicial or administrative, obtained or issued by the Securities
and Exchange Commission, for any securities violation involving fraud.

For purposes of clause (i) of this definition, no act, or failure to act, on
Executive’s part shall be deemed “willful” unless done, or omitted to be
done, by Executive not in good faith and without reasonable belief that
Executive’s act, or failure to act, was in the best interest of the Company.
The determination of whether Cause exists must be made by a resolution duly
adopted by the affirmative vote of a majority of the entire membership of
the Board at a meeting of the Board that was called for the purpose of
considering such termination (after 10 days’ notice to Executive and an
opportunity for Executive, together with Executive’s counsel, to be heard
before the Board and, if possible, to cure the breach that was the alleged
basis for Cause prior to the meeting of the Board) finding that, in the good
faith opinion of the Board, Executive was guilty of conduct constituting
Cause and specifying the particulars thereof in detail.

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	 	C.	 	“Change of Control” shall mean the occurrence of any of
the following:

	 	(i)	 	the Company is not the surviving Person (as
such term is defined below) in any merger, consolidation or other
reorganization (or survives only as a subsidiary of another Person);
	 
	 	(ii)	 	the consummation of a merger or consolidation
of the Company with another Person pursuant to which less than 50% of
the outstanding voting securities of the surviving or resulting
corporation are issued in respect of the capital stock of the Company;
	 
	 	(iii)	 	the Company sells, leases or exchanges all or
substantially all of its assets to any other Person;
	 
	 	(iv)	 	the Company is to be dissolved and liquidated;
	 
	 	(v)	 	any Person, including a “group” as contemplated
by Section13(d)(3) of the Securities Exchange Act of 1934, acquires or
gains ownership or control (including the power to vote) of more than
50% of the outstanding shares of the Company’s voting stock (based upon
voting power); or
	 
	 	(vi)	 	as a result of or in connection with a
contested election of directors, the Persons who were directors of the
Company before such election cease to constitute a majority of the
Board.

Notwithstanding the foregoing, the definition of “Change of Control” shall
not include (a) any merger, consolidation, reorganization, sale, lease,
exchange, or similar transaction involving solely the Company and one or
more Persons that were wholly owned, directly or indirectly, by the Company
immediately prior to such event or (b) any event that is not a “change in
control” for purposes of Section 409A. For purposes of this definition,
“Person” shall mean any individual, partnership, corporation, limited
liability company, trust, incorporated or unincorporated organization or
association or other legal entity of any kind.

	 	D.	 	“Code” shall mean the Internal Revenue Code of 1986, as
amended.
	 
	 	E.	 	“Good Reason” shall mean:

	 	(i)	 	a material reduction in Executive’s authority,
duties, titles, status or responsibilities from those in effect
immediately prior to the Change of Control or the assignment to
Executive of duties or responsibilities inconsistent in any material
respect from those of Executive in effect immediately prior to the
Change of Control;
	 
	 	(ii)	 	any reduction in Executive’s annual rate of
base salary;

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	 	(iii)	 	any failure by the Company to provide
Executive with a combined total of annual base salary and annual bonus
compensation at a level at least equal to the combined total of
Executive’s annual rate of base salary with the Company in effect
immediately prior to the Change of Control and one-half of the total of
all cash bonuses (whether paid or deferred) awarded to Executive by the
Company with respect to the two most recent calendar years ending prior
to the Change of Control, with a failure being deemed to have occurred
in the event that payments are made to Executive in a form other than
cash, base salary is deferred at other than Executive’s election, bonus
compensation is not awarded within two and one-half months following
the end of the calendar year to which it relates, bonus compensation is
deferred at other than Executive’s election at a rate in excess of the
average ratio of deferred bonuses to currently paid bonuses awarded to
Executive with respect to the two most recent calendar years ending
prior to the Change of Control, or bonus compensation is deferred at
other than Executive’s election in a manner that is not substantially
similar in terms of Executive’s vested rights and timing of payments to
the manner in which deferred bonuses were awarded to Executive with
respect to the two most recent calendar years ending prior to the
Change of Control;
	 
	 	(iv)	 	the Company fails to obtain a written agreement
from any successor or assigns of the Company to assume and perform this
Agreement as provided in Section 7 hereof; or
	 
	 	(v)	 	the relocation of the Company’s principal
executive offices by more than 50 miles from where such offices were
located immediately prior to the Change of Control or Executive is
based at any office other than the principal executive offices of the
Company, except for travel reasonably required in the performance of
Executive’s duties and reasonably consistent with Executive’s travel
prior to the Change of Control.

Unless Executive terminates his employment upon or within 30 days following
the later of an act or omission to act by the Company constituting a Good
Reason hereunder, Executive’s continued employment thereafter shall
constitute Executive’s consent to, and a waiver of Executive’s rights with
respect to, such act or failure to act. Executive’s right to terminate
Executive’s employment for Good Reason shall not be affected by Executive’s
incapacity due to physical or mental illness. Executive’s determination
that an act or failure to act constitutes Good Reason shall be presumed to
be valid unless such determination is deemed by an arbitrator to be
unreasonable and not to have been made in good faith by Executive.

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	 	F.	 	“Protected Period” shall mean the 36-month period
beginning on the effective date of a Change of Control; provided, however, that
in no event shall such period expire prior to the end of the 30-day period
described in Section 2E above, if applicable.
	 
	 	G.	 	“Release” shall mean a comprehensive release and waiver
agreement in substantially the same form as that attached hereto as Exhibit A.
	 
	 	H.	 	“Section 409A” means section 409A of the Code and the
Department of Treasury rules and regulations issued thereunder.
	 
	 	I.	 	“Separation From Service” has the meaning ascribed to
that term in Section 409A.
	 
	 	J.	 	“Specified Employee” means a person who is, as of the
date of the person’s Separation From Service, a “specified employee” within the
meaning of Section 409A, taking into account the elections made and procedures
established in resolutions adopted by the Compensation & Management Development
Committee of the Board.
	 
	 	K.	 	“Termination Base Salary” shall mean Executive’s annual
base salary with the Company at the rate in effect immediately prior to the
Change of Control or, if a greater amount, Executive’s annual base salary at
the rate in effect at any time thereafter.

Change of Control Severance Benefits

	 	3.	 	Severance Benefits. If (a) Executive terminates his employment with the
Company during the Protected Period for a Good Reason event or (b) the Company
terminates Executive’s employment during the Protected Period other than (i) for Cause
or (ii) due to Executive’s inability to perform the primary duties of his position for
at least 180 consecutive days due to a physical or mental impairment and (c) as a
result of such termination of employment Executive has a Separation From Service,
Executive shall receive the following compensation and benefits from the Company,
provided that, in the cases of Section 3A, 3C and 3D, Executive executes and does not
revoke the Release:

	 	A.	 	On the date that is six months after the date Executive has a
Separation From Service with the Company, the Company shall pay to Executive in
a lump sum, in cash, an amount equal to three times the sum of Executive’s (i)
Termination Base Salary and (ii) Bonus.
	 
	 	B.	 	Except to the extent specifically set forth in a grant
agreement under any employee stock incentive plan of the Company, as of the
date of Executive’s termination of employment (i) all restricted shares of
Company stock of Executive (whether granted before or after the Effective Date)
shall become 100% vested and all restrictions thereon shall lapse and the
Company shall promptly deliver to Executive unrestricted shares

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	 	 	 	of Company stock, and (ii) each then outstanding Company stock option of
Executive (whether granted before or after the Effective Date) shall become
100% exercisable. All restricted stock units granted by the Company to
Executive shall vest and be settled in the manner provided in the applicable
award agreement(s).

	 	C.	 	At the time specified below, for the six month period following
the date on which Executive has a Separation From Service, the Company shall
reimburse Executive for (1) if Executive or Executive’s dependents are eligible
for and elect continued health coverage under a group health plan of the
Company or an affiliate which is provided to satisfy the requirements of
section 4980B of the Code (“COBRA Coverage”), the actual premium charged to
Executive or Executive’s dependents for such COBRA Coverage or (2) if Executive
is eligible to retire and receive retiree medical coverage, the actual premium
charged to Executive for such retiree medical coverage for Executive and each
of Executive’s dependents eligible for such retiree medical coverage. Such
reimbursements (which shall be taxable income to Executive) shall be paid to
Executive directly or to the applicable group health plan, as determined by the
Company, at the time specified below. On the date that is six months after the
date Executive has a Separation From Service as described in this Section 3,
the Company shall pay to Executive in a lump sum, in cash, the sum of (1) an
amount such that after payment of all applicable income taxes, Executive
retains an amount equal to thirty times the amount of the applicable COBRA
Coverage premium for such Executive on such date and (2) an amount such that
Executive shall, after payment of all income taxes owed by Executive, retain an
amount sufficient to pay the reimbursements for the COBRA Coverage premiums or
retiree medical premiums for the six month period following the date on which
Executive has a Separation From Service.
	 
	 	D.	 	The Company shall, at its sole expense, provide Executive with
reasonable outplacement services, up to an aggregate amount of $30,000, from a
nationally prominent executive outplacement service firm selected by the
Company and reasonably acceptable to Executive. The Company shall directly pay
the provider the fees for such outplacement services. The period during which
such outplacement services shall be provided to Executive at the expense of the
Company shall not extend beyond earlier to occur of (i) the date Executive
begins other full-time employment with a new employer or (ii) the last day of
the second taxable year of Executive following the taxable year of Executive
during which he incurs a Separation From Service.

The Executive will not be paid the cash benefits described in Sections 3A, 3C and
3D, and the Executive shall forfeit any right to such payments, unless (i) the
Executive has signed and delivered to the Company the Release furnished to the
Executive and (ii) the period for revoking such Release shall have expired (in the

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case of both clause (i) and clause (ii)) prior to the earlier of the deadline
established by the Company or the date that is six months after the date of the
Executive’s Separation From Service.

For the final calendar year containing the Protected Period, in the event that the
Company fails to award Executive prorated bonus compensation with respect to the
portion of such calendar year prior to the expiration of the Protected Period in a
manner that does not constitute a failure under Section 2E(iii), such failure shall
be deemed to be an event that constitutes Good Reason and, if Executive terminates
his employment upon or within 30 days following such failure, then such termination
shall be deemed to be a termination of employment by Executive for Good Reason
occurring during the Protected Period and Executive’s rights to benefits hereunder
with respect to such termination shall be deemed to have arisen prior to the
expiration of the Term.

The Company may withhold from any amounts or benefits payable under this Agreement
all such taxes as it shall be required to withhold pursuant to any applicable law or
regulation.

	 	4.	 	Parachute Tax Gross Up.
	 
	 	 	 	If any payment made, or benefit provided, to or on behalf of Executive pursuant to
this Agreement or otherwise (“Payments”) results in Executive being subject to the
excise tax imposed by section 4999 of the Code (or any successor or similar
provision) (“Excise Tax”), the Company shall, on the date that is six months after
the date Executive has a Separation From Service with the Company, pay Executive an
additional amount in cash (the “Additional Payment”) such that after payment by
Executive of all taxes, including, without limitation, any income taxes and Excise
Tax imposed on the Additional Payment, Executive retains an amount of the Additional
Payment equal to the Excise Tax imposed on the Payments. Such determinations shall
be made by the Company’s independent certified public accountants. The parties
intend and agree that the payment deadline specified above in this Section 4 is not
to be extended as a result of the following sentence which is included solely for
the purpose of complying with Section 409A. The Company shall make a payment to
reimburse Executive in an amount equal to all federal, state and local taxes imposed
upon Executive that are described in this Section 4, including the amount of
additional taxes imposed upon Executive due to the Company’s payment of the initial
taxes on such amounts, by the end of Executive’s taxable year next following
Executive’s taxable year in which Executive remits the related taxes to the taxing
authority.
	 
	 	5.	 	Disputed Payments and Failures to Pay.
	 
	 	 	 	If the Company fails to make a payment in whole or in part as of the payment
deadline specified in this Agreement, either intentionally or unintentionally, other
than with the consent of Executive, Executive shall make prompt and reasonable good
faith efforts to collect the remaining portion of the payment. The Company

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	 	 	 	shall pay any such unpaid benefits due to Executive, together with interest on the
unpaid benefits from the date of the payment deadline specified in this Agreement at
120 percent of the rate specified in section 1274(b)(2)(B) of the Code within ten
(10) business days of discovering that the additional monies are due and payable.

	 	6.	 	No Mitigation.
	 
	 	 	 	Executive shall not be required to mitigate the amount of any payment provided for
in this Agreement by seeking other employment or otherwise nor, except as provided
in Sections 3C and 3D, shall the amount of any payment or benefit provided for in
this Agreement be reduced as the result of employment by another employer or
self-employment, by offset against any amount claimed to be owed by Executive to the
Company or otherwise, except that any severance payments or benefits that Executive
is entitled to receive pursuant to a Company severance plan or program for employees
in general shall reduce the amount of payments and benefits otherwise payable or to
be provided to Executive under this Agreement. Notwithstanding the foregoing, there
shall be no such reduction to the extent that such reduction would result in an
acceleration of payment of nonqualified deferred compensation that is prohibited
under Section 409A.
	 
	 	7.	 	Successor Agreement.
	 
	 	 	 	The Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume expressly in writing on or prior to the
effective date of such succession and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if no
succession had taken place. Failure of the successor to so assume as provided
herein shall constitute a breach of this Agreement and entitle Executive to the
payments and benefits hereunder as if triggered by a termination of Executive by the
Company other than for Cause on the date of such succession.
	 
	 	8.	 	Indemnity.
	 
	 	 	 	In any situation where under applicable law the Company has the power to indemnify,
advance expenses to and defend Executive in respect of any judgments, fines,
settlements, loss, cost or expense (including attorneys fees) of any nature related
to or arising out of Executive’s activities as an agent, employee, officer or
director of the Company or in any other capacity on behalf of or at the request of
the Company, then the Company shall promptly on written request, fully indemnify
Executive, advance expenses (including attorney’s fees) to Executive and defend
Executive to the fullest extent permitted by applicable law, including but not
limited to making such findings and determinations and taking any and all such
actions as the Company may, under applicable law, be permitted to have the
discretion to take so as to effectuate such indemnification, advancement or defense.
Such agreement by the Company shall not be deemed to

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	 	 	 	impair any other obligation of the Company respecting Executive’s indemnification or
defense otherwise arising out of this or any other agreement or promise of the
Company under any statute. Payments made pursuant to this Section 8 shall be made
within ten (10) business days after delivery of Executive’s written request for
payment accompanied with such evidence of fees and expenses incurred as the Company
may reasonably require. The parties intend and agree that the foregoing ten (10)
business day deadline is not to be extended as a result of the following sentence
which is included solely for the purpose of complying with Section 409A. The
Company shall make a payment to reimburse Executive pursuant to this Section 8 by
the end of Executive’s taxable year following Executive’s taxable year in which the
legal fees or expenses were incurred by Executive. The legal fees or expenses that
are subject to reimbursement pursuant to this Section 8 shall not be limited as a
result of when the fees or expenses are incurred. The amount of legal fees or
expenses that is eligible for reimbursement pursuant to this Section 8 during a
given taxable year of Executive shall not affect the amount of expenses eligible for
reimbursement in any other taxable year of Executive. The right to reimbursement
pursuant to this Section 8 is not subject to liquidation or exchange for another
benefit. Notwithstanding any provision of this Agreement to the contrary, if
Executive is a Specified Employee, any amount to which Executive would otherwise be
entitled under this Section 8 during the first six months following the date of
Executive’s Separation From Service shall be accumulated and paid to Executive on
the date that is six months following the date of his Separation From Service.

	 	9.	 	Notices.
	 
	 	 	 	All notices and other communications hereunder shall be in writing and shall be
given by hand delivery to the other party or by registered or certified mail, return
receipt requested, postage prepaid, addressed, in either case, to the Company’s
headquarters or to such other address as either party shall have furnished to the
other in writing in accordance herewith. Notices and communications shall be
effective when actually received by the addressee.
	 
	 	10.	 	Arbitration.
	 
	 	 	 	Any dispute about the validity, interpretation, effect or alleged violation of this
Agreement (an “arbitrable dispute”) must be submitted to confidential arbitration in
Houston, Texas. Arbitration shall take place before an experienced employment
arbitrator licensed to practice law in such state and selected in accordance with
the Model Employment Arbitration Procedures of the American Arbitration Association.
Arbitration shall be the exclusive remedy of any arbitrable dispute. The Company
shall bear all fees, costs and expenses of arbitration, including its own, those of
the arbitrator and those of Executive unless the arbitrator provides otherwise with
respect to the fees, costs and expenses of Executive; in no event shall Executive be
chargeable with the fees, costs and expenses of the Company or the arbitrator.
Should any party to this Agreement pursue any arbitrable dispute by any method other
than arbitration, the other party

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	 	 	 	shall be entitled to recover from the party initiating the use of such method all
damages, costs, expenses and attorneys’ fees incurred as a result of the use of such
method. Notwithstanding anything herein to the contrary, nothing in this Agreement
shall purport to waive or in any way limit the right of any party to seek to enforce
any judgment or decision on an arbitrable dispute in a court of competent
jurisdiction. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts in Houston, Texas, for the purposes of any
proceeding arising out of this Agreement.

	 	11.	 	Governing Law.
	 
	 	 	 	This Agreement will be governed by and construed in accordance with the laws of the
State of Texas without regard to conflicts of law principles.
	 
	 	12.	 	Entire Agreement.
	 
	 	 	 	This Agreement is an integration of the parties’ agreement and no agreement or
representatives, oral or otherwise, express or implied, with respect to the subject
matter hereof have been made by either party which are not set forth expressly in
this Agreement.
	 
	 	13.	 	Severability.
	 
	 	 	 	The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.
	 
	 	14.	 	Amendment and Waivers.
	 
	 	 	 	No provision of this Agreement may be modified, waived or discharged unless such
waiver, modification or discharge is agreed to in writing and signed by Executive
and such member of the Board as may be specifically authorized by the Board. No
waiver by either party hereto at any time of any breach by the other party hereto
of, or in compliance with, any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time.
	 
	 	15.	 	Rights to Value of Certain Overriding Royalty Interests.
	 
	 	 	 	Executive acknowledges and agrees that upon a change of control (as defined in the
Newfield Exploration Company Second Amended and Restated 2003 Incentive Compensation
Plan (the “ICP”)) (A) the ICP will terminate and (B) Executive will have no further
rights with respect to the ICP or the Newfield Employee 1993 Incentive Compensation
Plan (as amended, the “1993 Plan”) except for the right to receive payments with
respect to outstanding Deferred Awards (as defined in the ICP) and outstanding
Deferred Incentive Compensation Awards (as defined in the 1993 Plan).

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	 	16.	 	Compliance with Section 409A.
	 
	 	 	 	The Company and Executive intend that this Agreement by its terms and in operation
meet the requirements of Section 409A so that compensation deferred under this
Agreement (and applicable investment earnings) shall not be subject to tax under
Section 409A. Any ambiguities in this Agreement shall be construed to effect this
intent. If any provision of this Agreement is found to be in violation of Section
409A, then such provision shall be deemed to be modified or restricted to the extent
and in the manner necessary to render such provision in conformity with Section
409A, or shall be deemed excised from this Agreement, and this Agreement shall be
construed and enforced to the maximum extent permitted by Section 409A as if such
provision had been originally incorporated in this Agreement as so modified or
restricted, or as if such provision had not been originally incorporated in this
Agreement, as the case may be.

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

	 	 	 	 	 
	 	NEWFIELD EXPLORATION COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 
	 	EXECUTIVE

 	 
	 	 	 

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EXHIBIT A

AGREEMENT AND RELEASE

     THIS AGREEMENT AND RELEASE is by and between _____________ (“Executive”) and Newfield
Exploration Company (“Newfield”), a Delaware corporation, having its principal place of business in
Houston, Texas.

WITNESSETH:

1. Termination. Executive’s employment with Newfield will be terminated effective
_________. Executive acknowledges and agrees that he has no authority to act for, and will not act
for, Newfield in any capacity on or after the date on which he is terminated. Executive may not
execute this Agreement and Release until on or after the date on which Executive’s employment is
terminated.

2. Consideration. After Executive signs and returns this Agreement and Release, Newfield
will provide Executive with a severance payment at the time and in the amount set forth in Section
3 of that certain Amended and Restated Change of Control Severance Agreement entered into between
Executive and Newfield (the “Severance Agreement”) which is attached hereto and made a part of this
Agreement and Release for all purposes. This Agreement and Release is entered into by Executive in
return for Newfield’s promises herein and in the Severance Agreement to provide the severance
payment and other benefits to Executive as provided in the Severance Agreement, which Executive
acknowledges and agrees to be good and sufficient consideration to which Executive is not otherwise
entitled.

3. Prior Rights and Obligations. Except as herein set forth, this Agreement and Release
extinguishes all rights, if any, which Executive may have, and obligations, if any, Newfield may
have, contractual or otherwise, relating to the employment or termination of employment of
Executive with Newfield or any of the other Newfield Parties (as defined in Paragraph 7 below)
including without limitation, all rights or benefits he may have under any employment contract,
incentive compensation plan, bonus plan or stock option plan with any Newfield Party.

4. Company Assets. Executive hereby represents and warrants that he has no claim or right,
title or interest in any property designated on any Newfield Party’s books as property or assets of
any of the Newfield Parties. Promptly after the effective date of his resignation, Executive shall
deliver to Newfield any such property in his possession or control, including, if applicable and
without limitation, his personal computer, cellular telephone, keys and credit cards furnished by
any Newfield Party for his use.

5. Proprietary and Confidential Information. Executive agrees and acknowledges that the
Newfield Parties have developed and own valuable “Proprietary and Confidential Information” which
constitutes valuable and unique property including, without limitation, concepts, ideas, plans,
strategies, analyses, surveys, and proprietary information related to the past, present or
anticipated business of the various Newfield Parties. Except as may be required by law, Executive
agrees that he will not at any time disclose to others, permit to be disclosed, use, permit to be
used, copy or permit to be copied, any such Proprietary and Confidential Information (whether or
not developed by Executive) without Newfield’s prior written consent.

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Except as may be required by law, Executive further agrees to maintain in confidence any
Proprietary and Confidential Information of third parties received or of which he has knowledge as
a result of his employment with Newfield or any Newfield Party.

6. Cooperation. Executive shall cooperate with the Newfield Parties to the extent
reasonably required in all matters relating to his employment or the winding up of his pending work
on behalf of any Newfield Party and the orderly transfer of any such pending work as designated by
Newfield. This obligation of cooperation shall continue indefinitely subject to Executive’s
reasonable availability and shall include, without limitation, assisting Newfield and its counsel
in preparing and defending against any claims which may be brought against Newfield or any Newfield
Party or responding to any inquiry by any governmental agency or stock exchange. Newfield’s
requests for Executive’s cooperation as may be required from time to time shall be as commercially
reasonable and Executive agrees that he shall be commercially reasonable in providing such
cooperation, taking into account the needs of the Newfield Parties and the position he may have
with another employer at the time such cooperation is required. Executive shall take such further
action and execute such further documents as may be reasonably necessary or appropriate in order to
carry out the provisions and purposes of this Agreement and Release.

7. Newfield Parties. Executive agrees that Newfield, its parent, sister, affiliated and
subsidiary companies, past and present, and their respective employees, officers, directors,
stockholders, agents, representatives, partners, predecessors and successors, past or present, and
all benefit plans sponsored by any of them, past or present, shall be defined collectively,
including Newfield, as the “Newfield Parties” and each of them, corporate or individual,
individually as a “Newfield Party.”

8. Executive’s Warranty and Representation. Executive represents, warrants and agrees that
he has not filed any claims, appeals, complaints, charges or lawsuits against any of the Newfield
Parties with any governmental agency or court. Executive also represents, warrants and agrees
that, except as prohibited by law, he will not file or permit to be filed or accept benefit from
any claim, complaint or petition filed with any court by him or on his behalf at any time
hereafter; provided, however, this shall not limit Executive from filing a Demand for Arbitration
for the sole purpose of enforcing his rights under this Agreement and Release. Further, Executive
represents and warrants that no other person or entity has any interest or assignment of any claims
or causes of action, if any, he may have against any Newfield Party, which have been satisfied
fully by this Agreement and Release and which he now releases in their entirety, and that he has
not sold, assigned, transferred, conveyed or otherwise disposed of any of the claims, demands,
obligations, or causes of action referred to in this Agreement and Release, and that he has the
sole right and exclusive authority to execute this Agreement and Release and receive the
consideration provided.

9. Release. Executive agrees to release, acquit and discharge and does hereby release,
acquit and discharge the Newfield Parties, individually and collectively, from any and all claims
and from any and all causes of action against any of the Newfield Parties, of any kind or
character, whether now known or not known, he may have against any such Newfield Party including,
but not limited to, any claim for salary, benefits, expenses, costs, damages, compensation,
remuneration or wages; and all claims or causes of action arising from his

A-2  

 

employment, termination of employment, or any alleged discriminatory employment practices,
including but not limited to any and all claims or causes of action arising under the Age
Discrimination in Employment Act, as amended, 29 U.S.C. § 621 et seq, Title VII of the Civil Rights
Act of 1964, as amended, the Americans With Disabilities Act, 42 U.S.C. § 1981, the Employee
Retirement Income Security Act, the Family and Medical Leave Act, the Texas Commission on Human
Rights Act, and any other federal, state or local laws, whether statutory or common, contract or
tort. This release also applies to any claims brought by any person or agency or class action
under which Executive may have a right or benefit.

10. No Admissions. Executive expressly understands and agrees that the terms of this
Agreement and Release are contractual and not merely recitals and that this Agreement and Release
does not constitute evidence of unlawful conduct or wrongdoing by Newfield. By his execution of
this Agreement and Release, Executive acknowledges and agrees that (i) he knows of no act, event,
or omission by any Newfield Party which is unlawful or violates any law, governmental rule or
regulation, or any rule or regulation of any stock exchange, (ii) he has not committed, during his
employment with Newfield or any Newfield Party, any act which is unlawful or which violates any
governmental rule or regulation or any rule or regulation of any stock exchange, (iii) he has not
requested any Newfield Party to commit any unlawful act or violate any governmental rule or
regulation or any rule or regulation of any stock exchange, and (iv) neither he nor any other
person employed by or contracting with any Newfield Party has been subjected to any adverse action
because any such person refused to commit any unlawful act or violate any governmental rule or
regulation or any rule or regulation of any stock exchange.

11. Enforcement of Agreement and Release. No waiver or non-action with respect to any
breach by the other party of any provision of this Agreement and Release, nor the waiver or
non-action with respect to any breach of the provisions of similar agreements with other employees
shall be construed to be a waiver of any succeeding breach of such provision, or as a waiver of the
provision itself. Should any provisions hereof be held to be invalid or wholly or partially
unenforceable, such provisions shall be revised and reduced in scope so as to be valid and
enforceable.

12. Choice of Law. This Agreement and Release shall be governed by and construed and
enforced, in all respects, in accordance with the law of the State of Texas without regard to the
principles of conflict of law except as preempted by federal law.

13. Merger. This Agreement and Release supersedes, replaces and merges all previous
agreements and discussions relating to the same or similar subject matters between Executive and
Newfield and constitutes the entire agreement between Executive and Newfield with respect to the
subject matter of this Agreement and Release. This Agreement and Release may not be changed or
terminated orally, and no change, termination or waiver of this Agreement and Release or any of the
provisions herein contained shall be binding unless made in writing and signed by all parties, and
in the case of Newfield, by an authorized officer.

14. No Derogatory Comments. Except as required by judicial process or governmental rule or
regulation, Executive shall refrain from making public or private comments relating to any

A-3  

 

Newfield Party which are derogatory or which may tend to injure any such party in such party’s
business, public or private affairs.

15. Confidentiality. Executive agrees that he will not disclose the terms of this Agreement
and Release or the consideration received from Newfield to any other person, except his attorney or
financial advisors and only on the condition that they keep such information strictly confidential;
provided, however, that the foregoing obligation of confidence shall not apply to information that
is required to be disclosed by any applicable law, rule or regulation of any governmental
authority.

16. Rights Under the Older Worker Benefit Protection Act and the Age Discrimination and
Employment Act. Executive acknowledges and agrees:

     16.1 that he has at least forty-five days to review this Agreement and Release, along with the
demographic information attached hereto as Attachment 1;

     16.2 that he has been advised in writing to consult with an attorney regarding the terms of
this Agreement and Release prior to executing this Agreement and Release;

     16.3 that, if he executes this Agreement and Release, he has seven days following the
execution of this Agreement and Release to revoke this Agreement and Release, by submitting, in
writing, notice of such revocation to Newfield;

     16.4 that this Agreement and Release shall not become effective or enforceable until the
revocation period has expired;

     16.5 that he does not, by the terms of this Agreement and Release, waive claims or rights that
may arise after the date he executes this Agreement and Release;

     16.6 that he is receiving, pursuant to this Agreement and Release, consideration in addition
to anything of value to which he is already entitled; and

     16.7 that this Agreement and Release is written in such a manner that he understands his
rights and obligations.

17. Agreement and Release Voluntary. Executive acknowledges and agrees that he has
carefully read this Agreement and Release and understands that it is a release of all claims, known
and unknown, past or present including all claims under the Age Discrimination in Employment Act.
He further agrees that he has entered into this Agreement and Release for the above stated
consideration. He warrants that he is fully competent to execute this Agreement and Release which
he understands to be contractual. He further acknowledges that he executes this Agreement and
Release of his own free will, after having a reasonable period of time to review, study and
deliberate regarding its meaning and effect, and after being advised to consult an attorney, and
without reliance on any representation of any kind or character not expressly set forth herein.
Finally, he executes this Agreement and Release fully knowing its effect and voluntarily for the
consideration stated above.

A-4  

 

18. Notices. Any notices required or permitted to be given under this Agreement and
Release shall be properly made if delivered in the case of Newfield to:

Newfield Exploration Company

363 N. Sam Houston Parkway East, Suite 100

Houston, Texas 77060

Attention: Human Resources, Personal and Confidential

     and in the case of Executive to:

               _________________________

               _________________________

               _________________________

[SIGNATURE PAGE FOLLOWS]

A-5  

 

     IN WITNESS WHEREOF, the parties have caused this Agreement and Release to be executed in
multiple counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument, this ____ day of ____________,         , to be
effective the eighth day following execution by ____________________ unless earlier revoked.

	 	 	 	 	 	 
	 	 	 	 
	 	 	 	 
	Date 	 	EXECUTIVE

 	 
	 	 	 	 
	Date 	 	NEWFIELD EXPLORATION COMPANY

 	 
	 	 	By:  	 	 
	 	 	 	Name:  	 	 
	 	 	 	Title:  	 	 
	 

A-6Exhibit 10.5

Exhibit 10.5

NOBLE CORPORATION

AMENDED AND RESTATED EQUITY COMPENSATION PLAN

FOR NON-EMPLOYEE DIRECTORS

(As of March 27, 2009)

SECTION 1. ESTABLISHMENT AND PURPOSE. Noble
Corporation, a Cayman Island exempted company limited by shares (“Noble-Cayman”), maintained the Noble Corporation Equity Compensation Plan for Non-Employee Directors (the “Plan”). Noble-Cayman entered into that certain Agreement and Plan of Merger, Reorganization and Consolidation (as amended, the “Merger Agreement”), dated as of December 19, 2008, by
 and among Noble-Cayman, Noble Corporation, a Swiss corporation (the “Company”), and Noble Cayman Acquisition Ltd., a Cayman Islands company (“Merger Sub”). Pursuant to the Merger Agreement and the schemes of arrangement referenced therein, on March 27, 2009, Merger Sub merged with and into Noble-Cayman, with Noble-Cayman being the surviving corporation and becoming a wholly owned subsidiary of the Company, and each issued and outstanding ordinary share, par value US$0.10 per share,
 of Noble-Cayman automatically became one share, par value CHF 5.00 per share, of the Company (collectively, the “Reorganization”).

Pursuant to Section 4.1 of the Merger Agreement, the Assumed Plans (as defined therein) of
Noble-Cayman were assumed by the Company on March 27, 2009 (the “Effective Time”) and continue as
plans and agreements of the Company. The Plan is an Assumed Plan as defined in the Merger
Agreement and therefore was assumed by the Company at the Effective Time and has continued as a
plan and agreement of the Company since the Effective Time. Pursuant to Section 4.1 of the Merger
Agreement, which provides for necessary and appropriate amendments with respect to the Assumed
Plans, the Company desires to amend, restate and continue the Plan to reflect the Reorganization.

The Company does hereby amend, restate and continue the Plan, effective from and after the
Effective Time, to reflect the Reorganization and the assumption of the Plan and to provide for
certain other changes.

The purposes of the equity compensation features of the Plan are to enable non-employee
directors of the Company to acquire shares of the Company, and thereby to align their interests
more closely with the interests of the other shareholders of the Company, and to encourage the
highest level of director performance by providing the non-employee directors with a more direct
interest in the Company’s attainment of its financial goals.

SECTION 2. CERTAIN DEFINITIONS. For purposes of the Plan, the following terms shall have the indicated meanings:

(a) “Annual Retainer” shall have the meaning specified in Section 5(a) hereof.

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

(c) “Company” means Noble Corporation, a Swiss corporation.

 

 

 

(d) “Compensation Committee” means the Compensation Committee of the Board of Directors.

(e) The “Current Market Price” of the Shares on any date shall be the average of the daily
closing prices of the Shares for the 15 consecutive trading days immediately preceding the day in
question. The closing price for each such trading day shall be the closing sales price of the
Shares as reported for the principal national stock exchange or stock market on which the Shares
are then listed, or, if not reported for such exchange or market, on the composite tape, or, in
case no such sale takes place on such trading day, the average of the reported closing bid and
asked quotations for the Shares on such exchange or market, or, if the Shares are not listed on any
national stock exchange or stock market, or no such quotations are available, the average of the
high bid and low asked quotations for the Shares in the over-the-counter market as reported by an
inter-dealer quotation system. Such closing prices shall be appropriately adjusted to take into
account any share dividend, split or combination with respect to the Shares that occurs within such
15- day period.

(f) “Outside Director” means an individual duly elected or chosen as a director of the Company
who is not also an officer or employee of the Company or any of its subsidiaries, but does not
include any person named as a director emeritus pursuant to the by-laws of the Company.

(g) “Plan Quarter” means each three-month period ending on March 31, June 30, September 30 and
December 31 of each Plan Year.

(h) “Plan Year” means a calendar year.

(i) “Quarterly Amount” shall have the meaning specified in Section 5(a) hereof.

(j) “Required Share Amount” shall have the meaning specified in Section 5(a) hereof.

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

SECTION 3. PLAN ADMINISTRATION. The Compensation Committee shall be responsible for the administration of the Plan. The Compensation Committee is authorized to interpret the Plan, prescribe, amend and rescind rules and regulations relating to the Plan, provide for conditions and assurances deemed necessary or advisable to protect the interests of the Company in connection with the operation of the
Plan and make all other determinations necessary or advisable for the administration of the Plan, but only to the extent not contrary to the express provisions of the Plan. No member of the Board of Directors or the Compensation Committee shall be liable for any action or determination made in good faith with respect to the Plan. The determinations, interpretations and other actions of the Board of Directors and the Compensation Committee pursuant to the provisions of the Plan shall be binding and conclusive for all
purposes and on all persons.

 

-2-

 

SECTION 4. SHARES SUBJECT TO THE PLAN.

(a) Number of Shares. Two hundred fifty thousand (250,000) Shares are available for delivery
in accordance with the provisions of the Plan. Shares available pursuant to 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 the rules of any stock
exchange or stock market on which the Shares are listed require shareholder approval of the Plan as
a prerequisite for listing on such stock exchange or stock market the Shares issuable under the
Plan, then no such shares shall be issued unless shareholder approval is obtained.

(b) Adjustments Upon Changes in Shares. In the event the Company shall effect a split of the
Shares or a 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 available under the Plan shall be
increased or decreased proportionately. In the event of a reclassification of the Shares not
covered by the foregoing, or in the event of a liquidation or reorganization (including a merger,
demerger, conversion, amalgamation, consolidation or sale of assets) of the Company, the Board of
Directors shall make such adjustments, if any, as it may deem appropriate in the number and kind of
shares that are available pursuant to the Plan.

SECTION 5. ANNUAL RETAINER.

(a) Quarterly Amounts. Required Share Amount. Subject to the provisions of the Plan, each
Outside Director shall be paid an annual retainer for serving as a director of the Company (the
“Annual Retainer”). The amount of the Annual Retainer to be paid to each Outside Director for each
Plan Year shall be $50,000. Of this amount, (i) $40,000 shall be in the cash component of the
Annual Retainer, payable in cash in quarterly installments of $10,000 (each such quarterly payment
being herein referred to as a “Quarterly Amount”), and (ii) $10,000 shall be the equity component
of the Annual Retainer, payable in Shares in one installment (the “Required Share Amount”). An
Outside Director who serves in such capacity for less than an entire Plan Quarter shall have his
Quarterly Amount for such Plan Quarter pro-rated based on his number of days of service as an
Outside Director during such Plan Quarter. An Outside Director who serves in such capacity for less
than an entire Plan Year shall have his Required Share Amount for such Plan Year pro-rated based on
his number of days of service as an Outside Director during such Plan Year.

(b) Voluntary Share Purchases. For any Plan Quarter, an Outside Director may elect to have up
to 100% of the Quarterly Amount earned by such Outside Director for such Plan Quarter applied to
the purchase of Shares pursuant to the provisions of Section 5(c) hereof. An Outside Director must
notify the Company of such election not later than the 20th day of the last month of the Plan
Quarter for which the election is made (or prior to such later date as may be
approved by the Compensation Committee); provided, however, that such election shall be
effective only if the person making such election is serving as an Outside Director at the time of
such election. An election made pursuant to this Section 5(b) for a Plan Quarter shall be
irrevocable from and after the date of such election. Such elections shall be on a form prescribed
for this purpose by the Compensation Committee. The amount to be applied to the purchase of Shares
shall be designated by the Outside Director as a percentage of his Quarterly Amount in integral
multiples of 5%.

 

-3-

 

(c) Payment of Quarterly Amounts. No later than 60 days following the last day of each Plan
Quarter, the Company shall pay to each person who served as an Outside Director during such Plan
Quarter the Quarterly Amount earned by such person for such Plan Quarter by delivering to or on
behalf of such person:

(A) an amount in cash equal to the Quarterly Amount earned by such person for such Plan
Quarter less the portion thereof, if any, that such person elected to have applied to the
purchase of Shares pursuant to Section 5(b) hereof; and

(B) a number of whole Shares determined by dividing (x) the Quarterly Amount earned by
such person for such Plan Quarter or portion thereof that such person elected to have
applied to the purchase of Shares pursuant to Section 5(b) hereof, if any, by (y) the
Current Market Price of the Shares as of the last day of such Plan Quarter.

(d) Payment of Required Share Amount. No later than 60 days following the last day of each
Plan Year, the Company shall pay to each person who served as an Outside Director during such Plan
Year the Required Share Amount earned by such person for such Plan Year by delivering to or on
behalf of such person a number of Shares determined by dividing (x) the Required Share Amount
earned by such person for such Plan Year by (y) the Current Market Price of the Shares as of the
last day of such Plan Year.

(e) Fractional Shares. No fraction of a Share shall be delivered by the Company pursuant to
Section 5(c) or 5(d) hereof, but in lieu thereof each Outside Director who would otherwise be
entitled to a fraction of a Share shall be paid an amount in cash equal to the value of such
fraction of a Share based upon the Current Market Price of the Shares as of the last day of the
applicable Plan Quarter or Plan Year, as the case may be.

(f) Eligibility. Anything in the Plan to the contrary notwithstanding, no Outside Director
shall be entitled to receive an Annual Retainer (or any component thereof) under the Plan if such
Outside Director ceases to serve on the Board of Directors by reason of such Outside Director’s (i)
fraud or intentional misrepresentation or (ii) embezzlement, misappropriation or conversion of
assets or opportunities of the Company or any of its affiliates.

SECTION 6. PLAN AMENDMENT, MODIFICATION AND TERMINATION. The Board of Directors may at any time suspend, terminate, amend or modify the Plan; provided, however, that no amendment or modification of the Plan shall become effective without the approval of such amendment or modification by the shareholders of the Company if the Company, on the advice of counsel, determines that shareholder approval is necessary or desirable.

SECTION 7. PLAN EFFECTIVENESS. The Plan shall be amended, restated and continued by the Company as of March 27, 2009.

SECTION 8. GENERAL PROVISIONS.

(a) No Continuing Right as Director. Neither the adoption or operation of the Plan, nor the
Plan itself or any document describing or relating to the Plan, or any part hereof, shall confer
upon any Outside Director any right to continue as a director of the Company or any subsidiary of
the Company.

 

-4-

 

(b) Nonalienation of Benefits. No Outside Director shall have the right to sell, assign,
transfer or otherwise convey or encumber in whole or in part the right to receive any payment under
the Plan, except that any rights an Outside Director may have hereunder at the time of his death
may be transferred by will or pursuant to the laws of descent and distribution.

(c) Binding Effect. The obligations of the Company under the Plan shall be binding upon any
successor corporation or organization resulting from the merger, consolidation or other
reorganization of the Company, or upon any successor corporation or organization succeeding to all
or substantially all of the assets and business of the Company. The terms and conditions of the
Plan shall be binding upon each Outside Director and his heirs, legatees, distributees and legal
representatives.

(d) Severability. If any provision of the Plan or any agreement hereunder 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.

(e) Requirements of Law. The issuance of Shares pursuant to the Plan shall be subject to all
applicable laws, rules and regulations and to such approvals by governmental agencies as may be
required.

(f) Investment Letter. The Company’s obligation to deliver Shares under the Plan shall be
conditioned upon its receipt from the person to whom such Shares is to be delivered of an executed
investment letter containing such representations and agreements as the Company may determine to be
necessary or advisable in order to enable the Company to issue and deliver such Shares to such
person in compliance with the Securities Act of 1933 and other applicable federal, state or local
securities laws or regulations.

(g) No Restriction of Corporate Action. Nothing contained in the Plan shall be construed to
prevent the Company or any subsidiary thereof from taking any corporate action (including any
corporate action to suspend, terminate, amend or modify the Plan), whether or not such action would
have an adverse effect on the Plan or any payments to be made under the Plan. No Outside Director
or other person shall have any claim against the Company or any subsidiary thereof as a result of
such action.

(h) Rights as Shareholder. No person entitled to receive Shares under the Plan shall have any
of the rights of a shareholder of the Company with respect to such Shares until such Shares are
actually delivered to or on behalf of such person.

(i) 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 13135 South Dairy
Ashford, Suite 800, Sugar Land, TX 77478, Attention: Executive Vice President (Tel.:
1-281-276-6100, Fax: 1-281-276-6316).

 

-5-

 

(j) No Interest. The Company shall not be liable for any interest or other charges on any
amounts payable under the Plan.

(k) 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 Switzerland.

(l) Other Fees and Reimbursement of Expenses. Directors of the Company shall be entitled, for
their service as directors, to compensation other than the Annual Retainer and to the reimbursement
of certain expenses in accordance with the policies, practices and procedures of the Company from
time to time in effect. Without limiting the preceding sentence, it is currently the policy of the
Company to pay to directors meeting attendance fees for Board of Director meetings and Board of
Director committee meetings attended and to reimburse directors for travel, lodging and related
expenses incurred in connection with attendance at such meetings. Expenses shall be reimbursed no
later than the last day of the year following the year in which such expenses are incurred.

(m) Withholding. The Compensation Committee 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 of any kind required by law to be withheld in connection with the payment of any Quarterly
Amounts or Required Share Amounts.

(n) Miscellaneous. Headings are given to the sections and subsections of the Plan solely as a
convenience to facilitate reference. Such headings shall not be deemed in any way material or
relevant to the construction of the Plan or any provisions hereof. The use of the masculine gender
shall also include within its meaning the feminine. Wherever the context of the Plan dictates, the
use of the singular shall also include within its meaning the plural, and vice versa.

(o) Section 409A. The payments provided pursuant to the Plan are intended to be exempt from
Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) as “short-term
deferrals.” Notwithstanding any other provision to the contrary, the Plan shall not be amended in
any manner that would cause (i) the Plan or any amounts payable hereunder to fail to comply with
the requirements of Section 409A, to the extent applicable, or (ii) any amounts or benefits payable
hereunder that are not subject to Section 409A to become subject thereto (unless they also are in
compliance therewith), and the provisions of any purported amendment that may reasonably be
expected to result in such non-compliance shall be of no force or effect with respect to the Plan.
No adjustment authorized by Section 4(b) or any other section of the Plan shall be made by the
Company 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 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.

 

-6-

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