Document:

EX-10.7

 Exhibit 10.7 

NOBLE CORPORATION 

EQUITY COMPENSATION PLAN 

FOR NON-EMPLOYEE DIRECTORS 

SECTION 1. ESTABLISHMENT AND PURPOSE. Noble Corporation, a Swiss corporation (“Noble Swiss”) maintained the Noble Corporation Equity
Compensation Plan for Non-Employee Directors (the “Plan”). Noble Swiss and Noble Corporation Limited, a company registered in England and Wales (“NCL”), entered into a merger agreement dated June 30, 2013 (the “Merger
Agreement”), pursuant to which Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (and successor to NCL) (the “Company”) assumed, as of the Effective Time, the Assumed Plans (as defined
therein), including the Plan, and such plans became plans of the Company. 
 Pursuant to Section 5.2 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 Merger Agreement and the assumption of the Plan. 

The Company does hereby amend, restate and continue the Plan, effective as of the Effective Time, to reflect the Merger Agreement and the
assumption of the Plan and to provide for certain other changes in connection with the transactions described in the Merger Agreement. 

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 plc, a public limited company incorporated under the laws of England and Wales, and its
successors. 
 (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
allotted and issued or which may be allotted and 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. 
 SECTION 4. SHARES SUBJECT TO THE PLAN. 

(a) Number of Shares. Two hundred fifty thousand (250,000) Shares are available for issuance, transfer or 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
allotted and issued unless shareholder approval is obtained. 

  
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 (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%. 

(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: 

  
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 (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; Nominal Value. 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 issuing, transferring or 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. To the extent payment is made to an Outside Director by the Company’s issuance,
transfer or delivery of Shares, such Outside Director may be required by the Compensation Committee, in its discretion, or pursuant to procedures of the Compensation Committee, to pay the nominal value of such Shares. Such nominal value may be paid
by causing any such payment of Shares to be made partly in cash in lieu of Shares, which cash shall be retained by, or returned to, the Company to the extent required to satisfy the applicable nominal value payment obligation. 

(e) Fractional Shares. No fraction of a Share shall be allotted and issued, transferred or 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. 

  
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 SECTION 7. PLAN EFFECTIVENESS. The Plan shall be amended, restated and continued by the Company
as of the Effective Time; provided that if the Merger Agreement is not approved by the shareholders of the Company or does not otherwise become effective, then this amendment and restatement shall not take effect, and the Plan as amended through
March 27, 2009, shall remain in effect. 
 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. 

(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, transfer or delivery 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
allot and issue, transfer or deliver Shares under the Plan shall be conditioned upon its receipt from the person to whom such Shares is to be allotted and issued, transferred or delivered of an executed investment letter containing such
representations and agreements as the Company may determine to be necessary or advisable in order to enable the Company to allot, issue, transfer or deliver such Shares to such person in compliance with the Securities Act of 1933 and other
applicable federal, state or local securities laws or regulations. 
 (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. 

  
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 (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 allotted and issued, transferred or 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). 

(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 England and Wales. 
 (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 or social security contributions (or similar charges) of any kind required by law to be withheld in connection with the payment of any Quarterly Amounts or Required Share Amounts, and the
provisions of Section 5(d) above shall apply to such awards mutatis mutandis in respect of any applicable withholding obligations.  

  
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 (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. 

(p) Third Party Rights. It is not intended that any of the terms of this Plan should be enforceable by any third party pursuant to the UK
Contract (Rights of Third Parties) Act 1999. 
 (q) Data Protection. By participating in the Plan, participants give their consent to the
holding and processing of data relating to them (including personal data) in relation to and as a consequence of the Plan and to the disclosure of data (even outside the European Economic Area) to their employer, or any Affiliate, Trustee, to any
possible purchaser of their employer or their employer’s business or any Affiliate of the Company and their respective advisors in relation to the Plan. 

  
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 Exhibit 10.8 

NOBLE CORPORATION 
 2013
SHORT TERM INCENTIVE PLAN 
 Section 1. Purpose 

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

Pursuant to Section 5.2 of the Merger Agreement, dated June 30, 2013, between Noble Corporation, a Swiss corporation (Noble Swiss) and Noble
Corporation Limited, a company registered in England and Wales (and predecessor to Noble) (the “Merger Agreement”), Noble has assumed, as of the Effective Time (as defined therein) the liabilities and obligations under the Assumed Plans
(as defined therein) of Noble Swiss, including the Plan, and such plans have become plans of Noble. 
 An effective incentive plan should both align
employee interests with those of shareholders and motivate and influence employee behavior. Key positions within the Company have the ability to make a positive contribution to key factors that increase shareholder value. These factors can be
quantified and measured through achievement of various financial and operational targets, such as safety and cash operating margins. The objectives of using such targets in the formulation of the specific Company goals are to link an employee’s
annual incentive award more closely to the creation of shareholder wealth and to promote a culture of high performance and an environment of team work. 

Section 2. Participation and Eligibility 
 Full-time
shore-based employees and select offshore employees (Rig Managers, Assistant Rig Managers and Captains) are eligible for consideration of a bonus under the Plan, subject to the approval of the Compensation Committee (the “Committee”) of
the Board of Directors (the “Board”) of Noble. Each such employee will be considered either a “corporate employee” or a “division employee” for purposes of adjustment of such employee’s target bonus pursuant to
Section 7. 
 To be eligible to receive a bonus payment with respect to a Plan year, an employee must be actively employed by the Company on the last
day of such Plan year and must continue to be employed through the date on which bonus payments for such Plan Year are made. An employee shall not be eligible to receive any bonus payment if the employee’s employment with the Company terminates
for any reason, either voluntarily or involuntarily, before that date on which bonus payments for a Plan year are made. The Plan year shall be the calendar year. 

Notwithstanding the foregoing, in the event of death, disability or retirement, the employee or estate of the former employee may receive a pro-rated payment
from the Plan, at the discretion of the Committee and the Chief Executive Officer (the “CEO”). For purposes of the Plan, “disability” means any termination of employment with the Company or an affiliate of the

 
Company because of a long-term or total disability, as determined by the Committee and CEO, and “retirement” means a termination of employment with the Company on a voluntary basis by a
person if, immediately prior to such termination of employment, the sum of the age and the number of years of continuous service of such person with the Company (or affiliate) is equal to or greater than 60. 

Section 3: Plan Funding 
 The award pool (the
“Aggregate Bonus Pool” or the “Pool”) will equal the sum of: (1) all eligible participants’ target bonuses (“Aggregate Target Bonuses”), plus (2) up to 20% of the Aggregate Target Bonuses. For purposes of
calculating the Aggregate Target Bonuses, a 6% target bonus percentage will be used for those employees covered under the Plan that do not have a formal target bonus percentage. The Aggregate Bonus Pool will only be established when the EBITDA goal
is achieved at or above the threshold performance level (ref. Annex I). EBITDA will be defined as the Company’s earnings before the deduction of interest, tax, depreciation and amortization expenses, subject to adjustment to exclude
extraordinary gains or losses. 
 Section 4. Administrative Procedures 

During the fourth quarter of each year, the Company will commence preparation of budgets and forecasts for the succeeding Plan year. The Board will approve the
budget for the Plan year not later than March 31st of such Plan year. 
 Goals for a Plan year for each of the categories in Section 6 will be
compiled by management and submitted to the Committee for approval at the first regularly scheduled Committee meeting of each new Plan year. The specific goals established for the Plan year will be set forth in an Annex I to this Plan for such Plan
year, and the Annex I hereto for each Plan year shall be incorporated into and made a part of this Plan for such Plan year. 
 If, after the establishment
of goals for a Plan year, the budget changes substantially due to subsequent events, such as the acquisition or sale of assets or any unforeseen event that impacts the Company or industry as a whole, then the CEO shall, at his discretion, recommend
to the Committee the adjustment of the respective goals in order that they may not be adversely impacted by such an event. Any such revised goals shall be applicable to the Plan year from and after the time of their approval. 

Section 5. Target Bonus 
 The target bonus for an
employee is an amount equal to the employee’s salary at the end of the Plan year multiplied by the assigned target bonus percentage. Except for offshore employees, 50% percent of this amount is eligible to be paid based on the achievement of
the stated goals under the Plan pursuant to the terms outlined in Sections 6 and 7 and Annex I, and 50 percent will be based on merit, individual and team performance and/or additional selected criteria. Target bonuses for offshore employees are
rig-specific and fully based on the safety results of the rig. Target bonuses range from 4 percent to 100 percent. For purposes of calculating the Aggregate Target Bonuses (Section 3), a 6% target bonus will be used for those employees covered under
the Plan that do not have a formal target bonus percentage. Assigned percentages are intended to be both internally equitable and externally competitive. 

  
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 Section 6. Goal Categories and Weightings 

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

					
	 Corporate Goals
	  	Assigned Weight	 
	 1. Company EBITDA
	  	 	65.0	% 
	 2. Company Safety Results
	  	 	35.0	% 

  

					
	 Division Goals
	  	Assigned Weight	 
	 1. Division Cash Operating Margin
	  	 	65.0	% 
	 2. Division Safety Results
	  	 	17.5	% 
	 3. Company Safety Results
	  	 	17.5	% 

 Section 7. Determination of Awards 

The respective employee target bonuses determined pursuant to Section 5 for a Plan year are subject to adjustment as set forth in this Section to reflect
the levels of achievement of the specific, predetermined goals for such Plan year. Any bonus multiplier achieved will be applied to the stated corporate and division goals, pursuant to the terms of the Plan. In addition, a maximum bonus multiplier
of 2.0 may be applied to the portion of the award that is based on merit, individual and team performance and/or additional selected criteria, subject to the approval of the Committee and CEO, as stated in Section 8 of this document. The
aggregate total of these awards will be the “Aggregate Calculated Pool”. 
 For example, if the bonus target pursuant to Section 5 is
$10,000, and if the cumulative goal achievement for financial and safety goals described in Section 6 is 1.2, the adjusted bonus target would be $12,000 ($10,000 x 1.2); $6,000 for Section 5 goal achievement, $6,000 for individual
achievement. If the manager’s recommendation for individual achievement is 0.8 (or 80%), the formula-driven bonus adjusts to $10,800 ($6,000 x 0.8 = $4,800 for individual achievement + $6,000 for Section 5 goal achievement). The bonus
amount may further adjust pursuant to the terms of the Plan as described in Section 8. 

  
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 Subject to the determination by the Committee of a sufficient bonus pool for a Plan year pursuant to
Section 8, the bonus payable to an eligible employee will be an amount equal to such employee’s target bonus amount multiplied times the applicable multiplier determined per the Annex I schedule. Amounts may be adjusted for employees hired
or promoted during the Plan year considering length of service or time in position. Note that if on a cumulative basis the sum of the awards in the Aggregate Calculated Pool is greater than the Aggregate Bonus Pool (Section 3) bonuses will be
further adjusted on a pro-rata basis to remain within the constraints of the Pool. 
 Section 8. Review and Approval Process 

After the end of each Plan year, the Committee, in its best business judgment, will make the final determination on the size of the Aggregate Bonus Pool for
such Plan year. All bonus calculations, allocations and recommendations are subject to review and approval by the Committee. 
 Managers having
responsibility for recommending the allocation of bonuses to eligible employees shall submit their recommended bonus based on their performance and contributions to the Executive Vice President and the CEO for review and approval. Notwithstanding
anything otherwise contained in this Plan, the Committee and the CEO (and any delegated designee of the CEO) shall have the authority to adjust individual bonus amounts as deemed to be appropriate for any reason, including, but not limited to,
company or division performance, individual employee performance, employee conduct, etc. 
 Section 9. At-Will Employment 

Nothing in the Plan guarantees or constitutes a contract for any specific term of employment or otherwise limits the Company’s or an employee’s right
to terminate the employment relationship for any reason at any time. 

  
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 ANNEX I 

2013 GOALS 
 1. EBITDA (100% Plan funding; 65%
weighting for Corporate) 
 The Aggregate Bonus Pool will be determined considering EBITDA achievement relative to established goals as set forth in the
table below and using the Bonus Pool Multiplier outlined in the table below. The following table will also be used to determine achievement and the associated Bonus Pool Multiplier with respect to the Company EBITDA goal. Values between those listed
are interpolated on a linear basis. 
  

							
	 Bonus Pool Multiplier
	 	0.50	 	1.0	 	2.0
	 Level of Achievement
	 	Threshold (75%)	 	Target (100%)	 	Maximum (115%)

 2. Cash Operating Margin (65% weighting for Divisions) 

Cash operating margin is defined as contract drilling revenues less contract drilling cost including reimbursables. In accordance with the schedules below, the
Bonus Pool Multiplier with respect to cash operating margin will be applied to the cash operating margin component of the Division goal category for applicable employees. Values between those listed are interpolated on a linear basis. 

 

							
	 Bonus Pool Multiplier
	 	0.50	 	1.0	 	2.0
	 Level of Achievement
	 	Threshold (75%)	 	Target (100%)	 	Maximum (115%)

 3. Safety (35% weighting) 

The Company’s safety objective each year is to provide a strong focus on an injury free workplace. The Company’s goal, for purposes of this Plan, is
to achieve an improvement in the Lost Time Incident Rate (“LTIR”) as compared to the industry average, as evidenced by the International Association of Drilling Contractors (“IADC”). Values between the target and maximum
performance levels are interpolated on a linear basis. 
  

							
	 Bonus Pool Multiplier
	 	0.50	 	1.0	 	2.0
	 Level of Achievement
	 	Threshold	 	Target	 	Maximum
	 Company or Division Goal
	 	 Year-over-year

improvement over
 internal
LTIR
	 	 < IADC industry

average
	 	 < 90% of IADC

industry average

 The IADC normally publishes industry safety statistics in late February for the previous calendar year operating period,
therefore, for the purpose of this Plan, the IADC industry average will be measured over the preceding twelve month period, ending September 30, 2013. 

  
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