Document:

Exhibit 4.2

 

CERTIFICATE OF DESIGNATIONS

OF 

SERIES D PREFERRED STOCK, PAR VALUE $0.01
PER SHARE

OF

SIMMONS FIRST NATIONAL CORPORATION

 

Simmons First National Corporation, a Corporation
organized and existing under the laws of the state of Arkansas (herein called the “Corporation” or the “Issuer”),
does hereby certify:

 

That, pursuant to the authority conferred upon
the Board of Directors of the Corporation (the “Board of Directors”) by the Amended and Restated Articles of
Incorporation and Bylaws of the Corporation, and pursuant to Section 4-27-602 of the Arkansas Business Corporation Act of 1987,
as amended, the Board of Directors adopted the following resolutions by written consent on September [ ], 2019, creating a series
of 767 shares of Preferred Stock, par value $0.01 per share, of the Issuer designated as “Series D Preferred Stock, Par Value
$0.01 Per Share”:

 

RESOLVED, that pursuant to the authority
expressly granted and vested in the Board of Directors in accordance with the provisions of its Amended and Restated Articles of
Incorporation and Bylaws of the Corporation and applicable law, a series of Preferred Stock, par value $0.01 per share, of the
Corporation be and hereby is created, and that the designation and number of shares of such series, and the voting and other powers,
preferences and relative, participating, optional or other rights, and the qualifications, limitations and restrictions thereof,
of the shares of such series, are as follows:

 

1.       Designation
and Number of Shares. There is hereby created out of the authorized, unissued, and currently undesignated shares of preferred
stock of the Issuer a series of preferred stock designated as the Series D Preferred Stock, Par Value $0.01 Per Share (the “Designated
Preferred Stock”). The authorized number of shares of Designated Preferred Stock is 767.

 

2.       Standard
Provisions. The Standard Provisions contained in Schedule A attached hereto are incorporated herein by reference in their entirety
and shall be deemed to be a part of this Certificate of Designations to the same extent as if such provisions had been set forth
in full herein.

 

3.       Definitions.
The following terms are used in this Certificate of Designations (including the Standard Provisions in Schedule A hereto) as defined
below:

 

(a)       “Common
Stock” means the Class A Common Stock, par value $0.01 per share, of the Issuer.

 

(b)       “Junior
Stock” means the Common Stock and any other class or series of stock of the Issuer the terms of which expressly provide
that it ranks junior to Designated Preferred Stock as to dividend rights and/or as to rights on liquidation, dissolution, or winding
up of the Issuer.

 

(c)       “Liquidation
Amount” means $1,000 per share of Designated Preferred Stock.

 

    	 	 	 

     

    

(d)       “Redemption
Amount” means $1,000 per share of Designated Preferred Stock.

 

(e)       “Parity
Stock” means any class or series of stock of the Issuer (other than Designated Preferred Stock) the terms of which do
not expressly provide that such class or series will rank senior or junior to Designated Preferred Stock as to dividend rights
and/or as to rights on liquidation, dissolution or winding up of the Issuer (in each case without regard to whether dividends accrue
cumulatively or non-cumulatively).

 

(f)       “Undesignated
Preferred Stock” means the undesignated shares of preferred stock of the Issuer, which the Board of Directors is authorized
to issue in one or more series with such powers, preferences and relative, participating, optional, or other rights, and the qualifications,
limitations, and restrictions, as may be determined in the Board of Director’s sole discretion without further authorization
by the shareholders.

 

4.       Certain
Voting Matters. Holders of shares of Designated Preferred Stock will be entitled to one vote for each such share on any matter
on which holders of Designated Preferred Stock are entitled to vote, including any action by written consent.

 

IN WITNESS WHEREOF, Simmons First National Corporation
has caused this Certificate of Designations to be signed by George A. Makris, Jr., its Chairman and Chief Executive Officer, and
Patrick A. Burrow, its Secretary, has affixed its corporate seal hereto and attested said seal on this [ ] day of September, 2019.

 

 

SIMMONS FIRST NATIONAL CORPORATION

 

	By:	 	 	By:	 
	Name:  	Patrick A. Burrow	 	Name:  	George A. Makris, Jr.
	Title:	Executive Vice President,	 	Title:	Chairman and Chief
Executive Officer
	 	General Counsel and Secretary	 	 	 

 

    	 	 	 

     

    

Schedule A

STANDARD PROVISIONS

 

1.       General
Matters. Each share of Designated Preferred Stock shall be identical in all respects to every other share of Designated Preferred
Stock. The Designated Preferred Stock shall be perpetual, subject to the provisions of the Section of these Standard Provisions
titled “Redemption”. The Designated Preferred Stock shall rank equally with Parity Stock and shall rank senior
to Junior Stock with respect to the payment of dividends and the distribution of assets in the event of any dissolution, liquidation,
or winding up of the Issuer.

 

2.       Standard
Definitions. As used herein, the definitions set forth in the Certificate of Designations to which this Schedule A is attached
and the following definitions shall apply with respect to Designated Preferred Stock:

 

(a)       “Applicable
Dividend Rate” means 6.75 percent per annum.

 

(b)       “Business
Combination” means a merger, consolidation, statutory share exchange, or similar transaction that requires the approval
of the Issuer’s shareholders.

 

(c)       “Business
Day” means any day except Saturday, Sunday, and any day on which banking institutions in the State of New York generally
are authorized or required by law or other governmental actions to close.

 

(d)       “Bylaws”
means the bylaws of the Issuer as amended from time to time.

 

(e)       “Certificate
of Designations” means the Certificate of Designations or comparable instrument relating to the Designated Preferred
Stock, of which these Standard Provisions form a part, as it may be amended from time to time.

 

(f)       “Charter”
means the Issuer’s Amended and Restated Articles of Incorporation, or similar organizational document, as amended from time
to time.

 

(g)       “Standard
Provisions” mean these Standard Provisions that form a part of the Certificate of Designations relating to the Designated
Preferred Stock.

 

(h)       “Dividend
Period” has the meaning set forth in the subsection of these Standard Provisions titled “Rate.”

 

(i)       “Dividend
Record Date” has the meaning set forth in the subsection of these Standard Provisions titled “Rate.”

 

(j)       “Effective
Time” has the meaning set forth in the Merger Agreement.

 

(k)       “Issue
Date” means the date on which the Effective Time occurs.

  

    	 	 	 

     

    

(l)       “Liquidation
Preference” has the meaning set forth in the subsection of these Standard Provisions titled “Voluntary or Involuntary
Liquidation” of the Section titled “Liquidation Rights.”

 

(m)       “Merger
Agreement” means the agreement and Plan of Merger, dated July 30, 2019, by and between the Issuer and The Landrum Company.

 

(n)       “Original
Issue Date” means October 1, 2016, the date on which The Landrum Company first issued Preferred Stock, no par value,
Series E.

 

(o)       “Person”
means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint-stock company,
limited liability company, or trust.

 

(p)       “Preferred
Stock” means any and all series of preferred stock of the Issuer, including the Designated Preferred Stock.

 

(q)       “Voting
Parity Stock” means, with regard to any matter as to which the holders of Designated Preferred Stock are entitled to
vote as specified in the subsection of these Standard Provisions titled “General” of the Section titled “Voting
Rights,” any and all series of Parity Stock upon which like voting rights have been conferred and are exercisable with
respect to such matter.

 

3.       Dividends.

 

(a)       Rate.
Holders of Designated Preferred Stock shall be entitled to receive, on each share of Designated Preferred Stock if, as, and when
declared by the Board of Directors or any duly authorized committee of the Board of Directors, but only out of net income or retained
earnings, non-cumulative cash dividends with respect to each Dividend Period (as defined below) at a rate per annum equal to the
Applicable Dividend Rate on the Liquidation Amount per share of Designated Preferred Stock. Such dividends shall be payable annually
in one or more installments as may be determined by the Board of Directors in its sole discretion. Each calendar year shall be
a “Dividend Period,” provided that the initial Dividend Period shall be the period from and including the Issue
Date through and including December 31 of that year.

 

For purposes of proration, dividends that are
payable on Designated Preferred Stock shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The
amount of dividends payable on Designated Preferred Stock on any date prior to the end of a Dividend Period, and for the initial
Dividend Period, shall be computed on the basis of a 360-day year consisting of twelve 30-day months, and actual days elapsed over
a 30-day month.

 

Dividends that are declared will be payable
to holders of record of Designated Preferred Stock as they appear on the stock register of the Issuer on the applicable record
date or, if no date is fixed by the Board of Directors or any duly authorized committee of the Board of Directors, the date on
which the Board of Directors or any duly authorized committee of the Board of Directors acted to declare the dividend (each, a
“Dividend Record Date”). Any such day that is a Dividend Record Date shall be a Dividend Record Date whether
or not such day is a Business Day.

 

    	 	 	 

     

    

Holders of Designated Preferred Stock will not
be entitled to any dividends, whether payable in cash, securities or other property, other than dividends (if any) declared and
payable on Designated Preferred Stock as specified in this Section of these Standard Provisions (subject to the other provisions
of the Certificate of Designations).

 

(b)       Non-Cumulative.
Dividends on shares of Designated Preferred Stock are non-cumulative. If the Board of Directors or any duly authorized committee
of the Board of Directors does not declare a dividend on the Designated Preferred Stock in respect of any Dividend Period, the
holders of Designated Preferred Stock will have no right to receive any dividend for such Dividend Period, and the Issuer will
have no obligation to pay a dividend for such Dividend Period, whether or not dividends are declared for any subsequent Dividend
Period with respect to the Designated Preferred Stock.

 

(c)       Priority
of Dividends. Subject to the provisions of the immediately following paragraph, so long as any share of Designated Preferred
Stock remains outstanding, no dividend or distribution shall be declared or paid on the Common Stock or any other shares of Junior
Stock (other than dividends payable solely in shares of Common Stock) or Parity Stock, subject to the immediately following paragraph
in the case of Parity Stock, and no Common Stock, Junior Stock, or Parity Stock shall be, directly or indirectly, purchased, redeemed,
or otherwise acquired for consideration by the Issuer or any of its subsidiaries unless all dividends on all outstanding Designated
Preferred Stock for the current Dividend Period have been or are contemporaneously declared and paid in full (or have been declared
and a sum sufficient for the payment thereof has been set aside for the benefit of the holders of shares of Designated Preferred
Stock on the applicable record date). The foregoing limitation shall not apply to (i) redemptions, purchases, or other acquisitions
of shares of Common Stock or other Junior Stock in connection with the administration of any employee benefit plan in the ordinary
course of business and consistent with past practice; (ii) the acquisition by the Issuer or any of its subsidiaries of record ownership
in Junior Stock or Parity Stock for the beneficial ownership of any other persons (other than the Issuer or any of its subsidiaries),
including as trustees or custodians; and (iii) the exchange or conversion of Junior Stock for or into other Junior Stock or of
Parity Stock for or into other Parity Stock (with the same or lesser aggregate liquidation amount) or Junior Stock, in each case,
solely to the extent required pursuant to binding contractual agreements entered into prior to the Issue Date or any subsequent
agreement for the accelerated exercise, settlement, or exchange thereof for Common Stock.

 

Notwithstanding the provisions of the immediately
preceding paragraph, dividends on Junior Stock may be paid to the holders thereof even if the entire annual dividends on the Designated
Preferred Stock for a Dividend Period have not been declared and paid, subject to the limitations set forth in this paragraph.
If the holders of the shares of Designated Preferred Stock have received from the Issuer for the Dividend Period the per share
dividend amounts indicated in the table set forth immediately below, up to and including the indicated calendar quarters within
the Dividend Period, then the Board of Directors may declare and the Issuer may pay dividends on all Junior Stock, in the aggregate,
up to the funds legally available for such payment. For the initial Dividend Period, the percentages in the table below shall be
pro-rated in the manner provided for in the subsection of these Standard Provisions titled “Rate” above.

 

    	 	 	 

     

    
	Calendar Quarter within the Dividend Period	Aggregate Percentage of Liquidation Amount Paid as Dividends on Shares of Designated Preferred Stock, per Share, for the Dividend Period
	January 1 to March 31	1.6875 percent of the Liquidation Amount
	April 1 to June 30	3.375 percent of the Liquidation Amount
	July 1 to September 30	5.0625 percent of the Liquidation Amount
	October 1 to December 31   	6.750 percent of the Liquidation Amount

 

For the avoidance of doubt, the following example
illustrates the provisions of the immediately preceding paragraph and accompanying table. Assume the Issuer declares and pays a
$10.00 per share dividend on January 15, and a $25.00 per share dividend on April 10, on each share of Designated Preferred Stock,
and declares no other dividends on the Designated Preferred Stock during the Dividend Period. Under these circumstances, during
the period January 1 through March 31 no dividends may be declared or paid on the shares of Junior Stock because the dividends
paid on the Designated Preferred Stock for that calendar quarter amount to only 1.00 percent of the Liquidation Amount. As of April
10, the aggregate dividends paid on the Designated Preferred Stock for the Dividend Period amount to 3.50 percent per share, so
for the period of April 10 through June 30 the Issuer may declare and pay on the Junior Stock an aggregate dividend up to the funds
legally available for such payment. From July 1 through December 31 no additional dividends on the shares of Junior Stock may be
declared or paid because the aggregate dividends declared and paid on the shares of Designated Preferred Stock for the Dividend
Period equal only 3.50 percent of the Liquidation Amount.

 

When dividends are not paid (or declared and
a sum sufficient for payment thereof set aside for the benefit of the holders thereof on the applicable record date) in full upon
the Designated Preferred Stock and any shares of Parity Stock, all dividends on the Designated Preferred Stock and all such Parity
Stock shall be declared pro-rata so that the respective aggregate amounts of such dividends shall bear the same ratio to each other
as all accrued but unpaid dividends per share on the shares of Designated Preferred Stock and all Parity Stock in a Dividend Period,
in the aggregate, bear to each other (subject to their having been declared by the Board of Directors or a duly authorized committee
of the Board of Directors out of legally available funds and including, in the case of Parity Stock that bears cumulative dividends,
all accrued but unpaid dividends).

 

Subject to the foregoing, and not otherwise,
such dividends (payable in cash, securities, or other property) as may be determined by the Board of Directors or any duly authorized
committee of the Board of Directors may be declared and paid on any securities, including Common Stock and other Junior Stock,
from time to time out of any funds legally available for such payment, and holders of Designated Preferred Stock shall not be entitled
to participate in any such dividends.

 

    	 	 	 

     

    

Notwithstanding the foregoing, in the event
that (i) the Issuer is a party to a merger or consolidation with another corporation, and (ii) the terms of the plan of merger
or consolidation provide that shares of Junior Stock will be exchanged for consideration other than shares of the Issuer, and (iii)
the merger or consolidation is approved by the affirmative vote or consent of holders of at least a majority of the shares of Designated
Preferred Stock at the time outstanding, voting as a separate class, then in those circumstances the exchange for shares of Junior
Stock may occur even if (a) some or all of the consideration is for cash or other non-share consideration, and (b) some or all
of the dividends on all outstanding shares of Designated Preferred Stock for the current Dividend Period have not been declared
and paid in full.

 

(d)       Limitations
on Dividend Payments. The Holders of shares of the Designated Preferred Stock shall not be entitled to receive dividends to
the extent that the declaration of and/or payment of such dividends is prohibited by applicable law or regulation.

 

4.       Liquidation
Rights.

 

(a)       Voluntary
or Involuntary Liquidation. In the event of any liquidation, dissolution, insolvency, receivership, or other winding up of
the affairs of the Issuer, whether voluntary or involuntary, holders of Designated Preferred Stock shall be entitled to receive
for each share of Designated Preferred Stock, out of the assets of the Issuer or proceeds thereof (whether capital or surplus)
available for distribution to shareholders of the Issuer, subject to the rights of any creditors of the Issuer, before any distribution
of such assets or proceeds is made to or set aside for the holders of Common Stock and any other shares of the Issuer ranking junior
to Designated Preferred Stock as to such distribution, payment in full in an amount equal to the sum of (i) the Liquidation Amount
per share and (ii) the amount of any declared and unpaid dividends on each such share (such amounts collectively, the “Liquidation
Preference”).

 

(b)       Partial
Payment. If in any distribution described in the above subsection titled “Voluntary or Involuntary Liquidation”
the assets of the Issuer or proceeds thereof are not sufficient to pay in full the amounts payable with respect to all outstanding
shares of Designated Preferred Stock and the corresponding amounts payable with respect of any other shares of the Issuer ranking
equally with Designated Preferred Stock as to such distribution, holders of Designated Preferred Stock and the holders of such
other stock shall share ratably in any such distribution in proportion to the full respective distributions to which they are entitled.

 

(c)       Residual
Distributions. If the Liquidation Preference has been paid in full to all holders of Designated Preferred Stock and the corresponding
amounts payable with respect of any other shares of the Issuer ranking equally with Designated Preferred Stock as to such distribution
has been paid in full, the holders of other stock of the Issuer shall be entitled to receive all remaining assets of the Issuer
(or proceeds thereof) according to their respective rights and preferences.

 

(d)       Merger,
Consolidation, and Sale of Assets Not Liquidation. For purposes of this Section, the merger or consolidation of the Issuer
with any other corporation or other entity, including a merger or consolidation in which the holders of Designated Preferred Stock
receive cash, securities, or other property for their shares, or the sale, lease, or exchange (for cash, securities, or other property)
of all or substantially all of the assets of the Issuer, shall not constitute a liquidation, dissolution, or winding up of the
Issuer.

 

    	 	 	 

     

    

(e)       Subordination
to Creditors. Any distributions to the holders of the Designated Preferred Stock as payment, in whole or in part, of the Liquidation
Preference shall be subordinated to the payment in full of the claims of general creditors and subordinated debt holders of the
Issuer.

 

5.       Redemption.

 

(a)       Optional
Redemption. The Issuer, at its option, subject to any required regulatory approvals including, but not limited to, any required
prior approval of the Board of Governors of the Federal Reserve System, may redeem, in whole or in part, at any time and from time
to time, out of funds legally available therefor, the shares of Designated Preferred Stock at the time outstanding, upon notice
given as provided in the subsection of this Section titled “Notice of Redemption,” at a redemption price equal
to the sum of (i) the Redemption Amount per share and (ii) the amount equal to any declared and unpaid dividends plus any dividends
payable but unpaid for the then current Dividend Period to, but excluding, the date fixed for redemption (regardless of whether
any dividends are actually declared for that Dividend Period).

 

Notwithstanding the foregoing, no redemption
of the Designated Preferred Stock may occur prior to the fifth anniversary of the Original Issue Date, provided, however, that
if the Designated Preferred Stock no longer constitutes additional tier 1 capital of the Issuer, then redemption of the Designated
Preferred Stock may be made at any time, but in all cases subject to any required prior approval of the Board of Governors of the
Federal Reserve System.

 

For purposes of this Section, the determination
of dividends that are payable as of the effective date of any redemption shall be computed on the basis of a 360-day year consisting
of twelve 30-day months, and actual days elapsed over a 30-day month, for the period extending from and including the first day
of the Dividend Period through, but excluding, the date fixed for redemption.

 

The redemption price for any shares of Designated
Preferred Stock shall be payable on the redemption date to the holder of such shares against surrender of the certificate(s) evidencing
such shares to the Issuer or its agent. Any declared but unpaid dividends for the then current Dividend Period payable to holders
of record as of the Dividend Record Date that is prior to the redemption date shall be paid to the holder of record of the redeemed
shares on such Dividend Record Date.

 

(b)       No
Sinking Fund; No Guarantees; No Mandatory Redemptions. The Designated Preferred Stock will not be subject to any mandatory
redemption, sinking fund, or other similar provisions. The Issuer shall not guarantee or otherwise secure or enhance any of the
rights or preferences of the holders of Designated Preferred Stock beyond those rights and privileges created in this Certificate
of Designations. Holders of Designated Preferred Stock will have no right to require redemption or repurchase of any Designated
Preferred Stock.

 

    	 	 	 

     

    

(c)       Notice
of Redemption. Notice of every redemption of shares of Designated Preferred Stock shall be given by first class mail, postage
prepaid, addressed to the holders of record of the shares to be redeemed at their respective last addresses appearing on the books
of the Issuer. Such mailing shall be at least 30 days and not more than 60 days before the date fixed for redemption. Any notice
mailed as provided in this subsection shall be conclusively presumed to have been duly given, whether or not the holder receives
such notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder
of shares of Designated Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption
of any other shares of Designated Preferred Stock. Notwithstanding the foregoing, if shares of Designated Preferred Stock are issued
in book-entry form through The Depository Trust Company or any other similar facility, notice of redemption may be given to the
holders of shares of Designated Preferred Stock at such time and in any manner permitted by such facility. Each notice of redemption
given to a holder shall state: (1) the redemption date; (2) the number of shares of Designated Preferred Stock to be redeemed and,
if less than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from such holder;
(3) the redemption price; and (4) the place or places where certificates for such shares are to be surrendered for payment of the
redemption price.

 

(d)       Partial
Redemption. In case of any redemption of part of the shares of Designated Preferred Stock at the time outstanding, the shares
to be redeemed shall be selected either pro-rata or in such other manner as the Board of Directors or a duly authorized committee
thereof may determine to be fair and equitable. Subject to the provisions hereof, the Board of Directors or a duly authorized committee
thereof shall have full power and authority to prescribe the terms and conditions upon which shares of Designated Preferred Stock
shall be redeemed from time to time. If fewer than all the shares represented by any certificate are redeemed, a new certificate
shall be issued representing the unredeemed shares without charge to the holder thereof.

 

(e)       Effectiveness
of Redemption. If notice of redemption has been duly given and if on or before the redemption date specified in the notice
all funds necessary for the redemption have been deposited by the Issuer, in trust for the pro-rata benefit of the holders of the
shares called for redemption, with a federally insured depository institution, so as to be and continue to be available solely
therefor, then, notwithstanding that any certificate for any share so called for redemption has not been surrendered for cancellation,
on and after the redemption date dividends shall cease to accrue on all shares so called for redemption, all shares so called for
redemption shall no longer be deemed outstanding and all rights with respect to such shares shall forthwith on such redemption
date cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption from such
bank or trust company, without interest. Any funds unclaimed at the end of three years from the redemption date shall, to the extent
permitted by law, be released to the Issuer, after which time the holders of the shares so called for redemption shall look only
to the Issuer for payment of the redemption price of such shares.

 

(f)       Status
of Redeemed Shares. Shares of Designated Preferred Stock that are redeemed, repurchased, or otherwise acquired by the Issuer
shall revert to authorized but unissued shares of Preferred Stock (provided that any such cancelled shares of Designated Preferred
Stock may be reissued only as shares of any series of Undesignated Preferred Shares other than the Designated Preferred Stock).

 

    	 	 	 

     

    

6.       Conversion.
Holders of Designated Preferred Stock shall have no right to exchange or convert such shares into any other securities.

 

7.       Voting
Rights.

 

(a)       General.
The holders of Designated Preferred Stock shall not have any voting rights except as set forth herein or as otherwise from time
to time required by law.

 

(b)       Class
Voting Rights as to Particular Matters. So long as any shares of Designated Preferred Stock are outstanding, in addition to
any other vote or consent of shareholders required by law or by the Charter, the vote or consent of the holders of at least a majority
of the shares of Designated Preferred Stock at the time outstanding, voting as a separate class, given in person or by proxy, either
in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating:

 

(i)       Authorization
of Senior Stock. Any amendment or alteration of the Certificate of Designations for the Designated Preferred Stock or the Charter
to authorize, or create, or increase the authorized amount of, or designate any new class of shares or any issuance of, any shares
of, or any securities convertible into or exchangeable or exercisable for shares of, any class or series of capital stock of the
Issuer ranking senior to Designated Preferred Stock with respect to either or both the payment of dividends and/or the distribution
of assets on any liquidation, dissolution or winding up of the Issuer;

 

(ii)       Amendment
of Designated Preferred Stock. Any amendment, alteration, or repeal of any provision of the Certificate of Designations for
the Designated Preferred Stock or the Charter (including, unless no vote on such merger or consolidation is required by the subsection
of these Standard Provisions titled “Share Exchanges, Reclassifications, Mergers, and Consolidations,” any amendment,
alteration or repeal by means of a merger, consolidation, or otherwise) so as to adversely affect the rights, preferences, privileges,
or voting powers of the Designated Preferred Stock; or

 

(iii)       Share
Exchanges, Reclassifications, Mergers, and Consolidations. Any consummation of a binding share exchange or reclassification
involving the Designated Preferred Stock, or of a merger or consolidation of the Issuer with another corporation or other entity,
unless in each case (x) the shares of Designated Preferred Stock remain outstanding or, in the case of any such merger or consolidation
with respect to which the Issuer is not the surviving or resulting entity, are converted into or exchanged for preference securities
of the surviving or resulting entity or its ultimate parent, and (y) such shares remaining outstanding or such preference securities,
as the case may be, have such rights, preferences, privileges, and voting powers, and limitations and restrictions thereof, taken
as a whole, as are not materially less favorable to the holders thereof than the rights, preferences, privileges, and voting powers,
and limitations and restrictions thereof, of Designated Preferred Stock immediately prior to such consummation, taken as a whole;
provided, however, that for all purposes of this subsection, any increase in the amount of the authorized Preferred Stock, including
any increase in the authorized amount of Designated Preferred Stock necessary to satisfy preemptive or similar rights granted by
the Issuer to other persons prior to the Issue Date, or the creation and issuance, or an increase in the authorized or issued amount,
whether pursuant to preemptive or similar rights or otherwise, of any other series of Preferred Stock, or any securities convertible
into or exchangeable or exercisable for any other series of Preferred Stock, ranking equally with and/or junior to Designated Preferred
Stock with respect to the payment of dividends (whether such dividends are cumulative or non-cumulative) and the distribution of
assets upon liquidation, dissolution, or winding up of the Issuer will not be deemed to adversely affect the rights, preferences,
privileges, or voting powers, and shall not require the affirmative vote or consent of, the holders of outstanding shares of Designated
Preferred Stock.

 

    	 	 	 

     

    

(c)       Changes
after Provision for Redemption. No vote or consent of the holders of Designated Preferred Stock shall be required pursuant
to the subsection hereof titled “Class Voting Rights as to Particular Matters” of this Section if, at or prior
to the time when any such vote or consent would otherwise be required pursuant to such subsection, all outstanding shares of Designated
Preferred Stock have been redeemed, or shall have been called for redemption upon proper notice and sufficient funds shall have
been deposited in trust for such redemption.

 

(d)       Procedures
for Voting and Consents. The rules and procedures for calling and conducting any meeting of the holders of Designated Preferred
Stock (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies
at such a meeting, the obtaining of written consents and any other aspect or matter with regard to such a meeting or such consents
shall be governed by any rules of the Board of Directors or any duly authorized committee of the Board of Directors, in its discretion,
may adopt from time to time, which rules and procedures shall conform to the requirements of the Charter, the Bylaws, and applicable
law and, if applicable, the rules of any national securities exchange or other trading facility on which Designated Preferred Stock
is listed or traded at the time.

 

8.       Record
Holders. To the fullest extent permitted by applicable law, the Issuer and the transfer agent for Designated Preferred Stock
may deem and treat the record holder of any share of Designated Preferred Stock as the true and lawful owner thereof for all purposes,
and neither the Issuer nor such transfer agent shall be affected by any notice to the contrary.

 

9.       Notices.
All notices or communications in respect of Designated Preferred Stock shall be sufficiently given if given in writing and delivered
in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of
Designations, the Charter, the Bylaws, or by applicable law. Notwithstanding the foregoing, if shares of Designated Preferred Stock
are issued in book-entry form through The Depository Trust Company or any similar facility, such notices may be given to the holders
of Designated Preferred Stock in any manner permitted by such facility.

 

10.       No
Preemptive Rights. No share of Designated Preferred Stock shall have any rights of preemption whatsoever as to any securities
of the Issuer, or any warrants, rights or options issued or granted with respect thereto, regardless of how such securities, or
such warrants, rights, or options, may be designated, issued, or granted.

 

    	 	 	 

     

    

11.       Replacement
Certificates. The Issuer shall replace any mutilated certificate at the holder’s expense upon surrender of that certificate
to the Issuer. The Issuer shall replace certificates that become destroyed, stolen, or lost at the holder’s expense upon
delivery to the Issuer of reasonably satisfactory evidence that the certificate has been destroyed, stolen, or lost, together with
any indemnity that may be reasonably required by the Issuer.

 

12.       Other
Rights. The shares of Designated Preferred Stock shall not have any rights, preferences, privileges, or voting powers or relative,
participating, optional, or other special rights, qualifications, limitations, or restrictions thereof, other than as set forth
herein or in the Charter or as provided by applicable law.EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT 

This SEPARATION AGREEMENT (this “Agreement”) by and between Adam C. Peakes (“Executive”), Noble Corporation
plc, a public limited company formed under the laws of England and Wales (“Parent”), and Noble Drilling Services Inc., a Delaware corporation (the “Company” and, together with Parent, the “Noble
Parties”), is entered into on September 13, 2019 (the “Effective Date”). Executive, Parent, and the Company are sometimes collectively referred to as the “Parties.” 

WHEREAS, Executive is currently Senior Vice President and Chief Financial Officer of Parent and an employee of the Company (an affiliate of
Parent) and is an officer of certain of their affiliates; 
 WHEREAS, Executive, Parent and the Company mutually desire to establish and
agree on the terms and conditions of Executive’s resignation from Parent, the Company and their affiliates; and 
 WHEREAS, the Parties
desire to have no further obligations to each other, except as specifically provided herein or as may be required by law. 
 NOW, THEREFORE,
in consideration of the promises, covenants and undertakings set forth herein, and in full compromise, release and settlement, accord and satisfaction and discharge of all claims or causes of action, known or unknown, the Parties agree as follows:

 1. Resignation. Executive has resigned as Senior Vice President and Chief Financial Officer of Parent and the Company, and from
all positions as an officer or director (or similar position) with any affiliate of Parent, effective as of September 9, 2019 (the “Resignation Date”). Executive agrees to take any and all further acts necessary or requested by
the Noble Parties to effectuate his resignation of such positions and termination of employment with the Company. 
 2. Covenants of
Executive. Executive recognizes that the Noble Parties’ willingness to enter into this Agreement is based in material part on Executive’s agreement to the provisions of this Section 2, and that Executive’s breach of the
provisions of this Section 2 could materially damage the Company. 
 (a) Confidentiality and Non-Disclosure of
Confidential Information. Parent’s and its affiliates’ trade secrets and other confidential or proprietary information (“Confidential Information”) are valuable, special and unique assets of Parent’s and/or such
affiliates’ business, and are the exclusive property of Parent or such affiliates. Executive shall hold in strict confidence and shall not, directly or indirectly, disclose or reveal to any person, or use for Executive’s own personal
benefit or for the benefit of anyone else, Confidential Information except (i) with Parent’s prior written consent, (ii) as required by applicable law or legal process, or (iii) to the extent such information has become publicly
available. Pursuant to the Defend Trade Secrets Act of 2016, Executive is advised that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (x) is
made (A) in confidence to a United States federal, state or local government official, either directly or indirectly, or to an attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law or
(y) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

 (b) Cooperation. Executive shall, through December 31, 2020 (the
“Cooperation Period”), make himself reasonably available to Parent or its affiliates (including their attorneys) to provide information and assistance as reasonably requested by Parent or its affiliates relating to the services
provided by Executive for Parent and its affiliates prior to the Resignation Date (it being understood that any such request shall take into consideration Executive’s other personal and professional commitments). Such information and assistance
may include testifying (and preparing to testify) as a witness in any proceeding or otherwise providing information or reasonable assistance to Parent or its affiliates in connection with any investigation, claim or suit, and cooperating with Parent
or its affiliates regarding any litigation, government investigation, regulatory matter, claim or other disputed item involving Parent or any of its affiliates that relate to matters within the knowledge or responsibility of Executive during his
employment (such matters being referred to herein as the “Subject Matters”). Specifically, Executive agrees, during the Cooperation Period (i) to meet with Parent’s or its affiliates’ representatives, their counsel or
other designees at reasonable times and places with respect to any matter within the scope of this Section 2(b); (ii) to provide truthful testimony regarding the Subject Matters to any applicable court, agency or other adjudicatory body;
(iii) to provide Parent or any of its affiliates with immediate notice of subpoena by any non-governmental adverse party (known to Executive to be adverse to Parent or any of its affiliates or their interests) relating to the Subject Matters;
and (iv) to not voluntarily assist any such non-governmental adverse party or such non-governmental adverse party’s representatives in connection with any claim relating to the Subject Matters. The Company agrees to reimburse Executive for
all reasonable, necessary and documented out of pocket expenses incurred by Executive in complying with Executive’s obligations under this Section 2(b); provided, however, that any individual expense over $2,000.00 shall be pre-approved,
in writing, by the Company. 
 (c) Non-Solicitation; No Hire. For one (1) year following the Resignation Date,
Executive shall not, and shall not encourage, approve or assist any company, legal entity or other person, without the prior written consent of the Company, directly or indirectly, solicit, recruit, hire, employ or engage (whether as an employee,
officer, agent, consultant or independent contractor) any person who is or was at any time during the twelve (12) months prior to the Resignation Date, any rig manager or higher level employee, any officer or any director of Parent or any of
its affiliates. However, there shall be no such restrictions regarding any employee laid off or terminated by Company. A general employment advertisement by an entity of which Executive is a part will not constitute solicitation or recruitment. The
Noble Parties represent, acknowledge, and agree that the restrictions set forth in this Section 1(c) represent the entirety of the non-solicitation and non-competition restrictions applicable to Executive following the Effective Date and,
following the Effective Date, there are no other non-solicitation and non-competition restrictions arising from any other agreements (i.e., other than those restrictions set forth herein) between Executive, on the one hand, and a Noble Party or any
of its affiliates, on the other hand, that will prevent or limit Executive’s business activities. 

  
 2 

 (d) Non-Disparagement. Executive shall refrain from making, directly
or indirectly, in any public or private communication (whether oral, written or electronic), any criticisms or negative or disparaging comments or other statements about Parent or any of the other Releasees (as defined below), or about any aspect of
the respective businesses, operations, financial results or prospects of Parent or any of its affiliates, including comments relating to Executive’s resignation. Notwithstanding the foregoing, it is understood and agreed that nothing in this
Agreement is intended to prevent Executive from making any statements to his spouse or legal advisors, or testifying truthfully in any legal proceeding (including any legal proceeding between the Parties or brought by any governmental authority or
other third party) or interfere with any obligation Executive may have to cooperate with or provide information to any government agency or commission. Parent and its affiliates shall refrain from, and Parent shall instruct, in writing, that its
officers, directors and human resources representatives and the officers, directors and human resources representatives of its affiliates to refrain from, making, directly or indirectly, in any public or private communication (whether oral, written
or electronic), any criticisms or negative or disparaging comments or other statements about Executive, or about any aspect of the employment relationship between the Company and Executive, including comments relating to Executive’s
resignation. Notwithstanding the foregoing, it is understood and agreed that nothing in this Section 2(d) is intended to: (i) prevent any officer, director or human resources representative of Parent from making any statements to other
officers or directors of Parent or any legal advisor of Parent or any of its affiliates, or any officer, director or human resources representative of Parent or any of its affiliates from testifying truthfully in any legal proceeding (including any
legal proceeding between the Parties or brought by any governmental authority or other third party); or (ii) interfere with any obligation any such officer, director or human resources representative may have to cooperate with or provide
information to any government agency or commission. 
 (e) Return of Company Property and Information. No later than
ten (10) days following the Resignation Date, Executive shall promptly deliver to Parent all records, files, memoranda, correspondence, notebooks, notes, reports, customer lists, drawings, plans, documents, and other documents and the like
containing any privileged or Confidential Information relating to Parent and its affiliates or that belong to Parent or any of its affiliates and that Executive used, prepared or came into contact with during the course of Executive’s
employment with the Company and its affiliates currently in his possession or control, and all keys, credit cards and passes, and such materials shall remain the sole property of Parent and/or its affiliates, as applicable. Executive further agrees
to reasonably search for and then, after providing Parent with a copy, delete all of Parent’s and its affiliates business information, whether or not privileged or Confidential Information, from all of Executive’s personal devices,
including phones, tablets, computers, and electronic storage devices, other than information that Executive may need for personal finances and tax filings, records regarding personal (or family) benefits under any employee benefit, fringe benefit or
payroll plan, program or policy of Parent or any of its affiliates, or agreements between Executive and Parent or any of its affiliates. 

(f) Remedies. Executive acknowledges and agrees that the terms of this Section 2 are reasonable in scope and are
necessary to protect legitimate proprietary and business interests of Parent and its affiliates in their confidential information. Executive 

  
 3 

 
further acknowledges and agrees that (i) Executive’s breach of the provisions of this Section 2 could cause Parent and its affiliates irreparable harm, which may not be adequately
compensated by money damages, and (ii) if Parent elects to prevent Executive from breaching such provisions by obtaining an injunction against Executive, there is a reasonable probability of Parent’s eventual success on the merits.
Executive consents and agrees that if Executive commits any such breach or threatens to commit any breach, Parent shall be entitled to seek temporary and permanent injunctive relief from a court of competent jurisdiction, in addition to, and not in
lieu of, such other remedies as may be available to Parent for such breach, including the recovery of money damages. 
 3.
Consideration. In return for Executive’s covenants in Section 2 above and the execution of this Agreement, which contains a waiver and release of claims, without later revocation, the Company agrees to provide certain consideration
to Executive as follows. 
 (a) Payment. On or before September 18, 2019, an amount in cash totaling $950,000
shall be paid by the Company to Executive in a lump sum, less withholdings and deductions required by law or as authorized by Executive, via wire transfer. 

(b) No Additional Benefits. Executive acknowledges that Executive is not entitled to, and will not receive, any other
compensation or benefits from the Company or its affiliates upon his termination of employment on the Resignation Date, except the consideration in return for Executive’s execution of this Agreement and the Final Release (as defined below)
(which consideration in respect of the Final Release is specifically for a release of claims under (among other things) the Age Discrimination in Employment Act) or as otherwise specifically described in this Agreement and the Final Release. For the
avoidance of doubt, Executive retains all rights to any accrued and unpaid salary, vacation pay or other reasonable expense reimbursement claims (pursuant to the Company’s reimbursement policies) as of the Resignation Date. 

4. Waiver and Release of Claims. 

(a) General Release by Executive. In consideration of the foregoing, including the payment described in
Section 3(a) above, which Executive hereby expressly acknowledges as good and sufficient consideration for the releases provided below (this “Release”), Executive hereby unconditionally and irrevocably releases, acquits and
forever discharges, to the fullest extent permitted by applicable law, (i) Parent and all of its predecessors, successors and assigns, (ii) all of Parent’s past, present and future affiliates, parent corporations, subsidiaries,
divisions and joint venture entities and all of their respective predecessors, successors and assigns, and (iii) all of the past, present and future officers, directors, managers, shareholders, investors, employee benefit plan administrators,
employees, agents, attorneys and other representatives of each of the entities described in the immediately preceding clauses (i) and (ii), individually and in their respective representative capacities (the persons or entities referred to in
the immediately preceding clauses (i), (ii) and (iii) being, individually, a “Releasee” and, collectively, the “Releasees”), from any and every action, cause of action, complaint, claim, demand,
administrative charge, legal right, compensation, obligation, damages (including consequential, exemplary and punitive damages), liability, cost or expense (including 

  
 4 

 
attorney’s fees) that Executive has, may have or may be entitled to from or against any of the Releasees, whether legal, equitable or administrative, in any forum or jurisdiction, whether
known or unknown, foreseen or unforeseen, matured or unmatured, accrued or not accrued, which arises directly or indirectly out of, or is based on or related in any way to Executive’s employment with or termination of employment from the
Company or any of its affiliates, including any such matter arising from the negligence, gross negligence or reckless, willful or wanton misconduct of any of the Releasees (together, the “Released Claims”); provided, however, that
this Release does not apply to, and the Released Claims do not include: (x) any claim arising solely and specifically under the Age Discrimination in Employment Act of 1967; (y) any claim arising from any breach or failure to perform any
provision of this Agreement; or (z) any claim for worker’s compensation benefits or any other claim that cannot be waived by a general release. 

(b) Release to be Full and Complete; Waiver of Claims, Rights and Benefits. The Parties intend this release to cover any
and all Released Claims, whether they are contract claims, equitable claims, fraud claims, tort claims, discrimination claims, harassment claims, whistleblower or retaliation claims, personal injury claims, constructive or wrongful discharge claims,
emotional distress claims, pain and suffering claims, public policy claims, claims for debts, claims for expense reimbursement, wage claims, claims with respect to any other form of compensation, claims for attorney’s fees, other claims or any
combination of the foregoing, and whether they may arise under any employment contract (express or implied), policies, procedures, practices or by any acts or omissions of any of the Releasees or whether they may arise under any state, local or
federal law, statute, ordinance, rule or regulation, including all Texas employment discrimination laws, Chapter 21 of the Texas Labor Code, the Texas Payday Act, all U.S. federal discrimination laws other than the Age Discrimination in Employment
Act of 1967, the Employee Retirement Income Security Act of 1974 (“ERISA”), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990, the
Equal Pay Act, the National Labor Relations Act, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002 or common law, without exception. As such, it is expressly acknowledged and
agreed that this Release is a general release, representing a full and complete disposition and satisfaction of all of any Releasee’s real or alleged legal obligations to Executive, with the only exceptions being as expressly stated in the
proviso to Section 4(a) above. Executive understands and agrees, in compliance with any law, statute, ordinance, rule or regulation which requires a specific release of unknown claims or benefits, that this Agreement includes a release of
unknown claims, and Executive hereby expressly waives and relinquishes any and all Released Claims and any associated rights or benefits that Executive may have, including any that are unknown to Executive at the time of the execution this
Agreement. 
 (c) Covenant Not to Sue. Executive expressly agrees that neither Executive nor any person acting on
Executive’s behalf will file or bring or permit to be filed or brought any lawsuit or other action before any court, agency or other governmental authority for legal or equitable relief against any of the Releasees involving any of the Released
Claims. In the event that such an action is filed in contravention of the requirements set forth in the preceding sentence, Executive agrees that such Releasees are entitled to legal and equitable 

  
 5 

 
remedies against Executive, including an award of attorney’s fees. However, it is expressly understood and agreed that the foregoing sentence shall not apply to any action filed by Executive
that is narrowly limited to seeking a determination as to the validity of this Agreement and enforcement thereof. 
 (d)
Parties in Interest. This Release is for the benefit of the Releasees and shall be binding on Executive and his heirs, successors and assigns. 

5. Protected Rights. Executive acknowledges that nothing contained in this Agreement, including Section 2 or Section 4 limits
Executive’s ability to file a charge or complaint with a federal, state or local governmental agency or commission. Executive further acknowledges that this Agreement does not limit Executive’s ability to communicate with any government
agencies or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice to Parent. While Executive may file a charge or complaint with
any federal, state or local governmental agency or commission, should Executive file such a charge or complaint, or should any governmental entity, agency or commission file a charge, action, complaint or lawsuit against any of the Releasees based
on any Released Claim, Executive agrees not to seek or accept any resulting payment directly from any of the Releasees. This Agreement does not limit Executive’s right to receive an award for information provided to any government agencies.
Further, nothing herein waives any claims that Executive may have: (i) to vested benefits pursuant to any plan governed by ERISA; (ii) to any insurance protections or benefits or indemnification rights; or (iii) to any claims first
arising, and under circumstances first occurring, after the time that Executive signs this Agreement. 
 6. Final Release. With this
Agreement, the Noble Parties offer to Executive a second agreement that includes a release of claims under the Age Discrimination in Employment Act for additional consideration (the “Final Release”), attached as Exhibit A. As
described in the Final Release, Executive has twenty-one (21) days to consider the Final Release. 
 7. Dispute Resolution. 

(a) If any controversy, dispute or claim arises that is based upon, resulting from or relating to this Agreement or
Executive’s employment the Company and its affiliates (“Dispute”), the Parties agree that if resolution is not reached by discussion and negotiation within ten (10) business days of the inception and notice to the other
Party of the dispute, to attempt to resolve such Dispute by mediation with a mediator jointly selected by the Parties. The Parties agree to schedule and conduct the mediation within thirty (30) calendar days of the dispute. If a Party fails to
follow these requirements and initiates any proceeding before going through mediation process in accordance with this paragraph, such Party shall be required to bear all of the other Party’s reasonable attorney’s fees incurred in
investigating and responding to such proceeding for a period of thirty (30) days after the other Party received written notice of the commencement of such proceeding. Nothing contained in this Section 7 shall prevent the Parties from
initiating a proceeding in the United States District Court for the Southern District of Texas or, if such court lacks subject matter jurisdiction, the state district courts of the State of Texas in Harris County, Texas in order to seek or obtain
specific performance or other injunctive relief relating to the covenants contained in Section 2 of this Agreement. 

  
 6 

 (b) Any Dispute between the Parties shall be resolved exclusively by binding
arbitration pursuant to the rules of the then-prevailing Employment Arbitration Rules of AAA (the “Rules”) and the United States Arbitration Act, 9 U.S.C. §§1-16 (the “Act”), with arbitration to occur
at Houston, Texas. This paragraph will control over any conflict between this paragraph and the Act or the Rules. The Parties agree that the arbitrator will have the primary power to decide any question about the arbitrability of any claim, dispute
or other difference between them, and judgment on the award rendered by the arbitrator may be enforced by any court having jurisdiction thereof in Houston, Texas. The arbitrator shall be selected by mutual agreement of the Parties, if possible. If
the Parties fail to reach agreement upon appointment of an arbitrator within thirty (30) days following receipt by one Party of the other Party’s notice of desire to arbitrate, the arbitrator shall be selected from a list or lists of
persons submitted by AAA. The arbitrator must be an attorney licensed to practice law by the State Bar of Texas. The Parties agree that all matters subject to the arbitration, including the arbitration itself, shall remain confidential. 

8. Governing Law. This Agreement is entered into under, and shall be governed, interpreted and enforced for all purposes by, the laws
of the State of Texas, without regard to conflicts of laws principles thereof. 
 9. Entire Agreement. Except as specifically set
forth herein, this Agreement contains the entire agreement and understanding between the Parties hereto and supersedes any prior or contemporaneous written or oral agreements, representations and warranties between them respecting the subject matter
hereof. 
 10. Amendment. This Agreement may be amended only by a writing signed by Executive and by one duly authorized
representative of each of the Noble Parties. 
 11. Tax Withholding; Right of Offset. The Noble Parties may withhold and deduct from
any benefits and payments made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling, (b) all other normal deductions made with
respect to the Company’s employees generally or as authorized by Executive, and (c) any advances made to Executive prior to the Resignation Date and owed to the Noble Parties or any of their affiliates. 

12. Assignability. None of the Parties shall have any right to pledge, hypothecate, anticipate, or in any way create a lien upon any
amounts provided under this Agreement, and no payments or benefits due hereunder shall be assignable in anticipation of payment either by voluntary or involuntary acts or by operation of law. 

13. Severability. It is the desire of the Parties hereto that this Agreement be enforced to the maximum extent permitted by law, and
should any provision contained herein is held to be illegal, invalid or unenforceable under applicable law, the Parties hereby agree and consent that such provision shall be reformed to create a valid and enforceable provision to the maximum extent
permitted by law; provided, however, if such provision cannot be reformed, it shall be deemed 

  
 7 

 
ineffective and deleted herefrom without affecting any other provision of this Agreement, and there shall be added automatically as part of this Agreement a provision as similar in its terms to
such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. This Agreement should be construed by limiting and reducing it only to the minimum extent necessary to be enforceable under then applicable law.

 14. Construction. The headings and captions of this Agreement are provided for convenience only and are intended to have no effect
in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against the Noble Parties or Executive. 

15. Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, and all of
which together will constitute one document. 
 16. Nonwaiver. No failure or neglect of any Party in any instance to exercise any
right, power, or privilege hereunder or under law shall constitute a waiver of any other right, power, or privilege or of the same right, power, or privilege in any other instance. All waivers by a Party must be contained in a written instrument
signed by the Party to be charged and, in the case of Parent or the Company, by an officer of Parent or the Company, as the case may be (other than Executive), or other duly authorized person. 

17. Notices. Any notice, request, consent or approval required or permitted to be given under this Agreement or pursuant to law shall
be sufficient if in writing, and if and when sent by certified or registered mail, with postage prepaid, to Executive’s address most recently on file with the Company, or to the Company’s principal office, as the case may be. 

18. Section 409A; Other Tax Matters. This Agreement is intended to provide payments that are exempt from and/or that comply
with the provisions of Section 409A of the U.S. Internal Revenue Code of 1986 (the “Code”) and related regulations and Treasury pronouncements (“Section 409A”), and the Agreement shall be interpreted
accordingly (it being understood that the payment of any reimbursement hereunder shall be made in a manner exempt from, or in compliance with, Section 409A pursuant to the Company’s reimbursement policies). If any provision of this
Agreement would cause Executive to incur any additional tax under Section 409A, the Agreement shall be deemed amended to reform and/or the Parties will in good faith attempt to reform the provision in a manner that maintains, to the extent
possible, the original intent of the applicable provision without violating the provisions of Section 409A. Notwithstanding anything herein to the contrary, if on the date of Executive’s separation from service Executive is a
“specified employee,” as defined in Section 409A, then any portion of any payments, benefits or other consideration under this Agreement that are determined to be subject to the additional tax provided by Section 409A(a)(1)(B) of
the Code if not delayed as required by Section 409A(a)(2)(B)(i) of the Code shall be delayed until the first (1st) business day of the seventh (7th) month following Executive’s separation from service date (or, if earlier, Executive’s date of death) and shall be paid as a lump sum on such date. Executive acknowledges and
agrees that Executive has obtained no advice from Parent or any of its affiliates, or any of their respective officers, directors, employees, subsidiaries, affiliates, agents, attorneys or other representatives, and that none of such persons or
entities have made any representation regarding the tax consequences, if any, of Executive’s receipt of the payments, benefits and other consideration 

  
 8 

 
provided for in this Agreement. Executive further acknowledges and agrees that Executive is personally responsible for the payment of all federal, state and local taxes that are due, or may
be due, for any payments and other consideration received by Executive under this Agreement. Executive agrees to indemnify the Noble Parties and hold the Noble Parties harmless for any and all taxes, penalties or other assessments that
Executive is, or may become, obligated to pay on account of any payments made and other consideration provided to Executive under this Agreement. 

19. Certain Acknowledgements of Executive. Executive acknowledges that Executive has been given a reasonable period of time in which to
consider this Agreement and has been advised to discuss the terms of this Agreement with legal counsel of Executive’s own choosing. Executive represents that Executive has relied on Executive’s own knowledge and judgment and on the advice
of independent legal counsel of Executive’s choosing and has consulted with such other independent advisors as Executive and Executive’s counsel deemed appropriate in connection with Executive’s review of this Agreement. Based on
Executive’s review, Executive acknowledges that Executive fully and completely understands and accepts all the terms of this Agreement and their legal effects, and Executive is entering into this Agreement voluntarily and of Executive’s
own free will, with full consideration of any and all rights which Executive may currently have. Executive further acknowledges that Executive is not relying on any representations or statements made by Parent or any of its affiliates, or by any of
their respective officers, directors, employees, affiliates, agents, attorneys or other representatives, regarding this Agreement, except to the extent such representations are expressly set forth in this Agreement. Executive also acknowledges that
Executive is not relying upon a legal duty, if one exists, on the part of Parent or any of its affiliates, or any of their respective officers, directors, employees, subsidiaries, affiliates, agents, attorneys or other representatives, to disclose
any information in connection with the execution of this Agreement or its preparation, it being expressly understood that Executive shall never assert any failure to disclose information on the part of any such person or entity as a ground for
challenging this Agreement or any provision hereof. 
 20. Successors and Heirs. This Agreement shall bind and inure to the benefit
of the Noble Parties’ successors and to Executive’s heirs and devisees. 
 21. Certain Representations of the Parties.
Executive represents and warrants that: (i) he is the sole and lawful owner of all rights, titles and interests in and to all Released Claims; and (ii) he has the fully legal right, power, authority and capacity to execute and deliver this
Agreement. Each Noble Party represents and warrants that neither such Noble Party nor any affiliate thereof has any lawsuit pending (or that is reasonably expected to become pending) in such Noble Party’s or affiliate’s name, or on behalf
of any other person or entity, against Executive. Each Noble Party further represents, acknowledges, and agrees that it is not aware of any facts, circumstances, acts, or omissions that give rise to the basis for a claim by such Noble Party or any
of its affiliates against Executive. 
 [Execution Page Follows] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the Effective
Date. 
  

																	
	NOBLE CORPORATION plc	 		 		 		 		 		 		 	
									
	By:    	 	 /s/ Julie J. Robertson
	 		 		 		 		 		 		 	Date: September 13, 2019
		 	Julie J. Robertson	 		 		 		 		 		 		 	
		 	Chairman, President and Chief Executive Officer	 		 		 		 		 		 		 	
								
	NOBLE DRILLING SERVICES INC.	 		 		 		 		 		 		 	
									
	By:	 	 /s/ Julie J. Robertson
	 		 		 		 		 		 		 	Date: September 13, 2019
		 	Julie J. Robertson	 		 		 		 		 		 		 	
		 	Chairman, President and Chief Executive Officer	 		 		 		 		 		 		 	
								
	EXECUTIVE	 		 		 		 		 		 		 	
								
	 /s/ Adam C. Peakes
	 		 		 		 		 		 		 	Date: September 13, 2019
	Adam C. Peakes	 		 		 		 		 		 		 	

 [Execution Page to Separation Agreement] 

  
 10 

 EXHIBIT A 

FINAL RELEASE 
 RELEASE
OF CLAIMS 
 This RELEASE OF CLAIMS (this “Release”) is made on and effective as of September
            , 2019 (the “Determination Date”) by Adam C. Peakes (“Executive”) in favor of Noble Corporation plc, a public limited company formed under the
laws of England and Wales (“Parent”), and Noble Drilling Services Inc., a Delaware corporation (the “Company” and, together with Parent, the “Noble Parties”), and the other Releasees (as defined
herein) in connection with the Separation Agreement entered into by and between Executive, Parent, and the Company dated September 13, 2019 (the “Separation Agreement”). Unless otherwise defined herein, all capitalized terms
used in this Release that are defined in the Separation Agreement shall have the meanings assigned to them in the Separation Agreement. 

WHEREAS, the Separation Agreement includes a general release of claims by Executive in favor of the Releasees (collectively, the
“Prior Release”), which did not include a release of claims under the Age Discrimination in Employment Act; 
 WHEREAS, the
Noble Parties wish to obtain a final release of all claims, including claims under the Age Discrimination in Employment Act, as of the Determination Date by Executive, and 

WHEREAS, Executive is willing to execute and deliver this Release to the Noble Parties, as specifically provided herein. 

NOW, THEREFORE, in consideration of the promises, covenants and undertakings set forth herein, and in full compromise, release and settlement,
accord and satisfaction and discharge of all claims or causes of action, known or unknown, the Parties agree as follows: 
 1.
Consideration. Following Executive’s execution and return of this Release, provided this Release is not timely revoked by Executive, the Company shall pay to Executive an amount in cash totaling $50,000, which shall be paid in a lump
sum, less withholdings and deductions required by law or as authorized by Executive, via wire transfer on the first business day after the seventh (7th) day following the Determination Date.
Executive acknowledges that Executive is not entitled to, and will not receive, any other compensation or benefits from the Company expect as specified herein. 

2. Waiver and Release of Claims. 

(a) General Release by Executive. In consideration of the foregoing, including the payment described in Section 1
above, which Executive hereby expressly acknowledges as good and sufficient consideration for the releases provided below, Executive hereby unconditionally and irrevocably releases, acquits and forever discharges, to the fullest extent permitted by
applicable law, (i) Parent and all of its predecessors, successors and assigns, (ii) all of Parent’s past, present and future affiliates, parent corporations, subsidiaries, divisions and joint venture entities and all of their
respective predecessors, successors and assigns, and (iii) all of the past, present and future officers, directors, managers, shareholders, investors, employee benefit plan administrators, employees, agents, attorneys and other representatives
of each of the entities described in the immediately preceding clauses (i) and (ii), individually and in their respective 

  
 A-1 

 
representative capacities (the persons or entities referred to in the immediately preceding clauses (i), (ii) and (iii) being, individually, a “Releasee” and,
collectively, the “Releasees”), from any and every action, cause of action, complaint, claim, demand, administrative charge, legal right, compensation, obligation, damages (including consequential, exemplary and punitive damages),
liability, cost or expense (including attorney’s fees) that Executive has, may have or may be entitled to from or against any of the Releasees, whether legal, equitable or administrative, in any forum or jurisdiction, whether known or unknown,
foreseen or unforeseen, matured or unmatured, accrued or not accrued, which arises directly or indirectly out of, or is based on or related in any way to Executive’s employment with or termination of employment from the Company or any of its
affiliates, including any such matter arising from the negligence, gross negligence or reckless, willful or wanton misconduct of any of the Releasees (together, the “Released Claims”); provided, however, that this Release does not
apply to, and the Released Claims do not include: (x) any claim arising solely and specifically under the Age Discrimination in Employment Act of 1967 after the date Executive signs this Release; (y) any claim arising from any breach or
failure to perform any provision of the Separation Agreement or this Release; or (z) any claim for worker’s compensation benefits or any other claim that cannot be waived by a general release. 

(b) Release to be Full and Complete; Waiver of Claims, Rights and Benefits. The Parties intend this Release to cover any
and all Released Claims, whether they are contract claims, equitable claims, fraud claims, tort claims, discrimination claims, harassment claims, whistleblower or retaliation claims, personal injury claims, constructive or wrongful discharge claims,
emotional distress claims, pain and suffering claims, public policy claims, claims for debts, claims for expense reimbursement, wage claims, claims with respect to any other form of compensation, claims for attorneys’ fees, other claims or any
combination of the foregoing, and whether they may arise under any employment contract (express or implied), policies, procedures, practices or by any acts or omissions of any of the Releasees or whether they may arise under any state, local or
federal law, statute, ordinance, rule or regulation, including all Texas employment discrimination laws, Chapter 21 of the Texas Labor Code, the Texas Payday Act, all U.S. federal discrimination laws, the Age Discrimination in Employment Act of
1967, the Employee Retirement Income Security Act of 1974, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Rehabilitation Act of 1973, the Americans with Disabilities Act of 1990, the Equal Pay Act, the National Labor
Relations Act, the Older Workers Benefit Protection Act, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002 or common law, without exception. As such, it is expressly acknowledged
and agreed that this Release is a general release, representing a full and complete disposition and satisfaction of all of any Releasee’s real or alleged legal obligations to Executive, with the only exceptions being as expressly stated in the
proviso to Section 2(a) above. Executive understands and agrees, in compliance with any law, statute, ordinance, rule or regulation which requires a specific release of unknown claims or benefits, that this Release includes a release of unknown
claims, and Executive hereby expressly waives and relinquishes any and all Released Claims and any associated rights or benefits that Executive may have, including any that are unknown to Executive at the time of the execution this Release. 

  
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 (c) Notwithstanding the foregoing, nothing herein waives any claims that
Executive may have: (i) to vested benefits pursuant to any plan governed by ERISA; (ii) to any insurance protections or benefits or indemnification rights; or (iii) to any claims first arising, and under circumstances first occurring,
after the time that Executive signs this Release. 
 (d) Certain Representations and Acknowledgements of Executive.
Executive represents and warrants that: (i) Executive is the sole and lawful owner of all rights, titles and interests in and to all Released Claims; and (ii) Executive has the fully legal right, power, authority and capacity to execute
and deliver this Release. Executive acknowledges that Executive has been given a reasonable period of time of twenty-one (21) days, in which to consider this Release and has been advised to discuss the terms of this Release with legal counsel
of Executive’s own choosing. Executive represents that Executive has relied on Executive’s own knowledge and judgment and on the advice of independent legal counsel of Executive’s choosing and has consulted with such other independent
advisors as Executive and Executive’s counsel deemed appropriate in connection with Executive’s review of this Release. Based on Executive’s review, Executive acknowledges that Executive fully and completely understands and accepts
all the terms of this Release and their legal effects, and Executive is entering into this Release voluntarily and of Executive’s own free will, with full consideration of any and all rights which Executive may currently have. Executive further
acknowledges that Executive is not relying on any representations or statements made by Parent or any of its affiliates, or by any of their respective officers, directors, employees, affiliates, agents, attorneys or other representatives, regarding
this Release, except to the extent such representations are expressly set forth in this Release. Executive also acknowledges that Executive is not relying upon a legal duty, if one exists, on the part of Parent or any of its affiliates, or any of
their respective officers, directors, employees, subsidiaries, affiliates, agents, attorneys or other representatives, to disclose any information in connection with the execution of this Release or its preparation, it being expressly understood
that Executive shall never assert any failure to disclose information on the part of any such person or entity as a ground for challenging this Release or any provision hereof. 

(e) Covenant Not to Sue. Executive expressly agrees that neither Executive nor any person acting on Executive’s
behalf will file or bring or permit to be filed or brought any lawsuit or other action before any court, agency or other governmental authority for legal or equitable relief against any of the Releasees involving any of the Released Claims. In the
event that such an action is filed against any of the Releasees, Executive agrees that such Releasees are entitled to legal and equitable remedies against Executive, including an award of attorney’s fees. Notwithstanding the foregoing,
Executive acknowledges that nothing contained in this Release limits Executive’s ability to file a charge or complaint with a federal, state or local governmental agency or commission. Executive further acknowledges that this Release does not
limit Executive’s ability to communicate with any government agencies or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice
to Parent. This Release does not limit Executive’s right to receive an award for information provided to any government agencies. While nothing in this Release limits Executive’s ability to file a charge or complaint with any federal,
state 

  
 A-3 

 
or local governmental agency or commission, should Executive file a charge or complaint with any governmental agency, or should any governmental entity, agency or commission file a charge,
action, complaint or lawsuit against any of the Releasees based on any Released Claim, Executive agrees not to seek or accept any resulting payment from the Releasees. 

(f) Parties in Interest. This Release is for the benefit of the Releasees and shall be binding on Executive and his
heirs, successors and assigns. 
 3. Amendment; Revocation. This Release may not be clarified, modified, changed or amended except in
writing signed by Executive and the Noble Parties. Notwithstanding any other provision in this Release to the contrary, Executive may revoke this Release, in writing, for up to seven (7) days following the date of Executive’s execution of
this Release, by delivering a written notice of Executive’s revocation of this Release to the Company. Any such notice of revocation shall be (a) addressed to William Turcotte, Senior Vice President & General Counsel of Parent,
c/o the Company at its offices at 13135 South Dairy Ashford, Suite 800, Sugar Land, Texas 77478-3686, or via facsimile or email (facsimile: (281) 491-2092; email: wturcotte@noblecorp.com); and (b) deemed given, delivered and effective on
the earliest of: (i) in the case of delivery by facsimile or email, on the date of transmission, if such notice is delivered, and confirmation of receipt is received, by Executive, prior to 5:00 p.m. (Central Time) on a business day, and,
otherwise, on the first business day after the date of transmission (provided that Executive has received confirmation of receipt of such transmission); (ii) one (1) business day after when sent, if sent by nationally recognized overnight
courier service (charges prepaid); or (iii) upon actual receipt. Executive acknowledges and agrees that if Executive (i) fails to timely sign this Release prior to the close of the twenty-one (21)-day consideration period described in
Section 2(d) above or (ii) timely revokes this Release, this Release will be null and void and of no effect, and the Company will not have any obligation to pay Executive the consideration described in Section 1 above. 

4. Severability. If any provision of this Release is held to be illegal, invalid or unenforceable under applicable law, that provision
shall be severable and this Release shall be construed and enforced as if that illegal, invalid or unenforceable provision never comprised a part hereof, and the remaining provisions of this Release shall remain in full force and effect and shall
not be affected by the illegal, invalid or unenforceable provision, and there shall be added automatically as part of this Release a provision as similar in its terms to such illegal, invalid or unenforceable provision as may be possible and be
legal, valid and enforceable. This Release should be construed by limiting and reducing it only to the minimum extent necessary to be enforceable under then applicable law. 

5. Section Headings. Titles and headings to Sections and subsections hereof are for the purpose of reference only and shall in no way
limit, define or otherwise affect the provisions of this Release. 
 6. Applicable Law. This Release shall be interpreted and
construed in accordance with the substantive laws of the State of Texas, without giving effect to any conflicts of laws provisions thereof that would result in the application of the laws of any other jurisdiction. 

  
 A-4 

 7. Dispute Resolution. The Parties agree to submit any dispute arising out of or
relating to this Release to the arbitration procedure as described in Section 7 of the Separation Agreement. 
 8. Successors and
Heirs. This Release shall bind and inure to the benefit of the Noble Parties’ successors and to Executive’s heirs and devisees. 

[Execution Page Follows] 

  
 A-5 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Release as of the
Determination Date. 
  

																	
	NOBLE CORPORATION plc	 		 		 		 		 		 		 	
									
	By:    	 	
                     

	 		 		 		 		 		 		 	Date: September         , 2019
		 	Julie J. Robertson	 		 		 		 		 		 		 	
		 	Chairman, President and Chief Executive Officer	 		 		 		 		 		 		 	
								
	NOBLE DRILLING SERVICES, INC.	 		 		 		 		 		 		 	
									
	By:	 	
                     

	 		 		 		 		 		 		 	Date: September         , 2019
		 	Julie J. Robertson	 		 		 		 		 		 		 	
		 	Chairman, President and Chief Executive Officer	 		 		 		 		 		 		 	
								
	EXECUTIVE	 		 		 		 		 		 		 	
								
	 

                     

	 		 		 		 		 		 		 	Date: September         , 2019
	Adam C. Peakes	 		 		 		 		 		 		 	

 [Execution Page to Final Release] 

  
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