Document:

exv10w1

 

Exhibit 10.1

SEPARATION AGREEMENT AND RELEASE

     This
Separation Agreement and Release (“Agreement”) is entered into on September 20, 2007
between Noble Corporation, a Delaware Corporation,
(“Noble”), and Mark A. Jackson
(“Jackson”)
(Noble and Jackson are collectively referred to herein as the “Parties,” and individually as a
“Party”). The “Effective Date” of this Agreement shall be on the eighth (8th) day after
this Agreement has been signed by Jackson.

RECITALS

     WHEREAS, Jackson is employed by Noble as President, Chief Executive Officer and Chairman of
the Board of Directors (“Board”);

     WHEREAS, because of his employment as an executive of Noble, Jackson has obtained intimate and
unique knowledge of all aspects of Noble’s business operations, current and future plans, financial
plans and other confidential and proprietary information;

     WHEREAS, Jackson and Noble mutually desire to terminate their employment relationship and all
other officer, director and employee positions held by Jackson in Noble and in any of its
subsidiaries or affiliates effective as of September 20, 2007;

     WHEREAS, the Parties desire to finally, fully and completely resolve all disputes that now or
may exist between them, including, but not limited to those concerning Jackson’s hiring, employment
and separation from Noble, and all disputes over benefits and compensation connected with such
employment.

     NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by each Party, the Parties do hereby agree as follows:

     1. Employment Termination. Jackson’s employment and all positions held by Jackson with Noble
are terminated effective September 20, 2007
(“Separation Date”). On the Separation Date, Jackson
shall resign his positions as Chairman of the Board, Chief Executive Officer and as President of
Noble, and all other director, officer, and employee positions with the Board, Noble and any of
Noble’s subsidiaries or affiliates. On the Separation Date, Jackson shall execute and deliver to
Noble a resignation letter in the form attached hereto as Exhibit A. After the Separation Date,
Jackson shall, as Noble may reasonably request, provide any other documents to Noble to effect such
resignations. This Agreement cancels and supersedes all prior agreements, oral or written, relating
to Jackson’s employment with Noble except as otherwise provided in this Agreement.

     2. Certain Payments and Benefits.

          (a) Accrued Obligations. Within seven (7) days following the Separation Date, Noble
shall pay Jackson an amount of cash for all salary earned but unpaid through the Separation Date,
minus appropriate payroll taxes and withholdings, and amount of cash equal to all accrued but
unused vacation as of the Separation Date, minus appropriate payroll taxes and withholdings
(“Accrued Obligations”). Except as otherwise provided in this Agreement or as
required by law, all other compensation, bonus, commission, severance, equity, expense
reimbursements, vacation and benefits which relate to Jackson’s employment with Noble, including
any benefits set forth in any plan, policy or program, shall cease as of the Separation Date.

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          (b) Separation Payments. Subject to Jackson’s consent to and fulfillment of his
obligations under this Agreement, and provided that Jackson does not revoke this Agreement pursuant
to Paragraph 16, Noble shall pay Jackson (1) the amount of Seven Hundred Fifty Thousand U.S.
dollars (USD $750,000.00), minus normal payroll withholdings and taxes, which is an amount equal to
one year of Jackson’s base salary in effect as of the Separation Date, and (2) the amount of Five
Hundred Sixty Two Thousand Five Hundred U.S. dollars (USD $562,500), minus normal payroll
withholdings and taxes, which is an amount equal to the bonus amount Jackson could have earned (on
a pro rated basis through the Separation Date) under Noble’s 2007 Short Term Incentive Plan had he
remained employed with Noble through December 31, 2007 (the amounts in (1) and (2) are referred to
collectively as the “Separation Payments”). Noble shall pay the Separation Payments to Jackson in
a lump sum payment within 20 days after the Effective Date of this Agreement. The Separation
Payments shall not be treated as compensation for purposes of Noble’s 401(k) Plan, 401(k)
Restoration Plan, The Noble Drilling Corporation Salaried Employees’ Retirement Plan or any other
retirement plan.

          (c) Equity Awards. Jackson and Noble acknowledge that Jackson currently holds certain
nonqualified stock options granted under Noble’s 1991 Stock Option and Restricted Stock Plan, as
amended (the “Plan”), pursuant to the Noble Corporation Nonqualified Stock Option Agreements dated
September 1, 2000, April 20, 2004, April 27, 2005, February 2, 2006, April 26, 2006, and February
13, 2007 (the “Stock Options”) and certain time-vested restricted stock granted under the Plan
pursuant to the Noble Corporation Time-Vested Restricted Stock Agreements dated April 27, 2005,
February 2, 2006, April 26, 2006, and February 13, 2007 (the “Time-Vested Restricted Stock”). As
of the Separation Date, all of the shares subject to (i) the Stock Options, to the extent unvested,
shall be immediately vested, and shall be exercisable in accordance with the terms and conditions
of the agreements granting such Stock Options and (ii) the Time-Vested Restricted Stock, to the
extent unvested, shall be immediately vested. Except as otherwise expressly provided in this
Paragraph 2(c), all equity awards previously granted under the Plan by Noble to Jackson and
outstanding as of the Separation Date, including without limitation, any grants of
performance-vested restricted stock, shall continue to be governed by the terms and conditions of
the applicable award agreements, including, without limitation, any provisions providing for
forfeiture of such awards upon Jackson’s termination of employment with Noble. Notwithstanding
anything to the contrary contained herein, in the event Jackson does not consent to and fulfill his
obligations under this Agreement during the Separation Period or, he revokes this Agreement in
accordance with Paragraph 16 below, any Stock Options or Time-Vested Restricted Stock that vested
in accordance with this Paragraph 2(c) shall be immediately forfeited and of no further force or
effect.

          (d) Benefits. Pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended (“COBRA”), if Jackson is eligible for and elects COBRA continuation coverage under
Noble’s medical, dental or vision plan, Noble shall continue to cover Jackson under Noble’s
medical, dental or vision plan, and Noble shall pay the same portion of Jackson’s
individual premiums for such coverage as the portion of said premiums that Noble paid for
Jackson immediately prior to the Separation Date, until the earlier of: (i) September 20, 2008;
(ii) the date that Jackson obtains full-time employment with another entity, dies, or breaches the
Agreement; or (iii) the date Jackson’s coverage under Noble’s medical, dental or vision plan
terminates for any reason. After September 20, 2008, Jackson may continue COBRA continuation
coverage pursuant to COBRA, if he so elects and is eligible, provided that Jackson shall be solely
responsible for the payment of any COBRA premiums for continued coverage for all periods after
September 20, 2008.

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To the extent the benefits provided under this Paragraph 2(d) are otherwise
taxable to Jackson, such benefits, for purposes of Section 409A of the Internal Revenue Code of
1986, as amended (and the regulations and other guidance issued thereunder) (“Section 409A”) shall
be provided as separate monthly in-kind payments of those benefits, and to the extent those
benefits are subject to and not otherwise excepted from Section 409A, the provision of the in-kind
benefits during one calendar year shall not affect the in-kind benefits to be provided in any other
calendar year. Noble shall provide Jackson under separate cover at his home address, information
necessary and as required by law to facilitate the transfer or rollover of his 401(k) account and
information regarding COBRA election. Benefits provided under this Paragraph 2 to Jackson or to
his spouse or dependents shall be modified to the extent benefits under an applicable plan are
modified for active employees of Noble.

          (e) Waiver of Additional Compensation or Benefits. Other than compensation, payments
and benefits expressly provided for in this Agreement, Jackson shall not be entitled to any
additional compensation, bonus, stock options, commissions, benefits, severance payments or grants
under any benefit plan, severance plan or bonus or incentive program established by Noble or any of
Noble’s affiliates. Jackson acknowledges that any vested interest held by Jackson in Noble’s
401(k) Plan, retirement plan and any other plans in which Jackson participates, including the
401(k) matching payments for contributions made up to and including the Separation Date, shall be
distributed in accordance with the terms of the plan and applicable law. The release in Paragraph
4 shall be deemed to cover any and all claims Jackson may be entitled to regarding his
compensation, bonuses, stock options or grants and any other benefits he may or may not have
received during his employment with Noble.

     3. Press Release. In connection with the termination of Jackson’s employment with Noble,
Jackson consents to Noble’s issuance of a press release, and internal communications and external
communications regarding his separation from his employment with Noble.

     4. General Release and Waiver. Jackson, on his own behalf and on behalf of his agents,
administrators, representatives, executors, successors, heirs, devisees and assigns (collectively,
the “Releasing Parties”) hereby fully releases, remises, acquits and forever discharges Noble and
all of its affiliates, and each of their respective past and present officers, directors,
shareholders, equity holders, members, partners, agents, employees, consultants, independent
contractors, attorneys, advisers, successors and assigns
(collectively, the “Released Parties”),
jointly and severally, from any and all claims, rights, demands, debts, obligations, losses, causes
of action, suits, controversies, setoffs, affirmative defenses, counterclaims, third party actions,
damages, penalties, costs, expenses, attorneys’ fees, liabilities and indemnities of any kind or
nature whatsoever (collectively, the “Claims”), whether known or unknown, suspected or unsuspected,
accrued or unaccrued, whether at law, equity, administrative, statutory or otherwise, and whether
for injunctive relief, back pay, fringe benefits, reinstatement,
reemployment, or compensatory, punitive or any other kind of damages, which any of the
Releasing Parties ever have had in the past or presently have against the Released Parties, and
each of them, arising from or relating to Jackson’s employment with Noble or its affiliates or the
termination of that employment or any circumstances related thereto, or any other matter, cause or
thing whatsoever, including without limitation all claims arising under or relating to employment,
employment contracts, employee benefits or purported employment discrimination or violations of
civil rights of whatever kind or nature, including without limitation all claims arising under the
Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act of 1990, the
Family and Medical Leave Act of 1993, the Equal Pay Act of 1963, the Rehabilitation

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Act of
1973, Title VII of the United States Civil Rights Act of 1964, 42
U.S.C. § 1981, the Civil Rights
Act of 1991, the Civil Rights Acts of 1866 and/or 1871, the Sarbanes-Oxley Act, the Texas
Commission on Human Rights Act, the Texas Payday Law, the Texas Labor Code or any other applicable
federal, state or local employment discrimination statute, law or ordinance, including, without
limitation, any workers’ compensation or disability claims under any such laws, claims for wrongful
discharge, breach of express or implied contract or implied covenant of good faith and fair
dealing, and any other claims arising under state or federal law, as well as any expenses, costs or
attorneys’ fees. Jackson further agrees that Jackson will not file or permit to be filed on
Jackson’s behalf any such claim. Notwithstanding the preceding sentence or any other provision of
this Agreement, this release is not intended to interfere with Jackson’s right to file a charge
with the Equal Employment Opportunity Commission (the “EEOC”) in connection with any claim he
believes he may have against Noble or its affiliates. However, by executing this Agreement,
Jackson hereby waives the right to recover in any proceeding Jackson may bring before the EEOC or
any state human rights commission or in any proceeding brought by the EEOC or any state human
rights commission on Jackson’s behalf. This release shall not apply to any of Noble’s obligations
under this Agreement, or any vested 401(k), or vested continuing benefits to which Jackson is
entitled under this Agreement, COBRA continuation coverage benefits, indemnification to which
Jackson may be entitled, or any other similar benefits required to be provided by statute. Jackson
acknowledges that certain of the payments and benefits provided for in Paragraph 2 of this
Agreement constitute good and valuable consideration for the release contained in this Paragraph 4.

     5. Return of Noble Property. Within five (5) days of the Separation Date, Jackson shall, to
the extent not previously returned or delivered: (a) return all equipment, records, files, programs
or other materials and property in his possession which belongs to Noble or any one or more of its
affiliates, including, without limitation, all, computer access codes, Blackberries, mobile
telephones, credit cards, keys and access cards; and (b) deliver all original and copies of notes,
materials, records, plans, technical data or other documents, files or programs (whether stored in
paper form, computer form, digital form, electronically or otherwise) that relate or refer to (1)
Noble or any one or more of its affiliates, or (2) Noble or any one or more of Noble’s affiliates’
financial statements, business contacts, and sales including but not limited to business plans,
monthly financial reviews, budget materials, acquisition materials, and Noble offering memorandums.
Jackson represents and warrants that he has not retained and has or shall timely return and
deliver all the items described or referenced in subparagraphs (a) or (b) above; and, that should
he later discover additional items described or referenced in subparagraphs (a) or (b) above, he
shall promptly notify Noble and return/deliver such items to Noble.

     6. Covenants. To protect Noble’s Confidential Information and in consideration of the
compensation and benefits provided herein, Jackson agrees that it is necessary to enter into
the following restrictive covenants:

          (a) Non-Solicitation. For a period of one (1) year following the Separation Date,
Jackson shall not, without the prior written consent of the Chief Executive Officer of Noble,
directly or indirectly, either as a principal, manager, agent, employee, consultant, officer,
director, stockholder, partner, investor or lender or in any other capacity, and whether personally
or through other persons: solicit, induce, hire or attempt to hire, solicit or induce, on behalf
of himself or any other person or entity, any executive, officer, or employee of Noble who was
employed by Noble at the time of such solicitation to terminate his/her employment with Noble
and/or accept employment

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or any other relationship elsewhere; and

          (b) Non-Disclosure. Jackson shall keep secret and shall not use or disclose to
anyone, including, without limitation, any person, firm, corporation, or other entity, or publish,
or use for any purpose, any Confidential Information. Jackson acknowledges that during his
employment, Noble provided him with information that is considered Confidential Information, as
defined below. Jackson shall take all reasonable measures to protect the secrecy of and avoid
disclosure and unauthorized use of, the Confidential Information and agrees to immediately notify
Noble in the event of any unauthorized use or disclosure of the Confidential Information.
“Confidential Information” includes, without limitation, all processes, policies, procedures,
mechanisms, and software developed by Noble and all materials relating thereto, as well as all
scientific study or research, drawings, data, concepts, inventions, technology, plans, formulas,
studies, reports, blueprints, specifications, designs, parameters, and other technical knowledge,
all sales leads and marketing plans, strategies and tactics, financial plans and information,
investment plans and information, employee lists and information, and all lists, contact
information and identities, and other business affairs of Noble learned by Jackson at any time
during his employment. The Parties acknowledge that this Paragraph 6 is material to this Agreement.
Information Jackson knew before working for Noble or that is generally available or known to the
general public or obtained from sources other than Noble or anyone affiliated with Noble is not
confidential and this Agreement shall not prevent Jackson from discussing such public information
with any person or entity who is already aware of that information.

     7. Breach of Agreement. In the event Jackson fails to materially fulfill any of his
obligations in this Agreement during the Separation Period, or Jackson or anyone acting on his
behalf brings suit against Noble seeking to declare any term of this Agreement void or
unenforceable and if one or more material terms of this Agreement are ruled by a court or
arbitrator to be void or unenforceable or subject to reduction or modification, Noble shall be
entitled to (a) terminate the Agreement, (b) terminate any remaining Separation Payments set forth
in Paragraph 2, and Jackson will not be entitled to receive any remaining Separation Payments, (c)
recover Separation Payments and all other benefits set forth in Paragraph 2 already paid to Jackson
(except for the sum of $1,000) upon court order, (d) recover attorneys’ fees, expenses and costs
Noble incurs in such action, and/or (e) recover any and all other damages to which Noble may be
entitled at law or in equity as a result of a breach of this Agreement.

     8. Non-Disparagement. Jackson shall not, directly or indirectly, disclose, communicate, or
publish any disparaging information concerning Noble, its officers, directors or employees,
products, services, operations, technology, proprietary or business information, or cause others to
disclose, communicate, or publish any disparaging information concerning the same and that he
shall not take any action deemed to interfere with the overall operation of Noble. Jackson shall
not disclose, directly or indirectly, communicate, or publish any disparaging information
concerning the terms of his employment with Noble, any other circumstance that arose from his
employment with Noble or separation from employment, or any action or event that occurred during
his employment with Noble, or cause others to disclose, communicate, or publish any disparaging
information concerning the same.

     9. Indemnification. This Agreement does not terminate any right Jackson may have to
indemnification under Noble’s organizational documents, applicable law, or Noble’s Directors’ and
Officers’ liability insurance policy as in effect from time to time; provided, however, that any
such

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rights shall remain subject to all applicable terms of such organizational documents, law
and/or insurance policy, as in effect from time to time. Without limiting the foregoing, Noble
acknowledges and agrees that reasonable and customary travel expenses Jackson incurs in connection
with the current governmental investigation shall be deemed indemnifiable expenses, so long as
Jackson is otherwise entitled to indemnification for his fees and expenses.

     10. Not An Admission of Wrongdoing. This Agreement shall not in any way be construed as an
admission by either Party of any acts of wrongdoing, violation of any statute, law or legal or
contractual right.

     11. Voluntary Execution of the Agreement. Each Party acknowledges that they have had an
opportunity to review all aspects of this Agreement, and that they fully understand all the
provisions of the Agreement and are voluntarily entering into this Separation Agreement and the
General Release. Jackson acknowledges and agrees that Jackson is not represented by counsel for
Noble or the Board, and further agrees that he has been represented by the law firm of Mayer Brown
in connection with his execution of this Agreement. Jackson further represents that he has not
transferred or assigned to any person or entity any claim involving Noble or any portion thereof or
interest therein.

     12. Confidentiality of Agreement. The Parties shall keep confidential the specific terms of
this Agreement and shall not disclose same to any person except that (a) Jackson may inform his
spouse and his financial, tax, professional, pastoral and legal advisors of the contents or terms
of this Agreement, and (b) Noble may inform its financial, tax, business and legal advisors, or
anyone else with a need to know, of the contents or terms of this Agreement. Before sharing the
Agreement or its terms with any permissible party, Jackson and Noble shall notify them of this
confidentiality requirement. This Agreement may be disclosed or appended as an exhibit to any
securities filing required to be made by Noble or its affiliates, or pursuant to any other
applicable law.

     13. Binding Effect. This Agreement shall be binding upon Noble and upon Jackson and his
heirs, administrators, representatives, executors, successors and assigns. In the event of
Jackson’s death, this Agreement shall operate in favor of his estate and all payments, obligations
and consideration will continue to be performed in favor of his estate.

     14. Severability. Should any provision of this Agreement be declared or determined to be
illegal or invalid by any government agency or court of competent jurisdiction, the validity of the
remaining parts, terms or provisions of this Agreement shall not be affected and such provisions
shall remain in full force and effect.

     15. Entire Agreement. This Agreement sets forth the entire agreement between the Parties, and
fully supersedes any and all prior agreements, understandings, or representations between the
Parties pertaining to Jackson’s employment with Noble, the subject matter of this Agreement or any
other term or condition of the relationship between Noble and Jackson. Jackson represents and
acknowledges that in executing this Agreement, he does not rely, and has not relied, upon any
representation(s) by Noble, its attorneys or its agents except as expressly contained in this
Agreement.

     16. Knowing and Voluntary Waiver. Jackson, by Jackson’s free and voluntary act of signing
below, (i) acknowledges that he has been given a period of twenty-one (21) days to consider

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whether to agree to the terms contained herein, (ii) acknowledges that he has been advised to consult with
an attorney prior to executing this Agreement, (iii) acknowledges that he understands that this
Agreement specifically releases and waives all rights and claims he may have under the Age
Discrimination in Employment Act, as amended prior to the date on which he signs this Agreement,
and (iv) agrees to all of the terms of this Agreement and intends to be legally bound thereby.
Furthermore, Jackson acknowledges that the payments and benefits provided for in Paragraph 2 of
this Agreement will be delayed until this Agreement becomes effective, enforceable and irrevocable.

This Agreement shall become effective, enforceable and irrevocable on the eighth day after the date
on which it is executed by Jackson (the “Effective
Date”). During the seven-day period prior to
the Effective Date, Jackson may revoke his agreement to accept the terms hereof by indicating in
writing to Noble his intention to revoke. If Jackson exercises his right to revoke hereunder, he
shall forfeit his right to receive any of the payments or benefits provided for herein, and to the
extent such payments or benefits have already been made, Jackson agrees that he will immediately
reimburse Noble for the amounts of such payments and benefits.

     17. Notices. All notices and other communications hereunder will be in writing. Any notice
or other communication hereunder shall be deemed duly given if it is sent by registered or
certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient
as set forth:

	 	 	 	 	 
	 

	 	If to Jackson:
	 	Mark A. Jackson
	 

	 	 	 	13135 South Dairy Ashford, Suite 800
	 

	 	 	 	Sugar Land, Texas 7747
	 
	 

	 	If to Noble:
	 	Executive Vice President & Corporate Secretary
	 

	 	 	 	Senior Vice President & General Counsel
	 

	 	 	 	Noble Corporation
	 

	 	 	 	13135 South Dairy Ashford, Suite 800
	 

	 	 	 	Sugar Land, Texas 77478

     Any party may send any notice or other communication hereunder to the intended recipient at the
address set forth using any other means (including personal delivery, expedited courier,
messenger services, fax, ordinary mail or electronic mail), but no such notice or other
communication shall be deemed to have been duly given unless and until it is actually received by
the intended recipient. Any party may change the address to which notices and other communications
are to be delivered by giving the other party notice.

     18. Governing Law. This Agreement shall in all respects be interpreted, enforced, and
governed under the laws of the State of Texas. Noble and Jackson agree that the language on this
Agreement shall, in all cases, be construed as a whole, according to its fair meaning, and not
strictly for, or against, any of the Parties. Venue of any litigation arising from this Agreement
shall be in a court of competent jurisdiction in Harris County, Texas.

     19. Counterparts. This Agreement may be executed in counterparts, each of which when executed
and delivered (which deliveries may be by facsimile) shall be deemed an original and all

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of which together shall constitute one and the same instrument.

     20. No Assignment Of Claims. Jackson represents and agrees that he has not transferred or
assigned, to any person or entity, any claim involving Noble, or any portion thereof or interest
therein.

     21. No Waiver. This Agreement may not be waived, modified, amended, supplemented, canceled or
discharged, except by written agreement of the Parties. Failure to exercise and/or delay in
exercising any right, power or privilege in this Agreement shall not operate as a waiver. No
waiver of any breach of any provision shall be deemed to be a waiver of any preceding or succeeding
breach of the same or any other provision, nor shall any waiver be implied from any course of
dealing between or among the Parties.

D-1570309.6

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I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING AGREEMENT, THAT I UNDERSTAND ALL OF ITS
TERMS AND THAT I AM RELEASING CLAIMS AND THAT I AM ENTERING INTO IT VOLUNTARILY.

AGREED TO BY:

	 	 	 	 	 	 	 
	/s/ Mark A. Jackson

	 	 
	 	September 20, 2007
	 	 
	 

	 	 
	 	 

	 	 
	Mark A. Jackson

	 	 	 	Date	 	 
	 
	 	 	 	 	 	 
	STATE OF TEXAS
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	COUNTY
OF FORT BEND
	 	 	 	 	 	 

     Before me, a Notary Public, on this day personally appeared Mark A. Jackson,
known to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledges to me that he has executed this Agreement on behalf of himself and his heirs, for the
purposes and consideration therein expressed.

     Given under my hand and seal of office this  20th day of September, 2007.

	 	 	 	 	 
	 	 	 
	 	                                              /s/ Linda L. Macias
 	 
	 	Notary Public in and for the State of Texas 	 
	 	 	 
	 

(PERSONALIZED SEAL)

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NOBLE CORPORATION

	 	 	 	 	 
	 	 	 
	By:  	Julie J. Robertson
 	 	 	 
	Title:	Executive Vice President and Corporate Secretary 	 	 
	Date: 	September 20, 2007 	 	 
	 

STATE OF TEXAS

COUNTY OF
FORT BEND

     Before me, a Notary Public, on this day personally appeared Julie J. Robertson,
known to me to be the person and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of Julie J. Robertson, and
that he has executed the same on behalf of said corporation for the purposes and consideration
therein expressed, and in the capacity therein stated.

     Given under my hand and seal of office this  20th day of September, 2007.

	 	 	 	 	 
	 	 	 
	 	                                              /s/ Linda L. Macias
 	 
	 	Notary Public in and for the State of Texas 	 
	 	 	 
	 

(PERSONALIZED SEAL)

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September 20, 2007

Board of Directors

Noble Corporation

13135 South Dairy Ashford, Suite 800

Sugar Land, Texas 77478

I hereby resign my positions as Chairman of the Board of Directors, Chief Executive Officer and as
President of Noble Corporation (“Noble”), and all other officer, director and employee positions of
the Board, Noble and its subsidiaries and affiliates, effective immediately.

Sincerely,

Mark A. Jackson

11exv10w14

 

Exhibit 10.14

Symetra Life Insurance Company

 

2006 INCENTIVE COMPENSATION PLAN

FOR

 

 

Pat McCormick

 

Distribution Senior Vice President

 

Effective: January 1, 2006

Portions marked [***] have been omitted pursuant to a Confidential Treatment Request by

Symetra Financial Corporation, this information has been filed separately with the Securities and

Exchange Commission.

2006 Distribution Senior Vice President Incentive Compensation Version 1.0

effective January 1, 2006

 

 

INTRODUCTION

This material describes the 2006 Symetra Life Insurance Company Incentive Compensation Plan
for the Participant identified on page 1 of this Plan. The information is divided into two
sections:

	 	 	 	 	 
	•
	 	General Administration
	 	Plan guidelines for eligibility, payout provisions, prorated
awards, and other administrative practices.

	•
	 	Plan Description
	 	Specific Plan provisions, including incentive rates.

Symetra Financial’s Human Resources Department can help you with questions about this material or
your eligibility for or participation in the Symetra Incentive Compensation Plan.

 

2006 Distribution Senior Vice President Incentive Compensation Version 1.0

effective January 1, 2006

 

 

GENERAL ADMINISTRATION

	 	 	 
	Compensation Structure:
	 	A Participant is compensated through a base salary and incentive
compensation, based on production in an assigned territory within
the Participant’s Distribution Channel.

	 	 	 

	Base Salary:
	 	Base salary is defined as annualized base pay excluding any bonuses,
cash incentives, or other extra compensation.

	 	 	 

	Plan Year:
	 	The Plan will run on a calendar year basis.

	 	 	 

	Timing of Incentive Payments:
	 	Incentive Compensation earned will be paid quarterly. These
payments will be made within three pay periods after the end
of
the month in which the incentive compensation was earned,
unless
the necessary data to calculate the incentive amount is not
available.
In that case, payments will be made within two pay periods
following the date the data becomes available.

	 	 	 

	Eligibility:
	 	A Participant becomes eligible to participate in the incentive
compensation program on the first of the month following date of
employment in a qualifying position.

	 	 	 

	Partial Plan Year Eligibility:
	 	The information described in this Plan assumes a Participant’s full year
participation. A Participant in the position for a partial Plan year will
be eligible to earn incentive compensation on a prorated basis.

	 	 	 

	Leaving Position:
	 	If a Participant leaves his/her position during the Plan year for any reason, he/she will be
paid for production earned through the end of the last full month of employment.

	 	 	 

	Calculations:
	 	The percentage rate at which incentive compensation will be
paid is set forth in the Plan Description. The referenced
rate will be paid for credited sales during the quarter.

	 	 	 

	Guaranteed Payment(s):
	 	In certain circumstances management may provide a Participant
guaranteed quarterly minimum incentive payment(s). In that
situation,
the Participant will be paid the higher of (1) the guaranteed
quarterly
minimum, or 2) the quarterly incentive compensation amount the
Participant otherwise earned under the terms of the Plan,
based on
qualifying production. Cumulative YTD earned incentive
compensation will be calculated and a reconciliation will be
performed. This guarantee will come under the same
guidelines as noted in the Eligibility and Calculations
sections above and will be carried over to subsequent
quarters until completely offset by any incentive
compensation earned through the end of the guarantee.

	 	 	 

	Sick Leave/Short Term Disability:
	 	Sick leave and/or short-term disability for Plan Participants
will be administered in the same manner as for all other salaried
Symetra Financial employees in accordance with Symetra’s
normal benefits policies and procedures. In the event of
time away from work due to sick leave and/or short-term
disability, incentive compensation will not be adjusted
unless as stated under Product, Commissions and Production
Credits.

 

2006 Distribution Senior Vice President Incentive Compensation Version 1.0

effective January 1, 2006

 

 

	 	 	 
	Realignment of Territory:
	 	A realignment is the reassignment of agent(s) or registered
representative(s) from one channel and/or territory to another, as
approved by the distribution channel(s) involved. The effective date of
the realignment is the date that production stops flowing from the old
territory and begins flowing to the new one. Incentive compensation
will be adjusted upon the realignment and could result in a retroactive
increase or decrease in production and incentive compensation.

	 	 	 

	Agency/Producer Assignment:
	 	Assignment of agencies/producers will be established on a geographic
territory and authorized by the manager responsible for the Distribution
Channel. Each Participant will be accountable for those agencies and
producers for the assigned products and product lines.

	 	 	 

	Product, Commissions and
Production Credits:
	 	Symetra Life Insurance Company reserves the right to withdraw
products from distribution, to reassign distribution of specific products,
to realign sales territories and restructure distribution channel
responsibilities as it deems necessary or appropriate to its overall
business needs. In appropriate circumstances, the Company may
modify credits on a case. (For example, in a situation involving
significant Symetra Life Insurance Company assistance on a
case, a Participant may be granted only partial sales credit
for the case.)
Any such modification of production credit for a case
requires notification in writing within a reasonable time
after the sale with the approval of the Company’s Senior Vice
President of Sales and Distribution and Human Resources.

	 	 	 

	Plan Modification/Reservation
of Rights:
	 	Symetra Life Insurance Company reserves the right to
modify, amend
or repeal this Plan, or to discontinue (either temporarily or
permanently) the distribution of incentive compensation under
the Plan. However, unless as stated under Product,
Commissions and Production Credits, no such modification,
amendment, suspension or termination may adversely affect
incentive compensation awards earned prior to the date the
modification, amendment, suspension or termination takes
effect. Any Plan modification requires written documentation
to Plan Participants with approval of the Senior Vice
President of Sales and Distribution and Human Resources.

	 	 	 

	Situations Not Covered:
	 	Symetra Life Insurance Company reserves the right to determine or
resolve all situations not expressly covered in this Plan description.
Final determinations regarding these situations will be made
jointly by
the Manager of the Distribution Channel, the Senior Vice
President of
Sales and Distribution and Human Resources.

	 	 	 

	Continuation of Employment:
	 	The existence of this Plan does not create any employment contracts,
nor does it confer any right of continuing employment upon any Plan Participant or any other
employee. Employment at Symetra is “at will”, meaning that both the employee and Symetra are
at liberty to end the employment relationship at any time, with or without cause, with or
without notice.

 

2006 Distribution Senior Vice President Incentive Compensation Version 1.0

effective January 1, 2006

 

 

2006 INCENTIVE PLAN DESCRIPTION

Senior Vice President

	 	 	 	 	 	 	 	 	 	 	 	 	 
	PRODUCT	 	INCENTIVE	 	PRODUCTION	 	NEW
	 	 	COMPENSATION	 	OVER	 	INCENTIVE
	 	 	RATE	 	 	 	COMPENSATION
	 	 	 	 	 	 	RATE
	INDIVIDUAL
	 	 	 	 	 	 	 	 	 	 	 	 
	Term Life (Term and Worksite Term)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Annual Permanent Life (Annual
Perm and Worksite Perm)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Single Premium Life
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Worklife Universal
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	BOLI
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GROUP
	 	 	 	 	 	 	 	 	 	 	 	 
	Group Stop Loss and Group Life and
Disability
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Select Benefits
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Select Benefit Renewals
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	RETIREMENT SERVICES
	 	 	 	 	 	 	 	 	 	 	 	 
	Fixed Total (Other Fixed
Annuities, TSA Fixed and SEPP/SIMPLE
Fixed)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Individual Variable Total (Other
Variable Annuities, TSA Variable, and
SEPP/SIMPLE Variable)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Group Variable Total (Other Group
Variable Annuities and TSA Group
Variable)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Bundled Products Total (MF TSA,
MF 401(k), MF 457, MF 403b7, and MF
Other)
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	INCOME ANNUITIES
	 	 	 	 	 	 	 	 	 	 	 	 
	SPIA
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Annuitizations
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	Structured Settlements
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 
	WELL PLAN
	 	 	[***]	 	 	 	[***]	 	 	 	[***]	 

INCENTIVE FOR INDIVIDUAL:

BASED ON NET ANNUALIZED FIRST YEAR PREMIUM (AFYP)

INCENTIVE FOR GROUP PRODUCTS:

BASED ON GROUP ANTICIPATED FIRST YEAR PREMIUM (AFYP) AND EARNED PREMIUM IN THE FIRST TWELVE MONTHS
ON SELECT BENEFITS, AS CREDITED.

Portions marked [***] have been omitted pursuant to a Confidential Treatment Request by

Symetra Financial Corporation, this information has been filed separately with the Securities and

Exchange Commission.

 

2006 Distribution Senior Vice President Incentive Compensation Version 1.0

effective January 1, 2006

 

 

SELECT BENEFITS RENEWALS BASED ON EARNED PREMIUM RECEIVED STARTING IN MONTH THIRTEEN.

INCENTIVE FOR RETIREMENT SERVICES:

BASED ON NET BUNDLED MUTUAL FUND DEPOSITS, NET SINGLE SUM ANNUITY PREMIUMS AND NET FIRST YEAR
CONTINUING ANNUITY PREMIUMS AND INCREASES.

INCENTIVE FOR INCOME ANNUITIES:

BASED ON NET SINGLE SUM ANNUITY PREMIUMS AND NET FIRST YEAR CONTINUING ANNUITY PREMIUMS AND
NET FIRST YEAR CONTINUING PREMIUMS AND INCREASES AND SINGLE SUM DEPOSITS RESULTING FROM THE
ANNUITIZATION OF ELIGIBLE FIXED OR VARIABLE PRODUCTS THAT RESULT IN COMMISSION TO THE AGENT.

INCENTIVE FOR WELL PLANS:

BASED ON QUARTERLY ASSET GROWTH FOR NEW PLANS FIRST FOUR QUARTERS. PAYMENT WILL BE MADE
WITHIN THE SUBSEQUENT INCENTIVE COMPENSATION CYCLE FOLLOWING QUARTER END.

Minimum threshold: No incentive compensation will be paid in a year in which the company’s
pre-tax GAAP profit is less than $100 million.

 

2006 Distribution Senior Vice President Incentive Compensation Version 1.0

effective January 1, 2006

 

 

Distribution Senior Vice President

Acknowledgement Form:

I acknowledge receipt of this 2006 Incentive Compensation Plan and acknowledge that I am familiar
with its terms and conditions.

	 	 	 
	 
	 	 
	 
	 	 
	 

	 	 
	Participant’s Printed Name

	 	Manager’s Printed Name
	 
	 	 
	 
	 	 
	 

	 	 
	Participant’s Signature/Date

	 	Manager’s Signature/Date

 

2006 Distribution Senior Vice President Incentive Compensation Version 1.0

effective January 1, 2006

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]