Document:

exv4w1

 

Exhibit 4.1

THIRD AMENDMENT

TO

RIGHTS AGREEMENT

     This Third Amendment to Rights Agreement, made effective as of February 3, 2006, between UMB
Bank, N.A., as Rights Agent (the “Rights Agent”), and Noble Corporation, a Cayman Islands exempted
company limited by shares (the “Company”), amends that certain Rights Agreement dated as of March
13, 2002 between the Rights Agent and the Company, as amended by that certain First Amendment to
Rights Agreement between the Rights Agent and the Company, made effective as of March 12, 2003, and
that certain Second Amendment to Rights Agreement between the Rights Agent and the Company, made
effective as of June 9, 2005 (as amended, the “Rights Agreement”).

     WHEREAS, pursuant to Section 27 of the Rights Agreement, the Company and the Rights Agent
desire to further supplement and amend the Rights Agreement as set forth below;

     NOW, THEREFORE, the Rights Agreement is hereby amended as follows:

     FIRST: Section 1 of the Rights Agreement is hereby amended by inserting the following
definition between the definitions of “Exchange Ratio” and “Final Expiration Date”:

     “EXPIRATION DATE” shall have the meaning set forth in Section 7(a) hereof.”

     SECOND: Section 3 of the Rights Agreement is hereby amended as follows:

	 	(a)	 	Section 3(a) is hereby amended and restated in its entirety as follows:

“(a) One Right shall be associated with each Ordinary Share outstanding on the
Record Date, each additional Ordinary Share that shall become outstanding between
the Record Date and the earliest of the Distribution Date, the Redemption Date, the
Expiration Date and the Final Expiration Date, and each additional Ordinary Share
with which Rights are issued after the Distribution Date and prior to the earlier of
the Redemption Date, the Expiration Date and the Final Expiration Date as provided
in Section 22 hereof; provided, however, that, if the number of
outstanding Rights are combined into a smaller number of outstanding Rights pursuant
to Section 11 hereof, the appropriate fractional Right determined pursuant to such
Section shall thereafter be associated with each such Ordinary Share.”

	 	(b)	 	Section 3(c) is hereby amended and restated in its entirety as follows:

“(c) With respect to certificates evidencing Ordinary Shares outstanding on the
Record Date, until the earliest of the Distribution Date, the Redemption Date, the
Expiration Date and the Final Expiration Date, the Rights will be evidenced by such
certificates registered in the names of the holders thereof together with the
summary of the Rights included in the Registration Statement on Form S-4 filed by
the Company with the United States Securities and Exchange Commission in

 

 

connection with the Merger (the “Summary of Rights”). Until the earliest of the Distribution
Date, the Redemption Date, the Expiration Date and the Final Expiration Date, the
surrender for transfer of any certificate evidencing Ordinary Shares outstanding on
the Record Date, with or without a copy of the Summary of Rights attached thereto,
shall also constitute the transfer of the Rights associated with the Ordinary Shares
represented thereby.”

	 	(c)	 	The first paragraph of Section 3(d) is hereby amended and restated in its entirety as
follows:

“(d) Certificates issued for Ordinary Shares after the Record Date (including,
without limitation, reacquired Ordinary Shares referred to in the last sentence of
this paragraph (d)), but prior to the earliest of the Distribution Date, the
Redemption Date, the Expiration Date and the Final Expiration Date, shall have
impressed on, printed on, written on or otherwise affixed to them the following
legend:”

	 	(d)	 	The final paragraph of Section 3(d) is hereby amended and restated in its entirety as
follows:

“With respect to such certificates containing the foregoing legend, until the
earliest of the Distribution Date, the Redemption Date, the Expiration Date and the
Final Expiration Date, the Rights associated with the Ordinary Shares represented by
such certificates shall be evidenced by such certificates alone, and the surrender
for transfer of any such certificate shall also constitute the transfer of the
Rights associated with the Ordinary Shares represented thereby. In the event that
the Company purchases or acquires any Ordinary Shares after the Record Date but
prior to the Distribution Date, any Rights associated with such Ordinary Shares
shall be deemed cancelled and retired so that the Company shall not be entitled to
exercise any Rights associated with the Ordinary Shares which are no longer
outstanding.”

     THIRD: The first sentence of Section 6(a) of the Rights Agreement is hereby amended and
restated in its entirety as follows:

“(a) Subject to the provisions of Sections 7(e) and 14 hereof, at any time
after the close of business on the Distribution Date, and at or prior to the close
of business on the earlier of the Redemption Date, the Expiration Date and the Final
Expiration Date, any Right Certificate or Right Certificates (except as otherwise
provided herein, including, without limitation, Right Certificates representing
Rights that have become null and void and nontransferable pursuant to Section 7(e)
hereof or that have been exchanged pursuant to Section 24 hereof) may be
transferred, split-up, combined or exchanged for another Right Certificate or Right
Certificates representing, in the aggregate, the same number of Rights as the Right
Certificate or Right Certificates surrendered then represented.”

     FOURTH: Section 7 of the Rights Agreement is hereby amended as follows:

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	 	(a)	 	Section 7(a) is hereby amended and restated in its entirety as follows:

“(a) Subject to Section 7(e) hereof and except as otherwise provided herein
(including Section 24 hereof), each Right shall entitle the registered holder
thereof, upon exercise thereof as provided
herein, to purchase for the Purchase Price, at any time after the Distribution Date
and at or prior to the earliest of: (i) the date upon which the Board of Directors
of the Company shall adopt a policy, which provides, among other things (A) that
before adopting any shareholder rights agreement similar in purpose and effect to
this Agreement, the Board of Directors shall seek member approval of such rights
agreement unless, due to timing constraints or other reasons, a majority of the
independent members of the Board of Directors determines that it is in the best
interests of the Company and its members to adopt such agreement before obtaining
member approval and (B) that any shareholder rights plan so adopted without prior
member approval shall be ratified by the members of the Company or shall expire
within twelve months, in either case without being renewed or replaced (the date on
which such policy is adopted by the Board of Directors being the “Expiration Date”);
(ii) the close of business on July 10, 2015 (the “Final Expiration Date”); (iii) the
time at which such Rights are redeemed as provided in Section 23 hereof (the
“Redemption Date”); and (iv) the time at which such Rights are exchanged as provided
in Section 24 hereof, one one-hundredth of a Preferred Share, subject to adjustment
from time to time as provided in Section 11 or Section 13 hereof.”

	 	(b)	 	Section 7(b) is hereby amended and restated in its entirety as follows:

“(b) The registered holder of any Right Certificate may exercise the Rights
evidenced thereby (except as otherwise provided herein) in whole or in part at any
time after the Distribution Date, upon surrender of the Right Certificate, with the
form of election to purchase on the reverse side thereof duly executed, to the
Rights Agent at the principal office or offices of the Rights Agent designated for
such purpose, together with payment of the Purchase Price for each one one-hundredth
of a Preferred Share as to which the Rights are exercised, at or prior to the
earliest of (i) the Expiration Date, (ii) the Final Expiration Date, (iii) the
Redemption Date and (iv) the time at which such Rights are exchanged as provided in
Section 24 hereof.”

     FIFTH: Section 22 of the Rights Agreement is hereby amended and restated in its entirety as
follows:

“SECTION 22. ISSUANCE OF NEW RIGHT CERTIFICATES AND ADDITIONAL RIGHTS.
Notwithstanding any of the provisions of this Agreement or of the Rights to the
contrary, the Company may, at its option, issue new Right Certificates evidencing
Rights in such form as may be approved by its Board of Directors to reflect any
adjustment or change made in accordance with the provisions of this Agreement. In
addition, in connection with the issuance or sale of Ordinary Shares following the
Distribution Date and prior to the earlier of

3

 

the Redemption Date, the Expiration
Date and the Final Expiration Date, the Company (i) shall, with respect to Ordinary
Shares so issued or sold pursuant to the exercise of stock options or under any
employee plan or arrangement, or upon the exercise, conversion or exchange of
securities, notes or debentures issued by the Company, and (ii) may, in any other
case, if deemed necessary or appropriate by the Board of Directors of the Company,
issue Right Certificates representing the appropriate number of Rights in connection
with such issuance or sale; provided, however, that no such Right Certificate shall
be issued if, and to the extent that, the Company shall be advised by counsel that
such issuance would create a significant risk of material adverse tax consequences
to the Company or the Person to whom such Right Certificate would be issued, and no
such Right Certificate shall be issued if, and to the extent that, appropriate
adjustment shall otherwise have been made in lieu of the issuance thereof.”

     SIXTH: Subsection 23(a) of the Rights Agreement is hereby amended and restated in its
entirety as follows:

“(a) The Board of Directors of the Company may, at its option, at any time prior to
the earlier of (i) the close of business on the tenth day following the Shares
Acquisition Date (or, if the Shares Acquisition Date shall have occurred prior to
the Record Date, the close of business on the tenth day following the Record Date),
(ii) the Expiration Date and (iii) the Final Expiration Date, redeem all but not
less than all the then outstanding Rights at a redemption price of US$.01 per Right,
appropriately adjusted to reflect any stock split, stock dividend or similar
transaction occurring after the date hereof (such redemption price being hereinafter referred to
as the “Redemption Price”). The redemption of the Rights by the Board of Directors
of the Company may be made effective at such time, on such basis and with such
conditions as the Board of Directors of the Company in its sole discretion may
establish.”

     SEVENTH: This Amendment shall be effective as of the date first written above.

     EIGHTH: Except as set forth above, the provisions of the Rights Agreement shall remain in
full force and effect.

     NINTH: This Amendment shall be deemed to be a contract made under the laws of the State of
Delaware and for all purposes shall be governed by and construed in accordance with the laws of
such state applicable to contracts to be made and performed entirely within such state. This
Amendment may be executed in any number of counterparts, each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one
and the same instrument. If any term, provision, covenant or restriction of this Amendment is held
by a court of competent jurisdiction or other authority to be invalid, illegal, or unenforceable,
the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain
in full force and effect and shall in no way be affected, impaired or invalidated.

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the day and year first above written.

	 	 	 	 	 	 	 
	 	 	NOBLE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ BRUCE W. BUSMIRE
	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Bruce W. Busmire	 	 
	 

	 	Title:
	 	Senior Vice President and Chief	 	 
	 

	 	 	 	Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	UMB BANK, N.A., as Rights Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ K. SCOTT MATHEWS	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	K. Scott Mathews	 	 
	 

	 	Title:
	 	Vice President	 	 

5exv10w4

 

Exhibit 10.4

ACKNOWLEDGEMENT OF RIGHT OF FIRST OPPORTUNITY

The undersigned, Performance Home Buyers, Inc., the Manager (“Manager”) of Performance Home Buyers,
LLC (the “Company”), and Peter E. Julian, E. Randall Porter, Wayne B. Hawkins, Lawrence Hoffman and
Mark J. Fitzgerald, the executive officers and directors of the Company (collectively, the
“Officers and Directors”), hereby acknowledge that the undersigned have agreed to provide a right
of first opportunity to the Company of all real estate investment opportunities made available to
the undersigned, provided that such opportunities are within the investment parameters of the
Company. The undersigned agree to make such investment opportunities available to the Company as
soon as practicable by written notice to the Chief Executive Officer of the Company, which notice
shall describe the opportunity available and outline the applicable terms and conditions. This
right of first opportunity shall be waived by the Company if it does not send notice that the
Company intends to pursue the investment opportunity within a ten (10) day period after receipt of
the notice from the undersigned. The obligation to provide a right of first opportunity to the
Company shall terminate when the Manager, Officer or Director of the Company, as applicable, no
longer serves as the manager or as an officer, director or employee of the Company.

Dated: February 6, 2006

	 	 	 	 	 	 	 
	 	 	Performance Home Buyers, Inc.	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Peter E. Julian	 	 
	 	 	 	 	 
	 

	 	By:
	 	Peter E. Julian	 	 
	 

	 	 	 	 	 	 
	 

	 	Its:
	 	Chief Executive Officer	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Peter E. Julian	 	 
	 	 	 	 	 
	 	 	Peter E. Julian	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ E. Randall Porter	 	 
	 	 	 	 	 
	 	 	E. Randall Porter	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Wayne B. Hawkins	 	 
	 	 	 	 	 
	 	 	Wayne B. Hawkins	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Lawrence Hoffman	 	 
	 	 	 	 	 
	 	 	Lawrence Hoffman	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Mark J. Fitzgerald	 	 
	 	 	 	 	 
	 	 	Mark J. Fitzgerald	 	 

 

 

Agreed to and acknowledged this 6th day of February, 2006.

Performance Home Buyers, LLC

	 	 	 	 	 
	/s/ Wayne B. Hawkins	 	 
	 	 	 
	By:

	 	Wayne B. Hawkins	 	 
	 

	 	 	 	 
	Its:

	 	Chief Operating Officer

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