Document:

ex10_42.htm

     

    

      EXHIBIT
10.42

      

      

      

      NOBLE
ENERGY, INC.

      2004
LONG-TERM INCENTIVE PLAN

      

      THIS
PLAN, made and executed at Houston, Texas, by Noble Energy, Inc., a Delaware
corporation (the “Company”),

       

      WITNESSETH
THAT:

      

      WHEREAS,
the Company has heretofore established the Noble Energy, Inc. 2004 Long-Term
Incentive Plan to provide incentive compensation opportunities for key employees
of the Company and its affiliates; and

       

      WHEREAS,
the Company now desires to amend the Plan to comply with the requirements of
Internal Revenue Code section 409A;

       

      NOW,
THEREFORE, in consideration of the premises and pursuant to the provisions of
Section 4.2 of the Plan, effective as of January 1, 2008, the Plan is hereby
amended by restatement in its entirety to read as follows:

       

      

      ARTICLE
I

      Purpose of the
Plan

      

      The
purpose of the Noble Energy, Inc. 2004 Long-Term Incentive Plan (the “Plan”) is
to provide incentive compensation opportunities for key employees of the Company
and its affiliates.  Participants in the Plan will have the
opportunity to receive incentive compensation based upon the attainment of
specific performance goals established by the Compensation, Benefits and Stock
Option Committee of the Board of Directors of Noble Energy, Inc.

      

      

      ARTICLE
II

      Definitions

      

      When
used in the Plan, the following terms shall have the following
meanings:

      

      2.1           “Affiliate”
means any incorporated or unincorporated trade or business or other entity or
person, other than the Company, that along with the Company is considered a
single employer under Section 414(b) or Section 414(c) of the Code ; provided,
however, that (i) in applying Code section 1563(a)(1), (2), and (3) for the
purposes of determining a controlled group of corporations under Code section
414(b), the phrase  “at least 50 percent” shall be used instead of the
phrase “at least 80 percent” in each place the phrase “at least 80 percent”
appears in Code section 1563(a)(1), (2), and (3), and (ii) in applying Treas.
Reg. section 1.414(c)-2 for the purposes of determining trades or businesses
(whether or not incorporated) that are under common control for the purposes of
Code section 414(c), the phrase “at least 50 percent” shall be used instead of
the phrase “at least 80 percent” in each place the phrase “at least 50 percent”
appears in Treas. Reg. section 1.414(c)-2.

      

      2.2           “Award”
means an incentive compensation award under the Plan.

      

      2.3           “Board
of Directors” means the Board of Directors of the Company.

      

      2.4           “Code”
means the Internal Revenue Code of 1986, as amended.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      2.5           “Common
Stock” means common stock, par value $3.331⁄3 per share, of the
Company.

      

      2.6           “Company”
means Noble Energy, Inc., a Delaware corporation.

      

      2.7           “Committee”
means the Compensation, Benefits and Stock Option Committee of the Board of
Directors.

      

      2.8           “Participant”
means any employee of the Company or an Affiliate who is designated by the
Committee as eligible to receive an Award.

      

      2.9           “Performance
Goals” means the performance goals established by the Committee for a
Performance Period pursuant to the Plan.

      

      2.10           “Performance
Period” means the three-year period commencing January 1, 2004, and the
three-year period commencing on the first day of each calendar year commencing
after 2004.

      

      2.11           “Plan”
means this Noble Energy, Inc. 2004 Long-Term Incentive Plan.

      

      

      ARTICLE
III

      Eligibility

      

      3.1           The
officers and other employees of the Company or an Affiliate that the Committee
in its discretion determines are key employees may be designated by the
Committee as Participants in the Plan for a particular Performance
Period.  Only those employees of the Company or an Affiliate who are
designated by the Committee as Participants for a particular Performance Period
will participate in the Plan for that Performance Period.

      

      

      ARTICLE
IV

      Administration, Amendment and
Termination of the Plan

      

      4.1           The
Plan shall be administered by the Committee, which shall have the right and
authority in its discretion to (i) adopt, amend or rescind administrative and
interpretive rules and regulations relating to the Plan, (ii) construe the Plan,
(iii) make all determinations necessary or appropriate for administering the
Plan, and (iv) exercise all of the powers conferred on the Committee under the
Plan.  The Committee may correct any defect or supply any omission or
reconcile any inconsistency in the Plan in the manner and to the extent the
Committee shall deem proper to carry out the intent and purposes of the
Plan.  The determinations made and the action taken by the Committee
pursuant to the Plan shall be conclusive and binding upon all parties having or
claiming to have an interest under the Plan or any Award.

      

      4.2           The
Committee shall have the exclusive authority to amend, modify, suspend or
terminate the Plan at any time.

      

      

      ARTICLE
V

      Determination of Performance
Goals and Awards

      5.1           Within
the first 90 days of each Performance Period the Committee in its discretion
shall (i) designate the Participants who will participate in the Plan for such
Performance Period, (ii) establish the Performance Goals (and any specific
performance targets with respect thereto) for such Performance Period, and (iii)
grant the Awards for the Participants who will participate in the Plan for such
Performance Period.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      5.2           The
Performance Goals established by the Committee for a Performance Period may be
based on (i) price, earnings or cash flow per share of stock, (ii) gross
revenues or net profits, (iii) total shareholder returns, (iv) growth in
reserves or production, (v) finding and development costs, (vi) operating costs,
or (vii) other objective performance measurements or goals acceptable to the
Committee.  The Performance Goals may be based on the performance of
the Company itself or in relation to its peers, or on the performance of a
particular Participant, division, department, subsidiary or other unit to which
a particular Participant is assigned.  In establishing the Performance
Goals for a Performance Period, the Committee may establish different
Performance Goals for individual Participants or groups of Participants, and the
Performance Goals may be weighted to reflect their relative significance to the
Company for the Performance Period.

      

      5.3           Awards
may be made by the Committee in the form of stock options or restricted stock
granted or awarded under the Noble Energy, Inc. 1992 Stock Option and Restricted
Stock Plan, or in the form of performance units or other incentive measurements
providing for the payment of bonuses in cash, or in any combination thereof as
determined by the Committee in its discretion.

      

      5.4           As
soon as practicable after the end of each Performance Period, the Committee
shall certify in writing the level of attainment of the Performance Goals for
such Performance Period, and shall approve the payments to be made or other
action to be taken with respect to the Awards for such Performance
Period.  Awards shall be subject to all applicable withholding
requirements for federal, state and local taxes.

      

      5.5           Any
provision of the Plan to the contrary notwithstanding, (i) in no event shall the
total number of shares of Common Stock for which stock options may be granted or
which may be awarded as restricted stock to any Participant pursuant to the Plan
exceed the limitations applicable to such grants and awards under the Noble
Energy, Inc. 1992 Stock Option and Restricted Stock Plan, as amended from time
to time, and (ii) the maximum amount that may be paid in cash to any Participant
under an Award for a Performance Period shall not exceed
$4,000,000.

      

      

      ARTICLE
VI

      Limitation of
Rights

      6.1           The
establishment of the Plan shall not enlarge or otherwise affect the terms of any
Participant’s employment with the Company or an Affiliate, and the Company or
such Affiliate may terminate the employment of any Participant as freely and
with the same effect as if the Plan had not been adopted.

      

      

      ARTICLE
VII

      Miscellaneous

      7.1           The
Plan is an unfunded plan of incentive compensation, and no Participant shall
have any right to or lien on any asset of the Company or an Affiliate by reason
of or with respect to any Award made under the Plan.

      

      7.2           No
member of the Committee shall be liable for any act, omission, or determination
taken or made in good faith with respect to the Plan or any Award made
hereunder, and the members of the Committee shall be entitled to
indemnification, defense and reimbursement by the Company in respect of any
claim, loss, damage, or expenses (including reasonable attorneys’ fees and
expenses) arising therefrom to the full extent permitted by law and under any
directors’ and officers’ liability or similar insurance coverage or
indemnification agreement that may be in effect from time to time.

      

      7.3           The
laws of the State of Texas (excluding its principles relating to conflicts of
laws) shall govern the Plan.

      

      7.4           The
Plan is intended to comply with the requirements of Section 162(m) of the Code
and the regulations promulgated thereunder, and shall be interpreted and
administered accordingly.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      7.5           The
Plan was adopted by the Committee effective for the Performance Period
commencing on January 1, 2004, and certain provisions of the Plan were approved
by the stockholders of the Company at the annual meeting of the stockholders of
the Company held on April 27, 2004.

       

      IN
WITNESS WHEREOF, this Plan has been executed this 18th day of December, 2007, to be effective as of January 1,
2008.

       

       

       

      
        
          	 	NOBLE ENERGY,
    INC.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Charles
      D. Davidson	 
	 	 	Name: Charles
      D. Davidson	 
	 	 	Title:  
      President and Chief Executive Officer	 
	 	 	 	 

        

    

     

    
      
        
        

      

      
        4ex10_43.htm

    
 

    
      EXHIBIT
10.43

      

      

      

      AMENDMENT
TO THE

      2006 PERFORMANCE UNITS
AGREEMENT

      

      THIS
AMENDMENT, made and entered into by and between NOBLE ENERGY, INC., a Delaware
corporation (the “Company”), and (“Employee”),

       

      WITNESSETH
THAT :

      

      WHEREAS,
the Company and Employee have heretofore entered into a Performance Units
Agreement dated February 1, 2006 (the “Agreement”); and

       

      WHEREAS,
the Company and Executive now desire to amend the Agreement to make certain
changes designed to comply with the requirements of Internal Revenue Code
section 409A;

       

      NOW,
THEREFORE, in consideration of the premises, the Company and Executive hereby
amend the Agreement effective as of January 1, 2008, in the following respects
only:

       

      FIRST:  Section
1(a) of the Agreement is hereby amended by restatement in its entirety to read
as follows:

       

      (a)           “Affiliate”
means any incorporated or unincorporated trade or business or other entity or
person, other than the Company, that along with the Company is considered a
single employer under Code section 414(b) or Code section 414(c); provided,
however, that (i) in applying Code section 1563(a)(1), (2), and (3) for the
purposes of determining a controlled group of corporations under Code section
414(b), the phrase  “at least 50 percent” shall be used instead of the
phrase “at least 80 percent” in each place the phrase “at least 80 percent”
appears in Code section 1563(a)(1), (2), and (3), and (ii) in applying Treas.
Reg. section 1.414(c)-2 for the purposes of determining trades or businesses
(whether or not incorporated) that are under common control for the purposes of
Code section 414(c), the phrase “at least 50 percent” shall be used instead of
the phrase “at least 80 percent” in each place the phrase “at least 50 percent”
appears in Treas. Reg. section 1.414(c)-2.

       

      SECOND:  Section
1(c) of the Agreement is hereby amended by restatement in its entirety to read
as follows:

       

      (c)           A
“Change in Control” shall mean the occurrence of either a change in the
ownership of the Company, a change in the effective control of the Company, or a
change in the ownership of a substantial portion of the Company’s assets, as
described in subsection (1), (2) or (3) below, or any combination of said
events.

       

      (1)           A
change of ownership of the Company occurs on the date that any one person, or
more than one person acting as a group (as defined in Treas. Reg. section
1.409A-3(i)(5)(v)(B)) acquires ownership of the stock of the Company that,
together with stock held by such person or group, constitutes more than 50
percent of the total fair market value or total voting power of the stock of the
Company.  However, if any person, or more than one person acting as a
group is considered to own more than 50 percent of the total fair market value
or total voting power of the stock of the Company, the acquisition of additional
stock by the same person or persons is not considered to cause a change in the
ownership of the Company (or to cause a change in the effective control of the
Company within the meaning of subsection (2) of this Section).  An
increase in the percentage of stock owned by any one person, or persons acting
as a group, as a result of a transaction in which the Company acquires its stock
in exchange for property will be treated as an acquisition of stock for purposes
of this subsection.  This subsection applies only when there is a
transfer of stock of the Company (or issuance of stock of the Company) and the
stock of the Company remains outstanding after the transaction.

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      (2)           
A change in the effective control of the Company occurs only on the date that
either:

       

      (i)           Any
one person, or more than one person acting as a group acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by
such person or persons) ownership of stock of the Company possessing 30 percent
or more of the total voting power of the stock of the Company; or

       

      (ii)           A
majority of the members of the Company’s Board of Directors is replaced during
any 12-month period by directors whose appointment or election is not endorsed
by a majority of the members of such Board of Directors prior to the date of the
appointment or election.

       

      (3)           
A change in the ownership of a substantial portion of the Company’s assets
occurs on the date that any one person, or more than one person acting as a
group, acquires (or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets from the
Company that have a total gross fair market value equal to more than 40 percent
of the total gross fair market value of all of the assets of the Company
immediately prior to such acquisition or acquisitions.  For this
purpose, “gross fair market value” means the value of the assets of the Company,
or the value of the assets being disposed of, determined without regard to any
liabilities associated with such assets.  A transfer of assets by the
Company will not be treated as a change in the ownership of such assets if the
assets are transferred to:

       

      (i)           A
shareholder of the Company (immediately before the asset transfer) in exchange
for or with respect to its stock;

       

      (ii)           An
entity, 50 percent or more of the total value or voting power of which is owned,
directly or indirectly, by the Company;

       

      (iii)           A
person, or more than one person acting as a group, that owns, directly or
indirectly, 50 percent or more of the total value or voting power of all the
outstanding stock of the Company; or

       

      (iv)           An
entity, at least 50 percent of the total value or voting power of which is
owned, directly or indirectly, by a person described in (iii)
above.

       

      For an event to constitute a Change in Control of the
Company with respect to  Employee the Company must be (a) the
corporation for whom Employee is providing services at the time of the Change in
Control; (b) the corporation that is liable for payment in respect of a
Performance Unit but only if either the payment is attributable to the performance of service by Employee for the
corporation or there is a bona fide business purpose for the corporation to be
liable for the payment and, in either case, no significant purpose of making the
corporation liable for the payment is the avoidance of Federal income tax; or
(c) a corporation that is a majority shareholder, meaning a shareholder owning
more than 50 percent of the total fair market value and total voting power, of a
corporation identified in (a) or (b) or any corporation in a chain of
corporations in which each corporation is a majority shareholder of another
corporation in the chain ending in a corporation identified in (a) or
(b).

       

      THIRD:  Section 1 of the Agreement is hereby
further amended to add a new definition at the end of Section 1 to read as
follows:

       

      (l)           “Code” means the Internal Revenue Code of 1986, as
amended.

       

      FOURTH:  Section 6(e) of the Agreement is hereby
amended by restatement in its entirety to read as follows:

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (e)           If a Change in Control occurs during the Performance
Period and while Employee is employed by the Company or an Affiliate, then any
provision of this Agreement to the contrary notwithstanding, in lieu of and in
full satisfaction and discharge of all of the obligations of the Company to make
payments to or with respect to Employee pursuant to this Agreement, as soon as
practicable (but in no event later than 60 days) after the occurrence of such
Change in Control the Company or its successor shall pay to Employee an amount
in cash equal to one dollar ($1.00) for each Performance Unit awarded to
Employee pursuant to Section 2 of this Agreement.  If a Change in
Control occurs after the end of the Performance Period but prior to the July 31
immediately following the end of such period, the payment based on actual
performance that is otherwise due to be paid pursuant to this Section 6 shall be
paid to Employee (or in the event of Employee’s death, to Employee’s estate) as
soon as practicable after the occurrence of such Change in Control (but in no
event later than July 31 following the end of such Performance
Period).

       

      FIFTH:  The Agreement is hereby amended to add a
new Section at the end thereof to read as follows:

       

      19.           Compliance with Code Section
409A.  The compensation payable
by the Company to Employee pursuant to this Agreement is intended to be
compensation that is not subject to the tax imposed by Code section 409A, and
this Agreement shall be administered and construed to the fullest extent
possible to reflect and implement such intent.

       

      IN WITNESS WHEREOF, this Amendment has been executed on
this ___ day of ______________________, 200___, to be effective as of January 1,
2008.

       

       

      
        
          	 	NOBLE ENERGY,
    INC.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	Name:
      	 
	 	 	Title:	 
	 	 	 	 

        

      

       

      
        
          	 	EMPLOYEE	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 

        

      

     

    
      
        
        

      

      
        3

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