Document:

Exhibit

Exhibit 10.3

NOBLE ENERGY, INC.
2020 CHANGE OF CONTROL SEVERANCE PLAN FOR EXECUTIVES
THIS 2020 CHANGE OF CONTROL SEVERANCE PLAN FOR EXECUTIVES, made and executed at Houston, Texas, by Noble Energy, Inc., a Delaware corporation (the “Company”),
WITNESSETH THAT:
WHEREAS, the Company maintains the Noble Energy, Inc. 2016 Change of Control Severance Plan for Executives to provide for the payment of severance benefits to certain executives of the Company and its participating affiliates whose employment with the Company or such an affiliate terminates under certain circumstances following a Change of Control of the Company;
WHEREAS, Section 4.5 of the Plan provides that the Plan may be amended by resolution adopted by the Board, provided that no such amendment that would adversely affect the benefits or protections provided under the Plan to any individual who is a Covered Employee on the date the amendment is adopted shall be effective as it relates to such individual unless no Change of Control occurs within one year after such adoption; and
WHEREAS, the Company now desires to amend, restate and rename the Plan.
NOW, THEREFORE, in consideration of the premises, the Plan is hereby amended and restated in its entirety and renamed as the Noble Energy, Inc. 2020 Change of Control Severance Plan for Executives, effective as of April 27, 2020, to read as follows:
ARTICLE I .
DEFINITIONS
1.1    Definitions.  Where the following words and phrases appear in the Plan, they shall have the respective meanings set forth below, unless their context clearly indicates to the contrary.
(a)    “Administrator” shall mean the Chief Executive Officer or his or her designee.
(b)    “Affiliated Company” shall mean 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.

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 1 of 12

(c)    “Annual Cash Compensation” shall mean, with respect to a Covered Employee, such Covered Employee’s annualized salary in effect on the date of the earliest Change of Control to occur during the eighteen (18)-month period prior to the date of such Covered Employee’s Qualifying Termination, plus the greater of (1) such Covered Employee’s annual target bonus for the then-current annual bonus period, or (2) the average annual bonus paid or payable by the Employer to such Covered Employee for the three (3)-year period (or for the period of such Covered Employee’s employment, if such Covered Employee has not been employed for all of such three (3)-year period) immediately preceding the date of such Change of Control.  Annual Cash Compensation shall be determined prior to the impact of any temporary reduction in annualized salary or annual target bonus imposed on the Covered Employee in connection with an across the board reduction in annualized salaries and/or target bonus amounts of similarly-situated employees of the Company.
(d)    “Applicable Factor” shall mean the factor specified as applicable to the Chief Executive Officer, a Senior Executive and a Key Executive, respectively, on the attached Schedule A.
(e)    “Board” shall mean the Board of Directors of the Company.
(f)    “Cause” shall mean, with respect to a Covered Employee, “Cause” as set forth in any employment, severance or other individual agreement with a Covered Employee or, if no such agreement exists, shall mean a determination by the Employer that the Covered Employee has engaged in any action or omission that:
(1)    constitutes gross negligence or willful misconduct in the performance of the Covered Employee’s duties with respect to the Employer or an Affiliated Company;
(2)    constitutes a material breach of any provision of the Covered Employee’s Participation Agreement or any other agreement between the Covered Employee and the Employer;
(3)    constitutes an act of theft, fraud, embezzlement, misappropriation, or willful breach of a fiduciary duty with respect to the Employer of an Affiliated Company; or 
(4)    results in the Covered Employee’s conviction of, plea of no contest to, or receipt of adjudicated probation or deferred adjudication in connection with a crime involving fraud, dishonesty, or moral turpitude, or any felony (or a crime of similar import in a foreign jurisdiction).
(g)    A “Change of Control” shall be deemed to have occurred if:
(1)    individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least fifty‐one percent (51%) of the Board, provided that any person becoming a director subsequent to the Effective Date whose election, or nomination for election, by the Company’s

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 2 of 12

 stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be, for purposes of the Plan, considered as though such person were a member of the Incumbent Board;
(2)    the consummation of a reorganization, merger or consolidation, in each case, with respect to which persons who were the stockholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own outstanding voting securities representing at least fifty-one percent (51%) of the combined voting power entitled to vote generally in the election of directors (“Voting Securities”) of the reorganized, merged or consolidated company;
(3)    the stockholders of the Company shall approve a liquidation or dissolution of the Company or a sale of all or substantially all of the stock or assets of the Company; or
(4)    any “person,” as that term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the Company, any of its subsidiaries, any employee benefit plan of  the Company or any of its subsidiaries, or any entity organized, appointed or established by the Company for or pursuant to the terms of such a plan), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of such person (as well as any “Person” or “group” as those terms are used in Sections 13(d) and 14(d) of the Exchange Act), shall become the “beneficial owner” or “beneficial owners” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of securities of the Company representing in the aggregate twenty-five percent (25%) or more of either the then outstanding shares of common stock of the Company (“Common Stock”) or the Voting Securities of the Company, in either such case other than solely as a result of acquisitions of such securities directly from  the Company.  Without limiting the foregoing, a person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares the power to vote, or to direct the voting of, or to dispose, or to direct the disposition of, Common Stock or other Voting Securities of the Company shall be deemed the beneficial owner of such Common Stock or Voting Securities.
Notwithstanding the foregoing, a “Change of Control” of the Company shall not be deemed to have occurred for purposes of paragraph (4) of this Section 1.1(g) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Common Stock or other Voting Securities of the Company outstanding, increases (i) the proportionate number of shares of Common Stock beneficially owned by any person to twenty-five percent (25%) or more of the shares of Common Stock then outstanding or (ii) the proportionate voting power represented by the Voting Securities of the Company beneficially owned by any person to twenty-five percent (25%) or more of the combined voting power of all then outstanding Voting Securities; provided, however, that if any person referred to in clause (i) or (ii) of this sentence shall thereafter become the beneficial owner 

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 3 of 12

of any additional shares of Common Stock or other Voting Securities of the Company (other than a result of a stock split, stock dividend or similar transaction), then a Change of Control of  the Company shall be deemed to have occurred for purposes of paragraph (4) of this Section 1.1(g)
(h)    “Chief Executive Officer” shall mean the individual who is the Chief Executive Officer of the Company.
(i)    “Code” shall mean the Internal Revenue Code of 1986, as amended.
(j)    “Company” shall mean Noble Energy, Inc., a Delaware corporation.
(k)    “Covered Employee” shall mean an individual who is the Chief Executive Officer, a Senior Executive or a Key Executive, excluding, however, any individual who is a party to an individual written change of control agreement with the Employer providing severance payments upon such individual’s termination of employment with the Employer.
(l)    “Disability” shall mean a medically determinable physical or mental impairment for which the Covered Employee is eligible to receive disability income benefits as defined under a long-term disability insurance plan maintained by the Company.
(m)    “Effective Date” shall mean April 27, 2020.
(n)    “Employer” shall include the Company, Noble Energy Services, Inc. and each other entity or organization that adopts the Plan in accordance with the provisions of Section 4.4 of the Plan and their successors.
(o)    “Good Reason” shall mean, with respect to a Covered Employee, “Good Reason” or similar term as set forth in any employment, severance or other individual agreement with the Covered Employee or, if no such agreement exists, shall mean any of the following actions if taken by the Employer with respect to and without the prior consent of a Covered Employee:
(1)    within two (2) years after a Change of Control occurs, a material diminution in (i) the Covered Employee’s authority, duties or responsibilities, (ii) the authority, duties or responsibilities of the supervisor to whom the Covered Employee is required to report, including the requirement that the Covered Employee report to a corporate officer or employee instead of reporting directly to the Board, or (iii) the budget over which the Covered Employee retains authority;
(2)    within two (2) years after a Change of Control occurs, a reduction in such Covered Employee’s total annual compensation (i.e., the sum of his or her annual salary, his or her target bonus opportunity under the Employer’s annual incentive bonus plan or similar plan in effect at the applicable time and the value of other employment benefits provided to such Covered Employee by the Employer) below the level in effect at the earlier of the occurrence of a Change of Control or the date on which a tentative agreement is reached by the Employer or a public announcement is made regarding a proposed Change of Control that 

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 4 of 12

ultimately occurs, if such reduction in total annual compensation is a material negative change to the Covered Employee in his or her employment relationship with the Employer; 
(3)    within two (2) years after a Change of Control occurs, a significant reduction in the level, or a significant increase in the cost to such Covered Employee, of the employee benefits (including but not limited to medical, dental vision, life insurance, accidental death and dismemberment, and long-term disability benefits) and perquisites being provided to or for the benefit of such Covered Employee from the level or cost applicable to him or her immediately prior to the Change of Control; or
(4)    within one (1) year after a Change of Control occurs, a requirement that such Covered Employee relocate to a principal place of employment that is more than fifty (50) miles from the location where he or she was principally employed immediately prior to the Change of Control.
Notwithstanding the foregoing, “Good Reason” shall exist hereunder only if the Covered Employee provides written notice to the Employer of his or her belief that Good Reason exists within sixty (60) days of the initial existence of the Good Reason condition, and that notice must describe in reasonable detail the condition(s) believed to constitute Good Reason. The Employer then shall have thirty (30) days to remedy the Good Reason condition(s). If not remedied within that thirty (30)-day period, the Covered Employee may submit a notice of termination to the Employer; provided, however, that the notice of termination invoking the option to terminate employment for Good Reason must be given no later than one-hundred (100) days after the date the Good Reason condition first arose; otherwise, the Covered Employee shall be deemed to have accepted the condition(s), or the correction of such condition(s) that may have given rise to the existence of Good Reason.

(p)    “Key Executive” shall mean a Covered Employee who is employed by the Employer in a job category or position specified as a Key Executive job category or position on the attached Schedule A.
(q)    “Payment Date” shall mean the date chosen by the Employer that is no later than seventy (70) days after the date of such Covered Employee’s Qualifying Termination.
(r)    “Plan” shall mean the Noble Energy, Inc. 2020 Change of Control Severance Plan for Executives.
(s)    “Qualifying Termination” shall mean a termination of a Covered Employee’s employment with, or service to, the Employer that occurs within two (2) years after a Change of Control occurs and which is either: (1) by the Employer for any reason other than Cause (and not due to the Covered Employee’s Retirement, death or Disability) or (2) by a Covered Employee for Good Reason. 
(t)    “Retirement” shall mean a Covered Employee’s termination of employment with the Employer for reasons other than for Cause or Good Reason that 

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 5 of 12

occurs on or after the date such Covered Employee (1) attains at least fifty-five (55) years of age and has completed at least five (5) years of credited service with the Employer or (2) attains age sixty-five (65) years of age (regardless of the length of his or her credited service with the Employer or in such other circumstances as the Company may determine in its sole discretion.
(u)    “Senior Executive” shall mean a Covered Employee who is employed by the Employer in a job category or position specified as a Senior Executive job category or position on the attached Schedule A.
(v)    “Separation from Service” shall mean, with respect to a Covered Employee, such Covered Employee’s separation from service (within the meaning of Code Section 409A and the regulations and other guidance promulgated thereunder) with the group of employers that includes the Company and each Affiliated Company.  With respect to services as an employee, an employee’s Separation from Service shall be deemed to occur on the date as of which the employee and his or her employer reasonably anticipate that no further services will be performed after such date or that the level of bona fide services the employee will perform after such date (whether as an employee or an independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36)-month period (or the full period of services to the employer if the employee has been providing services to the employer less than thirty-six (36) months).
(w)    “Welfare Benefit Coverages” shall mean the medical, dental, vision and life insurance coverages provided by the Employer to its active employees.
1.2    Number and Gender.  Wherever appropriate herein, words used in the singular shall be considered to include the plural and the plural to include the singular.  The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender.
1.3    Headings.  The headings of Articles and Sections herein are included solely for convenience and if there is any conflict between such headings and the text of the Plan, the text shall control.
     ARTICLE II .
SEVERANCE BENEFITS
2.1    Severance Benefits.  Subject to the further provisions of this Article II, if a Covered Employee’s Separation from Service occurs by reason of a Qualifying Termination, the Employer shall:
(a)    pay to such Covered Employee when due under the Employer’s normal payroll procedures all unpaid salary due to such Covered Employee in the performance of his or her duties for the Employer through the date of such Qualifying Termination;

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 6 of 12

(b)    subject to Section 2.2 hereof, pay to such Covered Employee on his or her Payment Date an amount in cash equal to such Covered Employee’s Annual Cash Compensation multiplied by the Applicable Factor that applies to such Covered Employee;
(c)    subject to Section 2.2 hereof, pay to such Covered Employee on his or her Payment Date an amount in cash equal to such Covered Employee’s prorata (measured as the number of days expired, as of the date of such Qualifying Termination, in the then-current annual bonus period, divided by 365) target bonus for the then-current annual bonus period;
(d)    subject to Section 2.2 hereof, within thirty (30) days of receiving a detailed invoice for same, reimburse such Covered Employee, up to a maximum cumulative amount of $15,000, for the reasonable fees of no more than one (1) out-placement or similar service provider engaged by such Covered Employee to assist in finding employment opportunities for such Covered Employee during the one (1)-year period following the date of such Qualifying Termination, provided that all reimbursements to be made pursuant to this Section 2.1(d) shall be made to such Covered Employee no later than the end of the second calendar year following the calendar year in which such Covered Employee’s Separation from Service occurs; 
(e)    subject to Section 2.2 hereof, provide such Covered Employee with an amount in cash equal to (i) the period of months specified for Welfare Benefit Coverages for the Covered Employee set forth on Schedule A hereto multiplied by (ii) the difference between (x) the monthly cost of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), paid by the Covered Employee for the Welfare Benefit Coverages elected by the Covered Employee under the Noble Energy, Inc. Health Plan or any successor or equivalent group health plan for the Covered Employee and the Covered Employee’s dependents as of immediately prior to the Qualifying Termination and (y) the monthly premium amount paid by similarly situated active employees under the applicable benefit package and coverage tier elected by the Covered Employee, without regard to any rate reductions that active Covered Employees may be entitled to receive for wellness program participation and whether or not the Covered Employee elects continuation coverage pursuant to COBRA; and
(f)    subject to Section 2.2 hereof, each equity or equity-based award (an “Equity Award”) outstanding and held by the Covered Employee as of the Qualifying Termination shall immediately become vested and fully exercisable upon such Qualifying Termination, and any restrictions applicable to the Equity Award shall lapse as of such date with (1) any outstanding performance conditions associated with an Equity Award deemed achieved as of the date of such Qualifying Termination assuming all performance criteria and other conditions to payment of such Equity Awards are achieved at target performance and (2) the exercise period of any vested Equity Awards that are options to purchase stock or units (each, an “Option”) extended to the fifth (5th) anniversary of the Qualifying Termination, or, if sooner, the original expiration date of the Option. 
The severance benefits payable under this Section 2.1 shall be deemed to be severance pay subject to any required tax withholding, and shall not constitute compensation that is taken into account 

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 7 of 12

for the purposes of determining benefits or allocating contributions under any employee benefit plan maintained by the Employer.
2.2    Release and Full Settlement.  Any provision of the Plan to the contrary notwithstanding, as a condition to the receipt of any severance benefit set forth in Sections 2.1(b), (c), (d), (e), and (f) hereunder, a Covered Employee whose Separation from Service occurs by reason of a Qualifying Termination shall execute a release (the “Release”) in such form as the Company shall determine which shall, to the extent permitted by law, waive all claims and actions against the Company, the Employers and all Affiliated Companies and such other parties and entities as the Company chooses to include in the Release. Such Release must become effective and no longer subject to revocation within sixty-five (65) days following the Covered Employee’s Qualifying Termination. The receipt by such Covered Employee of any benefit provided hereunder shall constitute full settlement of all such claims and causes of action of such Covered Employee.
2.3    Mitigation.  A Covered Employee shall not be required to mitigate the amount of any payment provided for in this Article II by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Article II be reduced by any compensation or benefit earned by the Covered Employee as the result of employment by another employer or by retirement benefits.  The benefits under the Plan are in addition to any other benefits to which a Covered Employee is otherwise entitled.
2.4    Parachute Payment Limitation.  Any provision of the Plan to the contrary notwithstanding, if a Covered Employee is a “disqualified individual” (as defined in Section 280G of the Code), and the severance benefits provided in Section 2.1, together with any other payments which the Covered Employee has the right to receive, would constitute a “parachute payment” (as defined in Section 280G of the Code), the severance benefits provided hereunder that constitute a parachute payment and are exempt from the requirements of Section 409A of the Code shall be either (a) reduced (but not below zero) so that the aggregate present value of such payments received by the Covered Employee from the Employer will be one dollar ($1.00) less than three times the Covered Employee’s “base amount” (as defined in Section 280G of the Code) and so that no portion of such payments received by the Covered Employee shall be subject to the excise tax imposed by Section 4999 of the Code, or (b) paid in full, whichever produces the better net after-tax result for the Covered Employee (taking into account any applicable excise tax under Section 4999 of the Code and any applicable income tax).  The determinations as to the benefit to be reduced and the amount of reduction shall be made by the Employer in good faith, and such determinations shall be conclusive and binding on the Covered Employee.  If a reduced payment is made and through error or otherwise that payment, when aggregated with other payments from the Employer (or its affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three (3) times the Covered Employee’s base amount, the Covered Employee shall immediately repay such excess to the Employer upon notification that an overpayment has been made.
2.5    Six-Month Lookback Alternate Benefits.  Any provision of the Plan to the contrary notwithstanding, if during the six-month period immediately prior to a Change of Control a Covered Employee was employed by the Employer in a job category or position that would provide greater benefits under the Plan than would be provided under the Plan for such Covered Employee with respect to his or her job category or position with the Employer immediately prior to such Change of Control, then in lieu of the benefits applicable under the Plan to such Covered Employee’s job category or position with the Employer immediately prior 

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 8 of 12

to such Change of Control, such Covered Employee shall be entitled to receive under the Plan the benefits under the Plan that apply to such Covered Employee’s job category or position with the Employer during the six-month period immediately prior to such Change of Control that provides the greatest benefits to such Covered Employee.
     ARTICLE III .
ADMINISTRATION OF PLAN
3.1    Plan Administration.  This Plan shall be administered by the Administrator.  The Administrator shall have discretionary and final authority to interpret and implement the provisions of this Plan and to determine eligibility for benefits under the Plan.  The Administrator shall perform all of the duties and exercise all of the powers and discretion that he or she deems necessary or appropriate for the proper administration of this Plan.  Every interpretation, choice, determination or other exercise by the Administrator of any power or discretion given either expressly or by implication to it shall be conclusive and binding upon all parties having or claiming to have an interest under this Plan or otherwise directly or indirectly affected by such action, without restriction, however, upon the right of the Administrator to reconsider or redetermine such action.  The Administrator may adopt such rules and regulations for the administration of this Plan as are consistent with the terms hereof, and shall keep adequate records of its proceedings and acts.  The Administrator may employ such agents, accountants and legal counsel (who may be agents, accountants and legal counsel for an Employer) as may be appropriate for the administration of the Plan.  All reasonable administration expenses incurred by the Administrator in connection with the administration of the Plan shall be paid by the Employer.
3.2    Mandatory Arbitration.  Any dispute arising in connection with this Plan shall be finally resolved by arbitration in Houston, Texas pursuant to and in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association.  Such arbitration shall be the sole and exclusive procedure available to a Covered Employee for resolving a dispute regarding a denied claim by the Administrator.  The Covered Employee and the Employer shall share equally the cost of such arbitration, including but not limited to the fees of the arbitrator and reasonable attorneys’ fees, unless the arbitrator determines otherwise.  The arbitrator’s decision shall be final and legally binding on both parties.  Judgment upon the arbitrator’s decision may be entered in any court of appropriate jurisdiction, and may not be challenged in any court, either at the place of arbitration or elsewhere.  This Section shall be governed by the provisions of the Federal Arbitration Act.
      ARTICLE IV .
GENERAL PROVISIONS
4.1    Funding.  The benefits provided under the Plan shall be unfunded and shall be provided from the Employer’s general assets.
4.2    Cost of Plan.  The entire cost of the Plan shall be borne by the Employer and no contributions shall be required of the Covered Employees.

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 9 of 12

4.3    Plan Year.  The Plan shall operate on a plan year consisting of the twelve consecutive month period commencing on January 1 of each year.
4.4    Other Participating Employers.  With the written consent of the Administrator, any entity or organization eligible by law to participate in the Plan may adopt the Plan and become a participating Employer hereunder by executing and delivering a written instrument evidencing such adoption to the Secretary of the Company.  Such written instrument shall specify the effective date of the adoption of the Plan by such adopting Employer, may incorporate specific provisions relating to the operation of the Plan which apply to the adopting Employer only, and shall become, as to such adopting Employer and its employees, a part of the Plan.  Each adopting Employer shall be conclusively presumed to have agreed to be bound by the terms of the Plan as amended from time to time.  The provisions of the Plan shall be applicable with respect to each Employer separately, and amounts payable hereunder shall be paid by the Employer which employs the particular Covered Employee.
4.5    Amendment and Termination.
(a)    Prior to a Change of Control, the Plan may be amended or modified in any respect and may be terminated, on behalf of all Employers, by resolution adopted by the Board; provided, however, that:
(1)    no such amendment, modification or  termination  which  would  adversely affect the benefits or protections provided under the Plan to any individual who is a Covered Employee on the date such amendment, modification or termination is adopted shall be effective as it relates to such individual unless no Change of Control occurs within one year after such adoption, and any such attempted amendment, modification or termination adopted within one year prior to a Change of Control shall be null and void ab initio as it relates to such individual (it being understood that the removal of a Covered Employee from participation in the Plan shall, for the purposes of this Section 4.5, constitute an adverse effect to the benefits or protections provided under the Plan to any Covered Employee so removed); and
(2)    the Plan may not be amended, modified or terminated (i) at the request of a third party who has indicated an intention or taken steps to effect a Change of Control, or who effectuates a Change of Control, or (ii) in connection with, or in anticipation of, a Change of Control which actually occurs, if such amendment, modification or termination would adversely affect the benefits or protections provided under the Plan to any individual who is a Covered Employee on the date such amendment, modification or termination is adopted, and in either case, any such attempted amendment, modification or termination shall be null and void ab initio as it relates to such individual.  Any action taken to amend, modify or terminate the Plan that is taken after the execution of an agreement providing for a transaction or transactions that, if consummated, would constitute a Change of Control, shall conclusively be presumed to have been taken in connection with a Change of Control.

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 10 of 12

(b)    Upon and after the occurrence of a Change in Control, the Plan may not be amended or modified in any manner which would adversely affect the benefits or protections provided under the Plan to any individual who is a Covered Employee on the date the Change of Control occurred, and any such attempted amendment, modification or termination shall be null and void ab initio as it relates to such individual.
(c)    Notwithstanding the foregoing provisions of this Section 4.5, if any compensation or benefit provided by the Plan may result in being subject to the tax imposed by Section 409A of the Code, the Board may modify the Plan as necessary or appropriate in the best interests of the Covered Employees (1) to exclude such compensation or benefit from being deferred compensation within the meaning of Section 409A of the Code, or (2) to comply with the provisions of Section 409A of the Code and its related Code provisions (and the rules, regulations and other regulatory guidance relating thereto); provided, however, that no amendment made pursuant to the provisions of this Section 4.5(c) shall reduce the value of the compensation or benefits that would be payable to a Covered Employee in connection with his or her Qualifying Termination following a Change of Control without the written consent of such Covered Employee.
4.6    No Contract of Employment.  The adoption and maintenance of the Plan shall not be deemed to be a contract of employment between the Employer and any person or to be consideration for the employment of any person.  Nothing herein contained shall be deemed to give any person the right to be retained in the employ of the Employer or to restrict the right of the Employer to discharge any person at any time nor shall the Plan be deemed to give the Employer the right to require any person to remain in the employ of the Employer or to restrict any person’s right to terminate his or her employment at any time.
4.7    Severability.  Any provision in the Plan that is prohibited or unenforceable in any jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
4.8    Nonalienation.  A Covered Employee shall have no right or ability to pledge, hypothecate, anticipate, assign or otherwise transfer any benefit, interest or right under the Plan, except by will or the laws of descent and distribution, and no benefit, interest or right of a Covered Employee under the Plan shall be liable for or subject to any debt, obligation or liability of such Covered Employee.
4.9    Effect of Plan.  This Plan shall take effect on the Effective Date and, effective as of such date, this Plan, the Noble Energy, Inc. 2020 Change of Control Severance Plan, the Noble Energy, Inc. 2016 Severance Benefit Plan, and the Noble Energy, Inc. 2020 Executive Severance Plan, in each case, as such may be amended and restated from time to time, shall be the sole and exclusive plans, programs and agreements providing severance benefits to Covered Employees of the Employers.  All oral or written policies of the Employer and all oral or written communications to Covered Employees with respect to the subject matter of the Plan that were written or communicated prior to the Effective Date are hereby null and void and of no further force and effect.  The Plan shall be binding upon the Employer and any successor of the Employer, by merger 

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 11 of 12

or otherwise, and shall inure to the benefit of and be enforceable by the Covered Employees.  In addition, upon the occurrence of a Change of Control, all rights of a Covered Employee to eligibility and participation under the Plan shall vest and shall be considered a contract right enforceable against the Employer and any successors thereto, subject to the terms and conditions of the Plan.
4.10    Code Section 409A.  The Plan is intended to provide compensation and benefits that are not subject to the tax imposed under Section 409A of the Code, and shall be interpreted and administered to the extent possible in accordance with such intent, and any reimbursements or in-kind benefits provided under this Plan that are not exempt from the application of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in this Plan, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. Notwithstanding the preceding, no persons connected with this Plan in any capacity, including but not limited to the Company, the Employers, and any Affiliated Company, and their respective directors, officers, agents and employees, makes any representation, commitment or guarantee that any tax treatment, including but not limited to, federal, state and local income, estate and gift tax treatment, will be applicable with respect to any amounts payable under the Plan or that such tax treatment will apply to a Covered Employee.
4.11    Governing Law.  The Plan shall be governed and construed in accordance with the laws of the State of Texas (without giving effect to any choice-of-law rules that may require the application of the laws of another jurisdiction).

[Signature Page Follows]

	
				
	Noble Energy, Inc. – 2020 Change of Control Severance Plan for Executives
	 
	Page 12 of 12

IN WITNESS WHEREOF, this restated Plan has been executed by the Company on this 27th day of April, 2020.
	
				
	 
	NOBLE ENERGY, INC.
	 

	 
	 
	 
	 

	 
	By:
	/s/ David L. Stover
	 

	 
	Name:
	David L. Stover
	 

	 
	Title:
	Chairman and Chief Executive Officer
	 

Signature Page to 2020 Change of Control Severance Plan for Executives

SCHEDULE A FOR THE
NOBLE ENERGY, INC.
2020 CHANGE OF CONTROL SEVERANCE PLAN
FOR EXECUTIVES
The Applicable Factor for the Chief Executive Officer is 2.99, the Applicable Factor for a Senior Executive is 2.5, and the Applicable Factor for a Key Executive is 2.0.
The period of months specified for Welfare Benefit Coverages for the purposes of Section 2.1(e) are:  twenty-four (24) months for a Key Executive; thirty (30) months for a Senior Executive; and thirty-six (36) months for the Chief Executive Officer.
A Covered Employee employed by the Employer in one of the following positions is a Senior Executive:
President and Chief Operating Officer
Executive Vice President, Chief Financial Officer
Sr. Vice President, General Counsel and Secretary
Sr. Vice President, US Onshore
Sr. Vice President, Corporate Development
Sr. Vice President, Human Resources and Administration
Sr. Vice President, Offshore
Sr. Vice President, Midstream
A Covered Employee employed by the Employer in one of the following positions is a Key Executive:
None

Schedule AExhibit

Exhibit 10.4

NOBLE ENERGY, INC.
2020 EXECUTIVE SEVERANCE PLAN 
AND SUMMARY PLAN DESCRIPTION
Noble Energy, Inc. (the “Company”) has adopted this Noble Energy, Inc. Executive Severance Plan for eligible employees of the Company (the “Plan”), effective as of April 27, 2020 (the “Effective Date”). The Plan is intended to provide severance benefits to eligible employees in the event of certain qualifying terminations of employment from the Company. The Plan, as a “severance pay arrangement” within the meaning of Section 3(2)(B)(i) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), is intended to be and will be administered and maintained as an unfunded welfare benefit plan under Section 3(1) of ERISA, and is intended to be exempt from the reporting and disclosure requirements of ERISA as an unfunded welfare plan for a select group of management or highly compensated employees.
This document constitutes both the formal Plan document and the “summary plan description” (“SPD”) for purposes of ERISA, and describes the terms of the Plan that are in effect as of April 27, 2020 and thereafter. The Company urges each Participant to read this SPD carefully to understand the Plan as it applies to him or her. The Company suggests that each Participant keep this document in a safe place for future reference.
		
	1.
	Eligible Employees. An employee of the Company will become a participant in the Plan (a “Participant”) as of the date the employee is specifically designated a participant by the Plan Administrator (as defined below in Section 8.1).

		
	2.
	Eligibility for Severance Benefits.

		
	2.1
	A Participant will be eligible to receive Severance Benefits (as defined below in Section 3.2) under the Plan upon the Participant’s Qualifying Termination (as defined below in Section 2.4), provided that the Participant:

		
	(a)
	enters into a Participation Agreement (as defined below in Section 2.2) with the Company;

		
	(b)
	performs all transition and other matters required of the Participant by the Company before the Participant’s Qualifying Termination;

		
	(c)
	returns to the Company any property of the Company that has come into the Participant’s possession upon the Participant’s Qualifying Termination; and

		
	(d)
	executes and returns (and does not thereafter revoke), within the time period set forth in the Release (but in all events no later than 45 days after the Participant’s Qualifying Termination), a general release in substantially the form set forth on Schedule C hereto (the “Release”), under which the Participant, among other things, releases and discharges the Company and its subsidiaries and affiliates from all claims and liabilities relating to the Participant’s employment with the Company and the termination of such employment. “Release Effective Date” means, with respect to a Participant, the date the Participant’s Release becomes effective and is no longer subject 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 1 of 19

to revocation. “Payment Date” means the Company’s first regularly scheduled payroll date after the Release Effective Date.
		
	2.2
	“Participation Agreement” means, with respect to each Participant, the written consent of the Participant to participate in the Plan in substantially the form set forth on Schedule A hereto, which includes the Participant’s acknowledgment of his or her non-disclosure, non-competition, and non-solicitation obligations (including the Restrictive Covenants (as defined below in Section 7)) with which all Participants must abide to be eligible to receive the benefits under the Plan. The Plan Administrator will provide a copy of the Participation Agreement to the Participant, which the Participant must execute within 30 days of receipt. 

		
	2.3
	“Termination of Employment” means, with respect to each Participant, the Participant’s termination of employment with the Company and all of its subsidiaries and affiliates. Any payments to be made to a Participant under the Plan upon a Termination of Employment will only be made upon such Participant’s “separation from service,” as such term is defined under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

		
	2.4
	“Qualifying Termination” means, with respect to each Participant, a Termination of Employment:

		
	(a)
	by the Company not for Cause (as defined below in Section 2.5);

		
	(b)
	by the Participant with Good Reason (as defined below in Section 2.6); or

		
	(c)
	due to the Participant’s Disability (as defined below in Section 2.7) or death.

If the Participant’s Termination of Employment is by the Company for Cause or by the Participant without Good Reason, the Participant will not be eligible to receive Severance Benefits under the Plan.
		
	2.5
	“Cause” means, with respect to each Participant, a determination by the Plan Administrator that the Participant has engaged in any action or omission that:

		
	(a)
	constitutes gross negligence or willful misconduct in the performance of the Participant’s duties with respect to the Company or any of its affiliates;

		
	(b)
	constitutes a material breach of any provision of the Participant’s Participation Agreement;

		
	(c)
	constitutes an act of theft, fraud, embezzlement, misappropriation, or willful breach of a fiduciary duty with respect to the Company or any of its affiliates; or

		
	(d)
	results in the Participant’s conviction of, plea of no contest to, or receipt of adjudicated probation or deferred adjudication in connection with a crime 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 2 of 19

involving fraud, dishonesty, or moral turpitude, or any felony (or a crime of similar import in a foreign jurisdiction).
In order to terminate a Participant’s employment for Cause, the Plan Administrator must provide the Participant with a written notice providing in reasonable detail the specific circumstances alleged to constitute Cause and the Participant must not have cured or remedied the alleged Cause event (if susceptible to cure) in the Plan Administrator’s good faith judgment within 30 days after the Participant’s receipt of such notice.
		
	2.6
	“Good Reason” means, with respect to each Participant, the occurrence of any of the following events:

		
	(a)
	a material diminution in the Participant’s base salary or target annual cash bonus opportunity except in connection with a broad-based reduction in salaries or target annual cash bonus opportunities across similarly-situated employees;

		
	(b)
	a material diminution in the Participant’s authority, duties, or responsibilities;

		
	(c)
	a requirement for the Participant to involuntarily relocate the geographic location of the Participant’s principal place of employment by more than 50 miles within a period of less than 24 months from the date of notice by the Company of such relocation; or

		
	(d)
	a material breach by the Company of the Plan with respect to the Participant.

Any assertion by a Participant of a Termination of Employment for “Good Reason” will not be effective unless all of the following conditions are satisfied: (i) the condition described in Section 2.6(a), (b), or (c) giving rise to the Participant’s Termination of Employment must have arisen without the Participant’s consent; (ii) the Participant must provide written notice to the Company of such condition within 45 days of the later of the initial existence of the condition or when the Participant first learns of the existence of the condition (provided that such notice, if provided within 45 days of when the Participant first learns of the existence of the condition, must in all circumstances be provided no later than 90 days after the initial existence of the condition); (iii) the condition specified in such notice must remain uncorrected for 30 days after receipt of such notice by the Company; and (iv) the Participant’s Termination of Employment must occur within 90 days after the initial existence of the condition specified in such notice or when the Participant first learns of the existence of the condition (provided, however, that such termination may in no circumstance occur later than 2 years after the initial existence of the condition).
		
	2.7
	“Disability” means, with respect to each Participant, an incapacity that has resulted in qualification of the Participant to receive long-term disability benefits under the Company’s long-term disability plan; and if the Participant is not covered by such

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 3 of 19

 a plan, the Participant will be considered to have a Disability if the Participant’s incapacity results in a determination by the Social Security Administration that the Participant is entitled to a Social Security disability benefit.
		
	2.8
	If the Participant dies before receiving a portion of the Participant’s Severance Benefits under the Plan, any remaining Severance Benefits will be paid to the appointed administrator, executor, or personal representative of the Participant’s estate no later than March 15th following the calendar year in which the Participant’s death occurs.

		
	3.
	Severance Benefits.

		
	3.1
	Participation in the Plan will not affect any Participant’s rights to the following Company benefits, which the Company will pay in accordance with applicable law and terms of the applicable Company plan, in each case to the extent applicable to the Participant (the “Accrued Benefits”):

		
	(a)
	base salary earned through Termination of Employment;

		
	(b)
	unpaid annual cash bonus for the calendar year before the year in which Termination of Employment occurs; provided, however, that a Participant will not be entitled to payment of any bonus upon a Termination of Employment for Cause; 

		
	(c)
	reimbursement for approved but unreimbursed business expenses incurred through Termination of Employment;

		
	(d)
	the ability to continue insurance coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) and any similar state law; and

		
	(e)
	vested retirement benefits under the Company’s retirement plans.

		
	3.2
	If the Participant satisfies the requirements of the Plan, including the Participant’s execution and non-revocation of the Release, upon a Qualifying Termination, the Participant will be eligible to receive the following (the “Severance Benefits”); provided, however, that the Severance Benefits otherwise payable will be reduced by any amount payable to the Participant as a result of the operation both of the federal Worker Adjustment and Retraining Notification Act, as amended, and any other federal, state, or local law dealing with plant closings, business shutdowns, layoffs, or other terminations of employment:

		
	(a)
	If the Qualifying Termination occurs by the Company not for Cause (but not including the Participant’s Termination of Employment due to Disability or death) or by the Participant for Good Reason, then Severance Benefits will be as follows:

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 4 of 19

		
	(i)
	on the Payment Date, a lump sum cash amount equal to (x) the sum of the Participant’s annual base salary and target annual cash bonus, in each case, as in effect immediately before the Qualifying Termination, (y) divided by 12, and (z) multiplied by the Applicable Factor for the Participant set forth on Schedule B hereto;

		
	(ii)
	no later than March 15th of the year following the Qualifying Termination, a lump sum cash amount equal to the Participant’s annual cash bonus for the year of the Qualifying Termination, which amount shall be (x) based solely on Company performance, as determined by the Company in its sole discretion at the end of the performance year in which the Qualifying Termination occurs, and unadjusted for the Participant’s individual performance, and (y) prorated to reflect the number of days that the Participant was employed during the year of the Qualifying Termination; 

		
	(iii)
	on the Payment Date, a lump sum cash amount equal to the Applicable Factor for the Participant set forth on Schedule B hereto multiplied by the difference between (x) the monthly cost of COBRA continuation coverage paid by the Participant for the medical and dental benefit coverage elected by the Participant under the Noble Energy, Inc. Health Plan or any successor or equivalent group health plan for the Participant and the Participant’s dependents as of immediately prior to the Qualifying Termination and (y) the monthly premium amount paid by similarly situated active employees under the applicable benefit package and coverage tier elected by the Participant, without regard to any rate reductions that active Participants may be entitled to receive for wellness program participation and whether or not the Participant elects continuation coverage pursuant to COBRA;

		
	(iv)
	the provision of outplacement services, which such services shall not exceed a value of $7,500 and shall continue for a period no longer than 12 months, unless the maximum value has been met prior to such time; and 

		
	(v)
	notwithstanding anything to the contrary contained in any equity compensation plan of the Company or any award agreement thereunder (each, an “Equity Award”), acceleration of the Participant’s Equity Awards as follows: 

		
	(A)
	the portion, if any, of an Equity Award subject solely to time-based vesting that would have become vested had the Participant remained in continuous employment through the first anniversary of the Qualifying Termination shall vest and become exercisable, as applicable, upon the Qualifying Termination; 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 5 of 19

		
	(B)
	any Equity Award subject to performance-based vesting conditions shall remain outstanding until the first anniversary of the Qualifying Termination and permitted to vest or be forfeited in accordance with the terms and conditions of such Equity Award as if the Participant remained in continuous employment through the first anniversary of the Qualifying Termination.  Any Equity Awards subject to performance-based vesting conditions that have not vested in accordance with their existing terms as of the first anniversary of the Qualifying Termination shall be forfeited upon the first anniversary of the Qualifying Termination; and 

		
	(C)
	the exercise period of any vested Equity Awards that are options to purchase stock or units (“Options”) shall be extended to the fifth (5th) anniversary of the Qualifying Termination, or, if sooner, the original expiration date of the Option as set forth in the applicable Equity Award.  

		
	(b)
	For purposes of calculating the Severance Benefits set forth in Section 3.2(a), the Participant’s annual base salary shall be determined prior to the impact of any temporary reduction in base salary imposed on the Participant in connection with an across the board reduction in base salaries of similarly-situated employees of the Company.

		
	4.
	Forfeiture of Benefits.

		
	4.1
	Cessation of Benefits. All Severance Benefits to a Participant under the Plan will cease immediately:

		
	(a)
	Upon discovery by the Company that the Participant, while working as an employee of the Company, engaged in any activity that would have constituted Cause; or

		
	(b)
	Upon discovery by the Company that the Participant has violated the Participant’s Restrictive Covenant Agreement.

		
	4.2
	Repayment of Benefits. The Company reserves the right to recover Severance Benefits under the Plan from a Participant if the Participant violates the Participant’s Restrictive Covenant Agreement.

		
	5.
	Executive Alternative Work Arrangement Employment Status. 

		
	5.1
	Following a Qualifying Termination of employment with the Company as set forth herein, Participant will have the opportunity to participate in the Executive Alternative Work Arrangement. The Executive Alternative Work Arrangement permits the Participant to continue providing transition and consulting services to the Company following a separation from service on terms and conditions mutually

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 6 of 19

 acceptable to the Company and the Participant.  The Executive Alternative Work Arrangement will remain in effect for one year following the date of Participant’s termination of employment with the Company and will automatically renew for an additional one-year term unless notice of an intent to terminate the Executive Alternative Work Arrangement is given at least 30 days prior to the expiration of the initial term by either the Participant or the Company. 
		
	5.2
	A Participant will be eligible to transition to an Executive Alternative Work Arrangement if and when such Participant incurs a termination of employment that meets each of the following conditions (an “Eligible Termination”): 

		
	(a)
	A Participant’s employment is terminated by the Company for any reason other than Cause or Participant gives the Company at least 90 days’ advance written notice of the Participant’s intention to discontinue employment; 

		
	(b)
	A Participant is an executive in good standing with the Company as of the time of his or her termination of employment, and 

		
	(c)
	A Participant’s employment shall not have been terminated by Employee for Good Reason. 

		
	5.3
	Upon electing to participate in the Executive Alternative Work Arrangement, a Participant agrees to execute an Executive Alternative Work Arrangement Agreement within 90 days prior to such Participant’s relinquishment of full-time status, which agreement will become effective automatically on the day following such Participant’s Eligible Termination. Without limiting the foregoing, Participant agrees that he/she will not be eligible for the Executive Alternative Work Arrangement if Employee’s termination of employment is not an Eligible Termination.

		
	6.
	Availability of the Participant. Upon a Termination of Employment, and for a period not to exceed six (6) months following such Termination of Employment, the Participant agrees to make himself or herself reasonably available to the Company for consultation, as requested from time to time by the Board of Directors of the Company (the “Board”).

		
	7.
	Restrictive Covenants. The covenants set forth in Sections 7.1, 7.2, 7.3, and 7.4 are collectively referred to herein as the “Restrictive Covenants.”

		
	7.1
	Confidentiality and Non-Disclosure Covenants. 

		
	(a)
	Acknowledgment of Confidential Information. The Participant understands and acknowledges that, during the course of the Participant’s employment by, or services to, the Company or its affiliates (the “Company Group”), the Company Group will continue to provide the Participant with access to previously undisclosed confidential, trade secret, and proprietary documents, materials, data, and other information, in tangible and intangible form, of and relating to his or her employment by, or services to, 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 7 of 19

the Company Group, as well as existing and prospective employees, customers, suppliers, investors, and other associated third parties (“Confidential Information”).
		
	(b)
	Definition of Confidential Information. For purposes of the Plan, Confidential Information includes, without limitation, all non-public information disclosed or made available to the Participant that gives the Company Group a competitive advantage in its industry and is not generally known or readily ascertainable by independent investigation, such as methods of operation and service; leases and opportunities pertaining to the lease; information relating to the acquisition, exploration, production, gathering, transporting, marketing, treating, or other processing of hydrocarbons and related products; the exploration potential of geographical areas on which hydrocarbon exploration prospects are located; information related to developing, constructing, acquiring, or operating midstream oil, natural gas, or produced water assets; technical information including inventions, computer programs, computer processes, methods of collecting, correlating and using geophysical data, computer codes, software, website structure and content, databases, formulae, designs, compilations of information and data, proprietary production processes, and know-how related to operations; financial information including margins, earnings, accounts payable, and accounts receivable; business information including business plans, expansion plans, business proposals, pending projects, pending proposals, sales data, and leases; supplier and customer information, including supplier and customer lists and identities, prices, costs, and negotiated terms; research and development and new materials research; information regarding personnel and employment policies and practices including employee lists, contact information, performance information, compensation data, benefits data, and training programs; and information regarding independent contractors and subcontractors including independent contractor and subcontractor lists, contact information, compensation, and agreements.  Confidential Information also includes all information contained in any manual or electronic document or file created by the Company Group and provided or made available to the Participant.  The Participant understands that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information is known or used.

		
	(c)
	Confidential Information Exclusions. The Participant understands that Confidential Information shall not include any information in the public domain, through no disclosure or wrongful act of the Participant, to such an extent as to be readily available to competitors. The Participant likewise understands that Confidential Information disclosed hereunder shall not be deemed to be within the foregoing exception solely because the 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 8 of 19

Confidential Information is embraced by more general information in the public domain; neither will a combination of features be deemed within the foregoing exception merely because individual features are in the public domain.
		
	(d)
	Non-Disclosure and Non-Use Covenants. The Participant agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate, or make available Confidential Information, or allow it to be disclosed, published, communicated or made available, in whole or part, to any third party not having a business need to know in order to fulfill duties to the Company Group and authority to know and use the Confidential Information in connection with the business of the Company Group; and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media or other resources containing any Confidential Information, or remove any such documents, records, files, media or other resources from the premises or control of the Company Group, except as required in the performance of his or her authorized employment duties to, or services for, the Company Group.

		
	(e)
	Covenant to Return Confidential Information and Other Company Property. Upon (i) the voluntary or involuntary termination of the Participant’s employment or service relationship with the Company Group or (ii) the Company’s request at any time during the Participant’s employment or service relationship, the Participant agrees to (A) provide or return to the Company any and all property of the Company Group, including all copies of software in any media, reports, files, compilations, disks, thumb drives or other removable information storage devices, hard drives, and data and all documents and materials belonging to the Company Group and stored in any fashion, including but not limited to those that constitute or contain any Confidential Information, that are in the Participant’s possession or control, whether they were provided to the Participant by the Company Group or any of its business associates or created by the Participant in connection with the Participant’s employment by, or services to, the Company Group; and (B) delete or destroy all copies of any such documents and materials not returned to the Company Group that remain in the Participant’s possession or control, including those stored on any non-Company devices, networks, storage locations and media in the Participant’s possession or control.

		
	(f)
	Duration of Covenants. The Participant understands and acknowledges that the Participant’s obligations under the Plan with regard to any particular Confidential Information shall continue during and after the Participant’s employment by, or service relationship with, the Company Group until such time as such Confidential Information has become public knowledge other than as a result of the Participant’s breach of the Plan.

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 9 of 19

		
	(g)
	Immunity and Other Permitted Activities. Notwithstanding any other provision of the Plan, nothing in the Plan is intended to, or does, preclude the Participant from (i) contacting, reporting to, responding to an inquiry from, filing a charge or complaint with, communicating with, or otherwise participating in an investigation conducted by, any other federal, state, or local governmental agency, commission, or regulatory body, including, without limitation the Securities and Exchange Commission (“SEC”); (ii) giving truthful testimony or making statements under oath in response to a subpoena or other valid legal process or in any legal proceeding; (iii) otherwise making truthful statements as required by law or valid legal process; (iv) engaging in any concerted or other legally protected activities; or (v) disclosing a trade secret in confidence to a governmental official, directly or indirectly, or to an attorney, if the disclosure is made solely for the purpose of reporting or investigating a suspected violation of law.  Accordingly, the Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (I) is made (A) in confidence to a 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 (II) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. The Participant likewise understands that, if he or she files a lawsuit for retaliation by the Company Group for reporting a suspected violation of law, the Participant may disclose its trade secret(s) to the Participant’s attorney and use the trade secret information in the court proceeding, if the Participant (x) files any document containing the trade secret under seal; and (y) does not disclose the trade secret, except pursuant to court order.  In accordance with applicable law, and notwithstanding any other provision of the Plan, nothing in the Plan or any policies or agreements of the Company Group applicable to the Participant (1) impedes the Participant’s right to communicate with the SEC or any other governmental agency about possible violations of federal securities or other laws or regulations or (2) requires the Participant to provide any prior notice to the Company Group or obtain its prior approval before engaging in any such communications.

		
	7.2
	Non-Solicitation Covenants.  In connection with the Participant’s acceptance of benefits under the Plan, and in exchange for the consideration provided hereunder, and in consideration of the Company Group disclosing and providing access to Confidential Information, the Participant agrees that the Participant will not, during the Participant’s employment or service relationship with the Company Group, and for the duration of the Restricted Period (as defined below in Section 7.2(a)), directly or indirectly, for any reason, for the Participant’s own account or on behalf of or together with any other person, entity or organization (i) call on or otherwise solicit any natural person who is employed by the Company Group in any capacity with the purpose or intent of attracting that person from the employ of the Company Group, (ii) call on or otherwise solicit or induce any natural person who is a non-employee independent contractor or subcontractor of, or other service provider to, 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 10 of 19

the Company Group in any capacity with the purpose or intent of inducing such person to breach any agreement or contract with, or discontinue or curtail his or her business relationship with, the Company Group, or (iii) call on or otherwise solicit or induce any established customer of the Company Group or other service provider of the Company Group to breach any agreement or contract with, or discontinue or curtail his, her, or its business relationships with, the Company Group, without, in each case of (i), (ii), or (iii), the prior written consent of the Company.  Notwithstanding the previous sentence, the post-employment and post-service restrictions described in (i), (ii), and (iii) of the previous sentence apply only to those persons or established customers with whom the Participant had material contact relating to the business of the Company Group, or about whom the Participant had access to Confidential Information, within 12 months before the termination of the Participant’s employment or service relationship with the Company Group.
		
	(a)
	“Restricted Period” means, with respect to a Participant, 12 months following the Participant’s Termination of Employment. 

		
	7.3
	Non-Competition.

		
	(a)
	Non-Competition Covenants.  In connection with the Participant’s acceptance of the benefits under the Plan, and in exchange for the consideration provided hereunder, and in consideration of the Company Group disclosing and providing access to Confidential Information, the Participant agrees that he or she will not, during the Participant’s employment or service relationship with the Company, and for the duration of the Restricted Period thereafter, in the Restricted Area (as defined below in Section 7.3(c)) accept employment or engage in any business activity (whether as a principal, partner, joint venturer, agent, employee, salesperson, consultant, independent contractor, director, officer, or any other capacity similar to the capacity in which he or she provided services to the Company Group) with any Competitor (as defined below in Section 7.3(b)) of the Company Group where such employment or activity would involve his or her (i) providing, selling, or attempting to sell, or assisting in the sale or attempted sale of, any services or products competitive with or similar to those services or products with which he or she had any involvement, and/or regarding which he or she had access to any Confidential Information, during the Participant’s employment or service relationship with the Company Group (including any products or services being researched or developed by the Company Group during the Participant’s service as an employee or other service provider of the Company Group), or (ii) providing or performing services that are similar to any services that the Participant provided to or performed for the Company Group during the Participant’s employment or service relationship with the Company Group. 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 11 of 19

		
	(b)
	Definition of Competitor.  For purposes of the Plan, a “Competitor” means a business or entity that, at any time during the one-year period following the Participant’s separation from employment or service with the Company Group, provides or seeks to provide, products or services similar or related to products sold or services provided by the Company Group. Competitor includes, a company or business engaged in (i) oil or gas exploration or production, including acquiring, exploring, or developing oil or natural gas assets, or (ii) developing, constructing, acquiring, or operating midstream assets.

		
	(c)
	Definition of Restricted Area.  The non-competition covenants above shall be limited to the “Restricted Area,” which means the geographic areas (i) where the Participant was employed by, or performed services for, the Company Group, (ii) where the Participant solicited or served the customers of the Company Group, and (iii) otherwise impacted or influenced by the Participant’s provision of services to the Company Group.

		
	(d)
	Permitted Exception.  Notwithstanding the foregoing, the Participant may invest in securities of any entity, solely for investment purposes and without participating in the business thereof, if (i) such securities are traded on any national securities exchange or the National Association of Securities Dealers Automatic Quotation System or equivalent non-U.S. securities exchange, (ii) the Participant is not a controlling person of, or a member of a group which controls, such entity and (iii) the Participant does not, directly or indirectly, own 2% or more of any class of securities of such entity.

		
	(e)
	Requirement to Notify.  The Participant hereby covenants and agrees to (i) notify any new employer, any third party engaging the Participant’s services, or any entity to which the Participant becomes a partner about the Participant’s rights and obligations under this Section 7.3 and (ii) notify the Company in advance of accepting any position on the Board of Directors of another entity following a Termination of Employment that could result in a breach of this Section 7.3.

		
	7.4
	Non-Disparagement Covenants.

		
	(a)
	Non-Disparagement.  The Participant agrees that he or she will not, during the Participant’s employment or service relationship with the Company, and for the duration of the Restricted Period, directly or indirectly, make any public or private statements (whether orally, in writing, via electronic transmission or otherwise) that disparage, denigrate, or malign the Company Group; any of the businesses, activities, operations, affairs, reputations or prospects of the foregoing; or any of the respective officers, employees, directors, managers, partners, agents, members or shareholders of any of the foregoing.

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 12 of 19

		
	(b)
	Exceptions.  The obligation under this Section 7.4 will not be violated by truthful statements that the Participant makes (i) as permitted by the Plan or applicable law that may supersede the terms of the Plan, (ii) to any governmental authority in connection with legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), or (iii) in connection with a performance review or performance discussions.

		
	7.5
	Remedies.

		
	(a)
	Remedies.  In the event of a breach or threatened breach by the Participant of any of the Restrictive Covenants, the Company Group shall be entitled to equitable relief (without the need to post a bond or prove actual damages) by temporary restraining order, temporary injunction, or permanent injunction or otherwise, in addition to all other legal and equitable relief to which they may be entitled, including any and all monetary damages which the Company Group may incur as a result of such breach, violation, or threatened breach or violation.  The Company Group may pursue any remedy available to it concurrently or consecutively in any order as to any breach, violation, or threatened breach or violation, and the pursuit of one of such remedies at any time will not be deemed an election of remedies or waiver of the right to pursue any other of such remedies as to such breach, violation, or threatened breach or violation, or as to any other breach, violation, or threatened breach or violation.

		
	(b)
	Tolling.  If the Participant breaches any of the Restrictive Covenants pertaining to non-competition or non-solicitation, the time periods pertaining to such Restrictive Covenants will be suspended and will not run in favor of the Participant from the time the Participant first breached such Restrictive Covenants until the time when the Participant ceases such breach.

		
	8.
	Plan Administration. 

		
	8.1
	The Plan will be administered by the Compensation, Benefits and Stock Option Committee of the Board (the “Plan Administrator”). 

		
	8.2
	The Plan Administrator will have full and complete authority to enforce the Plan in accordance with its terms and will have all powers necessary to accomplish that purpose, including the following:

		
	(a)
	To apply and interpret the Plan, including the authority to construe disputed provisions;

		
	(b)
	To determine all questions arising in its administration, including those related to the eligibility of persons to become Participants and eligibility for Severance Benefits, and the rights of Participants;

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 13 of 19

		
	(c)
	To compute and certify the amount of Severance Benefits payable to Participants;

		
	(d)
	To authorize all disbursements in accordance with the Plan;

		
	(e)
	To employ and reasonably compensate accountants, attorneys, and other persons to render advice or perform services for the Plan as it deems necessary;

		
	(f)
	To make available to Participants upon request, for examination during business hours, such records as pertain exclusively to the examining Participant; and

		
	(g)
	To appoint an agent for service of legal process.

		
	8.3
	All decisions of the Plan Administrator based on the Plan and documents presented to it will be in the Plan Administrator’s sole discretion and will be final and binding upon all persons.

		
	8.4
	In no event will the Company, the Plan Administrator, or any officer or director of the Company incur any liability for any act or failure to act with respect to the Plan.

		
	9.
	Claims Procedures. 

		
	9.1
	Claims for Benefits. Generally, an obligation of the Plan to provide Severance Benefits to a Participant arises only after the Participant is specifically designated a Participant by the Plan Administrator, executes a Participation Agreement, and incurs a Qualifying Termination. A Participant not receiving Severance Benefits who believes that he or she is eligible for such benefits, or a Participant disputing the amount of Severance Benefits, or any such Participant’s authorized representative (the “Claimant”), may request in writing that his or her claim be reviewed by the Plan Administrator. All such claims for benefits must be submitted to the Plan Administrator at the following address within 60 days after the Participant’s Termination of Employment:

Noble Energy, Inc.
1001 Noble Energy Way
Houston, TX 77070
281-872-3100
Attention: Plan Administrator for Executive Severance Plan
The review of all claims for Severance Benefits will be governed by the following rules:
		
	(a)
	Time Limits on Decision. Unless special circumstances exist, a Claimant who has filed a claim will be informed of the decision on the claim within 90 days of the Plan Administrator’s receipt of the written claim. This period may be extended by an additional 90 days if special circumstances require 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 14 of 19

an extension of time, provided the Claimant is notified of the extension within the initial 90-day period. The extension notice will indicate:
		
	(i)
	The special circumstances requiring the extension of time; and

		
	(ii)
	The date, no later than 180 days after receipt of the written claim, by which the Claimant can expect to receive a decision.

		
	(b)
	Content of Denial Notice. If a claim for benefits is partially or wholly denied, the Claimant will receive a written notice that:

		
	(i)
	States the specific reason or reasons for the denial;

		
	(ii)
	Refers to the specific Plan provisions on which the denial is based;

		
	(iii)
	Describes and explains the need for any additional material or information that the Claimant must supply in order to perfect the claim; and

		
	(iv)
	Describes the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review.

		
	9.2
	Appeal of Denied Claims. If the Claimant’s claim is denied and he or she wants to submit a request for a review of the denied claim, the following rules apply:

		
	(a)
	Review of Denied Claim. If a Claimant wants his or her denied claim to be reconsidered, the Claimant must send a written request for a review of the claim denial to the Plan Administrator no later than 60 days after the date on which he or she receives written notification of the denial. The Claimant may include any written comments, documents, records, or other information relating to the claim for benefits. The Claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relating to the claim for benefits. The Plan Administrator’s review will take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

		
	(b)
	Decision on Review. The Plan Administrator will review the denied claim and provide a written decision within 60 days of the date the Plan Administrator receives the Claimant’s written request for review. This period may be extended by an additional 60 days if special circumstances require an extension of time, provided the Participant is notified of the extension within the initial 60-day period. The extension notice will indicate:

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 15 of 19

		
	(i)
	The special circumstances requiring the extension of time; and

		
	(ii)
	The date, no later than 120 days after receipt of the written request for review, by which the Claimant can expect to receive a decision.

		
	(c)
	Content of Denial Notice. If a claim for benefits is partially or wholly denied on appeal, the Claimant will receive a written notice that:

		
	(i)
	States the specific reason or reasons for denial;

		
	(ii)
	Refers to the specific Plan provisions on which the denial is based;

		
	(iii)
	Includes a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim; and

		
	(iv)
	Includes a statement of the right to bring a civil action under Section 502(a) of ERISA.

		
	9.3
	Limitations on Legal Actions; Dispute Resolution. Claimants must follow the claims procedures described in this Section 9 before taking action in any other forum regarding a claim for benefits under the Plan. Furthermore, any such action initiated by a Claimant under the Plan must be brought by the Claimant within one year of a final determination on the claim for benefits under these claims procedures, or the Claimant’s benefit claim will be deemed permanently waived and abandoned, and the Claimant will be precluded from reasserting it. Further, after following the claims procedures described in this Section 9, the following terms apply to any further disputes that may arise regarding the Plan (other than disputes with respect to a Restrictive Covenant Agreement):

		
	(a)
	In the event of any dispute, claim, question, or disagreement arising out of or relating to the Plan, the parties will use their best efforts to settle such dispute, claim, question, or disagreement. To this effect, they will consult and negotiate with each other, in good faith, and, recognizing their mutual interests, attempt to reach a just and equitable resolution satisfactory to both parties.

		
	(b)
	If the parties do not reach such a resolution within a period of 30 days, then any such unresolved dispute or claim, upon notice by any party to the other, will be submitted to and finally settled by arbitration in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association in effect at the time demand for arbitration is made by any such party. The parties will mutually agree upon a single arbitrator within 30 days of such demand. In the event that the parties are unable to so agree within such 30-day period, then within the following 30-day period, 1 arbitrator will be named by each party. A third arbitrator will be named by the 2 arbitrators so chosen within 10 days after the appointment of the first 2 arbitrators. In the event that the third arbitrator is not agreed upon, he or 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 16 of 19

she will be named by the American Arbitration Association. Arbitration will occur in the State of Colorado or such other location as may be mutually agreed to by the parties.
		
	(c)
	The award made by all or a majority of the panel of arbitrators will be final and binding, and judgment may be entered based upon such award in any court of law having competent jurisdiction. The award is subject to confirmation, modification, correction, or vacation only as explicitly provided in Title 9 of the United States Code. The parties acknowledge that the Plan evidences a transaction involving interstate commerce. The United States Arbitration Act and the Rules will govern the interpretation, enforcement, and proceedings under this Section 9.3. Any provisional remedy that would be available from a court of law will be available from the arbitrators to the parties to the Plan pending arbitration. Either party may make an application to the arbitrators seeking injunctive relief to maintain the status quo, or may seek from a court of competent jurisdiction any interim or provisional relief that may be necessary to protect the rights and property of that party, until such times as the arbitration award is rendered or the controversy otherwise resolved.

		
	(d)
	By agreeing to binding arbitration, a Participant must waive his or her right to a jury trial. The claims covered by this Section 9.3 include any statutory claims regarding a Participant’s employment or the termination of his or her employment, including claims regarding workplace discrimination.

		
	10.
	Miscellaneous.

		
	10.1
	Withholding. The Company will have authority to withhold or cause to have withheld applicable income and payroll taxes from any Severance Benefits under the Plan to the extent required by law.

		
	10.2
	No Contract of Employment. The Plan will not be deemed to constitute a contract of employment or impose on the Company any obligation to retain any Participant as an employee, to continue any Participant’s current employment status, or to change any employment policies of the Company, nor will any term of the Plan restrict the right of the Company to discharge any of its employees or restrict the right of any such employee to terminate his or her employment with the Company.

		
	10.3
	Source of Benefits. The Plan is intended to be an unfunded welfare benefit plan for purposes of ERISA and a severance pay arrangement within the meaning of Section 3(2)(B)(i) of ERISA. All benefits payable under the Plan will be paid or provided by the Company from its general assets. The Plan is not intended to be a pension plan described in Section 3(2)(A) of ERISA.

		
	10.4
	Section 409A. It is intended that the payments and benefits available under the Plan will be, to the greatest extent possible, exempt from the application of Code Section 409A, and the Plan will be construed and interpreted accordingly. However, if the 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 17 of 19

Company determines that all or a portion of the payments or benefits provided under the Plan constitute “deferred compensation” under Code Section 409A and that the Participant is a “specified employee,” as such term is defined under Code Section 409A, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Code Section 409A, the timing of the applicable payments will be delayed until the first payroll date after the 6-month anniversary of the Participant’s “separation from service” (as defined under Code Section 409A) and the Company will (a) pay to the Participant a lump sum amount equal to the sum of the payments that the Participant would otherwise have received during such 6-month period had no such delay been imposed and (b) commence paying the balance of the payments in accordance with the applicable payment schedule set forth in the Plan. For purposes of Section 409A, each installment payment provided under the Plan will be treated as a separate payment. The Company makes no representations that the payments and benefits provided under the Plan comply with Code Section 409A and in no event will the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Participant on account of noncompliance with Code Section 409A.
		
	10.5
	Plan Amendment and Termination. The Plan Administrator may at any time terminate or amend the Plan with respect to any or all Participants for any reason, including altering, reducing, or eliminating benefits to be paid to Participants who have not yet experienced a Termination of Employment; provided, however, that any amendment or termination that eliminates potential Severance Benefits for a Participant may not be effective until 18 months after notice is provided to the Participant. The provisions of the Plan as in effect at the time of a Participant’s Termination of Employment will control any Severance Benefits paid to that Participant, unless modified by the Plan Administrator or otherwise specified in the Plan. 

		
	10.6
	Severability; Construction; Reformation. Should any term of the Plan be deemed or held to be unlawful or invalid for any reason, such fact will not adversely affect the other terms of the Plan unless such determination will render impossible or impracticable the functioning of the Plan, and in such case, an appropriate term or terms will be adopted so that the Plan may continue to function properly. In the Plan, “including” (and like terms) means “including, without limitation” (and like terms) and, except as specifically indicated otherwise, references to sections and schedules are to sections and schedules in the Plan.

If any provision contained in the Plan is found by a court of competent jurisdiction to contain limitations as to time, geographic area, or scope of activity that are not reasonable and impose a greater restraint than is necessary to protect the Confidential Information, goodwill, or other legitimate business interests of the Company Group, then the court shall reform the covenant to the extent necessary to cause the limitations contained in the covenant as to time, geographic area, and scope of activity to be restrained to be reasonable and to impose a restraint that is 

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 18 of 19

not greater than necessary to protect the Confidential Information, goodwill, and other legitimate business interests of the Company Group.
		
	10.7
	Non-Assignment. The rights of a Participant under the Plan are personal. No interest of a Participant under the Plan may be assigned, transferred, seized by legal process, or subjected to the claims of creditors in any way. A Participant’s rights under the Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, or encumbrance.

		
	10.8
	Indemnification. The Company will indemnify its officers and employees and the members of the Board from all liabilities from their acts or omissions in connection with the administration, amendment, or termination of the Plan, to the maximum extent permitted by applicable law.

		
	10.9
	No Duplication of Benefits. Unless otherwise specified in writing by the Company, the Company does not intend to provide any Participant with benefits under both the Plan and any other severance, retention, change in control, or other plan or agreement sponsored by the Company. Therefore, any benefit provided under the Plan will be reduced by the amount of any similar benefit provided under any other severance, retention, change in control, or other plan or agreement sponsored by the Company. Any reduction made pursuant to this section will be made in a manner that complies with Code Section 409A.

		
	10.10
	Clawback. All amounts or benefits received or outstanding under the Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with the terms of any Company clawback or similar policy or any applicable law related to such actions, as may be in effect from time to time. A Participant’s acceptance of amounts or benefits under the Plan will be deemed to constitute the Participant’s acknowledgement of and consent to the Company’s application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply to the Participant, whether adopted prior to or following the Effective Date, and any provision of applicable law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Participant’s agreement that the Company may take such actions as may be necessary to effectuate any such policy or applicable law, without further consideration or action.

		
	10.11
	Governing Law. The Plan will be construed according to the laws of the State of Texas, except as preempted by ERISA or other applicable federal law.

		
	10.12
	ERISA Rights. Schedule D hereto sets forth certain rights each Participant has under ERISA.

	
				
	Noble Energy, Inc. 2020 Executive Severance Plan
	 
	Page 19 of 19

SCHEDULE A TO EXECUTIVE SEVERANCE PLAN
PARTICIPATION AGREEMENT 
NOBLE ENERGY, INC. 
EXECUTIVE SEVERANCE PLAN
This Participation Agreement is made and entered into by and between the Executive set forth below (“you”) and Noble Energy, Inc., a Delaware corporation (the “Company”), effective as of ________________________ (the “Agreement Date”).
The Company maintains the Noble Energy, Inc. Executive Severance Plan (the “Plan”), which provides specified severance benefits in connection with certain Qualifying Terminations (as defined in the Plan). You hereby acknowledge that you have read and understand all of the terms of the Plan, and that you agree to participate in the Plan subject to those terms.
By signing this Participation Agreement, you are also acknowledging and re-affirming the Restrictive Covenants set forth in the Plan and any and all restrictive covenants (including confidential information, non-disclosure, non-solicitation, non-disparagement, and other similar covenants) in any plan, program, policy, agreement or understanding between you and the Company (including any equity award agreement granted under the Noble Energy, Inc. 2020 Long-Term Incentive Plan and any successor thereto) that you have read and understand all of the terms of the restrictive covenants, and that you agree to and re-affirm your acceptance of, all of the terms of the restrictive covenants as a condition to participating in the Plan.
IN WITNESS WHEREOF, each of the parties has executed this Participation Agreement, in the case of the Company by its duly authorized officer, as of the Agreement Date.
	
					
	NOBLE ENERGY, INC.
	 
	EXECUTIVE

	 
	 
	 
	 
	 

	Sign Name:
	 
	 
	Sign Name:
	 

	Print Name:
	 
	 
	Print Name:
	 

	Title:
	 
	 
	 
	 

	 
	 
	 
	 
	 

SCHEDULE B TO EXECUTIVE SEVERANCE PLAN
The Applicable Factor is determined based on the position of the Participant as follows:
	
		
	Position
	Applicable Factor

	Chief Executive Officer
	24

	Chief Operating Officer
	18

	Chief Financial Officer
	18

	Senior Vice Presidents
	12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]