Document:

EX-10.4

 Exhibit 10.4 

NOBLE ENERGY, INC. 
 1992
STOCK OPTION AND RESTRICTED STOCK PLAN 
 2016 CASH AWARD AGREEMENT 

THIS AGREEMENT is made and entered into as of the      day of
            , 2016, by and between NOBLE ENERGY, INC., a Delaware corporation (the “Company”), and
                                        
(“Employee”). 
 WHEREAS, the Compensation, Benefits and Stock Option Committee of the Company’s Board of Directors (the
“Committee”), acting under the Company’s 1992 Stock Option and Restricted Stock Plan as amended and restated effective October 20, 2015 (the “Plan”), has the authority to award Cash Awards to certain employees of the
Company or an Affiliate; and 
 WHEREAS, pursuant to the Plan the Committee has determined to make such an award to Employee on the terms
and conditions and subject to the restrictions set forth in the Plan and this Agreement, and Employee desires to accept such award; 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1. Phantom Units. On the terms and conditions and subject to the restrictions, including forfeiture, hereinafter set forth, the Company
hereby awards to Employee, and Employee hereby accepts, a Cash Award (the “Award”) to be determined by the value of the phantom units awarded hereunder (the “Phantom Units”) and the Dividend Equivalents described in
Section 2 below. Employee is hereby awarded              Phantom Units, with each Phantom Unit representing a hypothetical interest in the Company that is equivalent in value to the
“Phantom Unit Value,” which is the lesser of (i) the Fair Market Value of a share of common stock of the Company (and/or any successor securities or other property attributable to the common stock of the Company that may result from a
Change in Control) as of the Vesting Date (as defined below), or (ii) four times the Fair Market Value of a share of common stock of the Company as of the Effective Date (as defined below). The Award is made effective as of
                    , 2016 (the “Effective Date”). 

2. Dividend Equivalents. Subject to the vesting and forfeiture provisions of Section 3 below, Employee shall be entitled to
dividend equivalents with respect to the Phantom Units (“Dividend Equivalents”) as set forth below. If prior to the vesting or forfeiture of the Phantom Units, the Company makes a cash dividend or distribution payment to its shareholders
with respect to the common stock of the Company, Employee shall be entitled to Dividend Equivalents equal in amount to the product of (i) the amount of the cash dividend or distribution made with respect to a share of common stock of the
Company, multiplied by (ii) the number of Phantom Units awarded hereunder. Dividend Equivalents shall be accrued and paid in accordance with Section 4 below. For the avoidance of doubt, no Dividend Equivalents shall result from declared
but unpaid dividends and distributions. 

 3. Vesting and Forfeiture. 

(a) Until the second anniversary of the Effective Date (the “Performance Date”), the Phantom Units and Dividend Equivalents shall be
subject to being forfeited by Employee as provided in this Agreement. 
 (b) If Employee remains employed by the Company or an Affiliate
until the Performance Date and Employee has received an aggregate “satisfactory” performance rating, as determined by the Company in its sole discretion, for the two-year period ending on the Performance Date, then on the Performance Date
the Phantom Units and Dividend Equivalents shall become fully vested. If Employee fails to receive an aggregate “satisfactory” performance rating for such two-year period, then the Phantom Units and Dividend Equivalents shall be
immediately forfeited by Employee. 
 (c) If Employee’s employment with the Company or an Affiliate terminates prior to the Performance
Date by reason of Employee’s death or Disability, then on the date of such termination of employment the Phantom Units and Dividend Equivalents shall become fully vested. Subject to Section 3(d) below, if Employee’s employment with
the Company or an Affiliate terminates prior to the Performance Date for any reason other than Employee’s death or Disability, then on the date of such termination of employment all of the Phantom Units and Dividend Equivalents shall be
forfeited by Employee. 
 (d) In accordance with the provisions of Section 17 of the Plan, if a Change in Control occurs prior to the
Performance Date and while Employee is employed by the Company or an Affiliate and is followed by the termination of Employee’s employment (i) by the Company or its Affiliate, as applicable, for reasons other than a Termination for Cause,
or (ii) by Employee on account of Good Reason, within the 24-month period following the date of such Change in Control, then on the date of such termination of employment the Phantom Units and Dividend Equivalents shall become fully vested.

 (e) For the purposes of this Agreement, transfers of employment without interruption of service between or among the Company and its
Affiliates shall not be considered a termination of employment. 
 (f) For the purposes of this Agreement, “Vesting Date” means
the earliest date upon which the Phantom Units and Dividend Equivalents vest pursuant to Sections 3(b), (c) and (d) above. 
 4.
Payment of Phantom Units and Dividend Equivalents. As soon as practicable (but in no event later than 30 days) following the Vesting Date of the Phantom Units, the Company shall make a lump sum cash payment to Employee (or in the event of
Employee’s death, to Employee’s estate) in an amount equal to the sum of (i) the product of the Phantom Unit Value, multiplied by the number of Phantom Units awarded hereunder, and (ii) any accrued Dividend Equivalents.
Notwithstanding the 

  
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preceding sentence, in the event that the Board determines that making all or a portion of the payment under this Section 4 would jeopardize the ability of the Company to continue as a going
concern, the Board may delay such payment or portion thereof until the making of the payment or portion thereof would no longer have such effect. 

5. Maximum Cash Award. Any provision of this Agreement to the contrary notwithstanding, the maximum amount that may be paid under all
Cash Awards awarded to the Employee under the Plan, including this Award, during any one calendar year shall not exceed $4,000,000. 
 6.
No Rights as Shareholder. A grant of Phantom Units is not an equity interest in the Company and shall not entitle Employee to voting rights, the right to receive dividends or distributions, or any other rights of a shareholder. 

7. Withholding Taxes. The Company and its Affiliates shall, to the extent permitted by law, have the right to deduct from any payments
made hereunder to Employee any federal, state or local taxes of any kind required by law to be withheld with respect to such payments. 
 8.
Effect on Employment. Nothing contained in this Agreement shall confer upon Employee the right to continue in the employment of the Company or an Affiliate, or affect any right which the Company or an Affiliate may have to terminate the
employment of Employee. 
 9. Assignment. The Company may assign all or any portion of its rights and obligations under this
Agreement. The Award and the rights and obligations of Employee under this Agreement may not be sold, assigned, transferred, discounted, exchanged, pledged or otherwise encumbered or disposed of by Employee other than by will or the laws of descent
and distribution. 
 10. Binding Effect. This Agreement shall be binding upon and inure to the benefit of (i) the Company and
its successors and assigns, and (ii) Employee, and Employee’s heirs, devisees, executors, administrators and personal representatives. 

11. Notices. All notices required or permitted to be given or made under this Agreement shall be in writing and shall be made in
accordance with the provisions of the Plan. Notices under this Agreement shall be delivered or sent (i) to Employee at Employee’s address as set forth in the records of the Company, or (ii) to the Company at the principal executive
offices of the Company clearly marked “Attention: Lee Robison”. 
 12. Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of Texas without regard to its principles of conflict of laws. 
 13. Subject to
Plan. The Award and this Agreement are subject to all of the terms and conditions of the Plan as amended from time to time. In the event of any conflict between the terms and conditions of the Plan and those set forth in this Agreement, the
terms and conditions of the Plan shall control. Capitalized terms not defined in this Agreement shall have the meaning set forth in the Plan. 

  
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 14. Compensation Recoupment Policy. Employee hereby acknowledges and agrees that Employee
and the Award are subject to the Company’s compensation recoupment policy as contained in the Company’s Code of Conduct, as amended from time to time (the “Policy”), and the terms and conditions of the Policy are hereby
incorporated by reference into this Agreement. 
 15. Funding. The Award is unfunded. Employee’s right to receive payment
hereunder shall be no greater than the right of an unsecured creditor of the Company and Employee shall not have any rights in or against specific assets of the Company. 

16. Adjustments Upon Changes in Common Stock. In the event that before the Vesting Date, the Company shall have effected a common stock
split or dividend payable in common stock or the outstanding common stock of the Company shall have been combined into a smaller number of shares, the Phantom Units subject to the Cash Award shall be increased or decreased to reflect proportionately
the increase or decrease in the number of shares of common stock outstanding. In the event of a reclassification of stock not covered by the foregoing, or in the event of a liquidation or reorganization, including a merger, consolidation or sale of
assets, it is agreed that the Board of Directors of the Company shall make such adjustments, if any, as it may deem appropriate in the number of Phantom Units subject to the Cash Award. 

17. Code Section 409A. This Agreement is intended to be exempt from Section 409A of the Code and any ambiguities herein shall
be interpreted, to the extent possible, in a manner consistent therewith. 
 18. Descriptive Headings and References. The descriptive
headings herein are inserted for convenience of reference only, do not constitute a part of this Agreement, and shall not affect in any manner the meaning or interpretation of this Agreement. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. 

19. Electronic Documentation. Any provision of this Agreement to the contrary notwithstanding, provisions in this Agreement setting
forth a requirement for delivery of a written notice, agreement, consent, acknowledgement, or other documentation in writing, including a written signature, may be satisfied by electronic delivery of such notice, agreement, consent, acknowledgement,
or other documentation, in a manner that the Committee has prescribed or that is otherwise acceptable to the Committee, provided that evidence of the intended recipient’s receipt of the electronic delivery is available to the Committee and that
such delivery is not prohibited by applicable laws and regulations. 
 [SIGNATURE PAGE TO FOLLOW] 

  
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 IN WITNESS WHEREOF, the Company and Employee have executed this Agreement as of the date first
written above. 
  

			
	NOBLE ENERGY, INC.
	
	David L. Stover
	President and CEO
	
	EMPLOYEE
		
		 	  

		 	Employee Signature
		
		 	  

		 	Employee Printed Name

 ***** 
 By
clicking the Accept button, I am confirming that I have read and understand, and that I agree to be bound by the terms of this Cash Award Agreement and the Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan as if I had manually
signed this Cash Award Agreement. I am also consenting to receive all related information in electronic form. 

  
 5EX-10.5

 Exhibit 10.5 

NOBLE ENERGY, INC. 
 1992
STOCK OPTION AND RESTRICTED STOCK PLAN 
 2016 NONQUALIFIED STOCK OPTION AGREEMENT 

THIS AGREEMENT is made as of the      day of             ,
2016, by and between NOBLE ENERGY, INC., a Delaware corporation (the “Company”), and
                                        
(“Employee”). 
 WHEREAS, the Compensation, Benefits and Stock Option Committee (the “Committee”) of the Company’s
Board of Directors, acting under the Company’s 1992 Stock Option and Restricted Stock Plan as amended and restated effective October 20, 2015 (the “Plan”), has determined that it is desirable to grant an option under the Plan to
Employee, who is currently employed by the Company or an Affiliate; 
 NOW, THEREFORE, it is agreed as follows: 

1. Grant of Option, Option Period and Terms of Exercise of Option. Subject to the terms and conditions hereinafter set forth,
the Company hereby grants to Employee the option to purchase                 shares of common stock of the Company at the price of
$         per share. This option shall be exercisable during the period commencing one year from the date of this Agreement and terminating on the first to occur of (1) the expiration of ten years from
the date of this Agreement, or (2) when the employment of Employee by the Company or an Affiliate has terminated for any reason; provided, however, that: 

(i) the number of shares purchasable hereunder in any period of time during which the option evidenced hereby is exercisable shall be limited
as follows: (a) one-third (1/3) of such shares (if a number including a fraction, then the next lower whole number) shall be purchasable, in whole at any time or in part from time to time, commencing
one year from the date of this Agreement; (b) an additional one-third (1/3) of such shares (if a number including a fraction, then the next lower whole number) shall be purchasable, in whole at any time or in part from time to time,
commencing two years from the date of this Agreement; and (c) the remainder of such shares shall be purchasable, in whole at any time or in part from time to time, commencing three years from the date of this Agreement; 

(ii) if said employment terminates more than one year and less than ten years from the date hereof other than by reason of death, Disability,
or Retirement, then Employee may exercise this option, to the extent Employee was able to do so at the date of the termination of employment, at any time within one year after such termination but not after the expiration of the ten-year period;

 (iii) if said employment terminates more than one year and less than ten years from the date hereof by reason of Employee’s
Retirement, then Employee may exercise this option to the extent Employee was entitled to exercise it on the date of Employee’s Retirement, at any time within five years after such Retirement, but not after the expiration of the ten-year
period; and 
 (iv) if Employee terminates employment with the Company or an Affiliate less than ten years from the date hereof by reason of
Employee’s Disability or death, Employee, the executor or administrator of the estate of Employee, or any person who has acquired this option directly from Employee by bequest or inheritance, may exercise this option with respect to all
remaining shares not yet exercised, whether or not yet purchasable immediately prior to Employee’s Disability or death, at any time within five years after such Disability or death, but not after the expiration of the ten-year period. 

 This option is a nonqualified stock option and shall not be treated as an incentive stock option under
Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). For purposes of this Agreement, transfers of employment without interruption of service between the Company and its Affiliates shall not be considered a
termination of employment. 
 2. Exercise Following Change in Control. Any provision of paragraph 1 hereof to the contrary
notwithstanding, in accordance with the provisions of Section 17 of the Plan, upon the occurrence of a Change in Control while Employee is employed by the Company or an Affiliate, followed by the termination of Employee’s employment
(i) by the Company or its Affiliate, as applicable, for reasons other than a Termination for Cause, or (ii) by Employee on account of Good Reason, within the 24-month period following the date of such Change in Control, this option may be
exercised to purchase all of the shares of Company common stock that are then subject to this option. 
 3. No Guaranty of
Employment. The grant of this option shall not be deemed to entitle Employee to continued employment by the Company or any Affiliate for any specific period of time. 

4. Requirement of Employment. Except as provided in paragraphs 1 and 2 hereof, this option may not be exercised unless Employee
is at the time of exercise an employee of the Company or an Affiliate. 
 5. Exercise of Option. This option may be exercised
by written notice signed by Employee or electronic notice in form acceptable by the Company or its designee, either of which must be delivered to the Company or its designee. Such notice shall state the number of shares as to which the option is
exercised and shall be accompanied by the full amount of the purchase price of such shares in accordance with the provisions of Section 11 of the Plan. Promptly after demand by the Company or its designee, Employee shall pay to the Company or
its designee an amount equal to any applicable withholding taxes due in connection with the exercise of this option in accordance with the provisions of Section 11 of the Plan. Payment of the purchase price of the shares and payment of the
applicable withholding taxes can be accomplished under the broker-assisted exercise program administered by the Company’s designee, if any, then in effect. 

6. Delivery of Certificates Upon Exercise of Option. Delivery of the shares representing the purchased stock shall be made in
certificate or book-entry form promptly after receipt of notice of exercise and payment of the purchase price and the amount of any withholding taxes to the Company, if required, provided that the Company shall have such time as it reasonably deems
necessary to qualify or register such stock on any exchange that it deems desirable or necessary. 

  
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 7. Adjustments Upon Changes in Common Stock. In the event that before delivery by
the Company of all the shares of stock in respect of which this option and rights are hereby granted, the Company shall have effected a common stock split or dividend payable in common stock or the outstanding common stock of the Company shall have
been combined into a smaller number of shares, the shares still subject to the option hereby granted shall be increased or decreased to reflect proportionately the increase or decrease in the number of shares outstanding, and the purchase price per
share shall be decreased or increased so that the aggregate purchase price for all the then optioned shares shall remain the same as immediately prior to such stock split, stock dividend or combination. In the event of a reclassification of stock
not covered by the foregoing, or in the event of a liquidation or reorganization, including a merger, consolidation or sale of assets, it is agreed that the Board of Directors of the Company shall make such adjustments, if any, as it may deem
appropriate in the number, purchase price and kind of shares still subject to the option and rights hereby granted. 
 8.
Transferability. The option evidenced hereby is not transferable by Employee other than (i) by will or the laws of descent and distribution or (ii) to a permitted transferee in accordance with the provisions of the Plan. 

9. Termination for Cause. Anything herein to the contrary notwithstanding, in the event of Employee’s Termination for
Cause, this option shall automatically terminate and be null and void as of the date of such termination of employment. 
 10. Code
Section 409A. The compensation payable by the Company to or with respect to Employee pursuant to this option is intended to be compensation that is not subject to the requirements of Section 409A of the Code, and this Agreement and
the Plan shall be administered and construed to the fullest extent possible to reflect and implement such intent; provided, however, that the Committee, the Company and the Company’s Affiliates, and their respective directors, officers,
employees and agents, do not guarantee any particular tax treatment with respect to this Agreement or the option granted hereby, and shall not be responsible or liable for any such treatment. No modification or cancellation of this Agreement, or
adjustment authorized by paragraph 7 or any Section of the Plan, shall be made in a manner that would cause the compensation payable hereunder to be subject to the tax imposed by Section 409A of the Code. 

11. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas without
regard to its principles of conflict of laws. 
 12. Subject to Plan. This Agreement and the option evidenced hereby are
subject to all of the terms and conditions of the Plan as amended from time to time. In the event of any conflict between the terms and conditions of the Plan and those set forth in this Agreement, the terms and conditions of the Plan shall control.
Capitalized terms not defined in this Agreement shall have the meaning set forth in the Plan. 

  
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 13. Compensation Recoupment Policy. Employee hereby acknowledges and agrees that
Employee and this option are subject to the Company’s compensation recoupment policy as contained in the Company’s Code of Conduct (the “Policy”), as amended from time to time, and the terms and conditions of the Policy are
hereby incorporated by reference into this Agreement. 
 [SIGNATURE PAGE TO FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the
date first above written. 
  

	
	NOBLE ENERGY, INC.
	
	David L. Stover
	President and CEO

  

	
	  

	Employee signature
	
	  

	Employee printed name

 ***** 
 By
clicking the Accept button, I am confirming that I have read and understand, and that I agree to be bound by the terms of this Stock Option Agreement and the Noble Energy, Inc. 1992 Stock Option and Restricted Stock Plan as if I had manually
signed this Stock Option Agreement. I am also consenting to receive all related information in electronic form. 

  
 - 5 -

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