Document:

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                                                                    EXHIBIT 10.1

                                    AMENDMENT
                           EFFECTIVE AS OF MAY 1, 2002

                                     TO THE

                           NOBLE DRILLING CORPORATION
                       1992 NONQUALIFIED STOCK OPTION PLAN
                           FOR NON-EMPLOYEE DIRECTORS

                  WHEREAS, Noble Drilling Corporation, a Delaware corporation
("Noble-Delaware"), established the Noble Drilling Corporation 1992 Nonqualified
Stock Option Plan for Non-Employee Directors (the "1992 Plan"), and reserved the
right of its Board of Directors under the conditions specified in Section 5.01
thereof to amend the 1992 Plan without obtaining shareholder approval; and

                  WHEREAS, Noble-Delaware entered into that certain Agreement
and Plan of Merger (the "Merger Agreement"), dated as of March 11, 2002, by and
among Noble-Delaware, Noble Corporation, a Cayman Islands exempted company
limited by shares ("Noble-Cayman"), Noble Holding (U.S.) Corporation, a Delaware
corporation ("Holdco"), and Noble Cayman Acquisition Corporation, a Delaware
corporation ("Merger Sub"); and

                  WHEREAS, pursuant to the Merger Agreement, on April 30, 2002,
Merger Sub merged with and into Noble-Delaware, with Noble-Delaware being the
surviving corporation and becoming an indirect, wholly owned subsidiary of
Noble-Cayman, and each issued and outstanding share of common stock, par value
US$0.10 per share, of Noble-Delaware automatically became one ordinary share,
par value US$0.10 per share, of Noble-Cayman (collectively, the
"Reorganization"); and

                  WHEREAS, pursuant to Section 4.1 of the Merger Agreement, the
Assumed Plans (as defined therein) of Noble-Delaware were assumed by
Noble-Cayman at the Effective Time (as defined therein) and continue as plans
and agreements of Noble-Cayman; and

                  WHEREAS, the 1992 Plan is an Assumed Plan as defined in the
Merger Agreement and therefore was assumed by Noble-Cayman at the Effective Time
and has continued as a plan and agreement of Noble-Cayman since the Effective
Time; and

                  WHEREAS, pursuant to Section 4.1(c) of the Merger Agreement,
which provides for necessary and appropriate amendments with respect to the
Assumed Plans, Noble-Cayman desires to amend the 1992 Plan to reflect the
Reorganization;

                  NOW THEREFORE, Noble-Cayman does hereby assume the sponsorship
of the 1992 Plan and does hereby amend the 1992 Plan, effective from and after
the Effective Time, to provide for the Reorganization and to provide for certain
other changes as follows:

         1. The 1992 Plan shall be renamed the "Noble Corporation 1992
Nonqualified Stock Option Plan for Non-Employee Directors."

                                       1

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         2. All references in the 1992 Plan to "Noble Drilling Corporation"
shall be amended to refer to "Noble Corporation."

         3. All references in the 1992 Plan to "Common Stock" or "shares of
Common Stock" shall be amended to refer to "Ordinary Shares," and all references
to "stock" or "stockholders" shall be amended to refer to "shares" or "members,"
respectively.

         4. The language of subsection 1.01(d) is deleted in its entirety and
the following is substituted therefor:

         "'Company' means Noble Corporation, a Cayman Islands exempted company
limited by shares, and its successors."

         5. Subsection 1.01(c) is deleted in its entirety, and subsections
1.01(d) through (m) shall be redesignated to reflect such deletion. The
following language shall be added as subsection 1.01(m) of the 1992 Plan:

         "1.01(m) 'Ordinary Shares' means the Ordinary Shares, par value US$0.10
         per share, of the Company."

         6. All references in the 1992 Plan to "bylaws" shall be amended to
refer to "articles of association."

         7. All references in the 1992 Plan to the "applicable laws of the State
of Delaware" shall be amended to refer to "applicable laws of the Cayman
Islands."

         8. This Amendment No. 2 shall amend only those provisions of the 1992
Plan set forth herein, and those sections, subsections, phrases or words not
expressly amended hereby shall remain in full force and effect.

                                       2
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                  IN WITNESS WHEREOF, the undersigned has executed this
Amendment to be effective as of the date first above written.

                                         NOBLE CORPORATION

                                         By: /s/ Robert D. Campbell
                                            ------------------------------------
                                            Robert D. Campbell,
                                            President

                                       3<PAGE>

                                                                    EXHIBIT 10.1

                FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT
                            AND AGREEMENT TO RELEASE

         This First Amendment to Credit and Security Agreement and Agreement to
Release (this "Amendment"), made as of March 25, 2002 among THOMAS & BETTS
CORPORATION, as Borrower, (the "Borrower"), the various financial institutions
whose names appear as lenders on the signature pages to the Credit Agreement (as
defined below) (together with any other financial institution which subsequently
becomes a lender under the Credit Agreement, the "Lenders"), and WACHOVIA BANK,
N.A., as Agent (the "Agent").

                                   WITNESSETH:

         WHEREAS, the Borrower, the Lenders, and the Agent are parties to that
certain Credit and Security Agreement, dated as of November 15, 2001 (as
amended, restated, supplemented or otherwise modified from time to time, the
"Credit Agreement"); and

         WHEREAS, the Borrower has determined that it is in its best interest to
sell certain of its Equipment Collateral, Inventory Collateral, and Real
Property relating to three of its product lines as disclosed to the Agent and
the Lenders under the terms of a confidentiality agreement (the "Assets"), and
in connection with such proposed sale of its Assets, the Borrower has requested
certain amendments to the Credit Agreement and the Required Lenders and the
Agent have agreed to such amendments on the terms and conditions set forth
herein;

         NOW, THEREFORE, in consideration of the premises set forth above, the
terms and conditions contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
that all capitalized terms used but not otherwise defined herein shall have the
meanings ascribed thereto in the Credit Agreement, as amended hereby, and
further agree as follows:

         1. Amendments to Credit Agreement. Subject to the fulfillment of the
conditions precedent to the effectiveness of this Amendment which are set forth
below, the Credit Agreement shall be amended as follows:

                  (a) Article 1 of the Credit Agreement, Definitions, is hereby
amended to add the following definition for "Assets," with such definition
to be inserted in its proper alphabetical order:

                  ""Assets" means the assets of the Borrower relating to
                  the three product lines disclosed to the Agent and the
                  Lenders under the terms of a confidentiality agreement and
                  designated as being the "Assets" as such term is defined in
                  that certain First Amendment to Credit and Security Agreement
                  and Agreement to Release dated as of March 25, 2002."

                  (b) Article 1 of the Credit Agreement, Definitions, is hereby
amended to modify the existing definition of "Equipment Availability" by
deleting the existing definition for such term in its entirety and substituting
in lieu thereof the following definition:

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                  ""Equipment Availability" means (i) from the Closing Date
                  through and including the earlier of (a) the date that the
                  Borrower consummates the sale of the Assets, or (b) March
                  31, 2002, an amount equal to $11,200,000 multiplied by the
                  Equipment Availability Adjustment, and (ii) thereafter,
                  through and including the Termination Date, an amount equal to
                  $7,100,000 multiplied by the Equipment Availability
                  Adjustment.

                  (c) Section 5.05(b)(i) of the Credit Agreement,
Consolidations, Mergers and Sales of Assets, is hereby modified by deleting such
Section in its entirety and substituting in lieu thereof, the following:

                  "so long as no Default or Event of Default shall have occurred
                  and be continuing, or would be caused thereby, and subject to
                  the provisions of SECTION 2.10(c), the dispositions of assets
                  related to the product lines for Meters, circuit protection,
                  Zinco breakers, enclosures, and the Assets;"

         2. Agreement to Release. Subject to the terms and conditions hereof and
of Section 5.05 of the Credit Agreement, upon receipt by the Agent of evidence
satisfactory to it of the consummation of the sale of the Assets and the deposit
of Net Cash Proceeds therefrom in an amount not less than $40,000,000 into the
Collateral Reserve Account, the Agent agrees that it will release its security
interest in the Assets.

         3. Increase in Permitted Equipment Disposition Limit. The Borrower has
requested and the Agent has agreed in the exercise of its Permitted Discretion
to increase the Permitted Equipment Disposition Limit, as defined in the Credit
Agreement, to 19.0%.

         4. No Waiver. The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided above, operate as a waiver of
any right, power or remedy of the Agent or the Lenders under the Credit
Agreement or any of the other Credit Documents, nor constitute a waiver of any
provision of the Credit Agreement or any of the other Credit Documents. Except
for the amendments expressly set forth above, the text of the Credit Agreement
and all other Credit Documents shall remain unchanged and in full force and
effect and the Borrower hereby ratifies and confirms its obligations thereunder.
This Amendment shall not constitute a modification of the Credit Agreement or a
course of dealing with the Agent or the Lenders at variance with the Credit
Agreement such as to require further notice by the Agent or the Lenders to
require strict compliance with the terms of the Credit Agreement and the other
Credit Documents in the future. Nothing in this Amendment is intended, or shall
be construed, to constitute a novation or an accord and satisfaction of any of
the Obligations or to modify, affect or impair the perfection or

                                      -2-
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continuity of the Agent's and the Lenders' security interests in, security
titles to, or other Liens on, any Collateral for the Obligations, other than as
expressly set forth herein.

         5. Conditions of Effectiveness. This Amendment shall become effective
as of the date hereof when, and only when, the Agent, on behalf of itself and
the Lenders, shall have received, in form and substance reasonably satisfactory
to it:

                  (a) duly executed counterparts of this Amendment;

                  (b) an updated Borrowing Base Certificate, after giving effect
to the sale of the Assets; and

                  (c) such other information, documents, instruments or
approvals as the Agent may require, in form and substance reasonably
satisfactory to Agent.

         6. Representations and Warranties of the Borrower. The Borrower
represents and warrants as follows:

                  (a) The Borrower is a corporation duly organized, validly
existing and in good standing under the laws of the State of Tennessee;

                  (b) The execution, delivery and performance by the Borrower of
this Amendment and the Credit Documents, as amended hereby, are within the
Borrower's corporate powers, have been duly authorized by all necessary
corporate action and do not contravene (i) the Borrower's organizational
documents, (ii) law; or (iii) or any contractual restriction binding on or
affecting the Borrower;

                  (c) This Amendment and each of the other Credit Documents, as
amended hereby, constitute legal, valid and binding obligations of the Borrower,
enforceable against the Borrower in accordance with their respective terms,
provided that the enforceability hereof and thereof is subject in each case to
general principles of equity and to bankruptcy, insolvency and similar laws
affecting the enforcement of creditors' rights generally; and

                  (d) No Default or Event of Default, under the Credit Agreement
as amended hereby is existing or would be caused by the sale of the Assets.

         7. Reference to and Effect on the Credit Documents. Upon the
effectiveness of this Amendment, on and after the date hereof each reference in
the Credit Agreement to "this Agreement," "hereunder," "hereof" or words of like
import referring to the Credit Agreement, and each reference in the other Credit
Documents to the "Credit Agreement," "thereunder," "thereof" or words of like
import referring to the Credit Agreement, shall mean and be a reference to the
Credit Agreement as amended hereby.

         8. Costs, Expenses and Taxes. The Borrower agrees to pay on demand all
reasonable costs and expenses in connection with the preparation, execution,
delivery, administration, modification and amendment of this Amendment and the
other instruments and documents to be delivered hereunder, including, without
limitation, the reasonable fees

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and out-of-pocket expenses of counsel for the Agent with respect thereto and
with respect to advising the Agent as to its rights and responsibilities
hereunder and thereunder.

         9. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

         10. Credit Document. This Amendment shall be deemed to be a Credit
Document for all purposes.

         11. Counterparts. This Amendment may be executed by one or more of the
parties hereto on any number of separate counterparts, each of which shall be
deemed an original and all of which, taken together, shall be deemed to
constitute one and the same instrument. Delivery of an executed counterpart of
this Amendment by facsimile transmission shall be as effective as delivery of a
manually executed counterpart hereof and shall be deemed to be a writing for all
purposes.

                  [remainder of page intentionally left blank]

                                      -4-
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                  IN WITNESS WHEREOF, the parties hereto have caused their
respective duly authorized officers or representatives to execute and deliver
this Amendment as of the day and year first written above.

                                         THOMAS & BETTS CORPORATION

                                         By: /s/ Thomas C. Oviatt
                                             -----------------------------------
                                             Name:  Thomas C. Oviatt
                                             Title: Treasurer

                                         8155 T&B Boulevard
                                         Memphis, Tennessee 38125
                                         Facsimile:  901-252-1372

                                         WACHOVIA BANK, N.A.,
                                         as Agent and as a Lender

                                         By: /s/ W. Eugene Wilson
                                             ----------------------------------
                                             Name: W. Eugene Wilson
                                                   -----------------------------
                                             Title: Director
                                                    ----------------------------

                                         Lending Office
                                         Wachovia Bank, N.A.
                                         191 Peachtree Street, N.E.
                                         Atlanta, Georgia 30303-1757
                                         Attention: Structured Finance
                                         Facsimile: 404-332-6920

First Amendment and Agreement to Release

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                                       FLEET CAPITAL CORPORATION,
                                       as a Lender

                                       By: /s/ Christopher K. Waivne
                                           -----------------------------------
                                           Name: Christopher K. Waivne
                                                 -----------------------------
                                           Title: Vice President
                                                  ----------------------------

                                       Lending Office
                                       Fleet Capital Corporation
                                       300 Galleria Parkway, N.W.
                                       Atlanta, GA   30339
                                       Attention: Harold E. Blatt,
                                         Executive Vice President
                                       Facsimile: 770-859-2483

                                       SIEMENS FINANCIAL
                                              SERVICES, INC.
                                       as a Lender

                                       By: /s/ Frank Amodio
                                           -----------------------------------
                                           Name: Frank Amodio
                                                 -----------------------------
                                           Title: VP - Credit
                                                  ----------------------------

                                       Lending Office
                                       Siemens Financial Services, Inc.
                                       200 Somerset Corporate Blvd.
                                       Bridgewater, NJ  08807-2843
                                       Attention: Frank Amodio, Vice President -
                                       Credit
                                       Facsimile: 901-252-1345

First Amendment and Agreement to Release

<PAGE>

                                       CIBC, INC.,
                                       as a Lender

                                       By: /s/ Dominic Sorresso
                                           -------------------------------------
                                           Name: Dominic Sorresso
                                                 -------------------------------
                                           Title: Executive Director
                                                  ------------------------------

                                       Lending Office
                                       CIBC, Inc.
                                       425 Lexington Avenue
                                       New York,  NY   10017
                                       Attention: Dominic J. Sorresso,
                                         Executive Director
                                       Facsimile: 212-856-3991

                                       THE NORTHERN TRUST COMPANY,
                                       as a Lender

                                       By: /s/ Christopher L. McKean
                                           -------------------------------------
                                           Name: Christopher L. McKean
                                                 -------------------------------
                                           Title: Second Vice President
                                                  ------------------------------

                                       Lending Office
                                       The Northern Trust Company
                                       50 S. LaSalle
                                       Chicago, IL  60675
                                       Attention: Christopher McKean, Second
                                              Vice President
                                       Facsimile: 312-444-5055

First Amendment and Agreement to Release

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                                     KBC BANK N.V.,
                                     as a Lender

                                     By: /s/ Jean-Pierre Diels, Eric Raskin
                                         ---------------------------------------
                                         Name: Jean-Pierre Diels, Eric Raskin
                                               ---------------------------------
                                     Title: First Vice President, Vice President
                                            ------------------------------------

                                      Lending Office
                                      KBC Bank N.V.
                                      245 Peachtree Center Avenue
                                      Marquis One Tower, Suite 2550
                                      Atlanta, GA  30303
                                      Attention: Jackie Brunetto, Vice
                                      President
                                      Facsimile: 404-584-5465

First Amendment and Agreement to Release

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