Document:

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                                                                    EXHIBIT 10.3

                                NOBLE CORPORATION

                     TIME-VESTED RESTRICTED STOCK AGREEMENT

         THIS AGREEMENT, made as of the _____ day of _______________, 200____,
by and between NOBLE CORPORATION, a Cayman Islands exempted company limited by
shares (the "Company"), and ________________________ ("Executive");

                              W I T N E S S E T H:

         WHEREAS, the committee (the "Committee") acting under the Company's
1991 Stock Option and Restricted Stock Plan, as amended (the "Plan"), has
determined that it is desirable to award shares of time-vested restricted stock
to Executive under the Plan; and

         WHEREAS, pursuant to the Plan, the Committee has determined that the
shares of time-vested restricted stock so awarded shall be subject to the
restrictions, terms and conditions of this Agreement;

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and agreements herein contained, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

         1. Time-Vested Restricted Stock Award. On the terms and conditions and
subject to the restrictions, including forfeiture, hereinafter set forth, the
Company hereby makes to Executive a time-vested restricted stock award (the
"Award") of an aggregate of _______________ ordinary shares (the "Restricted
Shares"), par value U.S.$0.10 per share ("Ordinary Shares"), of the Company. The
Award is made effective as of the date hereof (the "Effective Date"). The
Restricted Shares shall be issued to Executive, subject to forfeiture as herein
provided, without the payment of any cash consideration by Executive. A
certificate representing the Restricted Shares shall be issued in the name of
Executive as of the Effective Date and delivered to Executive on the Effective
Date or as soon thereafter as practicable. Executive shall cause the certificate
representing the Restricted Shares, upon receipt thereof by Executive, to be
deposited, together with stock powers and any other instrument of transfer
reasonably requested by the Company duly endorsed in blank, with the Company
pursuant to an escrow agreement substantially in the form of Exhibit A hereto
(the "Escrow Agreement"). The Restricted Shares shall be delivered to the
Executive upon vesting or assigned and transferred to and reacquired and
canceled by the Company upon forfeiture, as hereinafter set forth, and in
accordance with the terms and conditions of the Escrow Agreement. Unless and
until the Restricted Shares are delivered to Executive upon vesting, the
Restricted Shares shall not be sold, assigned, transferred, discounted,
exchanged, pledged or otherwise encumbered or disposed of by Executive in any
manner.

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         2. Vesting/Forfeiture.

         (a) Except as set forth in Section 3 of this Agreement, (i) the Award
shall not be fully vested immediately but shall be subject to forfeiture in
accordance with the restricted periods determined by the Committee and set forth
on Schedule I hereto and (ii) the termination of the forfeiture provisions
applicable to the Restricted Shares shall be conditioned upon the continuous
employment of Executive by the Company or an Affiliate from the date of this
Agreement to the applicable date of vesting.

         (b) The shares shall vest in Executive in accordance with the
restricted periods set forth on Schedule I hereto, and Executive shall be
entitled to have delivered to him a new certificate, without the legend
referenced in Section 10 of this Agreement, for the number of such vested
Ordinary Shares.

         (c) If the employment of Executive by the Company or an Affiliate
terminates at any time except on account of (i) death, Disability or Retirement
of Executive or (ii) a Change in Control (as defined in Section 3(c)) of the
Company, then, subject to Section 3(b), any Restricted Shares subject to this
Award that have not theretofore vested shall be forfeited and automatically
transferred to and reacquired and canceled by the Company. Transfer of
employment without interruption of service between or among the Company and any
of its subsidiaries shall not be considered a termination of employment.

         3. Acceleration of Vesting and Termination of Forfeiture Provisions.

         (a) The vesting of this Award and the termination of the forfeiture
provisions hereof are subject to acceleration upon the occurrence of (i) the
death, Disability or Retirement of Executive or (ii) a Change in Control of the
Company (whether with or without termination of employment of Executive by the
Company or an Affiliate). Upon the occurrence of any of the events specified in
(i) or (ii) of this subsection (a), (A) all the Restricted Shares then subject
to the Award shall immediately become vested and shall no longer be subject to
any forfeiture provisions of this Agreement, and (B) Executive shall be entitled
to have delivered to him a new certificate, without the legend referenced in
Section 10 of this Agreement, for the number of such vested Ordinary Shares.

         (b) Notwithstanding anything contained herein to the contrary, the
Committee shall have the right to cancel all or any portion of any outstanding
restrictions prior to the expiration of such restrictions with respect to any or
all of the Restricted Shares on such terms and conditions as the Committee may,
in writing, deem appropriate.

         (c) For purposes of this Agreement, the following term shall have the
indicated meaning:

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         Change in Control: The term "Change in Control" means (i) a
determination by the Committee that any person or group (as defined in Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) has become the direct or indirect beneficial owner (as defined
in Rule 13d-3 under the Exchange Act) of more than 50 percent of the Voting
Stock of the Company; (ii) the Company is merged or amalgamated with or into or
consolidated with another corporation and, immediately after giving effect to
the merger, amalgamation or consolidation, less than 50 percent of the
outstanding voting securities entitled to vote generally in the election of
directors or persons who serve similar functions of the surviving or resulting
entity are then beneficially owned (within the meaning of Rule 13d-3 under the
Exchange Act) in the aggregate by (x) the members of the Company immediately
prior to such merger, amalgamation or consolidation, or (y) if a record date has
been set to determine the members of the Company entitled to vote on such
merger, amalgamation or consolidation, the members of the Company as of such
record date; (iii) the Company either individually or in conjunction with one or
more subsidiaries of the Company, sells, conveys, transfers or leases, or the
subsidiaries of the Company sell, convey, transfer or lease, all or
substantially all of the property of the Company and the subsidiaries of the
Company, taken as a whole (either in one transaction or a series of related
transactions), including Capital Stock of the subsidiaries of the Company, to
any Person (other than a Wholly Owned Subsidiary); (iv) the liquidation or
dissolution of the Company; or (v) the first day on which a majority of the
individuals who constitute the board of directors of the Company are not
Continuing Directors. For purposes of this definition, "Voting Stock" means,
with respect to any Person, securities of any class or classes of Capital Stock
in such Person entitling the holders thereof (whether at all times or at the
times that such class of Capital Stock has voting power by reason of the
happening of any contingency) to vote in the election of members of the board of
directors (or comparable body) of such Person; "Person" means any individual,
corporation, limited liability company, partnership, joint venture, joint stock
company, unincorporated organization or government or any agency or political
subdivision thereof; "Capital Stock" in any Person means any and all shares,
interests, participations or other equivalents in the equity interest (however
designated) in such Person and any rights (other than debt securities
convertible into an equity interest), warrants or options to acquire an equity
interest in such Person; "Wholly Owned Subsidiary" means any subsidiary of the
Company of which 100 percent of the total Voting Stock (other than directors'
qualifying shares) is at the time owned by the Company, either directly or
indirectly through ownership of one or more subsidiaries of the Company; and
"Continuing Director" means an individual who (A) is a member of the board of
directors of the Company and (B) either (I) was a member of the board of
directors of the Company on the Effective Date or (II) whose nomination for
election or election to the board of directors of the Company was approved by a
vote of at least 66-2/3 percent of the Continuing Directors who were members of
the board of directors of the Company at the time of such nomination or
election.

         4. Escrow Agreement. In accordance with Section 20(b) of the Plan, the
Committee has approved the form of Escrow Agreement and prescribed its use
hereunder in order to enforce the restrictions, terms and conditions applicable
to the Restricted Shares.

         5. Rights as Member. Upon the issuance of a certificate or certificates
representing the Restricted Shares to Executive, Executive shall become the
owner thereof for all purposes and shall

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have all rights as a member of the Company, including, without limitation,
voting rights and the right to receive dividends and distributions, with respect
to the Restricted Shares, subject to the forfeiture provisions hereof and the
following provisions of this Section 5. If the Company shall pay or declare a
dividend or make a distribution of any kind, whether due to a reorganization,
recapitalization or otherwise, with respect to the Ordinary Shares constituting
the Restricted Shares, then the Company shall pay or make such dividend or other
distribution with respect to the Restricted Shares.

         6. Agreements Regarding Withholding Taxes.

         (a) Executive may elect, within 30 days of the Effective Date and on
notice to the Company, to realize income for United States federal income tax
purposes equal to the fair market value of the Restricted Shares on the date of
award, which shall be the Effective Date. In such event, Executive shall make
arrangements satisfactory to the Committee to pay in the year of such award any
United States federal, state or local taxes required to be withheld with respect
to such shares. If Executive fails to make such payments, the Company and its
subsidiaries shall, to the extent permitted by law, have the right to deduct in
the year of such award any United States federal, state or local taxes of any
kind required by law to be withheld with respect to such Ordinary Shares.

         (b) (i) No later than the date of the lapse of the restrictions on any
of the Restricted Shares set forth herein, Executive will pay to the Company or
its subsidiaries, or make arrangements satisfactory to the Committee regarding
payment of, any United States federal, state or local taxes of any kind required
by law to be withheld with respect to the Restricted Shares with respect to
which such restrictions have lapsed.

         (ii) Executive shall, to the extent permitted by law, have the right to
deliver to the Company or its subsidiaries Restricted Shares to which Executive
shall be entitled upon the vesting thereof (or other Ordinary Shares owned by
Executive), valued at the fair market value of such shares at the time of such
delivery to the Company or its subsidiaries, to satisfy the obligation of
Executive under Section 6(b)(i) of this Agreement.

         (iii) If Executive does not otherwise satisfy the obligation of
Executive under Section 6(b)(i) of this Agreement, then the Company and its
subsidiaries shall, to the extent permitted by

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law, have the right to deduct from any payments of any kind otherwise due to
Executive any United States federal, state or local taxes of any kind required
by law to be withheld with respect to the Restricted Shares with respect to
which the restrictions on the Restricted Shares set forth herein have lapsed.

         7. Non-Assignability. The Award is not assignable or transferable by
Executive.

         8. Newly-Issued Ordinary Shares. The Ordinary Shares awarded to
Executive as the Restricted Shares shall be newly-issued Ordinary Shares of the
Company.

         9. Capital Adjustments. If any of the following events shall occur at
any time while the Award is outstanding and any Restricted Shares have not
either become vested or been forfeited, the following adjustments shall be made
in the number of Ordinary Shares then constituting the Restricted Shares under
the Award, as appropriate:

         (a) Share Dividend or Split; Combination. If the Company pays a
dividend on its outstanding Ordinary Shares in Ordinary Shares or subdivides its
outstanding Ordinary Shares into a greater number of Ordinary Shares, the number
of Ordinary Shares then subject to the Award shall be proportionately increased.
Conversely, if the outstanding Ordinary Shares are combined into a smaller
number of Ordinary Shares, the number of Ordinary Shares then subject to the
Award shall be proportionately reduced. An adjustment made pursuant to this
Section 9(a) shall become effective as of the record date in the case of a
dividend and shall become effective immediately after the effective date in the
case of a subdivision or combination.

         (b) Recapitalization or Reorganization. In case of any recapitalization
or reclassification of the Ordinary Shares, or any merger, amalgamation or
consolidation of the Company with or into one or more other corporations, or any
sale of all or substantially all the assets of the Company, as a result of which
the holders of the Ordinary Shares receive other stock, securities or property
in lieu of or in addition to, but on account of, their Ordinary Shares, the
Company shall make or cause to be made lawful and adequate provision whereby,
upon the vesting of the Award after the record date for the determination of the
holders of Ordinary Shares entitled to receive such other stock, securities or
property, the Executive shall receive, in addition to the Ordinary Shares with
respect to which the Award has vested, the shares of stock, securities or other
property which would have been allocable to such Ordinary Shares had the Award
vested immediately prior to such record date. The subdivision or combination of
Ordinary Shares at any time outstanding into a greater or smaller number of
Ordinary Shares shall not be deemed to be a recapitalization or reclassification
of the Ordinary Shares for the purposes of this Section 9(b).

         10. Legend. Each certificate representing Restricted Shares shall
conspicuously set forth on the face or back thereof, in addition to any legends
required by applicable law or other agreement, a legend in substantially the
following form:

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         THE ORDINARY SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED
         PURSUANT TO THE TERMS OF THE NOBLE CORPORATION 1991 STOCK OPTION AND
         RESTRICTED STOCK PLAN AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
         DISCOUNTED, EXCHANGED, PLEDGED OR OTHERWISE ENCUMBERED OR DISPOSED OF
         IN ANY MANNER EXCEPT AS SET FORTH IN THE TERMS OF THE AGREEMENT
         EMBODYING THE AWARD OF SUCH SHARES DATED _____________, 200___. A COPY
         OF SUCH PLAN AND AGREEMENT IS ON FILE IN THE OFFICES OF THE
         CORPORATION.

         11. Defined Terms; Plan Provisions. Unless the context clearly
indicates otherwise, the capitalized terms used (and not otherwise defined) in
this Agreement shall have the meanings assigned to them under the provisions of
the Plan. By execution of this Agreement, Executive agrees that the Award and
the Restricted Shares shall be governed by and subject to all applicable
provisions of the Plan. This Agreement is subject to the Plan, and the Plan
shall govern where there is any inconsistency between the Plan and this
Agreement.

         12. Governing Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Texas, without regard
to the principles of conflicts of laws thereof, except to the extent Texas law
is preempted by Federal law of the United States or by the laws of the Cayman
Islands.

         13. Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective heirs, personal
representatives, successors and permitted assigns.

         14. Entire Agreement; Amendment. This Agreement, together with any
Schedules and Exhibits and any other writings referred to herein or delivered
pursuant hereto, constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and supersedes all prior agreements
and understandings, whether written or oral, between the parties with respect to
the subject matter hereof. To the fullest extent provided by applicable law,
this Agreement may be amended, modified and supplemented by mutual consent of
the parties hereto at any time, with respect to any of the terms contained
herein, in such manner as may be agreed upon in writing by such parties.

         15. Notices. All notices and other communications hereunder shall be in
writing and shall be deemed given if directed in the manner specified below, to
the parties at the following addresses and numbers:

         (a) If to the Company, when delivered by hand, confirmed fax or mail
(registered or certified mail with postage prepaid) to:

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                           Noble Corporation
                           13135 S. Dairy Ashford, Suite 800
                           Sugar Land, Texas  77478
                           Attention:    Chief Executive Officer
                           Fax:    281-491-2398

                           With a copy to:

                           Chairman of Compensation Committee
                           c/o Noble Corporation
                           13135 S. Dairy Ashford, Suite 800
                           Sugar Land, Texas  77478
                           Fax:  281-276-6316

         (b) If to Executive, when delivered by hand, confirmed fax or mail
(registered or certified mail with postage prepaid) to:

                           The address and number, if any, set forth opposite
                           Executive's signature below

Either party may at any time give to the other notice in writing of any change
of address of the party giving such notice and from and after the giving of such
notice the address or addresses therein specified will be deemed to be the
address of such party for the purposes of giving notice hereunder.

         16. Severability. If any provision of this Agreement is held to be
unenforceable, this Agreement shall be considered divisible and such provision
shall be deemed inoperative to the extent it is deemed unenforceable, and in all
other respects this Agreement shall remain in full force and effect; provided,
however, that if any such provision may be made enforceable by limitation
thereof, then such provision shall be deemed to be so limited and shall be
enforceable to the maximum extent permitted by applicable law.

         17. Counterparts. This Agreement may be executed by the parties hereto
in any number of counterparts, each of which shall be deemed an original, but
all of which shall constitute one and the same agreement. Each counterpart may
consist of a number of copies hereof each signed by less than all, but together
signed by all, the parties hereto.

         18. Descriptive Headings. 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.

         19. Gender. Pronouns in masculine, feminine and neuter genders shall be
construed to include any other gender, and words in the singular form shall be
construed to include the plural and vice versa, unless the context otherwise
requires.

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         20. References. 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.
Whenever the words "include," "includes" and "including" are used in this
Agreement, such words shall be deemed to be followed by the words "without
limitation."

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

                                           NOBLE CORPORATION

                                           By:
                                              ----------------------------------
                                           Name:
                                           Title:

Address and fax number, if any:            -------------------------------------
                                           Name of Executive:
13135 S. Dairy Ashford, Suite 800
Sugar Land, Texas  77478
Fax: 281-276-6316

                                       9
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                                                                      SCHEDULE I

                                NOBLE CORPORATION

                               RESTRICTED PERIODS
                    FOR AWARD OF TIME-VESTED RESTRICTED STOCK

         The Committee has determined that the following specified restricted
time periods shall be applicable to the Award of Restricted Shares represented
hereby:

1.       RESTRICTED PERIODS.

         (i)      ______________ of the awarded shares shall vest and no longer
                  be subject to forfeiture on the _______ anniversary of the
                  Effective Date (or if such date is not a business day, the
                  business ay immediately preceding such date); and

         (ii)     _______________ of the awarded shares shall vest and no longer
                  be subject to forfeiture on the ________ anniversary of the
                  Effective Date (or if such date is not a business day, the
                  business day immediately preceding such date);

                  . . . and

         (__)     _______________ of the awarded shares shall vest and no longer
                  be subject to forfeiture on the _______ anniversary of the
                  Effective Date (or if such date is not a business day, the
                  business day immediately preceding such date).

                                      I-1

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                                                                       EXHIBIT A

                                NOBLE CORPORATION

                                ESCROW AGREEMENT
                     FOR TIME-VESTED RESTRICTED STOCK AWARD

         THIS ESCROW AGREEMENT, made as of the _____ day of ___________,
200____, by and among Noble Corporation, a Cayman Islands exempted company
limited by shares (the "Company"), __________________ ("Executive"), and the
Company, as escrow agent (the "Escrow Agent"), pursuant to a Restricted Stock
Agreement dated of even date herewith (the "Restricted Stock Agreement") between
the Company and Executive;

                              W I T N E S S E T H:

         WHEREAS, the Company and Executive desire the Escrow Agent to serve as
Escrow Agent for the Deposit Shares (as hereinafter defined) as contemplated by
Section 1 of the Restricted Stock Agreement, and the Escrow Agent is willing to
serve as Escrow Agent pursuant to the provisions hereof; and

         WHEREAS, the Restricted Stock Agreement requires that an Escrow
Agreement in the form hereof be entered into by the parties hereto;

         NOW, THEREFORE, in consideration of the premises and mutual covenants
and agreements herein contained, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

         1. Defined Terms. Each capitalized term used herein and not otherwise
defined shall have the meaning accorded thereto in the Restricted Stock
Agreement.

         2. Deposit of Shares. In order to enforce the restrictions, terms and
conditions, including forfeiture, applicable to the Award of Restricted Shares
to Executive pursuant to the Restricted Stock Agreement, concurrent with the
signing of the Restricted Stock Agreement, Executive has deposited or caused to
be deposited with the Escrow Agent the Restricted Shares, together with stock
powers duly endorsed in blank by Executive. The shares so deposited with the
Escrow Agent and such stock powers are referred to herein collectively as the
"Deposit Shares." The Deposit Shares shall be registered in the name of
Executive.

         3. Term. The Deposit Shares shall be held by the Escrow Agent in
accordance with the terms of this Agreement from the date of deposit until the
Deposit Shares have been disposed of by Escrow Agent in accordance with this
Agreement.

                                      A-1
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         4. Disposition of the Deposit Shares.

         (a) Upon receipt by the Escrow Agent at any time of joint written
instructions from the Committee and Executive, the Escrow Agent will deliver the
Deposit Shares in accordance with such instructions.

         (b) Upon receipt by Escrow Agent of the Committee's notice that (i) a
number of the Restricted Shares specified in such notice has been forfeited by
Executive (the "Forfeited Shares") and the Company is entitled to delivery of
the Forfeited Shares pursuant to the Restricted Stock Agreement and (ii) the
certificate representing the Deposit Shares, together with the stock powers duly
endorsed in blank by Executive, should be delivered to the Company, Escrow Agent
shall promptly deliver the certificate representing the Deposit Shares and such
stock powers to the Company. If the number of the Forfeited Shares is less than
the number of the Deposit Shares then held in escrow hereunder, then the Company
shall cause a new certificate to be issued for the remaining number of Deposit
Shares represented by the certificate delivered to the Company and returned to
the Escrow Agent to be held pursuant to the terms of this Escrow Agreement.

         (c) Upon receipt by Escrow Agent of the Committee's notice that (i) a
number of the Restricted Shares specified in such notice has become vested in
Executive (the "Vested Shares") and Executive is entitled to delivery of the
Vested Shares pursuant to the Restricted Stock Agreement and (ii) the
certificate representing the Deposit Shares should be delivered to Executive,
Escrow Agent shall promptly deliver the certificate representing the Vested
Shares to Executive. If the number of the Vested Shares is less than the number
of the Deposit Shares then held in escrow hereunder, then Executive shall cause
a new certificate to be issued for the remaining number of Deposit Shares
represented by the certificate delivered to Executive and returned to the Escrow
Agent to be held pursuant to the terms of this Escrow Agreement.

         (d) The Escrow Agent shall not be required to inquire or make any
investigation beyond the bounds of this Escrow Agreement in delivering all or
any of the Deposit Shares.

         5. Certain Agreements of the Company and Executive.

         (a) The Company agrees with Executive to give the Escrow Agent prompt
notice in accordance with Section 4(c) of this Escrow Agreement in the event of
vesting of all or any of the Deposit Shares pursuant to the Restricted Stock
Agreement.

         (b) Executive acknowledges (i) that the disposition of the Deposit
Shares pursuant to Section 4(b) or 4(c) of this Escrow Agreement may be made
upon the unilateral action of the Committee, (ii) that even in the event
Executive disagrees with the Committee's notice or makes objection to the Escrow
Agent with respect thereto, the Escrow Agent shall nevertheless be required to
dispose of the Deposit Shares in accordance with the Committee's notice and
(iii) that any claim or remedy with respect to any dispute Executive has
concerning the delivery of all or any of the Deposit Shares to the Company
pursuant to this Escrow Agreement or otherwise concerning the

                                      A-2
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Restricted Stock Agreement shall be raised only against the Company so long as
the Escrow Agent acts in good faith.

         (c) The Company and Executive hereby jointly and severally agree to
indemnify, defend and hold harmless the Escrow Agent from and against any and
all losses, damages, liabilities and expenses that may be incurred by the Escrow
Agent arising out of or in connection with its performance of its duties as
Escrow Agent hereunder in accordance with the terms hereof, including any legal
costs and expenses of defending itself against any claims or liabilities,
including, without limitation, its good faith disbursement of Deposit Shares
pursuant to this Escrow Agreement.

         6. Escrow Agent.

         (a) The Escrow Agent shall not be required to use its own funds in the
performance of any of its duties, or in the exercise of any of its rights or
powers, with respect to the Deposit Shares.

         (b) The Escrow Agent may confer with its counsel with respect to any
question relating to its duties or responsibilities hereunder and it shall not
be liable for any act done or omitted by it in good faith on advice of counsel.
It shall be protected in acting upon any certificate, statement, request,
consent, agreement or other instrument whatsoever (not only as to its due
execution or the validity and effectiveness of its provisions, but also as to
the truth and acceptability of any information therein contained) which it shall
in good faith believe to be valid and to have been signed or presented by a
proper person or persons. The Escrow Agent shall not be bound by any notice of a
claim, or demand with respect thereto, or any waiver, modification, amendment,
termination or rescission of this Escrow Agreement, unless in writing received
by it, and if the duties of the Escrow Agent herein are affected, unless it
shall have given its prior written consent thereto. The Escrow Agent shall not
be liable or responsible for anything done or omitted to be done by it in good
faith, it being understood that its liability hereunder shall be limited solely
to gross negligence or willful misconduct on its part.

         7. Notices. All notices and other communications hereunder shall be in
writing and shall be deemed given if directed in the manner specified below, to
the parties at the following addresses and numbers

         (a) If to the Company, when delivered by hand, confirmed fax or mail
(registered or certified mail with postage prepaid) to:

                                      A-3
<PAGE>

                           Noble Corporation
                           13135 S. Dairy Ashford, Suite 800
                           Sugar Land, Texas  77478
                           Attention:  Chief Executive Officer
                           Fax:  281-491-2398

                           With a copy to:

                           Chairman of Compensation Committee
                           c/o Noble Corporation
                           13135 S. Dairy Ashford, Suite 800
                           Sugar Land, Texas  77478
                           Fax:  281-276-6316

         (b) If to Executive, when delivered by hand, confirmed fax or mail
(registered or certified mail with postage prepaid) to:

                           The address and number, if any, set forth opposite
                           Executive's signature on the Restricted Stock
                           Agreement

         (c) If to the Escrow Agent, when delivered by hand, confirmed fax or
mail (registered or certified mail with postage prepaid) to:

                           Noble Corporation
                           13135 S. Dairy Ashford, Suite 800
                           Sugar Land, Texas  77478
                           Attention: Escrow - Restricted Stock Award
                           Fax:  281-276-6316

Any party may at any time give to the others notice in writing of any change of
address of the party giving such notice and from and after the giving of such
notice the address or addresses therein specified will be deemed to be the
address of such party for the purposes of giving notice hereunder.

         8. Assignment; Binding Effect. This Escrow Agreement is not assignable
by the Escrow Agent and shall be binding upon and inure to the benefit of the
parties hereto, and their respective heirs, personal representatives, successors
and permitted assigns.

         9. Governing Law. This Escrow Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Texas,
without regard to the principles of conflicts of laws thereof, except to the
extent Texas law is preempted by Federal law of the United States or by the laws
of the Cayman Islands.

                                      A-4
<PAGE>

         10. Termination. This Escrow Agreement shall be terminated only upon
the delivery of all the Deposit Shares either to Executive as Vested Shares or
to the Company as Forfeited Shares, as the case may be, in accordance with the
provisions hereof.

                                      A-5
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Escrow Agreement as
of the date first above written.

                                           NOBLE CORPORATION

                                           By:
                                              ----------------------------------
                                           Name:
                                           Title:

                                           -------------------------------------
                                           Name of Executive:

                                           NOBLE CORPORATION,
                                           as Escrow Agent

                                           By:
                                              ----------------------------------
                                           Name:
                                           Title:

                                      A-6<PAGE>

                                                                    EXHIBIT 10.4

                                NOBLE CORPORATION

                              NON-EMPLOYEE DIRECTOR
                       NONQUALIFIED STOCK OPTION AGREEMENT

         THIS NON-EMPLOYEE DIRECTOR NONQUALIFIED STOCK OPTION AGREEMENT (this
"Agreement"), made and entered into this ____ day of _____, 200_, by and between
NOBLE CORPORATION, a Cayman Islands exempted company limited by shares (the
"Company"), and _______________ ("Director");

                              W I T N E S S E T H:

         WHEREAS, the Board has adopted and the members of the Company have
approved and ratified the Amended and Restated Noble Corporation 1992
Nonqualified Stock Option and Restricted Share Plan for Non-Employee Directors,
as amended (the "Plan"), which provides for the automatic grant of nonqualified
stock options to each Non-Employee Director of the Company; and

         WHEREAS, pursuant to the Plan and subject to and upon the terms and
conditions herein provided, this Agreement evidences the grant of an option
under the Plan to Director, who currently serves as a Non-Employee Director of
the Company;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound, do hereby agree as follows:

         1. Grant of Option and Option Period. The Company hereby grants to
Director as of the date of this Agreement (the "Grant Date"), subject to the
provisions of Section 2 hereof and as hereinafter set forth, an option (the
"Option") to purchase [10,000][2,000] ordinary shares, par value US $0.10 per
share, of the Company ("Ordinary Shares") at the price of $_____ per share, at
any time or (with respect to partial exercises) from time to time during a
period (a) commencing upon the earlier of (i) the first anniversary of the Grant
Date and (ii) the day immediately prior to the date of the 200_ annual general
meeting of members, provided that the date of the 200_ annual general meeting of
members is at least 355 days after the Grant Date and (b) ending on ________,
201_ (the "Option Period"). The Option is a nonqualified stock option and is not
intended to qualify as an "incentive stock option" within the meaning of Section
422(b) of the Internal Revenue Code of 1986, as amended (the "Code").

         2. Termination of Service. Any provision of Section 1 hereof to the
contrary notwithstanding:

                  (a) If Director ceases to be a member of the Board on account
         of Director's (i) fraud or intentional misrepresentation or (ii)
         embezzlement,

                                        1
<PAGE>

         misappropriation or conversion of assets or opportunities of the
         Company or any direct or indirect majority-owned subsidiary of the
         Company, then the Option shall automatically terminate and be of no
         further force or effect as of the date Director ceases to be a member
         of the Board;

                  (b) If Director shall die during the Option Period while a
         member of the Board (or during the additional five-year period provided
         by paragraph (c) of this Section 2), the Option may be exercised, to
         the extent that Director was entitled to exercise it at the date of
         Director's death, within five years after such death (if otherwise
         within the Option Period), but not thereafter, by the executor or
         administrator of the estate of Director or by the person or persons who
         shall have acquired the Option directly from Director by bequest or
         inheritance; and

                  (c) If Director ceases to be a member of the Board for any
         reason (other than the circumstances specified in paragraphs (a) and
         (b) of this Section 2) within the Option Period, the Option may be
         exercised, to the extent Director was able to do so at the date of
         termination of the directorship, within five years after such
         termination (if otherwise within the Option Period), but not
         thereafter.

         3. Agreement of Director. As consideration for the Company's grant of
the Option, Director agrees to continue to serve the Company as a director at
the pleasure of the Company's members for a continuous period through the
earlier of (i) the first anniversary of the Grant Date and (ii) the day
immediately prior to the next annual general meeting of members following the
Grant Date at the retainer rate and fee schedule, if any, in effect as of the
date hereof or at such changed rate or schedule as the Company from time to time
may establish; provided, that nothing in the Plan or in this Agreement shall
confer upon Director any right to continue as a member of the Board.

         4. Exercise of Option. The Option may be exercised by written notice
signed by Director and delivered to the President of the Company or sent by
United States registered or certified mail, postage prepaid, addressed to the
Company (to the attention of its President) at its corporate office in Sugar
Land, Texas. Such notice shall state the number of Ordinary Shares as to which
the Option is exercised and shall be accompanied by the full amount of the
purchase price of such Ordinary Shares, in cash or by check; provided, however,
that at the request of Director and to the extent permitted by applicable law,
the Company shall approve reasonable arrangements with Director and a brokerage
firm under which Director may exercise the Option by properly delivering notice
of exercise, together with such other documents as the Company shall require,
and the Company shall, upon payment in full by cash or check of the purchase
price and any other amounts due in respect of such exercise, deliver to
Director's brokerage firm one or more certificates representing Ordinary Shares
issued in respect of such exercise. Any such notice shall be deemed given on the
date on which the same was deposited in a regularly maintained receptacle for
the deposit of United States mail, addressed and sent as above-stated, or, in
the case of hand delivery, on the date of delivery to the President of the
Company. Promptly after demand by the Company, Director

                                       2
<PAGE>

shall pay to the Company an amount equal to applicable withholding taxes, if
any, due in connection with the exercise of the Option. In the event of
Director's death, the executor or administrator of Director's estate (or anyone
who shall have acquired the Option by will or pursuant to the laws of descent
and distribution) may exercise the Option in accordance with the provisions of
this Agreement.

         5. Delivery of Certificates Upon Exercise of the Option. Delivery of a
certificate or certificates representing the purchased Ordinary Shares shall be
made 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 Ordinary Shares under any law or governmental rule
or regulation that it deems desirable or necessary.

         6. Adjustments Upon Changes in Ordinary Shares. In the event that
before delivery by the Company of all the Ordinary Shares in respect of which
the Option is granted, the Company shall have effected an Ordinary Share split
or dividend payable in Ordinary Shares, or the outstanding Ordinary Shares of
the Company shall have been combined into a smaller number of Ordinary Shares,
the Ordinary Shares still subject to the Option shall be increased or decreased
to reflect proportionately the increase or decrease in the number of Ordinary
Shares outstanding, and the purchase price per Ordinary Share shall be decreased
or increased so that the aggregate purchase price for all the then optioned
Ordinary Shares shall remain the same as immediately prior to such split,
dividend or combination. In the event of a reclassification of Ordinary Shares
not covered by the foregoing, or in the event of a liquidation, separation or
reorganization, including a merger, consolidation or sale of assets, the Board
shall make such adjustments, if any, as it may deem appropriate in the number,
purchase price and kind of Ordinary Shares still subject to the Option.

         7. Transferability.

                  (a) Except as otherwise provided in Section 7(b) below, the
         Option evidenced hereby is not transferable otherwise than (i) by will
         or by the laws of descent and distribution, or the rules thereunder, or
         (ii) pursuant to a qualified domestic relations order as defined in the
         Code or Title I of the Employee Retirement Income Security Act of 1974,
         as amended, and may be exercised during the lifetime of Director only
         by Director.

                  (b) Notwithstanding Section 7(a), the Option evidenced hereby
         may be transferred, in whole or in part, by Director (i) by gift to the
         Immediate Family Members (as defined in Section 7(c) below) of
         Director, partnerships whose only partners are Director or the
         Immediate Family Members of Director, limited liability companies whose
         only shareholders or members are Director or the Immediate Family
         Members of Director, and trusts established solely for the benefit of
         Director or the Immediate Family Members of Director, or (ii) to any
         other persons or entities in the discretion of the Board; provided,
         that any subsequent

                                       3
<PAGE>

         transfers of a transferred Option shall be prohibited except those in
         accordance with Section 7(a)(i). Following transfer, any such Option
         shall continue to be subject to the same terms and conditions as were
         applicable immediately prior to transfer; provided, that for purposes
         of this Agreement, the term "Director" (except as used in the next
         succeeding sentence) shall be deemed to refer to the transferee. The
         events of any termination of association set forth in Section 2 above
         shall continue to be applied with respect to Director, following which
         any transferred Options shall be exercisable by the transferee only to
         the extent, and for the periods, specified in Section 2 above.

                  (c) "Immediate Family Members" as used in this Agreement shall
         have the meaning assigned thereto under the Plan, i.e., the spouse,
         former spouse, children (including stepchildren) or grandchildren of an
         individual.

         8. Construction. This Agreement shall be governed by, subject to and
construed in accordance with all the provisions of the Plan.

         9. Defined Terms. Unless the context clearly indicates otherwise, the
words and phrases used in this Agreement shall have the meanings assigned to
them under the provisions of the Plan.

         10. Applicable Law. All questions arising with respect to the
provisions of this Agreement shall be determined by application of the laws of
the State of Texas except to the extent preempted by the laws of the United
States or the Cayman Islands.

                                       4
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.

                                           The "Company"

                                           NOBLE CORPORATION

                                           By:
                                              ----------------------------------

                                           Name:
                                           Title:

                                           "Director"

                                           -------------------------------------
                                           (Signature)

                                           -------------------------------------
                                           (Printed Name)

                                       5

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