Document:

exv10w2

 

Exhibit 10.2

NOBLE CORPORATION

TIME-VESTED RESTRICTED STOCK AGREEMENT

     THIS AGREEMENT, made as of the            day of                     , 20     , by and between NOBLE
CORPORATION, a Cayman Islands exempted company limited by shares (the “Company”), and
                                                             (“Employee”);

WITNESSETH:

     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 Employee 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 Employee 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 Employee, subject to forfeiture as herein provided, without the payment of any cash
consideration by Employee. A certificate representing the Restricted Shares shall be issued in the
name of Employee as of the Effective Date and delivered to Employee on the Effective Date or as
soon thereafter as practicable. Employee shall cause the certificate representing the Restricted
Shares, upon receipt thereof by Employee, 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 Employee 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 Employee upon vesting, the Restricted Shares shall not be
sold, assigned, transferred, discounted, exchanged, pledged or otherwise encumbered or disposed of
by Employee 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 Employee by the Company or an Affiliate from the date of this Agreement to the
applicable date of vesting.

     (b) The shares shall vest in Employee in accordance with the restricted periods set forth on
Schedule I hereto, and Employee 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 Employee by the Company or an Affiliate terminates at any time except
on account of (i) death or Disability of Employee 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 or Disability of Employee or (ii) a
Change in Control of the Company (whether with or without termination of employment of Employee 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) Employee 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:

     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

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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 Employee, Employee shall become the owner thereof for all purposes and shall
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.

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      6. Agreements Regarding Withholding Taxes.

     (a) Employee 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, Employee
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
Employee 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, Employee will make arrangements satisfactory to the Committee regarding
payment of any United States federal, state or local taxes (or foreign 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) (A) Unless and until the Committee shall determine otherwise and provide notice to
Employee in accordance with Section 6(b)(ii)(B) of this Agreement, Employee shall satisfy the
obligation of Employee under Section 6(b)(i) of this Agreement by delivery to the Company or its
subsidiaries of Restricted Shares to which Employee shall be entitled upon the vesting thereof,
valued at the fair market value of such shares at the time of such delivery to the Company or its
subsidiaries.

     (B) The Committee may determine, after the Effective Date and on notice to the Employee, to
authorize one or more arrangements (in addition to the arrangement prescribed in Section
6(b)(ii)(A) of this Agreement) satisfactory to the Committee for Employee to satisfy the obligation
of Employee under Section 6(b)(i) of this Agreement.

     (iii) If Employee does not, for whatever reason, satisfy the obligation of Employee under
Section 6(b)(i) of this Agreement, then the Company and its subsidiaries shall, to the extent
permitted by law, have the right to deduct from any payments of any kind otherwise due to Employee
any United States federal, state or local taxes (or foreign taxes) of any kind required by law to
be withheld with respect to the Restricted Shares with respect to which the restrictions set forth
herein have lapsed.

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

     8. Newly-Issued Ordinary Shares. The Ordinary Shares awarded to Employee 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

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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 Employee 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:

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, Employee 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.

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     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:

Noble Corporation

13135 S. Dairy Ashford, Suite 800

Sugar Land, Texas 77478

Attention: Chief Executive Officer

Fax: 281-276-6316

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 Employee, 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

Employee’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

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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.

     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 Employee have executed this Agreement as of the date first
above written.

     

	 	 	 	 	 
	 	NOBLE CORPORATION 	 
	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	 	 
	Address and fax number, if any 	

 	 
	 	Name of Employee: 	 

13135 S. Dairy Ashford, Suite 800

Sugar Land, Texas 77478

Fax: 281-276-6316

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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)	 	One-third of the awarded shares shall vest and no longer be subject to
forfeiture on the first anniversary of the Effective Date (or if such date is not a
business day, the business day immediately preceding such date); and
	 
	 	(ii)	 	One-third of the awarded shares shall vest and no longer be subject to
forfeiture on the second anniversary of the Effective Date (or if such date is not a
business day, the business day immediately preceding such date); and
	 
	 	(iii)	 	One-third of the awarded shares shall vest and no longer be subject to
forfeiture on the third anniversary of the Effective Date (or if such date is not a
business day, the business day immediately preceding such date).

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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 ______, 20___, by and among Noble
Corporation, a Cayman Islands exempted company limited by shares (the “Company”),
________________________(“Employee”), 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 Employee;

WITNESSETH:

     WHEREAS, the Company and Employee 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 Employee pursuant to the Restricted
Stock Agreement, concurrent with the signing of the Restricted Stock Agreement, Employee has
deposited or caused to be deposited with the Escrow Agent the Restricted Shares, together with
stock powers duly endorsed in blank by Employee. 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 Employee.

     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.

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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 Employee, 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 Employee (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 Employee, 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 Employee (the “Vested Shares”) and Employee 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 Employee, Escrow Agent shall
promptly deliver to Employee a certificate representing the number of Vested Shares (with cash in
lieu of any fractional share) not required to satisfy the payment of any tax withholding obligation
of Employee under the Restricted Stock Agreement. If the number of the Vested Shares is less than
the number of the Deposit Shares then held in escrow hereunder, then Employee shall cause a new
certificate to be issued for the remaining number of Deposit Shares represented by the certificate
delivered to Employee 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 Employee.

     (a) The Company agrees with Employee 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) Employee 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 Employee 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 Employee has concerning the delivery of all or any of the Deposit
Shares to the Company pursuant to this Escrow Agreement or otherwise concerning the
Restricted Stock Agreement shall be raised only against the Company so long as the Escrow
Agent acts in good faith.

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     (c) The Company and Employee 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:

Noble Corporation

13135 S. Dairy Ashford, Suite 800

Sugar Land, Texas 77478

Attention: Chief Executive Officer

Fax: 281-276-6316

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

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     (b) If to Employee, 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

Employee’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.

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

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

	 	 	 	 	 
	 	NOBLE CORPORATION

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	
 	 
	 	Name of Employee: 	 
	 	 	 
	 
	 	NOBLE CORPORATION,

as Escrow Agent

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-5exv10w1

 

Exhibit 10.1

2008 Management Incentive Compensation Plan

 

 

CONFIDENTIAL

2008 Management Incentive Compensation Plan

	1.	 	Purpose of the Plan
	 
	 	 	The Management Incentive Compensation Plan (the “Plan”) is designed to offer incentive
compensation to officers and employees (the “Associates”) of Micromet, Inc. and its
subsidiary Micromet AG (collectively, “Micromet”) by rewarding the achievement of corporate
goals and specifically measured individual goals that are consistent with and support overall
corporate goals. The Plan will create an environment that will focus Associates on the
achievement of objectives. Since cooperation between departments and Associates will be
required to achieve corporate objectives that represent a significant portion of the
incentive compensation paid under the Plan, the Plan should help foster improved teamwork and
a more cohesive management team. The Plan is designed to:

	 	•	 	Provide an incentive program to achieve overall corporate objectives and to enhance
shareholder value
	 
	 	•	 	Reward those individuals who significantly impact corporate results
	 
	 	•	 	Encourage increased teamwork among all disciplines within Micromet
	 
	 	•	 	Incorporate an incentive program in the overall compensation program of Micromet to
help attract and retain key Associates

	2.	 	Plan Governance
	 
	 	 	The President and CEO of Micromet, Inc. (the “Chief Executive Officer”) will be responsible
for the administration of the Plan for Associates of Micromet, Inc. and the Vorstand of
Micromet AG (“Executive Management Board”) will be responsible for the administration of the
Plan for Associates of Micromet AG, except that the Compensation Committee (the “Committee”)
of the Board of Directors of Micromet, Inc. (the “Board”) will be responsible for approving
any incentive awards to officers of Micromet, Inc. and for determining and approving any
incentive awards to the Chief Executive Officer.
	 
	3.	 	Eligibility
	 
	3.1.	 	The Associates who may be eligible to participate in the Plan shall be selected at the sole
discretion of Micromet (each such Associate a “Plan Participant”).
	 
	3.2.	 	In order to be eligible to receive any incentive award under this Plan, an Associate (a) must
have been in an eligible position for at least three (3) consecutive months during the Plan
year; (b) must not be a Part-time Associate; (c) must have had at least an acceptable, “Meets
Standard” (3.0 or higher) rating on his or her most recent performance review; and (d) if the
Associate has been on probation for performance or other issues at any time during the Plan
year or during the period from the end of the Plan year until the time at which bonus
determinations are made, any award to such individual must be approved by and will be subject
to the discretion of the Committee for Associates of Micromet, Inc. and the Vorstand (or
Executive Management Board) of Micromet AG will be responsible for the administration of the
Plan for Associates of Micromet AG. For purposes of this Plan, part-time Associate shall be
defined as any Associate working fewer than 30 hours per week.

 

 

CONFIDENTIAL

	4.	 	Form of Incentive Award Payments
	 
	 	 	Incentive award payments may be made in cash, through the issuance of stock or stock options,
or by a
combination of cash, stock and/or stock options, at the discretion of the Committee, subject
to the approval of the Board. In the event that the Committee and the Board elect to pay
incentive awards in stock or stock options, the Committee, in its sole discretion, will make
a determination of the number of shares of stock or stock options to be issued to each Plan
Participant based, in part, upon the Plan Participant’s achievement of corporate and
individual goals, as described below. The issuance of stock and stock options may also be
subject to the approval of Micromet, Inc.’s stockholders, and any stock options issued will
be subject to the terms and conditions of Micromet, Inc.’s 2003 Equity Incentive Award Plan,
as amended from time to time by Micromet, Inc.
	 
	5.	 	Target Award Multiplier
	 
	5.1.	 	Incentive awards will be determined by applying an “achievement multiplier” to the base
salary of Plan Participants. The following target award multipliers will be used for this
purpose:

	 	 	 	 	 	 	 
	Micromet, Inc. Position	 	Micromet AG Position	 	Target Award Multiplier
	President & CEO
	 	n.a.	 	 	50	%
	Senior Vice President
	 	Vorstand	 	 	35	%
	Vice President
	 	Vorstand	 	 	35	%
	Executive Director
	 	Vice President	 	 	25	%
	Senior Director
	 	Senior Director	 	 	20	%
	Director
	 	Director	 	 	20	%
	Associate Director
	 	Associate Director	 	 	15	%
	Senior Manager
	 	Senior Manager	 	 	15	%

	5.2.	 	The target award multiplier will be used to establish the target incentive award at the
beginning of each year. The target award multiplier will be equal to the actual award
multiplier used at year-end in situations where corporate and individual objectives have been
met for the year.
	 
	6.	 	Corporate and Individual Performance
	 
	6.1.	 	Prior to or within 90 days after the beginning of the Plan year, the Chief Executive Officer
will present to the Committee a list of the overall corporate objectives for the Plan year,
which are subject to approval by the Committee and the Board of Directors of Micromet, Inc.
All participants in the Plan will then develop a list of key individual objectives, which must
be approved by the responsible Vice President and by the Chief Executive Officer for Plan
Participants of Micromet, Inc., and the responsible member of the Executive Management Board
of Micromet AG and the entire Executive Management Board for Plan Participants of Micromet AG.

 

 

CONFIDENTIAL

	6.2.	 	The Plan calls for incentive awards based on the achievement of annual corporate and
individual objectives that have been approved as indicated above. The relative weight between
corporate and individual performance factors may vary based on the individual’s level within
the organization. The weighting will be reviewed annually and may be adjusted, as necessary
or appropriate. The weighting for the Plan year will be as follows:

	 	 	 	 	 	 	 	 	 	 	 
	Micromet, Inc.	 	Micromet AG	 	Corporate	 	Individual
	President & CEO
	 	n.a.	 	 	100	%	 	 	0	%
	Senior Vice President
	 	Vorstand	 	 	75	%	 	 	25	%
	Vice President
	 	Vorstand	 	 	75	%	 	 	25	%
	Executive Director
	 	Vice President	 	 	75	%	 	 	25	%
	Senior Director
	 	Senior Director	 	 	50	%	 	 	50	%
	Director
	 	Director	 	 	50	%	 	 	50	%
	Associate Director
	 	Associate Director	 	 	25	%	 	 	75	%
	Senior Manager
	 	Senior Manager	 	 	25	%	 	 	75	%

	7.	 	Performance Measurement
	 
	 	 	The following scale will be used to determine the actual award multiplier for incentive award
calculations based upon measurement of corporate and individual performance versus
objectives. Separate payment multipliers will be established for both the individual and the
corporate components of each award. The same payment multiplier for the corporate component
of each participant’s annual award shall be used for all Plan Participants in any given year.

	 	 	 
	Performance Category	 	Award Multiplier
	1. Performance for the year met or exceeded objectives or
was excellent in view of prevailing conditions
	 	75% - 150%
	2. Performance generally met the year’s objectives or was
very acceptable in view of prevailing conditions
	 	50% - 75%
	3. Performance for the year met some, but not all,
objectives
	 	25% - 50%
	4. Performance for the year was not acceptable in view of
prevailing conditions
	 	0%

 

 

CONFIDENTIAL

	8.	 	Calculation of Cash Incentive Award
	 
	8.1.	 	The example below shows sample cash incentive award calculations under the Plan. First, a
total target award is calculated by multiplying the Plan Participant’s base salary by the
target award multiplier. This dollar figure is then divided between its corporate component
and its individual component based on the performance factor mix for that specific position.
This calculation establishes specific dollar target awards for the performance period for both
the individual and corporate components of the award.
	 
	8.2.	 	At the end of the performance period, corporate and individual award multipliers will be
established using the criteria described above. The corporate award multiplier, which is
based on overall corporate performance, is used to calculate corporate performance awards for
all Plan Participants. This is accomplished by multiplying the target corporate award
established for each individual at the beginning of the performance period by the actual award
multiplier. The individual award multiplier, which is based on an individual’s performance
against objectives, is used in the same way to calculate the actual individual performance
award.

Example:

	 	 	 	 	 	 	 	 	 
	Target Award Calculation
	 	 	 	 	 	 	 	 
	Position:
	 	     Executive Director	 	 
	Base Salary:
	 	$	120,000	 	 	 	 	 
	Target Award Multiplier:
	 	 	25	%	 	 	 	 
	Target Award (in dollars):
	 	$	30,000	 	 	 	($120,000 x 25	%)
	 
	 	 	 	 	 	 	 	 
	Weighting of Corporate and Individual Goals for Executive Directors
	Corporate goals:
	 	 	75	%	 	 	 	 
	Individual goals:
	 	 	25	%	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Maximum Target Award
	 	 	 	 	 	 	 	 
	Maximum Target Award based on corporate performance:
	 	$	22,500	 	 	 	($  30,000 x 75	%)
	Maximum Target Award based on individual performance:
	 	$	7,500	 	 	 	($  30,000 x 25	%)
	 
	 	 	 	 	 	 	 	 
	Assumed payment multipliers based on assessment of corporate and individual performance:
	Award Multiplier for Corporate Goals (performance
generally met year’s objectives)
	 	 	75	%	 	 	 	 
	Award Multiplier for Individual Goals (performance
generally exceeded objectives)
	 	 	125	%	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Actual Incentive Award
	 	 	 	 	 	 	 	 
	Corporate component
	 	$	16,875	 	 	 	($  22,500 x 75	%)
	Individual component
	 	$	9,375	 	 	 	($  7,500 x 125	%)

	9.	 	Payment of the Incentive Award
	 
	9.1.	 	Annual performance reviews for Plan Participants will be completed before March 31 of the
year following the Plan year. Payment of incentive awards will be made as soon as practicable
thereafter. Incentive award calculations will be based on the participant’s base salary as of
December 31 of the Plan year. In addition to the required review process, incentive award
payments to the President & CEO and to the Senior Vice President and CFO will be made after
the completion and issuance of Micromet, Inc.’s year-end audited Financial Statements for the
Plan year.

 

 

CONFIDENTIAL

	9.2.	 	Participants, who have been in an eligible position for less than a year, but for at least
three months, will receive a pro-rata bonus based on the number of days in an eligible
position. Participants promoted during the year from one “Target Award Multiplier” level to
another will have their incentive award calculated using their base pay on December 31 of the
Plan year. Providing the promotion occurred prior to October 1 of the Plan year, the
calculation will be pro-rated, based on the number on months at each Target Award Multiplier
level. If the promotion occurred after October 1 of the Plan year, the entire calculation
will be based on the Target Award Multiplier percentage applicable prior to the promotion.
	 
	10.	 	Termination
	 
	 	 	If a Plan Participant has given or received a notice of termination or if a Plan
Participant’s employment is terminated prior to the payment of the incentive award under this
Plan, Micromet will have sole and absolute discretion as to whether or not to pay an
incentive award. If Micromet decides to pay an incentive award to such Plan Participant,
Micromet will have sole and absolute discretion as to whether to pay the full amount or a
portion of the amount of the incentive award that may be payable to the Plan Participant in
accordance with the provisions of this Plan.
	 
	11.	 	Absolute Right to Alter or Abolish the Plan
	 
	 	 	Micromet reserves the right in its absolute discretion to abolish the Plan at any time or to
alter the terms and conditions under which incentive compensation will be paid. Such
discretion may be exercised any time before, during, and after the Plan year is completed.
No participant shall have any vested right to receive any compensation hereunder until actual
delivery of such compensation.
	 
	12.	 	Employment Duration/Employment Relationship
	 
	 	 	This Plan does not, and Micromet’s policies and practices in administering this Plan do not,
constitute a contract or other agreement concerning the duration of any participant’s
employment with Micromet. The employment relationship of each Plan Participant of Micromet,
Inc. is “at will” and may be terminated at any time by Micromet, Inc. or by the Plan
Participant, with or without cause. The employment relationship of each Plan Participant of
Micromet AG is governed by the employment agreement of the Plan Participant and applicable
German law.

 

 

CONFIDENTIAL

2008 Management Incentive Compensation Plan

Acknowledgment of Receipt

This is to acknowledge that I have received a copy of the 2008 Management Incentive Compensation
Plan.

	 	 	 	 	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	Date:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	(print)	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	(signature)	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Please return signed copy to the Human Resources Department.

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