Document:

EX-10.6

 Exhibit 10.6 
 NOBLE CORPORATION 
 2012 SHORT TERM INCENTIVE PLAN 

Section 1. Purpose 
 The success of Noble Corporation (“Noble”) and its subsidiaries (collectively, unless the context otherwise requires, the “Company”) is a result of the efforts of all key employees. In
order to focus each employee’s efforts on optimizing the Company’s overall results, operationally and financially, the Company maintains this Short Term Incentive Plan (the “Plan”) to reward employees for successful achievement
of specific goals. 
 An effective incentive plan should both align employee interests with those of shareholders and motivate
and influence employee behavior. Key positions within the Company have the ability to make a positive contribution to key factors that increase shareholder value. These factors can be quantified and measured through achievement of various financial
and operational targets, such as safety, earnings per share and cash operating margins. The objectives of using such targets in the formulation of the specific Company goals are to link an employee’s annual incentive award more closely to the
creation of shareholder wealth and to promote a culture of high performance and an environment of team work. 
 Section 2.
Participation and Eligibility 
 Full-time employees in salary classifications 18N and higher are eligible for
consideration of a bonus under the Plan, subject to the approval of the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Noble. Each such employee will be considered either a “corporate
employee” or a “division employee” for purposes of adjustment of such employee’s target bonus pursuant to Section 6. Full-time, non-exempt employees not in such salary classifications are also eligible for consideration of a
bonus under the Plan, subject to the discretion of the Committee. The Plan year shall be the calendar year. 
 To be eligible to
receive a bonus payment with respect to a Plan year, an employee must be actively employed by the Company on the last day of such Plan year and must continue to be employed through the date on which bonus payments for such Plan year are made. An
employee shall not be eligible to receive any bonus payment if the employee’s employment with the Company terminates for any reason, either voluntarily or involuntarily, before that date on which bonus payments for a Plan year are made.

 Notwithstanding the foregoing, in the event of death, disability or retirement, the employee
or estate of the former employee may receive a pro-rated payment from the Plan, at the discretion of the Committee and the Chief Executive Officer (the “CEO”). For purposes of the Plan, “disability” means any termination of
employment with the Company or an affiliate of the Company because of a long-term or total disability, as determined by the Committee and CEO, and “retirement” means a termination of employment with the Company on a voluntary basis by a
person if, immediately prior to such termination of employment, the sum of the age and the number of years of continuous service of such person with the Company (or affiliate) is equal to or greater than 60. 

The total bonus paid for a Plan year shall not be greater than the aggregate bonus accruals for all participating offices and divisions
for such Plan year. 
 Section 3. Administrative Procedures 

During the fourth quarter of each year, the Company will commence preparation of budgets and forecasts for the
succeeding Plan year. The Board will approve the budget for the Plan year not later than March 31st of such Plan year. 
 Goals for a Plan year for each of the categories in
Section 5 will be compiled by management and submitted to the Committee for approval at the first regularly scheduled Committee meeting of each new Plan year. The specific goals established for the Plan year will be set forth in an Annex II to
this Plan for such Plan year, and the Annex II hereto for each Plan year shall be incorporated into and made a part of this Plan for such Plan year. 
 If, after the establishment of goals for a Plan year, the budget changes substantially due to subsequent events, such as the acquisition or sale of assets, then the CEO shall, at his discretion, recommend
to the Committee the adjustment of the respective goals in order that they may not be adversely impacted by such an event. Any such revised goals shall be applicable to the Plan year from and after the time of their approval. 

  
 2 

 Section 4. Target Bonus 

A target bonus is determinable for each full-time employee in salary classification 18N or higher. The target bonus for an employee is an
amount equal to the employee’s salary at the end of the Plan year multiplied times the target bonus percentage assigned to such employee’s salary classification. 50 percent of this amount is eligible to be paid based on the achievement of
the stated goals under the Plan, as set forth below and on page 4, and 50 percent will be available at the discretion of the Compensation Committee based on merit, individual and team performance and additional selected criteria. Target bonus
percentages range from 10 percent to 100 percent based on salary classification, as follows: 
  

					
	 Salary Classification
	  	Target Bonus Percentage	 
	 18N
	  	 	10	% 
	 19N
	  	 	15	% 
	 20N through 22N
	  	 	20	% 
	 23N through 24N
	  	 	25	% 
	 25N
	  	 	30	% 
	 26C
	  	 	35	% 
	 27C through 28C
	  	 	40	% 
	 29C through 30C
	  	 	45	% 
	 31C through 32C
	  	 	50	% 
	 33C
	  	 	55	% 
	 33D
	  	 	60	% 
	 34C
	  	 	65	% 
	 35C
	  	 	70	% 
	 36C
	  	 	75	% 
	 37C
	  	 	80	% 
	 38C
	  	 	90	% 
	 39C
	  	 	100	% 

 Section 5. Goal Categories and Weightings 

Goals for the following categories will be approved by the Committee for each Plan year. Such goals will then be set forth in the Annex II
to this Plan for such Plan year. The relative weighting assigned to each goal will be as set forth below subject to annual review by the Committee. 
 Corporate Goals 
  

					
	 	  	Assigned Weight	 
	 1. Safety Results
	  	 	25	% 
	 2. Earnings per Share
	  	 	35	% 
	 3. Cash Operating Margin
	  	 	40	% 

  
 3 

 Operating Division Goals 

Gulf Coast, Mexico, Middle East (including India), West Africa, North Sea, Brazil and Hibernia: 

 

					
	 1. Safety Results
	  	 	35	% 
	 2. Cash Operating Margin
	  	 	65	% 

 Section 6. Adjustment of Target Bonus 

The respective employee target bonuses determined pursuant to Section 4 for a Plan year are subject to adjustment as set forth in
this Section to reflect the levels of achievement of the specific, predetermined goals for such Plan year. Any bonus multiplier achieved will be applied to the stated corporate and division goals, pursuant to the terms of the Plan. In situations
where the goal achievement calculation falls between two adjacent ranges, percentages ending in .5 or higher will round up to the next range, where as percentages below .5 will round down. In addition, a maximum bonus multiplier of 2.0 may be
applied to the discretionary portion of the STIP award, subject to the approval of the Committee and CEO, as stated in Section 7 of this document. 
 Corporate Employees. In order to promote cooperation between the corporate office and the divisions, the target bonus for a corporate employee will be weighted 25 percent for achievement of the
corporate goals, 25 percent for the cumulative average achievement of the division goals and 50 percent will be based on merit, individual and team performance and additional selected criteria, as determined by the Compensation Committee.

 Operating Division Employees. In order to promote cooperation among the operating divisions and recognition by each
division of its contribution to the Company’s overall performance, the target bonus for a division employee will be weighted 25 percent for achievement of the applicable division goals, 25 percent for achievement of the corporate goals and 50
percent will be based on merit, individual and team performance and additional selected criteria, as determined by the Compensation Committee. 
 Rig-Based Employees. The target bonus for a rig-based employee will be weighted 50 percent for achievement of safety results on an individual rig basis and 50 percent will be based on merit,
individual and team performance and additional selected criteria, as determined by the Compensation Committee. 

  
 4 

 Subject to the determination by the Board of a sufficient bonus pool for a Plan year pursuant to
Section 7, the bonus payable to an eligible employee in salary classification 18N or higher will be an amount equal to such employee’s target bonus amount multiplied times the applicable multiplier determined under the following schedule:

  

					
	 Combined Weighted
 Percentage of Goal Achievement
	  	Applicable Multiplier
to Calculate 
Bonus Payable	 
	 Greater than 160%
	  	 	2.00	  
	 141 – 160%
	  	 	1.75	  
	 131 – 140%
	  	 	1.50	  
	 121 – 130%
	  	 	1.40	  
	 106 – 120%
	  	 	1.20	  
	 96 – 105%
	  	 	1.00	  
	 76 – 95%
	  	 	.75	  
	 65 – 75%
	  	 	.50	  
	 Below 65%
	  	 	.00	  

 Section 7. Allocation of Bonus Payable 

After the end of each Plan year, the Board, in its best business judgment, will determine the total bonus pool for such Plan year, giving
due consideration to the aggregate target bonus amounts, overall Company performance, and levels of attainment of the specific, predetermined corporate or division goals for such Plan year. In determining overall Company performance, the Board will
consider the Company’s performance in relation to both the predetermined corporate and division goals and the prevailing market conditions in the industry during the Plan year. 

The total bonus pool authorized by the Board for a Plan year may be an amount equal to, less than, or greater than the aggregate amount
of the bonuses payable to all eligible employees in salary classifications 18N through 39C (the “Aggregate Calculated Pool”). 
 All eligible employees in salary classifications 18N through 39C will receive a bonus as calculated in accordance with Section 6, provided the Board has determined and authorized a total bonus pool
in an amount equal to or greater than the Aggregate Calculated Pool. If the Board authorizes a total bonus pool in an amount less than the Aggregate Calculated Pool, then the Board shall also determine the percentage of such bonus pool (which may be
any percentage up to 100 percent) that shall be allocated to the eligible employees in salary classifications 18N through 39C, and the bonuses otherwise payable to such employees, subject to the last sentence of the next succeeding paragraph, will
be prorated accordingly based on the amount so allocated. In such event, the percentage of the total bonus pool not so allocated, if any, shall be available for payment to the eligible full-time, non-exempt employees not in salary classifications
18N through 39C based upon merit. If the Board authorizes a total bonus pool in an amount greater than the Aggregate Calculated Pool, then the excess amount will be allocated to eligible full-time, non-exempt employees not in salary classifications
18N through 39C, subject to the discretion of the Committee. Managers having responsibility for recommending the allocation of bonuses to eligible full-time, non-exempt employees not in salary classifications 18N through 39C shall submit their
recommended bonus based on their performance and contributions to the Executive Vice President and the CEO for review and approval. 

  
 5 

 All bonus calculations, allocations and recommendations are subject to review and approval
by the Committee. Notwithstanding anything otherwise contained in this Plan, the Committee and the CEO (and any delegated designee of the CEO) shall have the authority to adjust individual bonus amounts as deemed to be appropriate for any reason,
including, but not limited to, company or division performance, individual employee performance, employee conduct, etc. 
 Section 8.
At-Will Employment 
 Nothing in the Plan guarantees or constitutes a contract for any specific term of employment or
otherwise limits the Company’s or an employee’s right to terminate the employment relationship for any reason at any time. 

  
 6 

 ANNEX II 
 2012 CORPORATE GOALS 
  

	1.	Safety Results 

 The
Company’s safety objective each year is to provide a strong focus on an injury free workplace. The Company’s goal, for purposes of this Plan, is to achieve an improvement in the Total Recordable Incident Rate (“TRIR”) of ten
percent or more as compared to the industry average, as evidenced by the International Association of Drilling Contractors (“IADC”). For Corporate, this goal will be measured on the cumulative safety results of all divisions. An additional
..25 adjustment factor will be added to the adjustment factor if the Company’s TRIR is the lowest in the combined relative IADC categories (i.e., U.S. Water, Canada Water, Central and South American Water, European Water, Africa Water and Middle
East Water). 
 The IADC normally publishes industry safety statistics in late February for the previous calendar year operating
period, therefore, for the purpose of this Plan, the IADC industry average will be measured over the preceding twelve month period, ending September 30, 2012. 
  

					
	 Measurement of Rate of Recordable Incidents
	  	Adjustment Factor	 
	 75 percent or greater improvement above the industry average
	  	 	1.75	  
	 50 – 74 percent improvement above the industry average
	  	 	1.50	  
	 25 – 49 percent improvement above the industry average
	  	 	1.25	  
	 10 – 24 percent improvement above the industry average
	  	 	1.00	  
	1 – 9 percent improvement above the industry average	  	 	.75	  
	 Less than one percent improvement above the industry average
	  	 	.00	  

  
 A-1

	2.	Earnings per Share 

Earnings per share (EPS) is defined as net income from continuing operations after taxes before extraordinary items, divided by the fully
diluted weighted average shares outstanding. Due to the timing of the release of earnings for fourth quarter of the Plan year, the peer groups earnings per share will be measured based on the first three quarters of published financial reports,
while the fourth quarter will be calculated based on FirstCall. Earnings per share within a range of +/- five percent of the approved budget is assigned a 1.00 adjustment factor. The Earnings per share goal is then subject to adjustment within a
range of zero, for achievement of less than 75 percent of the goal, to a factor of 1.50, for achievement of greater than 115 percent of the goal, based on the following scale: 

 

					
	 Goal Achievement Range
	  	Adjustment Factor	 
	Greater than 115%	  	 	1.50	  
	 106 – 115%
	  	 	1.25	  
	 96 – 105%
	  	 	1.00	  
	 86 – 95%
	  	 	.75	  
	 76 – 85%
	  	 	.50	  
	 Less than 75%
	  	 	.00	  

 An amount of .25 will be added to the adjustment factor if the Company’s
performance is in the top one-third of the drilling peer group1 of companies and an additional .25 (for a maximum achievement of 2.0) will be added to the adjustment factor if the Company’s performance is the best of the drilling peer group . Earnings per share
performance will be calculated on a year to year percentage change basis for both Corporate and the peer group. This calculation will compare the current Plan year to the previous year. 

 

	3.	Cash Operating Margin 

Cash operating margin is defined as contract drilling revenues less contract drilling cost including reimbursables. Due to the timing of
the release of earnings for fourth quarter of the Plan year, cash operating margin will be measured over the preceding twelve month period, ending September 30, 2012. Cash operating margin within a range of +/- five percent of the approved
budget is assigned a 1.00 adjustment factor. The cash operating margin goal is then subject to adjustment within a range of zero, for achievement of less than 75 percent of the goal, to a factor of 1.50, for achievement of greater than 115 percent
of the goal, based on the following scale: 
  

					
	 Goal Achievement Range
	  	Adjustment Factor	 
	Greater than 115%	  	 	1.50	  
	 106 – 115%
	  	 	1.25	  
	 96 – 105%
	  	 	1.00	  
	 86 – 95%
	  	 	.75	  
	 76 – 85%
	  	 	.50	  
	 Less than 75%
	  	 	.00	  

  
  

	1 	 Drilling peer group includes Atwood Oceanics, Diamond Offshore Drilling, Inc., ENSCO International, Inc., Nabors Industries Ltd., , Rowan Companies,
Inc., and Transocean 

  
 A-2

 An amount of .25 will be added to the adjustment factor if the Company’s performance is
in the top one-third of the drilling peer group of companies and an additional .25 (for a maximum achievement of 2.0) will be added to the adjustment factor if the Company’s performance is the best of the drilling peer group. Cash operating
margin performance will be determined based on a rank order in terms of greatest margin percent. 
 2012 OPERATING DIVISION GOALS

  

	1.	Safety Results 

 The
Company’s safety objective is to provide a strong focus on an injury free workplace. The Company’s goal, for purposes of this Plan, is to achieve an improvement in the Total Recordable Incident Rate (“TRIR”) of ten percent or
more as compared to the industry average, as evidenced by the International Association of Drilling Contractors (“IADC”). For each division, this goal will be measured on an individual rig basis for all Rig Managers, Captains and Assistant
Rig Managers; Drilling Superintendents will be measured on the cumulative safety results of the rigs under their supervision and all other employees in a division will be measured on the cumulative safety results of all rigs within the division. An
additional .25 adjustment factor will be added to the each Division’s adjustment factor if the Division’s TRIR is the lowest in the respective IADC category (i.e., U.S. Water, Canada Water, Central and South American Water, European Water,
Africa Water and Middle East Water). 
 The IADC normally publishes industry safety statistics in late February for the previous
calendar year operating period, therefore, for the purpose of this Plan, the IADC industry average will be measured over the preceding twelve month period, ending September 2012 (third quarter statistics). 

 

					
	 Measurement of Rate of Recordable Incidents
	  	Adjustment Factor	 
	 75 percent or greater improvement above the industry average
	  	 	1.75	  
	 50 – 74 percent improvement above the industry average
	  	 	1.50	  
	 25 – 49 percent improvement above the industry average
	  	 	1.25	  
	 10 – 24 percent improvement above the industry average
	  	 	1.00	  
	1 – 9 percent improvement above the industry average	  	 	.75	  
	 Less than one percent improvement above the industry average
	  	 	.00	  

  
 A-3

	2.	Cash Operating Margins 

Cash operating margin is defined as contract drilling revenues less contract drilling cost, plus reimbursables adjusted for taxes. For
the Canada division, labor contract drilling applies instead of contract drilling. Due to the timing of the release of earnings for fourth quarter of the Plan year, cash operating margin will be measured over the preceding twelve month period,
ending September 30, 2012. Cash operating margin within a range of +/- five percent of the approved budget is assigned a 1.00 adjustment factor. The cash operating margin goal is then subject to adjustment within a range of zero, for
achievement of less than 75 percent of the goal, to a factor of 1.50, for achievement of greater than 115 percent of the goal, based on the following scale: 
  

					
	 Goal Achievement Range
	  	Adjustment Factor	 
	Greater than 115%	  	 	1.50	  
	 106 – 115%
	  	 	1.25	  
	 96 – 105%
	  	 	1.00	  
	 86 – 95%
	  	 	.75	  
	 76 – 85%
	  	 	.50	  
	 Less than 75%
	  	 	.00	  

 An amount of .25 will be added to the adjustment factor if the Company’s performance is in the top
one-third of the drilling peer group of companies and an additional .25 (for a maximum achievement of 2.0) will be added to the adjustment factor if the Company’s performance is the best of the drilling peer group. 

  
 A-4EX-10.7

 Exhibit 10.7 
 NOBLE CORPORATION 
 PERFORMANCE-VESTED RESTRICTED STOCK UNIT AGREEMENT

 THIS AGREEMENT, made as of the 3rd day of February, 2012, by and between NOBLE CORPORATION, a Swiss corporation (the
“Company”), and             (“Employee”); 
 W
I T N E S S E T H: 
 WHEREAS, the committee (the “Committee”) acting under the Noble Corporation 1991 Stock
Option and Restricted Stock Plan, as amended (the “Plan”), has determined that it is desirable to award performance-vested Restricted Stock Units (as defined in the Plan) to Employee pursuant to the Plan; and 

WHEREAS, pursuant to the Plan, the Committee has determined that the performance-vested Restricted Stock Units 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. Performance-Vested Restricted Stock Unit Award. On the terms and conditions and subject to the restrictions, including forfeiture, hereinafter set forth, the Company hereby awards
            Restricted Stock Units (the “Awarded Restricted Stock Units”) to Employee pursuant to the Plan. The Awarded Restricted Stock Units are being awarded to Employee
effective as of the date of this Agreement (the “Effective Date”), and shall vest or be forfeited in accordance with (and otherwise be subject to) the provisions of this Agreement. The Awarded Restricted Stock Units are being awarded to
Employee without the payment of any cash consideration by Employee. The award of Restricted Stock Units made to Employee pursuant to this Section 1 is hereby designated by the Committee to be a Performance Award for the purposes of the Plan.

 2. Vesting and Forfeiture. The Awarded Restricted Stock Units shall be subject to being forfeited by Employee during
the Restricted Period specified in the attached Schedule I (the “Restricted Period”), and shall vest in or be forfeited by Employee as follows: 
 (a) If Employee remains continuously employed by the Company or an Affiliate from the Effective Date through the end of the Restricted Period, the Awarded Restricted Stock Units shall vest and the
forfeiture restrictions applicable to them under this Agreement shall terminate to the extent of the percentage of vesting achieved under the performance measure and vesting schedule provisions of the attached Schedule I, and any Awarded Restricted
Stock Units that do not vest at the end of the Restricted Period shall be forfeited by Employee. 

 (b) If Employee’s employment with the Company or an Affiliate
terminates during the Restricted Period by reason of the death, Disability or Retirement of Employee, then the number of Awarded Restricted Stock Units equal to the total number of Awarded Restricted Stock Units awarded hereunder multiplied by a
fraction, (i) the numerator of which is the number of calendar months remaining in the Restricted Period that end after the date of Employee’s termination of employment with the Company or an Affiliate by reason of death, Disability or
Retirement, and (ii) the denominator of which is 36, shall be forfeited by Employee. The remaining number of Awarded Restricted Stock Units awarded hereunder shall vest subject to the forfeiture restrictions applicable to them under this
Agreement which shall terminate at the end of the Restricted Period to the extent of the percentage of vesting achieved under the performance measure and vesting schedule provisions of the attached Schedule I, and any Awarded Restricted Stock Units
that do not vest at the end of the Restricted Period shall be forfeited by Employee. 
 (c) If Employee’s
employment with the Company or an Affiliate terminates during the Restricted Period for any reason other than the death, Disability or Retirement of Employee, all of the Awarded Restricted Stock Units shall be forfeited by Employee. 

(d) The foregoing provisions of this Section 2 to the contrary notwithstanding, if a 409A Change in Control (as
defined below) occurs during the Restricted Period, 50% of the then outstanding Awarded Restricted Stock Units awarded hereunder shall vest and the forfeiture restrictions applicable to them under this Agreement shall terminate, and the remaining
50% of the then outstanding Awarded Restricted Stock Units awarded hereunder shall be forfeited by Employee. For the purposes of this Agreement, a “409A Change in Control” means a Change in Control (as defined in the Plan) that also is a
change in control event within the meaning of U.S. Treas. Reg. section 1.409A-3(i)(5). The parties expressly agree that the provisions of this Section 2(d) shall be the exclusive means by which an Awarded Restricted Stock Unit shall vest in
connection with a change in the ownership or effective control of the Company or a change in the ownership of the assets of the Company, and that no provision of any plan, employment agreement or other agreement or arrangement pertaining to Employee
and the Company or an Affiliate shall cause an Awarded Restricted Stock Unit to vest in connection with a change in the ownership or effective control of the Company or a change in the ownership of the assets of the Company unless this
Section 2(d) is amended in writing by the parties to provide for such vesting. 
 For the purposes of this Agreement, transfers of
employment without interruption of service between or among the Company and any of its Affiliates shall not be considered a termination of employment. 
 3. Issuance of Shares. With respect to an Awarded Restricted Stock Unit that vests pursuant to the provisions of Section 2(a) or Section 2(b) hereof, as soon as practicable after the
percentage of vesting achieved under the performance measure and vesting provisions of the attached Schedule I has been determined and certified in writing by the Committee and during the period beginning at the end of the Restricted Period and
ending on March 15 following the end of the Restricted Period, the Company shall issue or transfer to Employee one Share in settlement of such Awarded Restricted Stock Unit and such Awarded Restricted Stock Unit shall be canceled. With respect
to an Awarded Restricted Stock Unit that vests pursuant to the provisions of Section 2(d) hereof, as soon as practicable (but in no event later than 30 days) following the occurrence of a 409A Change in Control, the Company shall issue or
transfer to Employee one Share in settlement of such Awarded Restricted Stock Unit and such Awarded Restricted Stock Unit shall be canceled. 

  
 2 

 4. No Rights as Shareholder. Employee shall have no rights as a shareholder of the
Company, including, without limitation, voting rights or the right to receive dividends and distributions as a shareholder, with respect to the Shares subject to the Awarded Restricted Stock Units, unless and until such Shares are issued or
transferred to Employee as provided herein. 
 5. Cash Dividend and Cash Distribution Equivalent Rights. The Company
hereby awards cash dividend and cash distribution equivalent rights to Employee with respect to the Awarded Restricted Stock Units. The cash dividend and cash distribution equivalent rights awarded to Employee under this Section 5 shall entitle
Employee to the payment, with respect to each Share that is subject to an Awarded Restricted Stock Unit that has not been canceled or forfeited, of an amount in cash equal to the amount of any cash dividend or other cash distribution paid by the
Company with respect to one Share while such Awarded Restricted Stock Unit remains outstanding. Such amount shall be paid to Employee by Employee’s employer on the date of the payment of the related cash dividend or cash distribution. The award
of cash dividend and cash distribution rights made to Employee pursuant to this Section 5 is not a Performance Award for the purposes of the Plan. 
 6. Agreements Regarding Withholding Taxes. 
 (a) Employee shall make
arrangements satisfactory to the Committee for the payment of taxes of any kind that are required by law to be withheld with respect to the Awarded Restricted Stock Units or the cash dividend and cash distribution equivalent rights awarded under
this Agreement, including, without limitation, taxes applicable to (i) the awarding of the Awarded Restricted Stock Units or the issuance or transfer of Shares in settlement thereof, or (ii) the awarding of the cash dividend and cash
distribution equivalent rights or the payments made with respect thereto. 
 (b) Unless and until the Committee shall determine
otherwise and provide notice to Employee in accordance with Section 6(c) of this Agreement, any obligation of Employee under Section 6(a) of this Agreement that arises with respect to the issuance or transfer of Shares in settlement of
Awarded Restricted Stock Units that have become vested shall be satisfied by the Company withholding a portion of such Shares valued at their Fair Market Value as of the date on which the taxable event that gives rise to the withholding requirement
occurs. 
 (c) The Committee may determine, after the Effective Date and on notice to the Employee, to authorize one or more
arrangements (in addition to or in lieu of the arrangement described in Section 6(b) of this Agreement) satisfactory to the Committee for Employee to satisfy the obligation of Employee under Section 6(a) of this Agreement. 

(d) If Employee does not, for whatever reason, satisfy the obligation of Employee under Section 6(a) of this Agreement, then the
Company and its Affiliates shall, to the extent permitted by law, have the right to deduct from any payments of any kind otherwise due to Employee the amount required to satisfy the obligation of Employee under Section 6(a) of this Agreement.

  
 3 

 7. Non-Assignability. This Agreement is not assignable or transferable by Employee.
No right or interest of Employee under this Agreement or the Plan may be assigned, transferred or alienated, in whole or in part, either directly or by operation of law (except pursuant to a qualified domestic relations order within the meaning of
Section 414(p) of the Code or a similar domestic relations order under applicable foreign law, either in such form as is acceptable to the committee), and no such right or interest shall be liable for or subject to any debt, obligation or
liability of Employee. 
 8. 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 Awarded Restricted Stock Units and the cash
dividend and cash distribution equivalent rights awarded under this Agreement 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. 
 9. 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 Switzerland. 

10. 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. 
 11. 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. 

 

  
 4 

 12. 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 
 Dorfstrasse 19A 

6340 Baar 
 Switzerland 
 Attention: Chief Executive Officer 

Fax: 281-596-4486 
 With a copy to: 
 Chairman of Compensation Committee 

c/o Noble Corporation 
 Dorfstrasse 19A 
 6340 Baar 

Switzerland 
 Fax: 281-596-4486 
 (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. 
 13.
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. 
 14. 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. 
 15. 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. 

16. 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. 

  
 5 

 17. 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.” 
 18. Unfunded Awards. The awards made under this Agreement are unfunded and unsecured obligations and rights to provide or receive compensation in accordance with the provisions of this Agreement,
and to the extent that Employee acquires a right to receive compensation from the Company or an Affiliate pursuant to this Agreement, such right shall be no greater than the right of any unsecured general creditor of the Company or such Affiliate.

 19. Compliance with Code Section 409A. The compensation payable to or with respect to Employee pursuant to this
Agreement is intended to be compensation that is not subject to the tax imposed by Code Section 409A, and this Agreement shall be administered and construed to the fullest extent possible to reflect and implement such intent. 

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

 

			
	NOBLE CORPORATION
		
	By:	 	 
	Name:	 	Julie J. Robertson
	Title:	 	 Executive Vice President

and Corporate Secretary

  

			
	Address and fax number, if any:	 	 
		 	Employee
	Dorfstrasse 19A	 	
	6340 Baar	 	
	Switzerland	 	
	Fax: 281-596-4486	 	

  
 6 

 SCHEDULE I 
 NOBLE CORPORATION 
 PERFORMANCE MEASURES FOR THE 2012-2014 PERFORMANCE
CYCLE 
 AWARD OF PERFORMANCE-VESTED RESTRICTED STOCK 
 The Committee has determined and specifies that the following Performance Cycle, Restricted Period and Performance Measures shall apply to the Awarded Restricted Stock Units: 

1. Performance Cycle. The Performance Cycle applicable to the Awarded Restricted Stock Units shall be the three-year period
beginning on January 1, 2012, and ending on December 31, 2014. 
 2. Restricted Period. The Restricted Period
applicable to the Awarded Restricted Stock Units shall be the three-year period beginning on the Effective Date and ending on the third anniversary of the Effective Date. 
 3. Performance Measure. The Performance Measure used to determine the extent of the vesting of the Awarded Restricted Stock Units is the cumulative total shareholder return (“TSR”) for
the Shares of the Company for the Performance Cycle. The Awarded Restricted Stock Units that are outstanding as of the end of the Restricted Period will vest or be forfeited based on the Company’s TSR performance relative to the following group
of competitor companies (the “Competitor Group”): Atwood Oceanics, Inc.; Baker Hughes Inc.; Diamond Offshore Drilling Inc.; Ensco International plc; FMC Technologies, Inc.; Halliburton Company; Nabors Industries Ltd.; National Oilwell
Varco, Inc.; Oceaneering International, Inc.; Rowan Companies Inc.; Schlumberger Ltd.; Seadrill Ltd.; Transocean Ltd.; and Weatherford International Ltd. 
 TSR for the Performance Cycle shall be defined and calculated as follows, where “Beginning Price” is the average of the closing prices on the 30 NYSE trading days immediately preceding the
beginning of the Performance Cycle, and the “Ending Price” is the average of the closing prices on the last 30 NYSE trading days of the Performance Cycle, in each case as applied to the applicable equity security: 

TSR = (Ending Price – Beginning Price + dividends and cash distributions per share paid*) 

Beginning Price 
  

	*	Stock dividends paid in securities rather than cash in which there is a distribution of less than 25 percent of the outstanding shares (as calculated prior to the
distribution) shall be treated as cash for purposes of this calculation. 

  
 S-1

 The companies comprising the Competitor Group on the last NYSE trading day of the
Performance Cycle shall be the companies used in the comparison for determining the Competitor Group performance measurement. If a Competitor Group company’s common equity security is no longer publicly traded on the last NYSE trading day of
the Performance Cycle, then an appropriate proportionate adjustment will be effected over the remaining number of companies in the Competitor Group in making the determination of the Competitor Group measure; provided, however, that if the number of
companies comprising the Competitor Group on the last NYSE trading day of the Performance Cycle is less than five, then notwithstanding anything contained herein to the contrary, the Company’s TSR performance shall be determined relative to the
TSR performance of the applicable securities of the companies in the Dow Jones U.S. Oil Equipment & Services Index (the “Index”), and the Competitor Group performance measure shall be inapplicable and not used in determining the
overall performance measure for vesting. If the Index performance measure becomes applicable, the companies comprising the Index on the last NYSE trading day of the Performance Cycle shall be the companies used in the comparison for determining the
Company’s percentile rank relative to the companies in the Index. Any company in the Index on the last NYSE trading day of the Performance Cycle that entered the Index after the first NYSE trading day of the Performance Cycle will, for the
purpose of calculating the TSR of the companies in the Index, be added into the Index only as of the time such company entered the Index. For example, if a company enters the Index on March 31 of a year during the Performance Cycle and is in
the Index on the last trading day in the Performance Cycle, the entering company’s performance for comparison purposes relative to the Company and the other companies in the Index will be included only from such March 31 date on which the
company entered the Index. 
 The number of the Awarded Restricted Stock Units that will vest at the end of the Restricted
Period on the basis of the Performance Measure for the Performance Cycle shall be determined in accordance with the vesting schedule set forth on Annex I attached to and hereby made a part of this Schedule I. The level of achievement of the
Performance Measure for the Performance Cycle, and the applicable vesting or forfeiture of the Awarded Restricted Stock Units that are outstanding at the end of the Restricted Period, shall be determined and certified in writing by the Committee as
soon as reasonably practicable after the end of the Performance Cycle, but in no event later than 60 days after the end of the Performance Cycle. 

  
 S-2

 ANNEX I TO SCHEDULE I 

2012-2014 Performance Cycle 
 Performance-Vested Restricted Stock Unit Agreement Vesting Schedule 
  

											
	 Performance Level
	  	TSR
Percentile
Versus Peers	 	Percentage of
the Target
Achieved	 	 	Percentage of
the Awarded
Restricted
Stock Units
Vesting	 
	 Maximum
	  	90th	 	 	200	% 	 	 	100	% 
	 Above Target
	  	75th	 	 	150	% 	 	 	75	% 
	 Target
	  	51st	 	 	100	% 	 	 	50	% 
	 Threshold
	  	25th	 	 	50	% 	 	 	25	% 
	 Below Threshold
	  	<25th	 	 	0	% 	 	 	0	% 

 Percentile results between those listed will be interpolated on a linear basis for performance above
the 25th percentile (threshold level) 

  
 S-3

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