Document:

ex10_44.htm

    
 

    
      EXHIBIT
10.44

       

      

       

      NOBLE
ENERGY, INC.

      2005
DEFERRED COMPENSATION PLAN

       

      THIS
PLAN, made and executed by NOBLE ENERGY, INC., a Delaware corporation (the
“Company”),

       

      WITNESSETH
THAT:

       

      WHEREAS,
the Company has heretofore established the Noble Energy, Inc. Deferred
Compensation Plan (the “Plan”) for the purpose of providing deferred
compensation for a select group of management or highly compensated employees of
the Company and its participating affiliates; and

       

      WHEREAS,
the Company now desires to amend the Plan to separate the portion of the Plan
applicable to amounts deferred and vested prior to January 1, 2005, from the
portion of the Plan applicable to amounts deferred or vested after December 31,
2004, and to make certain changes designed to comply with the requirements of
Internal Revenue Code section 409A;

       

      NOW,
THEREFORE, in consideration of the premises and pursuant to the provisions of
Section 10.1 of the Plan, effective as of January 1, 2008, the portion of the
Plan applicable to amounts deferred or vested after December 31, 2004 (which
shall be known as the Noble Energy, Inc. 2005 Deferred Compensation Plan), is
hereby amended by restatement in its entirety to read as follows:

       

      ARTICLE
1

       

      Definitions

       

      Unless the context clearly indicates
otherwise, when used in this Plan:

       

      1.1     
“Account” shall mean the account or accounts established by an Employer for a
Participant pursuant to the Plan.

       

      1.2     
“Administrator” shall mean the Employee Benefits Committee or such other person
or persons appointed by the Board of Directors of the Company to administer the
Plan pursuant to Article 11 of the Plan.

       

      1.3     “Affiliated
Company” shall mean any incorporated or unincorporated trade or business or
other entity or person, other than the Company, that along with the Company is
considered a single employer under Code section 414(b) or Code section
414(c); provided,
however, that (i) in applying Code section 1563(a)(1), (2), and (3) for the
purposes of determining a controlled group of corporations under Code section
414(b), the phrase “at least 50 percent” shall be used instead of the phrase “at
least 80 percent” in each place the phrase “at least 80 percent” appears in Code
section 1563(a)(1), (2), and (3), and (ii) in applying Treas. Reg. section
1.414(c)-2 for the purposes of determining trades or businesses (whether or not
incorporated) that are under common control for the purposes of Code section
414(c), the phrase “at least 50 percent” shall be used instead of the phrase “at
least 80 percent” in each place the phrase “at least 50 percent” appears in
Treas. Reg. section 1.414(c)-2.

       

      1.4     
“Applicable Employer” shall mean the Employer that employs or last employed a
Participant.

       

      1.5      “Base
Salary” shall mean the annual base salary payable to a Participant by an
Employer or Affiliated Company excluding incentive and discretionary bonuses and
other non-regular forms of compensation, before reductions for
contributions to or deferrals under any pension, deferred compensation or
benefit plan sponsored by an Employer or Affiliated Company.

      
        
           

        

        
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      1.6     
“Beneficiary” shall mean the person(s) or entity designated as such in
accordance with Article 10 of the Plan.

       

      1.7     “Bonus”
shall mean amounts paid to the Participant by an Employer or Affiliated Company
under the Company’s Short Term Incentive Plan or any other bonus designated by
the Administrator before reductions for contributions to or deferrals under any
pension, deferred compensation or benefit plan sponsored by an Employer or
Affiliated Company.

       

      1.8      A
“Change in Control” shall be deemed to have occurred if:

       

       
(a)    individuals who, as
of the date hereof, constitute the Board of Directors of the Company (the
“Incumbent Board”) cease for any reason to constitute at least fifty-one percent
(51%) of the Board of Directors of the Company, provided that any person
becoming a director subsequent to the date hereof whose election, or nomination
for election by the Company’s stockholders was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be, for
purposes of this Plan, considered as though such person were a member of the
Incumbent Board;

      

       
(b)    the
stockholders of the Company shall approve a reorganization, merger or
consolidation, in each case, with respect to which persons who were the
stockholders of the Company immediately prior to such reorganization, merger or
consolidation do not, immediately thereafter, own outstanding voting securities
representing at least fifty-one percent (51%) of the combined voting power
entitled to vote generally in the election of directors (“Voting Securities”) of
the reorganized, merged or consolidated company;

      

       
(c)    the
stockholders of the Company shall approve a liquidation or dissolution of the
Company or a sale of all or substantially all of the stock or assets of the
Company; or

       

        (d)    any “person,” as
that term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) (other than the Company, any of its
subsidiaries, any employee benefit plan of the Company or any of its
subsidiaries, or any entity organized, appointed or established by the Company
for or pursuant to the terms of such a plan), together with all “affiliates” and
“associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of
such person (as well as any “Person” or “group” as those terms are used in
Sections 13(d) and 14(d) of the Exchange Act), shall become the “beneficial
owner” or “beneficial owners” (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act), directly or indirectly, of securities of the Company representing
in the aggregate twenty-five percent (25%) or more of either (1) the then
outstanding shares of common stock, par value $3.33-1/3 per share, of the
Company (“Common Stock”) or (2) the Voting Securities of the Company, in either
such case other than solely as a result of acquisitions of such securities
directly from the Company.  Without limiting the foregoing, a person
who, directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise has or shares the power to vote, or to direct the
voting of, or to dispose, or to direct the disposition of, Common Stock or other
Voting Securities of the Company shall be deemed the beneficial owner of such
Common Stock or Voting Securities.

      

      Notwithstanding
the foregoing, a “Change in Control” of the Company shall not be deemed to have
occurred for purposes of subparagraph (d) of this Section 1.8 solely as the
result of an acquisition of securities by the Company which, by reducing the
number of shares of Common Stock or other Voting Securities of the Company
outstanding, increases (i) the proportionate number of shares of Common Stock
beneficially owned by any person to twenty-five percent (25%) or more of the
shares of Common Stock then outstanding or (ii) the proportionate voting power
represented by the Voting Securities of the Company beneficially owned by any
person to twenty-five percent (25%) or more of the combined voting power of all
then outstanding Voting Securities; provided, however, that if any person
referred to in clause (i) or (ii) of this sentence shall thereafter become the
beneficial owner of any additional shares of Common Stock or other Voting
Securities of the Company (other than a result of a stock split, stock dividend
or similar transaction), then a Change in Control of the Company shall be deemed
to have occurred for purposes subparagraph (d) of this Section
1.8.

      
        
           

        

        
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      1.9      “Code”
shall mean the Internal Revenue Code of 1986, as amended.

       

      1.10    “Company”
shall mean Noble Energy, Inc., a Delaware corporation.

       

      1.11    “Compensation
Committee” shall mean the Compensation, Benefits and Stock Option Committee of
the Board of Directors of the Company.

       

      1.12    “Crediting
Rate” shall mean an effective annual yield equal to the greater of (i) 125% of
the 120-month rolling average of 10-year Treasury Notes, or (ii) the 120-month
rolling average of the prime rate as published in The Wall Street Journal on
the first business day of each month.  The Crediting Rate shall be
determined annually by the Administrator as of the September preceding the
beginning of the Plan Year to which such rate shall apply and shall be
compounded monthly.

       

      1.13    “Disability”
shall mean, with respect to a Participant, that the Participant is (i) unable to
engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than twelve
(12) months, or (ii) is, by reason of any medically determinable physical or
mental impairment that can be expected to result in death or can be expected to
last for a continuous period of not less than twelve (12) months, receiving
income replacement benefits for a period of not less than three (3) months under
an accident and health plan covering employees of an Employer or Affiliated
Company.

       

      1.14    “Election
Period” shall mean, with respect to a Plan Year, the period prior to the
beginning of such year that is specified by the Administrator for the making of
deferral elections for such year pursuant to the provisions of Article 2 of the
Plan.  The term “Election Period” shall also include the 30-day
election period provided for under Section 2.3 of the Plan.

       

      1.15    “Eligible
Employee” shall mean, with respect to a Plan Year, the Chief Executive Officer
of the Company and any other employee of  an Employer who has been
designated by the Chief Executive Officer as an Eligible Employee for such year
for the purposes of this Plan.

       

      1.16    “Employer”
shall include the Company and any Affiliated Company that has adopted both the
Qualified Plan and this Plan.

       

      1.17    “ERISA” shall
mean the Employee Retirement Income Security Act of 1974, as
amended.

       

      1.18    “Financial
Hardship” shall mean a severe financial hardship to a Participant resulting from
an illness or accident of the Participant, the Participant’s spouse, the
Participant’s beneficiary, or the Participant’s dependent (as defined in Code
section 152, without regard to Code section 152(b)(1), (b)(2) and (d)(1)(B)),
the loss of the Participant’s property due to casualty (including the need to
rebuild a home following damage to a home not otherwise covered by insurance),
or other similar extraordinary and unforeseeable circumstances arising as a
result of events beyond the control of the Participant that cannot be relieved
(i) through reimbursement or compensation from insurance or otherwise, (ii) by
liquidation of the Participant’s assets, to the extent that such liquidation
would not cause severe financial hardship, or (iii) by cessation of deferrals
under the Plan.  A financial need arising from a foreseeable event
such as the purchase of a home or the payment of education expenses for children
shall not be considered to be a Financial Hardship.

       

      
        1.19    “Participant”
shall mean an employee or former employee of an Employer for whom an Account is
being maintained under the Plan.

         

        1.20    “Participant
Election Form” shall mean the form or forms prescribed by the Administrator
which, when completed and submitted by a Participant to the Administrator in
accordance with the provisions of the Plan, constitute a written agreement to
make a deferral and elect a form of distribution under the Plan.  The
Participant Election Form may take the form of one or more electronic
communications in accordance with such procedures as may be prescribed by the
Administrator.

      

       

       

       

      
        
          
          

        

        
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      1.21    “Plan”
shall mean this Noble Energy, Inc. 2005 Deferred Compensation Plan as in effect
from time to time.

       

      1.22    “Plan Year”
shall mean the calendar year.

       

      1.23    “Qualified
Plan” shall mean the Noble Energy, Inc. Thrift and Profit Sharing Plan as
amended from time to time.

       

      1.24    “Retirement”
shall mean, with respect to a Participant, such Participant’s Separation from
Service on or after his or her Retirement Eligibility Date for any reason other
than Disability or death.

       

      1.25    “Retirement
Eligibility Date” shall mean, with respect to a Participant, the earlier of (i)
the date on which such Participant attains age sixty-five (65), or (ii) the date
on which such Participant has both attained age fifty-five (55) and completed at
least five (5) Years of Service.

       

      1.26    “Scheduled
Withdrawal” shall mean a distribution elected by a Participant pursuant to
Article 7 of the Plan.

       

      1.27    “Separation
from Service” shall mean, with respect to a Participant, such Participant’s
separation from service (within the meaning of Code section 409A and the
regulations and other guidance promulgated thereunder) with the group of
employers that includes the Company and each Affiliated Company.  An
employee’s Separation from Service shall be deemed to occur on the date as of
which the employee and his or her employer reasonably anticipate that no further
services will be performed after such date or that the level of bona fide
services the employee will perform after such date (whether as an employee or an
independent contractor) will permanently decrease to no more than 20 percent of
the average level of bona fide services performed (whether as an employee or an
independent contractor) over the immediately preceding 36-month period (or the
full period of services to the employer if the employee has been providing
services to the employer less than 36 months).

       

      1.28    “Settlement
Date” shall mean the date on which a lump sum payment will be made, or the date
on which an installment distribution will commence being made, to or with
respect to a Participant.  A Participant’s Settlement Date shall be
(i) for a benefit payable from such Participant’s Participant Deferral Account
or Employer Matching Contribution Account upon his or her Retirement or
Disability, the date such benefit is to be paid or commence being paid under the
election made by such Participant on his or her Participant Election Form in
effect with respect to the Plan, and (ii) for all benefit distributions to be
made in connection with a Participant’s Separation from Service that are not
described in the immediately preceding clause (i), the date determined by the
Committee that is no later than ninety (90) days after such Separation from
Service; provided, however, that the Settlement Date that would otherwise apply
with respect to a benefit to be paid to a Participant who is a Specified
Employee shall be postponed to the earlier of (i) the first business day that is
six (6) months after the date of his or her Separation from Service, or (ii) a
date determined by the Committee that is no later than ninety (90) days after
the date of such Participant’s death following his or her Separation from
Service.

       

      1.29    “Specified
Employee” shall mean a Participant who is a specified employee within the
meaning of Code section 409A(a)(2) and the regulations and other guidance
promulgated thereunder.  Each Specified Employee will be identified by
the Compensation Committee as of each December 31, using such definition of
compensation permissible under Treas. Reg. section 1.409A-1(i)(2) as the
Compensation Committee shall determine in its discretion, and each Specified
Employee so identified shall be treated as a Specified Employee for the purposes
of this Plan for the entire 12-month period beginning on the April 1 following a
December 31 Specified Employee identification date.

       

      
        1.30    “Statutory
Limitations” shall mean the annual addition, contribution and compensation
limitations applicable to plans qualified under Code section
401(a).

         

        1.31    “Valuation
Date” shall mean the date specified by the Administrator that is no more than
sixty (60) days preceding the date a payment is to be made pursuant to the
Plan.

         

        1.32    “Years
of Service” shall mean the cumulative consecutive years of continuous full-time
employment with an Employer or Affiliated Company, beginning on the date the
Participant first began service with an Employer or Affiliated Company, and
counting each anniversary thereof.  Transfers of employment between
and among Employers and Affiliated Companies shall not be an interruption of
continuous employment with an Employer or Affiliated Company for the purposes of
this Plan.

      

       

      
        
          
          

        

        
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      ARTICLE
2

       

      Participation

       

      2.1     Participants.  Each
Eligible Employee shall become a Participant in this Plan upon electing to make
a Base Salary or Bonus deferral pursuant to Section 2.2 of the
Plan.  In addition, if the amount of the Employer profit sharing
contribution for a Plan Year that would have been made to the Qualified Plan for
an employee of an Employer who is not an Eligible Employee is less than the
amount that such contribution would have been if the Qualified Plan had been
administered without regard to the Statutory Limitations, such employee shall
become a Participant (but not an Eligible Employee) in this Plan as of the last
day of such year.

       

      2.2     Elective
Deferrals.  Subject to such conditions, limitations and
procedures as the Administrator may prescribe from time to time for the purposes
of the Plan, during the Election Period for a Plan Year an Eligible Employee may
elect to have the payment of (i) any whole percentage up to fifty percent (50%)
of the Base Salary otherwise payable to the Eligible Employee for services
performed during such year, and (ii) any whole percentage up to one hundred
percent (100%) of the Bonus otherwise payable to such Eligible Employee for
services performed during such year, deferred for future payment in accordance
with the provisions of the Plan.  An election made during an Election
Period pursuant to this Section 2.2 (i) shall be made in such written or
electronic form as may be prescribed by the Administrator, (ii) may be revoked
or otherwise changed during  such Election Period, and (iii) shall be
irrevocable after the end of such Election Period.  If a Participant
ceases to be an Eligible Employee during a Plan Year, such Participant shall
continue to be a Participant in the Plan and  his or her Base Salary
and/or Bonus deferral elections for such Plan Year shall remain in effect for
the remainder of such year (including with respect to any Base Salary and/or
Bonus otherwise payable by an Affiliated Company for the remainder of such
year), but such Participant may not make additional deferrals under the Plan
after the end of such year unless the Participant again becomes an Eligible
Employee.

       

      2.3     Participant Election
Forms.  In order to make a deferral for a Plan Year, an
Eligible Employee must submit a
Participant Election Form to the Administrator during the Election Period
applicable to such year.  Such Participant Election Form shall specify
the percentage of Base Salary and/or Bonus to be deferred for such year and the
time and form of payment for any Scheduled Withdrawal to be made with respect to
the Base Salary and/or Bonus amounts to be deferred for such
year.  Such Participant Election Form shall also specify the time and
form of payment for the Participant’s Retirement benefit under the Plan if such
time and form of payment have not already been specified for the purposes of the
Plan (in which event, such time and form of payment can only be changed in
accordance with the provisions of Section 4.1 of the Plan).  If an
individual who is not already a Participant becomes an Eligible Employee for the
first time during a Plan Year, such Eligible Employee may make the elections
referred to in Section 2.2 of the Plan within thirty (30) days after the date he
or she first becomes an Eligible Employee; provided, however, that the Base
Salary and/or Bonus deferral elections so made shall be irrevocable after the
end of said 30-day period and shall apply only to the Base Salary and/or Bonus
amounts otherwise payable to such Eligible Employee for services performed after
the end of said 30-day period.  A Participant shall be required to
submit a new Participant Election Form on a timely basis in order to defer a
percentage of Bonus or to change his or her deferral election with respect to
Base Salary for a subsequent Plan Year.  If no Participant Election
Form is filed during the Election Period for such subsequent year, the
Participant’s election regarding deferral of Base Salary for the immediately
preceding Plan Year shall continue in force for such subsequent
year.  However, no election regarding Bonus shall be applied to a
subsequent Plan Year. 

       

       

      ARTICLE
3

       

      Accounts

       

      3.1     Participant Deferral
Accounts.  Solely for recordkeeping purposes one or more
Participant Deferral Accounts (segregated based on form and time of payment)
shall be maintained for each Participant and shall be credited with the
deferrals made by such Participant pursuant to Section 2.2 of the
Plan.  Amounts credited to a Participant’s Participant Deferral
Account shall be fully vested at all times and shall be deemed to be credited
with notional earnings at the Crediting Rate from the date credited to the
Account through the Valuation Date.

       

      
        
           

        

        
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      3.2     Employer Matching Contribution
Accounts.  For each Plan Year in which a Participant makes a
deferral pursuant to Section 2.2 of the Plan and makes either (i) the maximum
amount elective deferrals to the Qualified Plan permitted under Code section
402(g), or (ii) the maximum amount elective contributions to the Qualified Plan
permitted under the terms of the Qualified Plan, such Participant’s Employer
Matching Contribution Account shall be credited with an amount equal to the
amount by which (i) the amount of Employer matching contributions that would
have been made to the Qualified Plan for such Participant for such year if the
deferrals made by such Participant for such year pursuant to Section 2.2 of the
Plan had been contributed to the Qualified Plan and the Qualified Plan was
administered without regard to the Statutory Limitations, exceeds (ii) the
amount of Employer matching contributions, if any, actually credited or to be
credited to such Participant under the Qualified Plan for such Plan
Year.  The amount to be credited to a Participant’s Employer Matching
Contribution Account for a Plan Year shall be credited to such Account as of the
last day of such year.  Amounts credited to a Participant’s Employer
Matching Contribution Account shall vest at the same time and under the same
conditions as such amounts would have vested under the Qualified Plan had such
contributions been made to the Qualified Plan, and shall be deemed to be
credited with notional earnings at the Crediting Rate from the date credited to
such Account through the Valuation Date.  Notwithstanding the
foregoing, upon a Change in Control, all amounts credited to a Participant’s
Employer Matching Contribution Account (including notional earnings thereon)
shall be fully vested. 

       

      3.3     Employer Profit Sharing
Contribution Accounts.  For each Plan Year for which an
Employer makes a profit sharing contribution to the Qualified Plan for a
Participant, such Participant’s Employer Profit Sharing Contribution Account
shall be credited with an amount equal to the amount by which (i) the amount of
the Employer profit sharing contribution that would have been made to the
Qualified Plan for such Participant for such year if the Qualified Plan had been
administered without regard to the Statutory Limitations, exceeds (ii) the
amount of the Employer profit sharing contribution actually credited or to be
credited to such Participant under Qualified Plan for such year.  The
amount to be credited to a Participant’s Employer Profit Sharing Contribution
Account for a Plan Year shall be credited to such Account as of the last day of
such year.  Amounts credited to a Participant’s Employer Profit
Sharing Contribution Account shall vest at the same time and under the same
conditions as such amounts would have vested under the Qualified Plan had such
contributions been made to the Qualified Plan, and shall be deemed to be
credited with notional earnings at the Crediting Rate from the date credited to
such Account through the Valuation Date.  Notwithstanding the
foregoing, upon a Change of Control, all amounts credited to a Participant’s
Employer Profit Sharing Contribution Account (including notional earnings
thereon) shall be fully vested.

       

      3.4     Statement of
Accounts.  The Administrator shall provide each Participant
with statements at least annually setting forth the Participant’s Account
balances as of the end of each year.

       

      ARTICLE
4

       

      Benefits

       

      4.1     Retirement
Benefit.  In the event of the Participant’s Retirement, the
Participant shall be entitled to receive an amount equal to the total balance of
the Participant’s Accounts credited with notional earnings as provided in
Article 3 of the Plan through the Valuation Date.  The benefit payable
under this Section 4.1 from a Participant’s Employer Profit Sharing Contribution
Account shall be paid to such Participant in the form of a single lump sum
payment on his or her Settlement Date.  The benefit payable pursuant
to this Section 4.1 from a Participant’s Participant Deferral Account or
Employer Matching Contribution Account (i) shall be paid to such Participant in
the form of a single lump sum payment, or in the form of annual installments
over a period of not more than fifteen (15) years, as elected by such
Participant in his or her Participant Election Form in effect with respect to
the Plan, and (ii) shall be paid or commence being paid, as the case may be, on
such Participant’s Settlement Date.  For the purposes of this Section
4.1, a distribution election (and any subsequent change with respect to the form
or time of payment of a benefit pursuant to this Section 4.1) shall be made by a
Participant on his or her Participant Election Form; provided, however, that
except for a transition period election made on or before December 31, 2008
pursuant to Section 4.3 of the Plan, once a distribution election has been made
by a Participant, no subsequent change with respect to an elected time or form
of payment to be made pursuant to
this Section 4.1 shall become effective for the purposes of the Plan (i) until a
date that is at least twelve (12) months after the date of the filing of such
change, (ii) unless the date for the payment or commencement of payments being
changed is at least five (5) years after the date as of which such Participant’s
benefit would otherwise have been paid or commenced being paid under this
Section 4.1 in the absence of such change, and (iii) unless such change is filed
with or as directed by the Administrator not less than twelve (12) months before
the date the payment being changed is scheduled to be paid or commence being
paid.

       

      
        
           

        

        
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      4.2     Termination
Benefit.  Upon a Participant’s Separation from Service for a
reason other than Retirement, Disability or death, the Applicable Employer shall
pay to the Participant a termination benefit equal to the total vested balance
of the Participant’s Accounts credited with notional earnings as provided in
Article 3 of the Plan through the Valuation Date.  Such termination
benefit shall be paid in a single lump sum payment on the Participant’s
Settlement Date.  Any amount credited to a Participant’s Employer
Matching Contribution Account or Employer Profit Sharing Contribution Account
that is not vested at the time of such Participant’s Separation from Service
shall be forfeited by such Participant.

       

      4.3     409A Transition Period
Election.  Subject to such conditions, limitations and
procedures as the Administrator may prescribe, on or before December 31, 2008, a
Participant may make new distribution elections with respect to the time and/or
the form for the payment of his or her benefits under the Plan, provided that
each such election complies with the transition relief requirements for changing
a payment election as promulgated by the Internal Revenue Service in Notice
2007-86 (or in any other applicable guidance issued by the Internal Revenue
Service). 

       

      ARTICLE 5

       

      Death
Benefits

       

      5.1     Survivor Benefit Before
Settlement Date.  If a Participant dies prior to his or her
Settlement Date, the Applicable Employer shall pay to the Participant’s
Beneficiary a death benefit equal to the total balance of all of the
Participant’s Accounts credited with notional earnings as provided in Article 3
of the Plan through the Valuation Date.  Such death benefit shall be
paid in a single lump sum payment on the Participant’s Settlement
Date.

       

      5.2     Survivor Benefit After
Settlement Date.  If a Participant dies on or after his or her
Settlement Date, any remaining benefits that would have been payable under the
Plan to such Participant if living shall be paid by the Applicable Employer to
the Participant’s Beneficiary at the same time and in the same manner as such
benefits would have been paid to the Participant if living.

       

       

      ARTICLE
6

       

      Disability

       

      6.1     Disability.  Upon
a Participant’s Separation from Service by reason of Disability, the amounts
credited to such Participant’s Accounts shall be distributed in the form and at
the time applicable to a benefit payable under the provisions of Section 4.1 of
the Plan.

       

       

      ARTICLE
7

       

      Scheduled
Withdrawal

       

      7.1     Election.  A
Participant may make an irrevocable election on his or her Participant Election
Form at the time of making an election to defer Base Salary or Bonus to take a
Scheduled Withdrawal from an Account to be established for such Participant for
such purpose, including any earnings credited thereon.  Such
Participant may elect to receive the Scheduled Withdrawal in any Plan Year that
begins at least two (2) years after the end of the Election Period in which such
Scheduled Withdrawal is elected, and may elect to have the Scheduled Withdrawal
distributed over a period of up to four (4) years.  The
Participant may irrevocably elect to make additional deferrals into such
Scheduled Withdrawal Account in subsequent Participant Election Forms that are
effective for Plan Years before the Plan Year in which the Scheduled Withdrawal
is to be made or commence being made, but may not elect another Scheduled
Withdrawal date or establish another Scheduled Withdrawal Account until all of
the amounts in the existing Scheduled Withdrawal
Account have been paid out.  No Scheduled Withdrawal shall be
available from an Employer Matching Contribution Account or an Employer Profit
Sharing Contribution Account.

      
        
           

        

        
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      7.2    
Maximum Scheduled
Withdrawal.  A Participant shall be entitled to elect a
Scheduled Withdrawal of any whole percentage up to one hundred percent (100%) of
the relevant deferral credited with notional earnings as provided in Article 3
of the Plan through the Valuation Date.

       

      7.3     Timing of Scheduled
Withdrawal.  A Participant’s Scheduled Withdrawal shall be paid
by the Applicable Employer to such Participant in the form elected beginning on
the last day of January of the Plan Year elected by such Participant in his or
her Participant Election Form unless such date is preceded by such Participant’s
Separation from Service.  In the event of a Participant’s Separation
from Service prior to the date elected for the Scheduled Withdrawal, the
distribution of the remaining amount credited to such Participant’s Scheduled
Withdrawal Account shall be paid to or with respect to such Participant in a
single lump sum payment on the Participant’s Settlement Date.

       

       

      ARTICLE
8

       

      Financial
Hardship

       

      8.1     Financial
Hardship.  If the Administrator determines that a Participant
has incurred a Financial Hardship during a Plan Year, or if a Participant
receives a hardship distribution from the Qualified Plan during a Plan Year, the
Administrator shall cancel the remaining portion of any Base Salary and Bonus
deferral elections made by such Participant under the Plan for such
year.  In addition, if the Administrator determines that a Participant
has incurred a Financial Hardship, the Administrator in its sole discretion may
distribute to such Participant from his or her vested Accounts the amount
reasonably necessary to satisfy the Financial Hardship need (which amount may
include the amounts necessary to pay any federal, state, local or foreign income
taxes or penalties reasonably anticipated to result from the
distribution).  The determination of the amount reasonably necessary
to satisfy the Financial Hardship need shall take into account any additional
compensation that is available to the Participant from any cancellation of his
or her deferral elections under the Plan.  If a Participant’s deferral
elections under the Plan are canceled or a Participant receives a Financial
Hardship distribution pursuant to the provisions of this Section, such
Participant shall not be allowed to make a new deferral election under the Plan
until the Election Period for the second Plan Year that begins after the date of
such cancellation.  No distribution shall be made to a Participant
pursuant to this Section unless (i) such Participant’s Financial Hardship is an
“unforeseeable emergency” within the meaning of Treas. Reg. section
1.409A-3(i)(3), and (ii) such Participant requests such a distribution in
writing and provides to the Administrator with such information and
documentation with respect to his or her Financial Hardship as may be requested
by the Administrator.

       

       

      ARTICLE
9

       

      Amendment and Termination of
Plan

       

      9.1     Amendment or Termination of
Plan.  At any time prior to a Change in Control, the Board of
Directors of the Company may amend or terminate the Plan, provided, however,
that without the prior written consent of such Participant (or, if deceased, his
or her Beneficiary), (i) no such amendment shall reduce the Crediting Rate
applicable to a Participant’s Account balance or installment distribution, (ii)
no such amendment or termination may reduce or further defer the payment of a
Participant’s Account balance or installment distribution, and (iii) no such
amendment or termination shall accelerate the time for the payment of a
Participant’s Account Balance or installment distribution in a manner that
subjects such benefit to the tax imposed under Code section
409A.  During the twenty-four (24) month period following a Change in
Control, no amendment or termination of the Plan shall become effective with
respect to a Participant or Beneficiary of a deceased Participant without the
prior written consent of such Participant or Beneficiary.  After the
twenty-four (24) month period following a Change in Control, the Board of
Directors of the Company shall have the same right to amend or terminate the
Plan as such Board had prior to such Change in Control. 

      
 

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      
         

        ARTICLE
10

         

      

      Beneficiaries

       

      10.1     Beneficiary
Designation.  A Participant shall have the right at any time to
designate any individual or individuals as Beneficiary (both primary and
contingent) to whom payment under the Plan shall be made in the event of the
Participant’s death.  A Participant’s Beneficiary designation shall be
effective when submitted to the Administrator during the Participant’s lifetime
in such form and in accordance with such procedures as may be prescribed by the
Administrator.

       

      
        10.2     Revision of
Designation.  A Participant's submission of a new Beneficiary
designation shall cancel all prior Beneficiary designations made by such
Participant.  Any finalized divorce or marriage (other than a common law
marriage) of a Participant subsequent to the date of a Beneficiary designation
shall revoke such designation, unless in the case of divorce the former spouse
was not designated as Beneficiary and unless in the case of marriage such
Participant's new spouse has been designated as Beneficiary.

         

        10.3     Successor
Beneficiary.  If the primary Beneficiary of a deceased
Participant dies prior to complete distribution of the benefits otherwise
distributable to him or her under the provisions of the Plan, the remaining
benefits payable with respect to such deceased Participant shall be distributed
to such Participant’s contingent Beneficiary when otherwise due under the
provisions of the Plan.

         

        10.4    
Absence of Valid
Designation.  If a Participant fails to designate a Beneficiary
as provided above, or if the Beneficiary designation is revoked by marriage,
divorce, or otherwise without execution of a new designation, or if every person
designated as Beneficiary predeceases the Participant or dies prior to complete
distribution of the deceased Participant’s Account balances, then the remaining
balances shall be distributed to such Participant’s estate when otherwise due
under the Plan.

      

       

       

      ARTICLE
11

       

      Administration/Claims
Procedures

       

      11.1    Administration.  The
Plan shall be administered by the Administrator, which shall have the exclusive
right and full discretion to (i) interpret the Plan, (ii) decide any and all
matters arising hereunder (including the right to remedy possible ambiguities,
inconsistencies, or admissions), (iii) to make, amend and rescind such rules as
it deems necessary for the proper administration of the Plan, and (iv) to make
all other determinations necessary or advisable for the administration of the
Plan, including determinations regarding eligibility for benefits payable under
the Plan. All interpretations and determinations of the Administrator with
respect to Plan matters shall be final, conclusive and binding on all persons
affected thereby.  No person or member of any committee acting as the
Administrator shall be liable for any determination, decision or action made or
taken in good faith with respect to the Plan.  

       

      11.2    Claims
Procedure.  Any Participant, former Participant or Beneficiary
may file a written claim with the Administrator setting forth the nature of the
benefit claimed, the amount thereof, and the basis for claiming entitlement to
such benefit.  The Administrator shall determine the validity of the
claim and communicate a decision to the claimant promptly and, in any event, not
later than ninety (90) days after receipt of the claim by the
Administrator.  The claim may be deemed by the claimant to have been
denied for purposes of further review described below in the event a decision is
not furnished to the claimant within such ninety (90) day period.  If
additional information is necessary to make a determination on a claim, the
claimant shall be advised of the need for such additional information within
forty-five (45) days after the date of the claim.  The claimant shall
have up to one hundred and eighty (180) days to supplement the claim
information, and the claimant shall be advised of the decision on the claim
within forty-five (45) days after the earlier of the date the supplemental
information is supplied or the end of the one hundred and eighty (180) day
period.  Every claim for benefits which is denied shall be denied by
written notice setting forth in a manner calculated to be understood by the
claimant (i) the specific reason or reasons for the denial, (ii) specific
reference to any provisions of the Plan (including any internal rules,
guidelines, protocols, criteria, etc.) on which the denial is based, (iii)
description of any additional material or information that is necessary to
process the claim, and (iv) an explanation of the procedure for further
reviewing the denial of the claim (including applicable time limits and a
statement of the claimant’s right to bring an action following an adverse
determination on review).

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      11.3    Review
Procedures.  Within sixty (60) days after the receipt of a
denial on a claim, a claimant or his/her authorized representative may file a
written request for review of such denial.  Such review shall be
undertaken by the Administrator and shall be a full and fair review. The
claimant shall have the right to review all pertinent documents.  The
Administrator shall issue a decision not later than sixty (60) days after
receipt of a request for review from a claimant unless special circumstances,
such as the need to hold a hearing, require a longer period of time, in which
case a decision shall be rendered as soon as possible but not later than one
hundred and twenty (120) days after receipt of the claimant’s request for
review.  The decision on review shall be in writing and shall include
specific reasons for the decision written in a manner calculated to be
understood by the claimant with specific reference to any provisions of the Plan
on which the decision is based.

       

       

      ARTICLE
12

       

      Conditions Related to
Benefits

       

      12.1    Nature of Plan and
Rights.  This Plan is unfunded and maintained by the Employers
primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees of the Employers.  The
Accounts established and maintained under this Plan by an Employer are for its
accounting purposes only, and shall not be deemed or construed to create a trust
fund or security interest of any kind for or to grant a property interest of any
kind to any Participant, Beneficiary or estate.  The amounts credited
to Accounts maintained under this Plan by an Employer are and for all purposes
shall continue to be a part of the general liabilities of such Employer, and to
the extent that a Participant, Beneficiary or estate acquires a right to receive
a payment from an Employer pursuant to this Plan, (i) such right shall be no
greater than the right of any unsecured general creditor of such Employer, and
(ii) such Participant, Beneficiary or estate shall have no claim against or
right to receive any payment hereunder from any other Employer. 

       

      12.2    Spendthrift
Provision.  No Account balance or other right or interest under
the Plan of a Participant, Beneficiary or estate 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 Code
section 414(p)), and no such balance, right or interest shall be liable for or
subject to any debt, obligation or liability of such Participant, Beneficiary or
estate. 

       

      12.3    Protective
Provisions.  The Participant shall cooperate with the
Applicable Employer by furnishing any and all information requested by the
Administrator in order to facilitate the payment of benefits hereunder, taking
such physical examinations as the Administrator may deem necessary and taking
such other actions as may be requested by the
Administrator.  

       

      12.4    Withholding.  A
Participant or Beneficiary shall make appropriate arrangements with the
Applicable Employer for satisfaction of any federal, state or local income,
employment or other tax withholding requirements applicable to the payment of
benefits under the Plan.  If no other arrangements are made, the
Applicable Employer may provide, at its discretion, for such withholding and tax
payments as may be required, including, without limitation, by the reduction of
Plan benefits or other amounts payable to the Participant or
Beneficiary.

       

       

      ARTICLE
13

       

      Miscellaneous

       

      13.1    Successors of the
Company.  The rights and obligations of an Applicable Employer
under the Plan shall inure to the benefit of, and shall be binding upon, the
successors and assigns of such Applicable Employer.

       

      13.2    Employment Not
Guaranteed.  Nothing contained in the Plan nor any action taken
hereunder shall be construed as a contract of employment or as giving any
Participant any right to continued employment with any Employer.

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      13.3    Gender, Singular and
Plural.  All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, or neuter, as the identity of the
person or persons may require.  As the context may require, the
singular may be read as the plural and the plural as the singular.

       

      13.4    Captions.  The
captions of the articles, paragraphs and sections of the Plan are for
convenience only and shall not control or affect the meaning or construction of
any of its provisions.

       

      13.5    Validity.  In
the event any provision of the Plan is held invalid, void or unenforceable, the
same shall not affect, in any respect whatsoever, the validity of any other
provisions of the Plan.

       

      13.6    Waiver of
Breach.  The waiver by an Employer of any breach of any
provision of the Plan shall not operate or be construed as a waiver of any
subsequent breach by that Participant or any other Participant.

       

      13.7    Notice.  Any
notice required or permitted to be given under the Plan to an Employer, the
Administrator or a Participant or Beneficiary shall be sufficient if in writing
and hand-delivered, or sent by registered or certified mail, (i) in the case of
an Employer, to the principal office of such Employer, (ii) in the case of the
Administrator, to the principal office of the Company, directed to the attention
of the Administrator, and (iii) in the case of a Participant or Beneficiary, to
the last known address of the Participant or Beneficiary as indicated on the
records of the Administrator.  Such notice shall be deemed given as of
the date of delivery or, if delivery is made by mail, as of the date shown on
the postmark on the receipt for registration or
certification.  Notices may also be given by electronic means in
accordance with procedures established by the Administrator.

       

      13.8    Errors in Benefit Statement
or Distributions.  In the event an error is made in a Plan
benefit statement, such error shall be corrected on the next benefit statement
following the date such error is discovered.  In the event of an error
in a distribution, the error shall be corrected at such time and in such manner
as the Applicable Employer shall determine in its sole discretion.  If
the remaining balance of a Participant’s Account is insufficient to cover an
erroneous overpayment, the Applicable Employer in its sole discretion may offset
other amounts payable to the Participant (including but not limited to salary,
bonuses, expense reimbursements, severance benefits or other employee
compensation benefit arrangements, as allowed by law) to recoup the amount of
such overpayment.

       

      13.9    Special
Distributions.  Any provision of this Plan to the contrary
notwithstanding, the Administrator in its absolute discretion may direct an
Employer to accelerate the time for the making of a payment under this Plan to
or with respect to a Participant to the extent that such acceleration is a
permitted exception under Treas. Reg. section 1.409A-3(j)(4) (or other
applicable guidance issued by the Internal Revenue Service) that does not
subject such accelerated payment to the tax imposed by Code section
409A.

       

      13.10         Compliance
with Code Section 409A.  The
compensation payable by an Employer to or with respect to a Participant
pursuant to this Plan is intended to be compensation that is not subject to the
tax imposed by Code section 409A, and the Plan shall be administered and
construed to the fullest extent possible to reflect and implement such
intent.

       

      13.11        
Applicable
Law.  The Plan shall be governed and construed in accordance
with the internal laws (and not the principles relating to conflicts of laws) of
the State of Texas, except where superseded by ERISA or other applicable federal
law.

       

      13.12        
Arbitration.  Any
claim, dispute or other matter in question of any kind relating to this Plan
which is not resolved by the claims procedures under Article 11 of the Plan
shall be settled by arbitration in accordance with the applicable Employment
Dispute Resolution Rules of the American Arbitration
Association.  Notice of demand for arbitration shall be made in
writing to the opposing party and to the American Arbitration Association within
a reasonable time after the claim, dispute or other matter in question has
arisen.  In no event shall a demand for arbitration be made after the
date when the applicable statute of limitations would
bar the institution of a legal or equitable proceeding based on such claim,
dispute or other matter in question.  The decision of the arbitrators
shall be final and may be enforced in any court of competent
jurisdiction.  The arbitrators may award reasonable fees and expenses
to the prevailing party in any dispute hereunder and shall award reasonable fees
and expenses in the event that the arbitrators find that
the losing party acted in bad faith or with intent to harass, hinder or delay
the prevailing party in the
exercise of its rights in connection with the matter under
dispute.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      13.3    Administrator Release and
Indemnity.  The Employers (i) hereby release each person or
member of a committee acting as the Administrator from any claim, cost, expense
(including reasonable attorneys’ fees and other expenses of defense), judgment,
loss or liability (including any amount paid in settlement of a claim with the
approval of the Company) incurred by an Employer, and (ii) shall joint and
severally indemnify and hold each person or member of a committee acting as the
Administrator harmless from and against any claim, cost, expense (including
reasonable attorneys’ fees and other expenses of defense), judgment, loss or
liability (including any amount paid in settlement of a claim with the approval
of the Company) incurred by such person or committee member, that arises out of
or results from any act or omission to act (including a negligent act or
omission to act) by such person or committee member relating to the performance
of his or her duties under the Plan, excluding, however, any such claim, cost,
expense, judgment, loss or liability that arises out of or results from his or
her willful misconduct or failure to act in good faith.

       

      
        IN
WITNESS WHEREOF, the Company has caused this Plan to be executed on this 18th day of December, 2007, to be effective as of January 1,
2008.

         

         

        
          
            	 	NOBLE ENERGY,
    INC.	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/ Charles
      D. Davidson	 
	 	 	Name:
      Charles D. Davidson	 
	 	 	Title:   President
      and Chief Executive Officer	 
	 	 	 	 

          

        

         

      

       

      
        
           

        

        
          12ex10_45.htm

     

    

      EXHIBIT
10.45

      

      

      

      NOBLE
ENERGY, INC.

      RETIREMENT RESTORATION
PLAN

       

      THIS
RETIREMENT RESTORATION PLAN, made and executed at Houston, Texas, by NOBLE
ENERGY, INC., a Delaware corporation (the “Company”),

       

      WITNESSETH
THAT:

       

      WHEREAS,
the Company has heretofore established the Restoration of Retirement Income Plan
for Certain Participants in the Noble Affiliates Retirement Plan (the “Plan”)
primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees of the Company and its
participating affiliates; and

       

      WHEREAS,
the Company now desires to amend the Plan to change its name and make certain
changes designed to comply with the requirements of Internal Revenue Code
section 409A;

       

      NOW,
THEREFORE, in consideration of the premises and pursuant to the provisions of
Section 7 of the Plan, effective as of December 1, 2007, the Plan as in effect
on November 30, 2007, is hereby renamed the “Noble Energy, Inc. Retirement
Restoration Plan” and amended by restatement in its entirety to read as
follows:

       

      Section
1.  Definitions.  Unless
the context clearly indicates otherwise, when used in this Plan:

       

      (a)           “Affiliated
Company” means any incorporated or unincorporated trade or business or other
entity or person, other than the Company, that along with the Company is
considered a single employer under Code section 414(b) or Code section 414(c);
provided, however, that (i) in applying Code section 1563(a)(1), (2), and (3)
for the purposes of determining a controlled group of corporations under Code
section 414(b), the phrase “at least 50 percent” shall be used instead of the
phrase “at least 80 percent” in each place the phrase “at least 80 percent”
appears in Code section 1563(a)(1), (2), and (3), and (ii) in applying Treas.
Reg. section 1.414(c)-2 for the purposes of determining trades or businesses
(whether or not incorporated) that are under common control for the purposes of
Code section 414(c), the phrase “at least 50 percent” shall be used instead of
the phrase “at least 80 percent” in each place the phrase “at least 50 percent”
appears in Treas. Reg. section 1.414(c)-2.

       

      (b)           A
“Change in Control” shall be deemed to have occurred if:

       

      (1)           individuals
who, as of December 1, 2007, constitute the Board of Directors of the Company
(the “Incumbent Board”) cease for any reason to constitute at least fifty-one
percent (51%) of the Board of Directors of the Company, provided that any person
becoming a director subsequent to the date hereof whose election, or nomination
for election by the Company’s stockholders was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board shall be, for
purposes of this Agreement, considered as though such person were a member of
the Incumbent Board;

       

      (2)           the
stockholders of the Company shall approve a reorganization, merger or
consolidation, in each case, with respect to which persons who were the
stockholders of the Company immediately prior to such reorganization, merger or
consolidation do not, immediately thereafter, own outstanding voting securities
representing at least fifty-one percent (51%) of the combined voting power
entitled to vote generally in the election of directors (“Voting Securities”) of
the reorganized, merged or consolidated company;

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

      (3)           the
stockholders of the Company shall approve a liquidation or dissolution of the
Company or a sale of all or substantially all of the stock or assets of the
Company; or

       

      (4)           any
“person,” as that term is defined in Section 3(a)(9) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) (other than the Company, any of its
subsidiaries, any employee benefit plan of the Company or any of its
subsidiaries, or any entity organized, appointed or established by the Company
for or pursuant to the terms of such a plan), together with all “affiliates” and
“associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of
such person (as well as any “Person” or “group” as those terms are used in
Sections 13(d) and 14(d) of the Exchange Act), shall become the “beneficial
owner” or “beneficial owners” (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act), directly or indirectly, of securities of the Company representing
in the aggregate twenty-five percent (25%) or more of either (A) the then
outstanding shares of common stock, par value $3.33-1/3 per share, of the
Company (“Common Stock”) or (B) the Voting Securities of the Company, in either
such case other than solely as a result of acquisitions of such securities
directly from the Company.  Without limiting the foregoing, a person
who, directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise has or shares the power to vote, or to direct the
voting of, or to dispose, or to direct the disposition of, Common Stock or other
Voting Securities of the Company shall be deemed the beneficial owner of such
Common Stock or Voting Securities.

       

      Notwithstanding
the foregoing, a “Change in Control” of the Company shall not be deemed to have
occurred for purposes of subparagraph (4) of this Plan Section 1(b) solely as
the result of an acquisition of securities by the Company which, by reducing the
number of shares of Common Stock or other Voting Securities of the Company
outstanding, increases (i) the proportionate number of shares of Common Stock
beneficially owned by any person to twenty-five percent (25%) or more of the
shares of Common Stock then outstanding or (ii) the proportionate voting power
represented by the Voting Securities of the Company beneficially owned by any
person to twenty-five percent (25%) or more of the combined voting power of all
then outstanding Voting Securities; provided, however, that if any person
referred to in clause (i) or (ii) of this sentence shall thereafter become the
beneficial owner of any additional shares of Common Stock or other Voting
Securities of the Company (other than a result of a stock split, stock dividend
or similar transaction), then a Change in Control of the Company shall be deemed
to have occurred for purposes subparagraph (4) of this Plan Section
1(b).

       

      (c)           “Code”
means the Internal Revenue Code of 1986, as amended.

       

      (d)           “Committee”
means the Company’s Employee Benefits Committee.

       

      (e)           “Company”
means Noble Energy, Inc., a Delaware corporation.

       

      (f)           “Compensation
Committee” means the Compensation, Benefits and Stock Option Committee of the
Board of Directors of the Company.

       

      (g)           
“Disabled” means, with respect to a Participant, that the Participant is
considered to be totally and permanently disabled within the meaning and for the
purposes of the Retirement Plan.

       

      (h)           “Employer”
includes the Company and any other Affiliated Company that has adopted both the
Retirement Plan and this Plan.

       

      (i)           “Participant”
means an individual who (i) is or was a participant in the Retirement Plan, and
(ii) satisfies one or more of the following requirements:  (1) was a
participant in this Plan on November 30, 2007, (2) is or was a participant in
the Noble Energy, Inc. Deferred Compensation Plan (or its predecessor plan) or
the Noble Energy, Inc. 2005 Deferred Compensation Plan, or (3) has his or her
pension or pension-related benefits under the Retirement Plan limited by the
provisions imposed by the Retirement Plan in order to comply with the maximum
compensation limitation requirement of Code section 401(a)(17) or the maximum
benefit limitation requirement of Code section 415.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (j)           “Payment
Date” means (i) with respect to a Participant whose benefit under this Plan
becomes payable by reason of his or her Separation from Service by reason of
death, a date determined by the Committee that is no later than ninety (90) days
after the date of such Participant’s death, (ii) with respect to a Participant
whose benefit under this Plan becomes payable by reason of his or her Separation
from Service by reason of becoming Disabled, a date determined by the Committee
that is no later than ninety (90) days after the earlier of the date of such
Participant’s death or the date such Participant attains the age of sixty-five
(65) years, (iii) with respect to a Participant whose benefit under this Plan
becomes payable by reason of his or her Separation from Service for a reason
other than death or becoming Disabled and who elected prior to January 1, 2008,
to receive his or her benefit under this Plan in the form of a single lump sum
payment or in the form of an annuity, a date determined by the Committee that is
no later than ninety (90) days after the earlier of the date of such
Participant’s death or the time of payment elected by such Participant in such
election, (iv) with respect to a Participant whose benefit under this Plan
becomes payable by reason of his or her Separation from Service for a reason
other than death or becoming Disabled and either who became a Participant after
December 31, 2007, or whose Separation from Service occurred after attaining the
age of sixty-five (65) years, a date determined by the Committee that is no
later than ninety (90) days after the date of such Participant’s Separation from
Service for a reason other than death or becoming Disabled, and (v) with respect
to a Participant whose benefit under this Plan becomes payable by reason of his
or her Separation from Service prior to attaining the age of sixty-five (65)
years for a reason other than death or becoming Disabled and who was a
Participant prior to January 1, 2008, but failed to make a time and form of
payment election under the Plan prior to January 1, 2008, a date determined by
the Committee that is no later than ninety (90) days after the earlier of the
date of such Participant’s death or the date such Participant attains the age of
sixty-five (65) years; provided, however, that the foregoing provisions of this
paragraph (j) to the contrary notwithstanding, the Payment Date that would
otherwise apply with respect to a benefit to be paid or commence being paid
under this Plan to a Participant who is a Specified Employee on the date of his
or her Separation from Service for a reason other than death shall be postponed
to the earlier of (vi) the first day of the seventh month beginning after the
date of such Participant’s Separation from Service, or (vii) a date determined
by the Committee that is no later than ninety (90) days after the date of such
Participant’s death following his or her Separation from Service.

       

      (k)           “Plan”
means this Noble Energy, Inc. Retirement Restoration Plan as in effect from time
to time.

       

      (l)           “Retirement
Plan” means the Noble Energy, Inc. Retirement Plan as in effect from time to
time.

       

      (m)           “Separation
from Service” means, with respect to a Participant, such Participant’s
separation from service (within the meaning of Code section 409A and the
regulations and other guidance promulgated thereunder) with the group of
employers that includes the Company and each Affiliated Company.  With
respect to services as an employee, an employee’s Separation from Service shall
be deemed to occur on the date as of which the employee and his or her employer
reasonably anticipate that no further services will be performed after such date
or that the level of bona fide services the employee will perform after such
date (whether as an employee or an independent contractor) will permanently
decrease to no more than 20 percent of the average level of bona fide services
performed (whether as an employee or an independent contractor) over the
immediately preceding 36-month period (or the full period of services to the
employer if the employee has been providing services to the employer less than
36 months).

       

      (n)           “Specified
Employee” means a Participant who is a specified employee within the meaning of
Code section 409A(a)(2) and the regulations and other guidance promulgated
thereunder. Each Specified Employee will be identified by the Compensation
Committee as of each December 31, using such definition of
compensation permissible under Treas. Reg. section 1.409A-1(i)(2) as the
Compensation Committee shall determine in its discretion, and each Specified
Employee so identified shall be treated as a Specified Employee for the purposes
of this Plan for the entire 12-month period beginning on the April 1 following a
December 31 Specified Employee identification date.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      Section
2.  Nature
of Plan.  This Plan is an unfunded plan maintained primarily
for the purpose of providing deferred compensation for a select group of
management or highly compensated employees and does not qualify under the
provisions of Code section 401.

       

      Section
3.  Plan
Administration.  This Plan shall be administered by the
Employee Benefits Committee appointed to administer the Retirement
Plan.  The Committee shall have discretionary and final authority to
interpret and implement the provisions of this Plan, including without
limitation, authority to determine eligibility for benefits under this
Plan.  The Committee shall act by a majority of its members at the
time in office and such action may be taken either by a vote at a meeting or in
writing without a meeting.  The Committee may adopt such rules and
procedures for the administration of this Plan as are consistent with the terms
hereof and shall keep adequate records of its proceedings and
acts.  Every interpretation, choice, determination or other exercise
by the Committee of any power or discretion given either expressly or by
implication to it shall be conclusive and binding upon all parties having or
claiming to have an interest under this Plan or otherwise directly or indirectly
affected by such action, without restriction, however, on the right of the
Committee to reconsider and redetermine such action.  The members of
the Committee shall have no liability for any action taken or omitted in good
faith in connection with the administration of this Plan.  The
Employers shall indemnify, defend and hold harmless each member of the Committee
and each director, officer and employee of an Employer against any claim, cost,
expense (including attorneys’ fees), judgment or liability (including any sum
paid in settlement of a claim with the approval of the Company) arising out of
any act or omission to act as a member of the Committee or any other act or
omission to act relating to this Plan, except in the case of such person’s fraud
or willful misconduct.

       

      Section
4.  Plan
Benefit.  A Participant’s benefit under this Plan shall be
actuarially equivalent to the excess, if any, of:

       

      (a)           the
value of the benefit that would have been payable to or with respect to such
Participant under the Retirement Plan if (i) the provisions of the Retirement
Plan were administered without regard to (1) the maximum amount of compensation
limitation imposed under the Retirement Plan in order to comply with Code
section 401(a)(17), and (2) the maximum amount of retirement income limitation
imposed under the Retirement Plan in order to comply with Code section 415, and
(ii) no salary or bonus otherwise payable to such Participant had been deferred
by such Participant under the Noble Energy, Inc. Deferred Compensation Plan (or
its predecessor plan), over

       

      (b)           the
value of the benefit that actually is or was accrued with respect to such
Participant under the provisions of the Retirement Plan.

       

      For
purposes of this Plan, the value of benefits and the amounts payable under
alternative forms of benefits shall be determined using the actuarial
assumptions being used under the Retirement Plan for such purposes.

       

      Section
5. Vesting of Plan
Benefit.  A Participant’s benefit under this Plan shall become
vested and nonforfeitable upon the first to occur of (i) such Participant’s
Initial Vesting Date (as defined in the Retirement Plan), or (ii) such
Participant’s Separation from Service by reason of his or her
death.  If a Participant’s Separation from Service occurs prior to his
or her Initial Vesting Date for a reason other than his or her death, such
Participant’s benefit under this Plan shall be forfeited and no benefit shall be
payable to or with respect to such Participant pursuant to this
Plan.

       

      Section
6.  Time and
Form of Benefit Payment.  A Participant’s benefit under this
Plan that has become vested and nonforfeitable shall become payable to or with
respect to such Participant upon the first to occur of such Participant’s
Separation from Service (i) by reason of death, (ii) by reason of becoming
Disabled, or (iii) for a reason other than death or becoming Disabled, and shall
be paid in cash as follows:

       

      (a)           for
a Participant whose benefit under this Plan becomes payable by reason of his or
her Separation from Service by reason of death, the value of such benefit as of
such Participant’s Payment Date shall be paid on such Payment Date to such
Participant’s beneficiary or beneficiaries (determined under the provisions of
the Plan) in a single lump sum payment.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      (b)           for
a Participant whose benefit under this Plan becomes payable by reason of his or
her Separation from
Service by reason of becoming Disabled, the value of such benefit as of such
Participant’s Payment Date shall be paid on such Payment Date to such
Participant (or, in the event of such Participant’s death prior to his or her
Payment Date, to his or her beneficiary or beneficiaries determined under the
provisions of the Plan) in a single lump sum payment.

       

      (c)           for
a Participant whose benefit under this Plan becomes payable by reason of his or
her Separation from Service for a reason other than death or becoming Disabled
and who either (i) elected prior to January 1, 2008, to receive his or her
benefit under this Plan in the form of a single lump sum payment, or (ii) became
a Participant after December 31, 2007, the value of such benefit as of such
Participant’s Payment Date shall be paid on such Payment Date to such
Participant (or, in the event of such Participant’s death prior to his or her
Payment Date, to his or her beneficiary or beneficiaries determined under the
provisions of the Plan) in a single lump sum payment.

       

      (d)           for
a Participant whose benefit under this Plan becomes payable by reason of his or
her Separation from Service for a reason other than death or becoming Disabled
and who either (i) elected prior to January 1, 2008, to receive his or her
benefit under this Plan in the form of an annuity, or (ii) was a Participant
prior to January 1, 2008, but failed to make a time and form of payment election
under the Plan prior to January 1, 2008, the value of such benefit as of such
Participant’s Payment Date shall commence being paid on such Payment Date to
such Participant in the form of such annuity that (i) is available as a form of
annuity distribution under the provisions of the Retirement Plan, and (ii)
satisfies the requirements to be a “life annuity” within the meaning of Treas.
Reg. section 1.409A-2(b)(2)(ii) and other applicable guidance issued by the
Internal Revenue Service.  Such annuity shall be elected by such
Participant in accordance with such election procedures as may be established by
the Committee from time to time, and shall commence in payment on such
Participant’s Payment Date.  If a Participant fails to timely elect
his or her form of annuity payment in accordance with the election procedures
established by the Committee, the benefit payable to such Participant shall be
paid in the form of the following annuity that satisfies the requirements of
this paragraph (d) and commences in payment on such Participant’s Payment
Date:  (i) for a Participant who is married on his or her Payment
Date, in the form of a joint and 50 percent (50%) survivor annuity providing for
the payment of a level monthly income to the Participant for life, and in the
event the spouse to whom such Participant was married on his or her Payment Date
survives such Participant, then upon the death of such Participant a monthly
income equal to 50 percent (50%) of the monthly income that was being paid to
such Participant during his or her life will be paid to such Participant’s
surviving spouse for his or her life, and (ii) for a Participant who is not
married on his or her Payment Date, in the form of a single life annuity
providing for the payment of a level monthly income to such Participant for
life, and in the event such Participant dies before he or she has received
payments for a period of ten (10) years, the same monthly benefit that was
payable to such Participant shall be paid for the remainder of such ten-year
period to such Participant’s beneficiary (or in equal shares to his or her
beneficiaries) determined under the provisions of the Plan.  If a
Participant to whom this paragraph (d) applies dies after his or her Separation
from Service and prior to his or her Payment Date, the value of the benefit that
would have been payable to or with respect to such Participant if he or she were
living on his or her Payment Date shall be paid on such Payment Date to such
Participant’s beneficiary or beneficiaries (determined under the provisions of
the Plan) in a single lump sum payment.

       

      The
amount of the benefit to be paid to or with respect to a Participant pursuant to
this Plan Section 6 shall be determined at the time such benefit is to be paid
or commence being paid under the provisions of this Plan Section
6.  The payment to a Participant or a beneficiary of a deceased
Participant of the amount or amounts payable to such Participant or beneficiary
pursuant to this Plan Section 6 shall fully satisfy and discharge all of the
obligations and liabilities of the Employers to pay benefits to such Participant
or beneficiary pursuant to this Plan.

       

      Section
7.  Designation of
Beneficiaries.  Any amount payable under this Plan with respect
to a Participant who dies prior to his or her Payment Date shall be paid when
otherwise due hereunder to the beneficiary or beneficiaries designated by such
Participant.  Such designation of beneficiary or beneficiaries shall
be made in writing on a form prescribed by the Committee and, when filed with or
as directed by the Committee, shall become effective and remain in effect until
changed by such Participant by the filing of a new beneficiary designation form
with the Committee.  If a Participant fails to so designate a
beneficiary, or in the event all of the designated beneficiaries
are individuals who predecease the Participant, any remaining amount payable
under this Plan shall be paid when otherwise due hereunder to such Participant’s
surviving spouse, if any but if none, then to the Participant’s
estate.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

       

      Section
8.  Source
of Benefits.  All benefits payable under this Plan to or with
respect to a Participant who was an employee of an Employer shall be paid from
the general assets of such Employer.  If the benefits payable to or
with respect to a Participant under this Plan are attributable to periods of
employment with more than one Employer, the amount payable to or with respect to
such Participant shall be apportioned among and paid by the Employers who
employed such Participant in such proportions as shall be determined by the
Committee in its absolute discretion.  No provision of this Plan shall
be deemed or construed to create a trust fund of any kind or to grant to any
Participant or beneficiary of a Participant any property right or beneficial
ownership interest of any kind in the assets of an Employer.  To the
extent that any Participant or beneficiary of a Participant acquires a right to
receive payments from an Employer pursuant to this Plan, such right shall be no
greater than the right of any unsecured general creditor of such
Employer.

       

      Section
9.  Amendment and
Termination.  The Board of Directors of the Company shall have
the right and power at any time and from time to time to amend this Plan, in
whole or in part, on behalf of all Employers, and at any time to terminate this
Plan or any Employer’s participation hereunder; provided, however, that (i) no
such amendment or termination shall, without the written consent of the affected
Participant or beneficiary of a deceased Participant, (1) reduce an Employer’s
obligation for the payment of the benefits accrued under this Plan with respect
to such Participant as of the date of such amendment or termination (such
benefits to be determined as if the Retirement Plan had terminated on such
date), or further defer the dates for the payment of such benefits, or (2)
accelerate the time for the payment of the benefits accrued under this Plan with
respect to such Participant in a manner that subjects such benefits to the tax
imposed under Code section 409A, and (ii) for a period of two (2) years
following a Change in Control, no amendment or termination of this Plan shall
become effective with respect to a Participant or beneficiary of a deceased
Participant without the prior written consent of such Participant or
beneficiary.  Any amendment to or termination of this Plan shall be
made by or pursuant to a resolution duly adopted by the Board of Directors of
the Company, and shall be evidenced by such resolution or by a written
instrument executed by such person as the Board of Directors of the Company
shall authorize for such purpose.

       

      Section
10.  Spendthrift
Provision.  No right or interest under this Plan of a
Participant or beneficiary of a Participant 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 Code
section 414(p)), and no such right or interest shall be liable for or subject to
any debt, obligation or liability of such Participant or
beneficiary.

       

      Section
11.  Employment
Noncontractual.  The establishment of this Plan shall not
enlarge or otherwise affect the terms of any Participant’s employment with an
Employer, and such Employer may terminate the employment of such Participant as
freely and with the same effect as if this Plan had not been
established.

       

      Section
12.  Adoption by Other
Employers.  This Plan may be adopted by any Employer
participating in the Retirement Plan, such adoption to be effective as of the
date specified by such Employer at the time of adoption.

       

      Section
13.  Forfeiture for
Dishonesty.  If a Participant’s employment with an Employer is
terminated because of dishonest conduct injurious to such Employer, or if
dishonest conduct injurious to an Employer is committed by a Participant
employed by an Employer and such conduct is discovered by such Employer during
the lifetime of such Participant and within one (1) year after his or her
employment with such Employer terminated or within one (1) year after his or her
election to receive or commence receiving benefits under the Retirement Plan,
(i) no benefit shall be payable under this Plan to or with respect to such
Participant, and (ii) such Participant shall repay to each Employer the amount
of any benefit paid by such Employer to such Participant pursuant to this Plan,
with interest at such reasonable rate as shall be specified by the
Committee.  A determination by the Committee that a Participant has
engaged in dishonest conduct injurious to an Employer shall be made by the
Committee only after a full investigation of such alleged dishonest conduct and
an opportunity has been given to such Participant to appear before the Committee
to present his or her case.  A determination made by the Committee
that a Participant has engaged in dishonest conduct injurious to an Employer
shall be conclusive and binding upon all parties having or claiming to have an
interest under this Plan or otherwise directly or indirectly affected by such
determination.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      Section
14.  Claims
Procedure.  If any person (hereinafter called the “Claimant”)
feels that he or she is being denied a benefit to which he or she is entitled
under this Plan, such Claimant may file a written claim for said benefit with
the Committee.  Within sixty (60) days following the receipt of such
claim the Committee shall determine and notify the Claimant as to whether he or
she is entitled to such benefit.  Such notification shall be in
writing and, if denying the claim for benefit, shall set forth the specific
reason or reasons for the denial, make specific reference to the pertinent
provisions of this Plan, and advise the Claimant that he or she may, within
sixty (60) days following the receipt of such notice, in writing request to
appear before the Committee or its designated representative for a hearing to
review such denial.  Any such hearing shall be scheduled at the mutual
convenience of the Committee or its designated representative and the Claimant,
and at any such hearing the Claimant and/or his or her duly authorized
representative may examine any relevant documents and present evidence and
arguments to support the granting of the benefit being claimed.  The
final decision of the Committee with respect to the claim being reviewed shall
be made within sixty days following the hearing thereon, and the Committee shall
in writing notify the Claimant of said final decision, again specifying the
reasons therefor and the pertinent provisions of this Plan upon which said final
decision is based.  The final decision of the Committee shall be
conclusive and binding upon all parties having or claiming to have an interest
in the matter being reviewed.

       

      Section
15.  Tax
Withholding.  An Employer making a payment to or with respect
to a Participant pursuant to this Plan shall withhold from any such payment, and
shall remit to the appropriate governmental authority, any income, employment or
other tax such Employer is required by applicable law to so withhold from and
remit on behalf of the payee.

       

      Section
16.  Special
Distributions.  Any provision of this Plan to the contrary
notwithstanding, the Committee in its absolute discretion may direct an Employer
to accelerate the time for the making of a payment under this Plan to or with
respect to a Participant to the extent that such acceleration is a permitted
exception under Treas. Reg. section 1.409A-3(j)(4) (or other applicable guidance
issued by the Internal Revenue Service) that does not subject such accelerated
payment to the tax imposed by Code section 409A.

       

      Section
17.  409A
Transition Period Election.  Subject to such conditions,
limitations and procedures as the Committee may prescribe, on or before December
31, 2007, a Participant may make a time and form of payment election for the
payment of the benefit, if any, that may become payable to such Participant
under the Plan, provided that such election complies with the transition relief
requirements for the making of such an election as promulgated by the Internal
Revenue Service in Notice 2007-86 and any other applicable guidance issued by
the Internal Revenue Service).

       

      Section
18.  Compliance with Code Section
409A.  The compensation payable by an Employer to a Participant
or beneficiary of a deceased Participant pursuant to this Plan is intended to be
compensation that is not subject to the tax imposed by Code section 409A, and
this Plan shall be administered and construed to the fullest extent possible to
reflect and implement such intent.

       

      Section
19.  November 30, 2007, Benefit
Payments.  Any provision of this Plan to the contrary
notwithstanding, the benefits being paid on November 30, 2007, to or with
respect to a Participant under the provisions of this Plan as in effect on
November 30, 2007, shall continue to be paid to or with respect to such
Participant in accordance with the provisions of this Plan as in effect on
November 30, 2007.  The benefits payable to or with respect to any
other Participant shall be paid to or with respect to such Participant in
accordance with the provisions of this Plan as in effect on or after December 1,
2007.

       

      Section
20.  Applicable
Law.  This Plan shall be governed and construed in accordance
with the internal laws (and not the principles relating to conflicts of laws) of
the State of Texas, except where superseded by federal law.

       

      IN
WITNESS WHEREOF, this Plan has been executed by the Company on behalf of all
Employers on this 6th day of
December, 2007, to be effective as of December 1, 2007.

       

      
        
          	 	NOBLE ENERGY,
    INC.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Charles
      D. Davidson	 
	 	 	Name: Charles
      D. Davidson	 
	 	 	Title:  
      President 	 
	 	 	 	 

        

      

       

    

     

    
      
        
        

      

      
        7

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