Document:

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                                                                    EXHIBIT 10.1

                                NOBLE CORPORATION

                       NONQUALIFIED STOCK OPTION AGREEMENT

         THIS AGREEMENT, made as of the ____ day of ______ 200_, by and between
NOBLE CORPORATION, a Cayman Islands exempted company limited by shares (the
"Company"), and ___________ ("Employee");

                              W I T N E S S E T H:

         WHEREAS, the committee (the "Committee") acting under the Company's
1991 Stock Option and Restricted Stock Plan, as amended (the "Plan"), has
determined that it is desirable to grant a nonqualified stock option under the
Plan to Employee, who is currently employed by the Company or one of its
Affiliates;

         NOW, THEREFORE, it is agreed as follows:

         1. Grant of Option, Option Period and Terms of Exercise of Option. The
Company hereby grants to Employee the option to purchase, as hereinafter set
forth, _____ ordinary shares, par value U.S.$0.10 per share, of the Company
("Shares") at the price of $_____ per share, in whole at any time or in part
from time to time, for a period commencing _______________________ and
terminating on the first to occur of (i) the expiration of ten years from the
date of this Agreement and (ii) the date Employee ceases for any reason to be
employed by at least one of the employers in the group of employers consisting
of the Company and its Affiliates (a "termination of employment"); provided that
the number of Shares purchasable hereunder in any period or periods of time
during which the option evidenced hereby is exercisable shall be limited as
follows:

         (a)  _____ Shares are purchasable, in whole at any time or in part from
              time to time, commencing ____________________________,

         (b)  an additional _____ Shares are purchasable, in whole at any time
              or in part from time to time,
              commencing_________________________,. . .

         (__) an additional _____ Shares are purchasable, in whole at any time
              or in part from time to time, commencing_________________________;

provided further that if a termination of employment occurs after the date upon
which the option first becomes exercisable and before the date that is ten years
from the date hereof for any reason other than Employee's death, Disability or
Retirement, then the option may be exercised, to the extent that Employee was
entitled to exercise it at the date of such termination of employment, at any
time within six months after such termination of employment but not after the
expiration of the ten-year period, except that, in the event of a termination of
employment of Employee on account

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of fraud, dishonesty or other acts detrimental to the interests of the Company
or one or more of its Affiliates, the option shall thereafter be null and void
for all purposes; and provided further that if a termination of employment
occurs after the date upon which the option first becomes exercisable and before
the date that is ten years from the date hereof by reason of Employee's death,
Disability or Retirement, then the option, including any then unvested Shares
all of which shall be automatically accelerated, may be exercised at any time
within five years after such termination of employment but not after the
expiration of the ten-year period.

         Transfer of employment without interruption of service between or among
the Company and any of its Affiliates shall not be considered a termination of
employment. Notwithstanding anything contained in this Agreement to the
contrary, no fractional Shares may be purchased upon exercise of the option.

         2. Agreement of Employee Regarding Employment. Employee hereby agrees
to serve the Company or Affiliate by performing the duties now assigned to
Employee or such other duties as may hereafter be assigned to Employee, at
Employee's present salary, with such increases and bonuses, if any, as the
Company or Affiliate may authorize, for a period of at least one year from the
date hereof. There is no obligation on the part of the Company or Affiliate to
continue Employee's employment for said one-year period or for any period, and
nothing in this Agreement shall in any way interfere with the right of the
Company or any Affiliate to terminate the employment of Employee at any time,
with or without cause.

         3. Requirement of Employment. Except as provided in Paragraph 1 hereof,
the option may not be exercised unless Employee is, at the time of exercise, an
employee of the Company or an Affiliate.

         4. Exercise of Option.

         (a) The option may be exercised by written notice signed by Employee
and delivered to the Secretary of the Company at the address set forth opposite
the Company's name on the signature page of this Agreement. Such notice shall
state the number of Shares as to which the option is exercised and shall be
accompanied by the full amount of the purchase price of such Shares. The
purchase price may be paid in cash or by certified check or cashier's check or,
if permitted by the Committee, in whole or in part, by the surrender of issued
and outstanding Shares (including an actual or deemed multiple series of
exchanges of such Shares) which shall be credited against the purchase price at
the Fair Market Value of the Shares surrendered on the date of exercise of the
option. Any such notice shall be deemed delivered on the date on which it is
personally delivered to the Secretary of the Company at the address specified
above in this Paragraph 4(a) or, if sent by mail, on the earlier of (i) the date
on which it is received by the Secretary of the Company at such address or (ii)
the third business day after it is deposited in the United States mail,
certified or registered, postage prepaid, addressed to the Secretary of the
Company at such address.

         (b) Promptly after demand by the Company, and at its direction,
Employee shall pay to the Company or the appropriate Affiliate an amount equal
to the applicable withholding taxes due in connection with exercise of the
option. Such withholding taxes may be paid in cash or by

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certified check or cashier's check or, subject to the further provisions of this
Paragraph 4(b), in whole or in part, by having the Company withhold from the
Shares otherwise issuable upon exercise of the option a number of Shares having
a value equal to the amount of such withholding taxes or by surrendering to the
Company or the appropriate Affiliate a number of issued and outstanding Shares
having a value equal to the amount of such withholding taxes. The value of any
Shares so withheld by or surrendered to the Company or the appropriate Affiliate
shall be based on the Fair Market Value of such Shares on the date on which the
option is exercised (in the case of a withholding of Shares) or the date (which
shall not be earlier than the date of exercise of the option) on which the
Shares are surrendered (in the case of a surrender of Shares). Employee shall
pay to the Company or the appropriate Affiliate in cash or by certified check or
cashier's check the amount, if any, by which the amount of such withholding
taxes exceeds the value of the Shares so withheld or surrendered. Any election
by Employee to have Shares withheld or to surrender Shares to pay withholding
taxes (an "Election") must be made at or prior to the time of exercise of the
option (in the case of a withholding of Shares) or at or prior to the time of
surrender of the Shares (in the case of a surrender of Shares). All Elections
shall be made in the same manner as is required under the first sentence of
Paragraph 4(a) hereof for the exercise of the option and shall be deemed
delivered in accordance with the provisions of the last sentence of that
Paragraph. The Committee may, in its sole and absolute discretion, disapprove of
any Election and suspend or terminate at any time the right of Employee to make
Elections.

         (c) Notwithstanding anything contained in this Agreement to the
contrary, to the extent permitted by applicable law, the Committee may, in its
sole and absolute discretion, selectively approve arrangements with a brokerage
firm or firms under which any such brokerage firm shall, on behalf of Employee,
make payment in full to the Company of the aggregate purchase price of the
Shares then being purchased upon exercise of the option, and the Company,
pursuant to an irrevocable notice in writing from Employee, shall make prompt
delivery of one or more certificates representing the purchased Shares to such
brokerage firm. Payment in full for purposes of the immediately preceding
sentence shall mean payment of the full amount due, either in cash or by
certified check or cashier's check. Any arrangements shall be subject to such
rules and regulations as the Committee may adopt in connection therewith.

         5. Delivery of Certificates Upon Exercise of Option. Delivery of one or
more certificates representing the purchased Shares shall be made as promptly as
practicable after receipt by the Company of notice of exercise and payment in
full of the purchase price and, if required, the amount of any withholding
taxes; provided, however, that the Company shall have such time as is necessary
to qualify or register such Shares under any applicable law or governmental rule
or regulation or list such Shares on any securities exchange on which the Shares
are listed.

         6. Adjustments. If at any time while the option is outstanding there
shall be any increase or decrease in the number of issued and outstanding Shares
effected without receipt of consideration therefor by the Company, through the
declaration of a dividend in Shares or through any recapitalization,
amalgamation or merger or otherwise in which the Company is the surviving
corporation, resulting in a split-up, combination or exchange of Shares, then
and in each such event appropriate adjustment shall be made by the Board of
Directors of the Company in the number of Shares and the purchase price per
Share thereof then subject to purchase pursuant to the option, to

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the end that the same proportion of the issued and outstanding Shares in each
such instance shall remain subject to purchase under the option at the same
aggregate purchase price. In the event of a reclassification of the Shares or a
liquidation, corporate separation (such as a spin-off or split-off) or
reorganization (including a merger, amalgamation, consolidation or sale of
assets) of the Company, not covered by the foregoing provisions of this
Paragraph 6, it is agreed that the Board of Directors of the Company shall make
such adjustments, if any, as it may deem appropriate in the number, purchase
price and kind of shares still subject to the option. Any adjustment pursuant to
this Paragraph 6 shall be final, conclusive and binding on Employee in the
absence of manifest error.

         7. Transferability.

         (a) Except as otherwise provided in Paragraph 7(b) below, the option
evidenced hereby is not transferable otherwise than by will or by the laws of
descent and distribution, or the rules thereunder, and may be exercised during
the life of Employee only by Employee.

         (b) Notwithstanding Paragraph 7(a), the option evidenced hereby may be
transferred, in whole or in part, by Employee (i) by gift to the Immediate
Family Members (as defined in Paragraph 7(c) below) of Employee, partnerships
whose only partners are Employee or the Immediate Family Members of Employee,
limited liability companies whose only shareholders or members are Employee or
the Immediate Family Members of Employee, and trusts established solely for the
benefit of Employee or the Immediate Family Members of Employee, or (ii) to any
other persons or entities in the discretion of the Committee; provided, that any
subsequent transfers of a transferred option shall be prohibited except those in
accordance with Paragraph 7(a). Following transfer, any such option shall
continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer; provided, that for purposes of this Agreement,
the term "Employee" (except as used in the next succeeding sentence) shall be
deemed to refer to the transferee. The events of any termination of employment
set forth in Paragraph 1 above shall continue to be applied with respect to
Employee, following which any transferred options shall be exercisable by the
transferee only to the extent, and for the periods, specified in Paragraph 1
above.

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

         8. Defined Terms. 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.

         9. Plan Provisions. By execution of this Agreement, Employee agrees
that the option and the Shares to be received upon exercise of the option 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.

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         10. Construction. The option evidenced hereby is not an incentive stock
option under Section 422 of the United States Internal Revenue Code of 1986, as
amended. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not constitute a part hereof. This Agreement is
governed by, and shall be construed and enforced in accordance with, the laws of
the State of Texas, without regard to the principles of conflicts of laws
thereof, except to the extent Texas law is preempted by Federal law of the
United States or by the laws of the Cayman Islands.

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

Address:                                NOBLE CORPORATION

13135 S. Dairy Ashford
Suite 800                               By
Sugar Land, Texas 77478                 ------------------------------------
(281) 276-6100                          Name:
                                        Title:

Employee address:

-----------------------------------       --------------------------------------
                                          Employee

------------------------------------

------------------------------------

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                                                                    EXHIBIT 10.2

                                NOBLE CORPORATION

                  PERFORMANCE-VESTED RESTRICTED STOCK AGREEMENT

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

                              W I T N E S S E T H:

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

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

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

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

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         2. Vesting/Forfeiture.

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

         (b) Upon and to the extent of the achievement of the performance
measurement hereunder with respect to the Restricted Shares, as determined by
the Committee, the shares with respect to which such performance measurement has
been achieved shall vest in Executive in accordance with Schedule I hereto, and
Executive shall be entitled to have delivered to him a new certificate, without
the legend referenced in Section 10 of this Agreement, for the number of such
vested Ordinary Shares.

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

         3. Acceleration of Vesting and Termination of Forfeiture Provisions.

         (a) The vesting of this Award and the termination of the forfeiture
provisions hereof are subject to acceleration upon the occurrence of (i) the
death, Disability or Retirement of Executive or (ii) a Change in Control of the
Company (whether with or without termination of employment of Executive by the
Company or an Affiliate). Upon the occurrence of any of the events specified in
(i) of this subsection (a),

         (A)      the Restricted Shares comprising the Award shall [be prorated
                  based on the number of months of actual service by Executive
                  during the _______ years in the period ended
                  _________________, 200___], and

         (B)      the determination of vesting shall be made in accordance with
                  Section 2(b) of this Agreement.

Upon the occurrence of the event specified in (ii) of this subsection (a),

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         (A)      [a number of shares equal to _______ percent of the Restricted
                  Shares (which equates to the target for this Award) shall
                  immediately become vested and no longer be subject to any
                  forfeiture provisions of this Agreement,]

         (B)      Executive shall be entitled to have delivered to him a new
                  certificate, without the legend referenced in Section 10 of
                  this Agreement, for such number of vested Ordinary Shares, and

         (C)      the balance of ________ percent of the Restricted Shares shall
                  be forfeited.

[Agreement may provide for alternative outcomes under clause (i) and/or clause
(ii) above.]

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

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

         Change in Control: The term "Change in Control" means (i) a
determination by the Committee that any person or group (as defined in Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) has become the direct or indirect beneficial owner (as defined
in Rule 13d-3 under the Exchange Act) of more than 50 percent of the Voting
Stock of the Company; (ii) the Company is merged or amalgamated with or into or
consolidated with another corporation and, immediately after giving effect to
the merger, amalgamation or consolidation, less than 50 percent of the
outstanding voting securities entitled to vote generally in the election of
directors or persons who serve similar functions of the surviving or resulting
entity are then beneficially owned (within the meaning of Rule 13d-3 under the
Exchange Act) in the aggregate by (x) the members of the Company immediately
prior to such merger, amalgamation or consolidation, or (y) if a record date has
been set to determine the members of the Company entitled to vote on such
merger, amalgamation or consolidation, the members of the Company as of such
record date; (iii) the Company either individually or in conjunction with one or
more subsidiaries of the Company, sells, conveys, transfers or leases, or the
subsidiaries of the Company sell, convey, transfer or lease, all or
substantially all of the property of the Company and the subsidiaries of the
Company, taken as a whole (either in one transaction or a series of related
transactions), including Capital Stock of the subsidiaries of the Company, to
any Person (other than a Wholly Owned Subsidiary); (iv) the liquidation or
dissolution of the Company; or (v) the first day on which a majority of the
individuals who constitute the board of directors of the Company are not
Continuing Directors. For purposes of this definition, "Voting Stock" means,
with respect to any Person, securities of any class or classes of Capital Stock
in such Person entitling the holders thereof (whether at all times or at the
times that such class of Capital Stock has voting power by reason of the
happening of any contingency) to vote in the election of members of the board of
directors (or comparable body) of such Person; "Person" means any individual,
corporation, limited liability

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company, partnership, joint venture, joint stock company, unincorporated
organization or government or any agency or political subdivision thereof;
"Capital Stock" in any Person means any and all shares, interests,
participations or other equivalents in the equity interest (however designated)
in such Person and any rights (other than debt securities convertible into an
equity interest), warrants or options to acquire an equity interest in such
Person; "Wholly Owned Subsidiary" means any subsidiary of the Company of which
100 percent of the total Voting Stock (other than directors' qualifying shares)
is at the time owned by the Company, either directly or indirectly through
ownership of one or more subsidiaries of the Company; and "Continuing Director"
means an individual who (A) is a member of the board of directors of the Company
and (B) either (I) was a member of the board of directors of the Company on the
Effective Date or (II) whose nomination for election or election to the board of
directors of the Company was approved by a vote of at least 66-2/3 percent of
the Continuing Directors who were members of the board of directors of the
Company at the time of such nomination or election.

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

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

         6. Agreements Regarding Withholding Taxes.

         (a) Executive may elect, within 30 days of the Effective Date and on
notice to the Company, to realize income for United States federal income tax
purposes equal to the fair market value of the Restricted Shares on the date of
award, which shall be the Effective Date. In such event,

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Executive shall make arrangements satisfactory to the Committee to pay in the
year of such award any United States federal, state or local taxes required to
be withheld with respect to such shares. If Executive fails to make such
payments, the Company and its subsidiaries shall, to the extent permitted by
law, have the right to deduct in the year of such award any United States
federal, state or local taxes of any kind required by law to be withheld with
respect to such Ordinary Shares.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                           With a copy to:

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

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

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

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

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

                                       7
<PAGE>

then such provision shall be deemed to be so limited and shall be enforceable to
the maximum extent permitted by applicable law.

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

         18. Descriptive Headings. The descriptive headings herein are inserted
for convenience of reference only, do not constitute a part of this Agreement,
and shall not affect in any manner the meaning or interpretation of this
Agreement.

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

         20. References. The words "this Agreement," "herein," "hereof,"
"hereby," "hereunder" and words of similar import refer to this Agreement as a
whole and not to any particular subdivision unless expressly so limited.
Whenever the words "include," "includes" and "including" are used in this
Agreement, such words shall be deemed to be followed by the words "without
limitation."

                                       8
<PAGE>

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

                                           NOBLE CORPORATION

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

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

                                       9
<PAGE>

SCHEDULE I

                                NOBLE CORPORATION

            PERFORMANCE MEASURES FOR THE __________ PERFORMANCE CYCLE
                  AWARD OF PERFORMANCE-VESTED RESTRICTED STOCK

         The Committee has determined that the following restricted period and
performance measure shall be applicable to the Award of Restricted Shares
represented hereby:

1. RESTRICTED PERIOD. The restricted period for the Restricted Shares shall
extend from the Effective Date of the Award through ________________, and
thereafter until such time as vesting or forfeiture of the Restricted Shares is
confirmed, as determined by the Committee, based on achievement of the
performance measures specified in paragraph 2 below.

2. PERFORMANCE MEASURE. This performance-vested restricted stock Award provides
for performance to be assessed over a _________-year performance cycle based on
corporate performance. The number of the Restricted Shares awarded that will be
earned/vested will vary based on performance, as shown in the following table:

[To come.]

         The number of Ordinary Shares set by the Committee as the target for
this Award is _________ and therefore the maximum number of Ordinary Shares that
can be earned/vested is _________ (being the total number of the Restricted
Shares of this Award).

         The performance measure used to determine the extent of vesting of the
Restricted Shares is as follows:

[To come.]

         The number of the Restricted Shares vesting, if at all, shall be
determined in accordance with the following schedule (using straight line
interpolation between measurement percentiles):

3. ADMINISTRATIVE MATTERS. The Committee shall confirm the vesting or forfeiture
of the Restricted Shares as soon as reasonably practicable after [the completion
of the Performance Cycle] and, in any event, within ________ days/months after
the calculation of the _________________. Executive shall be given notice of the
confirmation of vesting of all or part of the Restricted Shares.

                                      I-1
<PAGE>

EXHIBIT A

                                NOBLE CORPORATION

                                ESCROW AGREEMENT
                  FOR PERFORMANCE-VESTED RESTRICTED STOCK AWARD

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

                              W I T N E S S E T H:

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

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

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

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

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

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

                                      A-1
<PAGE>

         4. Disposition of the Deposit Shares.

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

         (b) Upon receipt by Escrow Agent of the Committee's notice that (i) a
number of the Restricted Shares specified in such notice has become vested in
Executive (the "Vested Shares") and a number of the Restricted Shares specified
in such notice has been forfeited by Executive (the "Forfeited Shares"), (ii)
Executive is entitled to delivery of the Vested Shares pursuant to the
Restricted Stock Agreement and the Company is entitled to delivery of the
Forfeited Shares pursuant to the Restricted Stock Agreement and (iii) the
certificate representing the Deposit Shares, together with the stock powers duly
endorsed in blank by Executive, should be delivered to the Company, Escrow Agent
shall promptly deliver the certificate representing the Deposit Shares and such
stock powers to the Company. The Company shall then cause a new certificate to
be issued for any Vested Shares to be delivered to Executive and any Forfeited
Shares to be delivered to the Company for cancellation.

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

         5. Certain Agreements of the Company and Executive.

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

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

                                      A-2
<PAGE>

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

         6. Escrow Agent.

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

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

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

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

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

                                      A-3
<PAGE>

                           With a copy to:

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

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

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

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

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

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

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

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

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

                                      A-4
<PAGE>

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

                                           NOBLE CORPORATION

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

                                           Name of Executive:

                                           NOBLE CORPORATION,
                                           as Escrow Agent

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

                                      A-5

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