Document:

ex10_4.htm

    EXHIBIT
10.4

     

    

      NOBLE
ENERGY, INC.

      1992
STOCK OPTION AND RESTRICTED STOCK PLAN

      

      2009
RESTRICTED STOCK AGREEMENT

      

      THIS AGREEMENT, made and entered into
as of this ___ day of ___________, 20__, by and between NOBLE ENERGY, INC., a
Delaware corporation (the “Company”), and _________________________
(“Employee”),

      

      WITNESSETH
THAT:

      

      WHEREAS,
the Compensation, Benefits and Stock Option Committee of the Company’s Board of
Directors (the “Committee”), acting under the Company’s 1992 Stock Option and
Restricted Stock Plan adopted on January 28, 1992, as amended (the “Plan”), has
the authority to award restricted shares of the common stock of the Company to
certain employees of the Company or an Affiliate (as defined in the Plan);
and

       

      WHEREAS,
pursuant to the Plan the Committee has determined to make such an award to
Employee on the terms and conditions and subject to the restrictions set forth
in the Plan and this Agreement, and Employee desires to accept such
award;

       

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

       

      1.           Restricted Stock
Award.  On the terms and conditions and subject to the
restrictions, including forfeiture, hereinafter set forth, the Company hereby
awards to Employee, and Employee hereby accepts, a restricted stock award (the
“Award”) of ____________ shares (the “Restricted Shares”) of common stock, par
value $3.33 1/3 per share, of the Company.  The Award is made
effective as of January 30, 2009 (the “Effective Date”).  The
Restricted Shares shall be issued in book-entry or stock certificate form in the
name of Employee as of the Effective Date and delivered to Employee on the
Effective Date or as soon thereafter as practicable.  Employee shall
take all such action as may be requested by the Company to cause the Restricted
Shares to be deposited with the Company, together with any executed stock powers
and/or other instruments of transfer reasonably requested by the Company, to be
held by the Company in escrow for Employee’s benefit until such time as the
Restricted Shares are either forfeited by Employee to the Company or the
restrictions thereon terminate as set forth in this Agreement.

       

      2.           Vesting and
Forfeiture.

       

      (a)           The
Restricted Shares shall be subject to a restricted period (the “Restricted
Period”) that shall commence on the Effective Date and shall end with respect to
20% of the shares granted, on the first anniversary of the Effective Date; with
respect to 30% of the shares granted, on the second anniversary of the Effective
Date; and with respect to 50% of the shares granted, on the third anniversary of
the Effective Date.

       

      (b)           The
Restricted Shares shall be subject to being forfeited by Employee to the Company
as provided in this Agreement, and Employee may not sell, assign, transfer,
discount, exchange, pledge or otherwise encumber or dispose of any of the
Restricted Shares unless the restrictions applicable to the Restricted Shares
under this Agreement have terminated in accordance with the provisions of this
Agreement or the Plan.

       

      (c)           If
Employee remains employed by the Company or an Affiliate throughout the
Restricted Period, the restrictions applicable hereunder to the Restricted
Shares shall terminate, and as soon as practicable after the end of the
Restricted Period the Restricted Shares, together with any dividends or other
distributions with respect to such shares then being held by the Company
pursuant to the provisions of this Agreement, shall be delivered to Employee
free of such restrictions.

       

      (d)           If
Employee’s employment with the Company or an Affiliate terminates during the
Restricted Period by reason of Employee’s death or Disability (as defined in
Section 2(g) hereof), the restrictions applicable hereunder to the Restricted
Shares shall terminate, and as soon as practicable after such termination of
employment the Restricted Shares, together with any dividends or other
distributions with respect to such shares then being held by the Company
pursuant to the provisions of this Agreement, shall be delivered to Employee (or
in the event of Employee’s death, to Employee’s estate) free of such
restrictions.

       

      
        
           

        

        
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      (e)           If
Employee’s employment with the Company or an Affiliate terminates during the
Restricted Period for any reason other than Employee’s death or Disability, then
on the date (the “Forfeiture Date”) that is 180 days after the date of such
termination of employment (or such earlier date after such termination of
employment as shall be determined by the Committee acting in its absolute
discretion) all of the Restricted Shares shall be forfeited by Employee and
transferred to the Company at no cost to the Company unless prior to the
Forfeiture Date the Committee, acting in its absolute discretion, terminates the
restrictions applicable hereunder to all or a portion of the Restricted
Shares.  If the Committee so terminates the restrictions applicable
hereunder to any of the Restricted Shares, then as soon as practicable after the
termination of such restrictions the Restricted Shares with respect to which the
restrictions have been so terminated, together with any dividends or other
distributions with respect to such shares then being held by the Company
pursuant to the provisions of this Agreement, shall be delivered to Employee (or
in the event of Employee’s death, to Employee’s estate) free of such
restrictions.

       

      (f)           If
a Change in Control (as defined in Section 2(g) hereof) occurs during the
Restricted Period and while Employee is employed by the Company or an Affiliate,
the restrictions applicable hereunder to the Restricted Shares shall terminate
and the Restricted Shares (and/or any successor securities or other property
attributable to the Restricted Shares that may result from the Change in
Control), together with any dividends or other distributions with respect to
such shares then being held by the Company pursuant to the provisions of this
Agreement, shall be delivered to Employee free of such
restrictions.

       

      (g)           For
the purposes of this Agreement:  (i) the “Disability” of Employee
shall mean that Employee is disabled within the meaning of Section 22(e)(3) of
the Internal Revenue Code of 1986, as amended, as determined by the Committee in
its discretion; (ii) transfers of employment without interruption of service
between or among the Company and its Affiliates shall not be considered a
termination of employment; and (iii) a “Change in Control” shall be deemed to
have occurred if:

       

      (1)           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 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;

       

      (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.

       

      
        
           

        

        
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      Notwithstanding
the foregoing, a “Change in Control” of the Company shall not be deemed to have
occurred for purposes of subparagraph (4) of this Section 2(g)(iii) 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 Section
2(g)(iii).

       

      3.           Rights as
Shareholder.  Subject to the provisions of this Agreement, upon
the issuance of the Restricted Shares to Employee, Employee shall become the
owner thereof for all purposes and shall have all rights as a stockholder,
including voting rights and the right to receive dividends and distributions,
with respect to the Restricted Shares.  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 shares of
Company common stock constituting the Restricted Shares, then the Company shall
pay or make such dividend or other distribution with respect to the Restricted
Shares; provided, however, that the cash, stock or other securities and other
property constituting such dividend or other distribution shall be held by the
Company subject to the restrictions applicable hereunder to the Restricted
Shares until the Restricted Shares are either forfeited by Employee and
transferred to the Company or the restrictions thereon terminate as set forth in
this Agreement.  If the Restricted Shares with respect to which such
dividend or distribution was paid or made are forfeited by Employee pursuant to
the provisions hereof, then Employee shall not be entitled to receive such
dividend or distribution and such dividend or distribution shall likewise be
forfeited and transferred to the Company.  If the restrictions
applicable to the Restricted Shares with respect to which such dividend or
distribution was paid or made terminate in accordance with the provisions of
this Agreement, then Employee shall be entitled to receive such dividend or
distribution with respect to such shares, without interest, and such dividend or
distribution shall likewise be delivered to Employee.

       

      4.           Withholding
Taxes.

       

      (a)           Employee
may elect, within 30 days of the Effective Date and on notice to the Company, to
realize income for federal income tax purposes equal to the fair market value of
the Restricted Shares on the Effective Date.  In such event, Employee
shall make arrangements satisfactory to the Company or the appropriate Affiliate
to pay in the year of the Award any federal, state or local taxes required to be
withheld with respect to such shares.  Such
arrangements may include, to the extent such arrangements are acceptable to the
Company or such Affiliate and do not provide for tax withholding in amounts in
excess of the minimum withholding requirements contemplated by SFAS 123(R), the
transfer of the Restricted Shares or other shares of Common Stock to the Company
or such Affiliate for application to satisfy such withholding requirements on
the basis of the Fair Market Value (as defined in the Plan) of such shares on
the date of transfer to the Company or such Affiliate.  If Employee
fails to make such payments, then any provision of this Agreement to the
contrary notwithstanding, the Company and its Affiliates shall, to the extent
permitted by law, have the right to deduct from any payments of any kind
otherwise due from the Company or an Affiliate to or with respect to Employee,
whether or not pursuant to this Agreement, or the Plan and regardless of the
form of payment, any federal, state or local taxes of any kind required by law
to be withheld with respect to the Restricted Shares.

       

      (b)           If
no election is made by Employee pursuant to Section 4(a) hereof, then upon the
termination of the restrictions applicable hereunder to the Restricted Shares,
Employee (or in the event of Employee’s death, the administrator or executor of
Employee’s estate) will pay to the Company or the appropriate Affiliate, or make
arrangements satisfactory to the Company or such Affiliate regarding payment of,
any federal, state or local taxes of any kind required by law to be withheld
with respect to the Restricted Shares.  Such arrangements may include,
to the extent such arrangements are acceptable to the Company or such Affiliate
and do not provide for tax withholding in amounts in excess of the minimum
withholding requirements contemplated by SFAS 123(R), the transfer of the
Restricted Shares or other shares of Common Stock to the Company or such
Affiliate for application to satisfy such withholding requirements on the basis
of the Fair Market Value (as defined in the Plan) of such shares on the date of
transfer to the Company or such Affiliate.  If Employee (or in the
event of Employee’s death, the administrator or executor of Employee’s estate)
fails to make such payments, then any provision of this Agreement to the
contrary notwithstanding, the Company and its Affiliates shall, to the extent
permitted by law, have the right to deduct from any payments of any kind
otherwise due from the Company or an Affiliate to or with respect to Employee,
whether or not pursuant to this Agreement, or the Plan and regardless of the
form of payment, any federal, state or local taxes of any kind required by law
to be withheld with respect to the Restricted Shares.

       

      5.           Reclassification of
Shares.  In case of any consolidation or merger of another
corporation into the Company in which the Company is the surviving corporation
and in which there is a reclassification or change (including the right to
receive cash or other property) of the Restricted Shares (other than a change in
par value, or from par value to no par value, or as a result of a subdivision or
combination, but including any change in such shares into two or more classes or
series of shares), the Committee may provide that payment of the Restricted
Shares shall take the form of the kind and amount of shares of stock and other
securities (including those of any new direct or indirect parent of the
Company), property, cash or any combination thereof receivable upon such
consolidation or merger.

       

      
        
           

        

        
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      6.           Effect on
Employment.  Nothing contained in this Agreement shall confer
upon Employee the right to continue in the employment of the Company or an
Affiliate, or affect any right which the Company or an Affiliate may have to
terminate the employment of Employee.

       

      7.           Legend.  Any
certificate representing the 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
SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED PURSUANT TO THE TERMS OF
THE NOBLE ENERGY, INC. 1992 STOCK OPTION PLAN 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 JANUARY 30, 2009_. A COPY OF
SUCH AGREEMENT IS ON FILE IN THE OFFICE OF THE COMPANY.

       

      8.           Assignment.  The
Company may assign all or any portion of its rights and obligations under this
Agreement.  The Award, the Restricted Shares and the rights and
obligations of Employee under this Agreement may not be sold, assigned,
transferred, discounted, exchanged, pledged or otherwise encumbered or disposed
of by Employee other than by will or the laws of descent and
distribution.

       

      9.           Binding
Effect.  This Agreement shall be binding upon and inure to the
benefit of (i) the Company and its successors and assigns, and (ii) Employee,
and Employee’s heirs, devisees, executors, administrators and personal
representatives.

       

      10.           Amendment.  This
Agreement may be amended or terminated at any time by an instrument in writing
to such effect executed by both parties.

       

      11.           Notices.  All
notices required or permitted to be given or made under this Agreement shall be
in writing and shall be deemed to have been duly given or made if (i) delivered
personally, (ii) transmitted by first class registered or certified United
States mail, postage prepaid, return receipt requested, (iii) sent by prepaid
overnight courier service, or (iv) sent by telecopy or facsimile transmission,
answer back requested, to the person who is to receive it at the address that
such person has theretofore specified by written notice delivered in accordance
herewith.  Such notices shall be effective (i) if delivered personally
or sent by courier service, upon actual receipt by the intended recipient, (ii)
if mailed, upon the earlier of five days after deposit in the mail or the date
of delivery as shown by the return receipt therefor, or (iii) if sent by
telecopy or facsimile transmission, when the answer back is
received.  The Company or Employee may change, at any time and from
time to time, by written notice to the other, the address that the Company or
Employee had theretofore specified for receiving notices.  Until such
address is changed in accordance herewith, notices under this Agreement shall be
delivered or sent (i) to Employee at Employee’s address as set forth in the
records of the

       

      Company,
or (ii) to the Company at the principal executive offices of the Company clearly
marked “Attention:  Lee Robison”.

       

      12.           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas without regard to its principles
of conflict of laws.

       

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

       

      14.           Further
Assurances.  The parties agree to execute such additional
instruments and to take all such further action as may be reasonably necessary
to carry out the intent and purposes of this Agreement.

       

      
        
           

        

        
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      15.           Entire
Agreement.  This Agreement and Plan set forth the entire
agreement between the parties with respect to the subject matter hereof, and
supersede all prior agreements and understandings, whether written or oral,
between the parties with respect to the subject matter hereof.

       

      16.           Subject to
Plan.  The Award, the Restricted Shares and this Agreement are
subject to all of the terms and conditions of the Plan as amended from time to
time.  In the event of any conflict between the terms and conditions
of the Plan and those set forth in this Agreement, the terms and conditions of
the Plan shall control.

       

      17.           Counterparts.  This
Agreement may be executed by the parties hereto in any number of counterparts,
each of which shall be deemed an original, and all of which shall constitute one
and the same agreement.

       

      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.           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.

       

      [SIGNATURE
PAGE TO FOLLOW]

      

      
        
           

        

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

      

      

      

      

                  NOBLE ENERGY,
INC.

      

      

      

                 By: 
________________________________

                 Name: ______________________________                                       

                 Title:  _______________________________                                                            

      

      

      

                  EMPLOYEE

      

      

      

      ___________________________________

                 Employee
Signature

       

       

                  ___________________________________

                     Employee
Printed Name

      
        
           

        

        
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      STOCK
POWER AND ASSIGNMENT

      SEPARATE
FROM CERTIFICATE

      

      

      FOR VALUE
RECEIVED and pursuant to that certain Noble Energy, Inc. 1992 Stock Option and
Restricted Stock Plan Restricted Stock Agreement dated as of January 30, 2009
(the “Agreement”), the undersigned Employee hereby sells, assigns and transfers
unto Noble Energy, Inc., __________ shares of the Common Stock, $3.33 1/3 par
value per share, of Noble Energy, Inc., a Delaware corporation (the
“Company”), standing in the undersigned’s name on the books of the Company, and
does hereby irrevocably constitute and appoint the Secretary of the Company as
the undersigned’s attorney-in-fact, with full power of substitution, to transfer
said stock on the books of the Company.  THIS ASSIGNMENT MAY ONLY BE
USED AS AUTHORIZED BY THE AGREEMENT.

       

      Dated:
_________________________

      

              EMPLOYEE:

       

      
 

                                                   _________________________________

              Name Printed: 
______________________

      

      
        
           

        

        
          7ex10_20.htm

     

     

    EXHIBIT
10.20

      NOBLE
ENERGY, INC.

      

      2005 NON-EMPLOYEE DIRECTOR
FEE DEFERRAL PLAN

      

      THIS
AMENDED PLAN, made and executed by Noble Energy, Inc. (the “Company”) at
Houston, Texas,

       

      WITNESSETH
THAT:

      

      WHEREAS,
effective as of April 23, 2002, the Company (formerly known as Noble Affiliates,
Inc.) established the Noble Affiliates, Inc. Non-Employee Director Fee Deferral
Plan (the “Original Plan”) for the benefit of the non-employee directors of the
Company; and

       

      WHEREAS,
effective as of August 1, 2003, the Original Plan was renamed the Noble Energy,
Inc. Non-Employee Director Fee Deferral Plan and amended by restatement in its
entirety to make certain changes; and

       

      WHEREAS,
in order to make certain changes designed to comply with the requirements of
Internal Revenue Code section 409A, effective as of January 1, 2005, the
Original Plan was amended to separate the portion of the Original Plan
applicable to amounts deferred prior to January 1, 2005 (which portion continues
to be known as the Noble Energy, Inc. Non-Employee Director Fee Deferral Plan),
from the portion of the Original Plan applicable to amounts deferred after
December 31, 2004 (which portion is this Noble Energy, Inc. 2005 Non-Employee
Director Fee Deferral Plan); and

       

      WHEREAS,
effective as of January 1, 2008, the Company amended the Noble Energy, Inc. 2005
Non-Employee Directors Fee Deferral Plan to make certain additional changes
designed to comply with the requirements of Internal Revenue Code section 409A;
and

       

      WHEREAS,
the Company now desires to amend the Noble Energy, Inc. 2005 Non-Employee
Directors Fee Deferral Plan effective as of January 1, 2009, to make certain
additional changes;

       

      NOW,
THEREFORE, in consideration of the premises and pursuant to the provisions of
Section 5 thereof, the Noble Energy, Inc. 2005 Non-Employee Director Fee
Deferral Plan as in effect on December 31, 2008, is hereby amended by
restatement in its entirety effective as of January 1, 2009, to read as
follows:

       

      Section 1.                                Establishment
and Purpose.  The Company has
established this Non-Employee Director Fee Deferral Plan to promote the
long-term success of the Company by creating a long-term mutuality of interests
between the non-employee directors and stockholders of the Company, to provide
an additional inducement for such directors to remain with the Company and to
provide a means through which the Company may attract able persons to serve as
directors of the Company.

       

      Section 2.                                Definitions.  For purposes of
the Plan, the following terms shall have the indicated meanings:

       

      (a)           “Affiliate”
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 80 percent” appears in
Treas. Reg. section 1.414(c)-2.

       

      (b)          “Applicable
Percentage” means, with respect to a particular month, the annual prime rate of
interest announced by JPMorgan Chase Bank, Dallas, Texas for the first business
day of such month.

       

      (c)          “Board
of Directors” means the Board of Directors of the Company.

       

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

       

      
        
           

        

        
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      (e)          “Committee”
means the Corporate Governance and Nominating Committee of the Board of
Directors.

       

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

       

      (g)          “Deferral
Account” means an account established and maintained on the books of the Company
pursuant to Plan Section 4(b) to record a Participant’s interest under the
Plan.

       

      (h)          “Director
Fees” means all cash compensation payable by the Company to a Non-Employee
Director for his or her services as a director of the Company.

       

      (i)          “Election
Period” means, with respect to a Plan Year, the 3-month period prior to the
beginning of such year.  The term “Election Period” shall also include
the 30-day election period provided for under Plan Section 4(a).

       

      (j)          “Non-Employee
Director” means an individual who (i) is a member of the Board of Directors by
virtue of being elected to the Board of Directors by the stockholders of the
Company or by the Board of Directors under applicable corporate law, and (ii) is
not an officer or employee of the Company or an Affiliate.

       

      (k)          “Participant”
means a Non-Employee Director or former Non-Employee Director for whom a
Deferral Account is being maintained under the Plan.

       

      (l)          “Plan”
means this Noble Energy, Inc. 2005 Non-Employee Director Fee Deferral Plan as in
effect from time to time.

       

      (m)          “Plan
Year” means the calendar year.

       

      (n)          “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 Affiliate.  For this
purpose, with respect to services as an employee, an employee’s Separation from
Service shall 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).

       

      (o)          “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 of the Board of Directors as of each December 31, using such
definition of compensation permissible under Treas. Reg. section 1.409A-1(i)(2)
as the Compensation Committee of the Board of Directors 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.

       

      Section 3.                                Plan
Administration.  The Plan shall be
administered by the Committee.  The Committee shall have discretionary
and final authority to interpret and implement the provisions of the
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 the Plan as are consistent with the terms
hereof and shall keep adequate records of its proceedings and
acts.  Every interpretation, choice, determination of 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 the 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 Plan is
intended to provide compensation and benefits that are not subject to the tax
imposed under Internal Revenue Code section 409A and shall be interpreted and
administered to the extent possible in accordance with such intent.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      Section
4.                                Deferred Compensation
Provisions.

       

      (a)           Deferral
Elections.  During the Election Period for each Plan Year a
Non-Employee Director may elect to have all or any portion of the Director Fees
otherwise payable to him or her for his or her services to be performed for such
year deferred for future payment by the Company in accordance with the
provisions of the Plan.  If an individual becomes a Non-Employee
Director for the first time during a Plan Year, or if a former Non-Employee
Director resumes serving as a Non-Employee Director during a Plan Year and was
not a Non-Employee Director during the 24-month period immediately preceding the
date of his or her resumption of service as a Non-Employee Director, such
Non-Employee Director may make the election referred to in this Plan Section
4(a) within thirty (30) days after the date he or she first becomes or resumes
being, as the case may be, a Non-Employee Director; provided, however, that the
deferral
election so made shall apply only to the Director Fees otherwise payable to such
Non-Employee Director for his or her services to be performed after the end of
said 30-day election period.  The deferral election made by a
Non-Employee Director for a Plan Year pursuant to this Plan Section 4(a) shall
specify (i) the portion of the Directors Fees otherwise payable to him or her
for such year that shall be deferred pursuant to the Plan, (ii) the date that
the amount credited to his or her Deferral Account for such year shall be
distributed or commence being distributed (which date shall be at least twelve
(12) months after the end of the Election Period for such year, and shall be
subject to being accelerated in accordance with the provisions of Plan Section
4(d), Plan Section 5 or Plan Section 6(c)), and (iii) the form of distribution
that shall apply to the amount credited to his or her Deferral Account for such
year.  The deferral election made by a Non-Employee Director for a
Plan Year pursuant to this Plan Section 4(a) shall (i) be made in writing on a
form prescribed by and filed with the Committee, (ii) be irrevocable after the
end of the Election Period for such Plan Year, and (iii) continue to be
effective as a deferral election made for each succeeding Plan Year until such
Non-Employee Director changes or terminates his or her deferral election for a
succeeding Plan Year during the Election Period for such year.  If no
deferral election under this Plan is in effect for a Non-Employee Director for a
Plan Year, his or her Director Fees for such year shall be paid by the Company
to him or her in cash on the dates such Directors Fees are normally due to be
paid under the policies and practices of the Company with respect
thereto.

       

      (b)           Deferral
Accounts.  For each Plan Year the Company shall establish and
maintain on its books a Deferral Account for each Non-Employee Director who
elects to defer a Director Fees amount for such year pursuant to Plan Section
4(a).  Each such Account shall be designated by the name of the
Participant for whom established and the Plan Year to which it relates, and the
amount of any Director Fees otherwise payable by the Company to a Participant
for a Plan Year that such Participant has elected to defer for such year
pursuant to Plan Section 4(a) shall be credited by the Company to such
Participant’s Deferral Account for that year on the date such amount would
otherwise have been paid by the Company to such Participant.

       

      (c)           Deferral Account
Adjustments.  On the last day of each month, the amount
credited to each Deferral Account maintained for a Participant shall be credited
with notional earnings in an amount equal to the product obtained by multiplying
one-twelfth (1/12) of the Applicable Percentage by the amount that has been
credited to such Account for the entire period of such month.

       

      (d)           Deferral Account
Payments.  The amount credited to a Deferral Account maintained
for a Participant (i) shall be distributed or commence being distributed, as the
case may be, to such Participant pursuant to this Plan Section 4(d) on the first
day of the first month commencing after the first to occur of (1) the date
specified by such Participant in his or her election filed with the Committee
for such Deferral Account during the Election Period for the Plan Year to which
such Deferral Account relates, (2) the date of such Participant’s Separation
from Service for a reason other than death if such Participant is not a
Specified Employee on such date, or (3) the date that is the first business day
that is six (6) months after the date of such Participant’s Separation from
Service for a reason other than death if such Participant is a Specified
Employee on the date of such Separation from Service, and (ii) shall be
distributed to such Participant either in a single distribution or in
approximately equal annual installments over a period of up to five (5) years,
such form of distribution to be made in accordance with such Participant’s
election filed with the Committee for such Deferral Account during the Election
Period for the Plan Year to which such Deferral Account relates.  The
amount of any annual installment payment shall be determined by dividing the
total undistributed balance remaining to be paid by the number of installments
remaining to be paid.  Installment payments after the first of a
series of installment payments shall be made on anniversary dates of the first
installment payment.  When an amount credited to a Participant’s
Deferral Account becomes distributable, such amount shall be paid by the Company
to such Participant in cash and charged against such Deferral
Account.  If the amount credited to a Deferral Account is paid in
installments over a period of years, the provisions of Plan Section 4(c) shall
continue to apply to the amount credited to such Deferral Account from time to
time.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      (e)           Death of
Participant.  Upon the death of a Participant, the amount
credited to each Deferral Account maintained for such Participant shall be paid
by the Company in a single distribution in cash to the beneficiary or
beneficiaries designated by such Participant and charged against such Deferral
Account.  Such designation of beneficiary or beneficiaries shall be
made in writing on a form prescribed by and filed with the Committee, and shall
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 the Plan shall be paid to such Participant’s
estate.  All distributions under this Plan Section 4(e) shall be made
within 90 days following the Participant’s death.

       

      Section
5.                                Plan
Amendment and Termination.  The Board of
Directors shall have the right and power at any time and from time to time to
amend the Plan, in whole or in part, for any reason; provided, however, that no
such amendment shall reduce the amount actually credited to a Participant’s
Deferral Account as of the date of such amendment, or further defer the date or
dates for the payment of such amount, without the consent of the affected
Participant.  The Board of Directors shall also have the right and
power at any time and for any reason to terminate the Plan and to provide for
the distribution to a Participant of the amounts then credited to his or her
Deferral Accounts in a manner that does not subject such amounts to the tax
imposed by Code section 409A.

       

      Section
6.                                General
Provisions.

       

      (a)           Nature of Plan and
Rights.  The Plan is unfunded and maintained by the Company
primarily for the purpose of providing deferred compensation for Non-Employee
Directors.  The Deferral Accounts maintained under this Plan are
fictional devices used solely for the accounting purposes of the Plan to
determine an amount of money to be paid by the Company to a Participant pursuant
to the Plan, and shall not be deemed or construed to create a trust fund or
security interest of any kind or to grant a property interest of any kind to any
Participant, designated beneficiary or estate.  The amounts credited
by the Company to Deferral Accounts maintained under the Plan are and for all
purposes shall continue to be a part of the general liabilities of the Company,
and to the extent that a Participant, designated beneficiary or estate acquires
a right to receive a cash payment from the Company pursuant to the Plan, such
right shall be no greater than the right of any unsecured general creditor of
the Company.

       

      (b)           No Continuing Right as
Director.  Neither the adoption or operation of the Plan, nor
the Plan itself or any document describing or relating to the Plan, shall confer
upon any Participant any right to continue as a director of the Company or
interfere in any way with the rights of the stockholders of the Company or the
Board of Directors to elect and remove directors.

       

      (c)           Special
Distributions.  Any provision of the Plan to the contrary
notwithstanding, the Committee in its absolute discretion may direct the Company
to accelerate the time for the making of a payment under the 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.

       

      (d)           Compliance with Code Section
409A.  The compensation payable by the Company to a Participant
or beneficiary of a deceased Participant pursuant to the 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.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

       

      (e)           Spendthrift
Provision.  No Deferral Account balance or other right or
interest under the Plan of a Participant, designated 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, designated beneficiary or estate.

       

      (f)           Severability.  If
any provision of the Plan is held to be illegal or invalid for any reason, such
illegal or invalid provision shall not affect the remaining provisions of the
Plan, and the Plan shall be construed and enforced as if the illegal or invalid
provision had not been included herein.

       

      (g)           Expenses.  All
expenses associated with the administration of the Plan, including but not
limited to legal and accounting fees, shall be paid by the Company.

       

      (h)           Binding
Effect.  The obligations of the Company under the Plan shall be
binding upon any successor corporation or organization resulting from the
merger, consolidation or other reorganization of the Company, or upon any
successor corporation or organization succeeding to all or substantially all of
the assets and business of the Company.  The terms and conditions of
the Plan shall be binding upon each Participant and his or her heirs, legatees,
distributee and legal representatives.

       

      (i)           Governing
Law.  The provisions of the Plan shall be governed by and
construed in accordance with the internal laws (without regard to principles of
conflicts of laws) of the State of Texas.

       

      (j)           Construction.  The
headings of the Sections and subsections in the Plan are placed herein for
convenience of reference only, and in case of any conflict, the text of this
instrument, rather than such titles or headings, shall control.  When
a noun or pronoun is used in the Plan in plural
form and there is only one person or entity within the scope of the word so
used, or in singular form and there is more than one person or entity within the
scope of the word so used, such noun or pronoun shall have a plural or singular
meaning as appropriate under the circumstance.

       

      

      IN WITNESS WHEREOF, the undersigned has
executed this Plan on this 11th day of December, 2008, to be effective as of
January 1, 2009.

      

      NOBLE ENERGY, INC.

      

      

      

      By:  /s/ Charles D.
Davidson

      Name: Charles D.
Davidson

      Title: President and Chief
Executive Officer

      

      
        
           

        

        
          5

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