Document:

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                                                                     EXHIBIT 4.1

                         [FACE OF CERTIFICATE OF STOCK]

                                                         COMMON STOCK

           NUMBER                                        SHARES

    TRANSFERABLE IN                                      CUSIP 68555P 10 0
     NEW YORK, NY                         SEE REVERSE FOR CERTAIN DEFINITIONS
  AND JERSEY CITY, NJ

                                  ORBCOMM INC.
                         Incorporated in Delaware 2003
THIS CERTIFIES THAT

IS THE OWNER OF

      FULLY PAID AND NONASSESSABLE SHARES OF THE COMMON STOCK OF ORBCOMM Inc.
(hereinafter called the Corporation) transferable on the books of the
Corporation by said owner in person or by duly authorized attorney upon
surrender of this Certificate properly endorsed. This Certificate is not valid
until countersigned by a Transfer Agent and registered by a Registrar.

            Witness the seal of the Corporation and the signatures of its duly
authorized officers.

            [the words "CERTIFICATE OF STOCK" are superimposed over the
foregoing text]

Dated
      /s/ Denis Veilleux                         /s/ Jerome B. Eisenberg
      TREASURER                                  CHIEF EXECUTIVE OFFICER

                             [CORPORATE SEAL OF ORBCOMM INC. - 2003 - DELAWARE]

                             COUNTERSIGNED AND REGISTERED:

                             MELLON INVESTOR SERVICES LLC
                             TRANSFER AGENT AND REGISTRAR,

                              BY                 AUTHORIZED SIGNATURE

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                        [REVERSE OF CERTIFICATE OF STOCK]
                                  ORBCOMM INC.

      The Corporation will furnish without charge to each shareholder who so
requests, a copy of the provisions setting forth the voting powers,
designations, preferences and relative, participating, optional or other special
rights of each class of stock or series thereof which the Corporation is
authorized to issue, and the qualifications, limitations or restrictions of such
preferences and/or rights. Any such request may be addressed to the Secretary of
the Corporation or to the Transfer Agent named on the face hereof.

      The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -- as tenants in common
TEN ENT -- as tenants by the entireties
JT TEN  -- as joint tenants with right
           of survivorship and not as
           tenants in common

UNIF GIFT MIN ACT -- ______________ Custodian ____________________
                       (Cust)                     (Minor)

Under Uniform Gifts to Minors Act __________________________
                                         (State)

      Additional abbreviations may also be used though not in the above list.

                                       2
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      For Value Received, ____________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

_______________________________________

_______________________________________

________________________________________________________________________________
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

__________________________________________________________________________Shares
of the stock represented by the within Certificate, and do hereby irrevocably
constitute and appoint

________________________________________________________________________Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.

Dated_________________________

                       _________________________________________________________
                       NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
                               WITH THE NAME AS WRITTEN UPON THE FACE OF THE
                               CERTIFICATE IN EVERY PARTICULAR WITHOUT
                               ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed:

____________________________________________________
THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS
AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM) PURSUANT TO S.E.C. RULE 17Ad-15

                                       3exv10w1

 

Exhibit 10.1

NOBLE ENERGY, INC.

CHANGE OF CONTROL SEVERANCE PLAN FOR EXECUTIVES

     THIS CHANGE OF CONTROL SEVERANCE PLAN FOR EXECUTIVES (the “Plan”), made and executed
at Houston, Texas, by Noble Energy, Inc., a Delaware corporation (the “Company”), is being
established by the Company to provide for the payment of severance benefits to certain key
employees of the Company and its participating affiliates whose employment with the Company or such
an affiliate terminates under the circumstances described below.

ARTICLE I.

DEFINITIONS

     1.1 Definitions. Where the following words and phrases appear in the Plan, they shall
have the respective meanings set forth below, unless their context clearly indicates to the
contrary.

     (a) "Annual Cash Compensation” shall mean, with respect to a Covered Employee, such
Covered Employee’s annualized salary in effect on the date of the earliest Change of Control
to occur during the 18-month period prior to the date of such Covered Employee’s Involuntary
Termination, plus the greater of (1) such Covered Employee’s annual target bonus for the
then-current annual bonus period, or (2) the average annual bonus paid or payable by the
Employer to such Covered Employee for the three-year period (or for the period of such
Covered Employee’s employment, if such Covered Employee has not been employed for all of
such three-year period) immediately preceding the date of such Change of Control.

     (b) "Applicable Factor” shall mean the factor specified as applicable to the Chief
Executive Officer, a Senior Executive and a Key Executive, respectively, on the attached
Schedule A.

     (c) "Board” shall mean the Board of Directors of the Company.

     (d) A "Change of Control” shall be deemed to have occurred if:

     (1) individuals who, as of the Effective Date, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least fifty-one percent
(51%) of the Board, provided that any person becoming a director subsequent to the
Effective Date 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 the Plan, 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 the then outstanding shares of common
stock, par value $3.33? per share, of the Company (“Common Stock”) or the Voting
Securities of the Company, in either such case other than solely as a result of
acquisitions of such securities directly from the Company. Without limiting the
foregoing, a person who, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise has or shares the power to vote, or to
direct the voting of, or to dispose, or to direct the disposition of, Common Stock
or other Voting Securities of the Company shall be deemed the beneficial owner of
such Common Stock or Voting Securities.

Notwithstanding the foregoing, a “Change of Control” of the Company shall not be
deemed to have occurred for purposes of paragraph (4) of this Section 1.1(d) 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 of Control of the Company shall be deemed to have occurred for purposes of
paragraph (4) of this Section 1.1(d).

     (e) "Chief Executive Officer” shall mean the individual who is the Chief Executive
Officer of the Company.

     (f) "Code” shall mean the Internal Revenue Code of 1986, as amended.

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     (g) "Committee” shall mean the committee appointed by the Board to administer the Plan.

     (h) "Company” shall mean Noble Energy, Inc., a Delaware corporation.

     (i) A "Constructive Termination” shall be deemed to have occurred with respect to a
Covered Employee if the Employer:

     (1) within two (2) years after a Change of Control occurs, demotes such Covered
Employee to a lesser position, in title or responsibility, as compared to the
highest position held by him or her with the Employer at the earlier of the
occurrence of a Change of Control or the date on which a tentative agreement is
reached by the Employer, or a public announcement is made, regarding a proposed
Change of Control that ultimately occurs;

     (2) within two (2) years after a Change of Control occurs, reduces such Covered
Employee’s total annual compensation (i.e., the sum of his or her annual salary, his
or her target bonus under the Employer’s annual incentive bonus plan or similar plan
in effect at the applicable time and the value of other employment benefits provided
to such Covered Employee by the Employer) below the level in effect at the earlier
of the occurrence of a Change of Control or the date on which a tentative agreement
is reached by the Employer, or a public announcement is made, regarding a proposed
Change of Control that ultimately occurs; or

     (3) within one (1) year after a Change of Control occurs, requires or requests
such Covered Employee to relocate to a principal place of employment more than fifty
(50) miles from the location where he or she was principally employed immediately
prior to the Change of Control.

     (j) "Covered Employee” shall mean an individual who is the Chief Executive Officer, a
Senior Executive or a Key Executive, excluding, however, any individual who is a party to an
individual written change of control agreement with the Employer providing severance
payments upon such individual’s termination of employment with the Employer.

     (k) "Effective Date” shall mean October 24, 2006.

     (l) "Employer” shall include the Company and each other entity or organization that
adopts the Plan in accordance with the provisions of Section 4.4 of the Plan and their
successors.

     (m) "ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

     (n) "Involuntary Termination” shall mean any termination of a Covered Employee’s
employment with the Employer which:

     (1) does not result from a voluntary resignation by the Covered Employee (other
than a resignation pursuant to Section 1.1(n)(2)); or

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     (2) results from a resignation by a Covered Employee on or before the date
which is sixty (60) days after the date the Covered Employee is notified of a
Constructive Termination applicable to him or her;

provided, however, that (3) the term “Involuntary Termination” shall not include a
Termination for Cause or any termination of a Covered Employee’s employment with the
Employer as a result of the Covered Employee’s death, disability under circumstances
entitling him or her to benefits under the Employer’s long-term disability plan, or
Retirement, and (4) if such Covered Employee continues to provide services to or with
respect to the Employer (or one of its affiliates or a successor employer) following his or
her termination of employment with the Employer, the “Involuntary Termination” of such
Covered Employee shall not be deemed to have occurred until such Covered Employee has
incurred a “separation from service” (within the meaning of Section 409A(a)(2) of the Code
and the regulations promulgated thereunder) with respect to the Employer.

     (o) “Key Executive” shall mean a Covered Employee who is employed by the Employer in a
job category or position specified as a Key Executive job category or position on the
attached Schedule A.

     (p) “Payment Date” shall mean (1) with respect to a Covered Employee who is not a
Specified Employee, the date that is thirty (30) days after the date of such Covered
Employee’s Involuntary Termination, and (2) with respect to a Covered Employee who is a
Specified Employee, the earlier of (i) the date that is six (6) months after the date of
such Covered Employee’s Involuntary Termination, or (ii) the date that is thirty (30) days
after the date of such Covered Employee’s death following his or her termination of
employment with the Employer.

     (q) "Retirement” shall mean a Covered Employee’s voluntary resignation on or after the
date as of which he or she either (1) has attained age fifty-five (55) and completed five
(5) years of Vesting Service (within the meaning of the Noble Energy, Inc. Retirement Plan
as in effect immediately prior to a Change in Control), or (2) has attained age sixty-five
(65) (regardless of the number of his or her years of such Vesting Service), excluding in
either case, however, a resignation at the request of the Employer or a resignation within
sixty (60) days after such Covered Employee is notified of a Constructive Termination
applicable to him or her.

     (r) "Senior Executive” shall mean a Covered Employee who is employed by the Employer in
a job category or position specified as a Senior Executive job category or position on the
attached Schedule A.

     (s) “Specified Employee” shall mean a Covered Employee who is a specified employee
within the meaning of Section 409A(a)(2) of the Code and the regulations promulgated
thereunder.

     (t) "Termination for Cause” shall mean any termination of a Covered Employee’s
employment with the Employer by reason of (1) the willful and continued failure by such
Covered Employee to perform the duties of his or her position with the Employer or any of
its subsidiaries or his or her continued failure to perform the duties reasonably requested
or reasonably prescribed by the Board (other than as a result of such Covered

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Employee’s death or disability), (2) the engaging by such Covered Employee in conduct
involving a material misuse of the Employer’s or an affiliate’s funds or property, (3) gross
negligence or willful misconduct by such Covered Employee in the performance of his or her
duties that results in, or causes, material monetary harm to the Employer or any of its
subsidiaries, (4) such Covered Employee’s commission of a felony or a civil or criminal
offense involving moral turpitude, or (5) such Covered Employee’s material violation of the
Company’s Code of Business Conduct and Ethics. A Covered Employee’s Termination for Cause
shall be made only after reasonable notice to such Covered Employee and an opportunity for
such Covered Employee, together with counsel, to appear before the Board. A Covered
Employee’s Termination for Cause shall be effective only if agreed upon by a majority of the
directors of the Board.

     (u) "Welfare Benefit Coverages” shall mean the medical, dental, vision and life
insurance coverages provided by the Employer to its active employees.

     1.2 Number and Gender. Wherever appropriate herein, words used in the singular shall
be considered to include the plural and the plural to include the singular. The masculine gender,
where appearing in the Plan, shall be deemed to include the feminine gender.

     1.3 Headings. The headings of Articles and Sections herein are included solely for
convenience and if there is any conflict between such headings and the text of the Plan, the text
shall control.

ARTICLE II.

SEVERANCE BENEFITS

     2.1 Severance Benefits. Subject to the provisions of Section 2.2, if a Covered
Employee’s employment by the Employer terminates in an Involuntary Termination described in Section
1.1(i)(1), Section 1.1(i)(2) or Section 1.1(n)(1) which occurs within two (2) years after a Change
of Control occurs, or to an Involuntary Termination described in Section 1.1(i)(3) which occurs
within one (1) year after a Change of Control occurs, the Employer shall:

     (a) pay to such Covered Employee on his or her Payment Date an amount in cash equal to
the sum of all unpaid salary due to, and unreimbursed expenses incurred by, such Covered
Employee in the performance of his or her duties for the Employer through the date of such
Involuntary Termination;

     (b) pay to such Covered Employee on his or her Payment Date an amount in cash equal to
such Covered Employee’s Annual Cash Compensation multiplied by the Applicable Factor that
applies to such Covered Employee;

     (c) pay to such Covered Employee on his or her Payment Date an amount in cash equal to
such Covered Employee’s prorata (measured as the number of days expired, as of the annual
date of such Involuntary Termination, in the then-current annual bonus period, divided by
365) target bonus for the then-current annual bonus period;

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     (d) upon receiving a detailed invoice for same, reimburse such Covered Employee, up to
a maximum cumulative amount of $15,000, for the reasonable fees of no more than one (1)
out-placement or similar service provider engaged by such Covered Employee to assist in
finding employment opportunities for such Covered Employee during the one-year period
following the date of such Involuntary Termination; and

     (e) provide such Covered Employee with continued Welfare Benefit Coverages for himself
or herself and, where applicable, his or her eligible dependents, for the period of months
following the date of such Involuntary Termination that is specified for such Covered
Employee on the attached Schedule A; provided, however, that (1) the Covered Employee must
continue to pay the premiums paid by active employees of the Employer from time to time for
such coverages, and (2) no medical, dental or vision care expense payment or reimbursement
shall be made under such coverages to or with respect to such Covered Employee or his or her
eligible dependents after December 31 of the second calendar year following the calendar
year in which such Involuntary Termination occurred. Such benefit rights shall apply only
to those Welfare Benefit Coverages that the Employer has in effect from time to time for
active employees. If the Employer determines that providing one of the Welfare Benefit
Coverages under a welfare plan maintained by the Employer will fail to satisfy a
nondiscrimination requirement that the Employer intended such welfare plan to satisfy, then
instead of providing such benefit under such welfare plan, the Employer may provide such
benefit to or with respect to such Covered Employee under another plan or insurance
arrangement. Welfare Benefit Coverages shall immediately end upon the Covered Employee’s
obtainment of new employment and eligibility for similar Welfare Benefit Coverages (with the
Covered Employee being obligated hereunder to promptly report such eligibility to the
Employer).

The severance benefits payable under this Section 2.1 (1) shall be deemed to be severance pay
subject to any required tax withholding, and (2) shall not constitute compensation that is taken
into account for the purposes of determining benefits or allocating contributions under any
employee benefit plan (within the meaning of ERISA) maintained by the Employer.

     2.2 Release and Full Settlement. Any provision of the Plan to the contrary
notwithstanding, as a condition to the receipt of any severance benefit hereunder, a Covered
Employee whose employment by the Employer terminates in an Involuntary Termination shall execute a
release and indemnity, in such reasonable form as may be approved by the Committee, releasing the
Board, the Committee, the Employer and the Employer’s affiliates, shareholders, partners, officers,
directors, employees and agents from, and indemnifying each such party against, any and all claims
and causes of action of any kind or character, including but not limited to all claims or causes of
action arising out of such Covered Employee’s employment with the Employer, the termination of such
employment and the performance of the Employer’s obligations hereunder, and the receipt by such
Covered Employee of any benefit provided hereunder shall constitute full settlement of all such
claims and causes of action of such Covered Employee.

     2.3 Mitigation. A Covered Employee shall not be required to mitigate the amount of
any payment provided for in this Article II by seeking other employment or otherwise, nor shall the
amount of any payment provided for in this Article II be reduced by any compensation or benefit
earned by the Covered Employee as the result of employment by another employer or by retirement
benefits. The benefits under the Plan are in addition to any other benefits to which a Covered
Employee is otherwise entitled.

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     2.4 Gross-Up Payment. In the event that (a) a Covered Employee becomes entitled to
the severance benefits provided under Section 2.1 (the “Change of Control Benefits”) and any of the
Change of Control Benefits will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of
the Code, or any successor provision, or (b) any payments or benefits received or to be received by
such Covered Employee pursuant to the terms of any other plan, arrangement or agreement (the “Other
Benefits”) will be subject to the Excise Tax, the Employer shall pay to such Covered Employee an
additional amount (the “Gross-Up Payment”) such that the net amount retained by such Covered
Employee, after deduction of any Excise Tax on the Change of Control Benefits and the Other
Benefits, and any federal, state and local income tax and Excise Tax upon the payment provided for
by this Section 2.4, shall be equal to the Change of Control Benefits and the Other Benefits.

     For purposes of determining whether any of the Change of Control Benefits or the Other
Benefits will be subject to the Excise Tax and the amount of such Excise Tax:

     (1) any payments or benefits received or to be received by such Covered Employee in
connection with a change in control of the Employer or such Covered Employee’s termination
of employment (whether pursuant to the terms of the Plan or any other plan, arrangement or
agreement with the Employer, any person whose actions result in change in control or any
person affiliated with the Employer or such persons) shall be treated as “parachute
payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess parachute
payments” within the meaning of Section 280G(b)(1) shall be treated as subject to the Excise
Tax, except to the extent that, in the opinion of tax counsel selected by the Board, such
payments or benefits (in whole or in part) do not constitute parachute payments, or such
excess payments (in whole or in part) represent reasonable compensation for services
actually rendered within the meaning of Section 280G(b)(4) of the Code,

     (2) the amount of the Change of Control Benefits and the Other Benefits that shall be
treated as subject to the Excise Tax shall be equal to the lesser of (A) the total amount of
the Change of Control Benefits and the Other Benefits or (B) the amount of excess parachute
payments within the meaning of Sections 280G(b)(1) and (4) (after applying subparagraph (1)
above), and

     (3) the value of any non-cash benefits or any deferred payment or benefit shall be
determined by tax counsel, selected by the Board, in accordance with the principles of
Sections 280G(d)(3) and (4) of the Code.

     For purposes of determining the amount of the Gross-Up Payment, such Covered Employee shall be
deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the
calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the
highest marginal rates of taxation in the state and locality of the such Covered Employee’s
residence on the date of termination, net of the maximum reduction in federal income taxes which
could be obtained from deduction of such state and local taxes. In the event that the Excise Tax
is subsequently determined to be less than the amount taken into account hereunder at the time of
termination of such Covered Employee’s employment, such Covered Employee shall repay to the
Employer at that time that amount of such reduction in Excise Tax as is finally determined to be
the portion of the Gross-Up Payment attributable to such reduction plus interest on the amount of
such repayment at the rate provided in Section 1274(b)(2)(B) of the Code. In the event that the
Excise

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Tax is determined to exceed the amount taken into account hereunder at the time of the
termination of such Covered Employee’s employment (including by reason of any payment the existence
or amount of which cannot be determined at the time of the Gross-Up Payment), the Employer shall
make an additional gross-up payment to such Covered Employee in respect of such excess (plus any
interest payable with respect to such excess) at the time that the amount of such excess is finally
determined.

     2.5 Six-Month Lookback Alternate Benefits. Any provision of the Plan to the contrary
notwithstanding, if during the six-month period immediately prior to a Change of Control a Covered
Employee was employed by the Employer in a job category or position that would provide greater
benefits under the Plan than would be provided under the Plan for such Covered Employee with
respect to his or her job category or position with the Employer immediately prior to such Change
of Control, then in lieu of the benefits applicable under the Plan to such Covered Employee’s job
category or position with the Employer immediately prior to such Change of Control, such Covered
Employee shall be entitled to receive under the Plan the benefits under the Plan that apply to such
Covered Employee’s job category or position with the Employer during the six-month period
immediately prior to such Change of Control that provides the greatest benefits to such Covered
Employee.

ARTICLE III.

ADMINISTRATION OF PLAN

     3.1 Committee’s Powers and Duties. It shall be a principal duty of the Committee to
see that the Plan is carried out, in accordance with its terms, for the exclusive benefit of
persons entitled to participate in the Plan. The Committee shall be the Plan’s named fiduciary and
shall have full power to administer the Plan in all of its details, subject to applicable
requirements of law. For this purpose, the Committee’s powers shall include, but not be limited
to, the following authority, in addition to all other powers provided by the Plan:

     (a) to make and enforce such rules and regulations as it deems necessary or proper for
the efficient administration of the Plan;

     (b) to interpret the Plan, its interpretation thereof to be final and conclusive on all
persons claiming benefits under the Plan;

     (c) to decide all questions concerning the Plan and the eligibility of any person to
participate in the Plan;

     (d) to make determination as to the right of any person to a benefit under the Plan
(including, without limitation, to determine whether and when there has been a termination
of a Covered Employee’s employment and the cause of such termination);

     (e) to appoint such agents, counsel, accountants, consultants, claims administrators
and other persons as may be required to assist in administering the Plan;

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     (f) to allocate and delegate its responsibilities under the Plan and to designate other
persons to carry out any of its responsibilities under the Plan, any such allocation,
delegation or designation to be in writing;

     (g) to sue or cause suit to be brought in the name of the Plan; and

     (h) to obtain from the Employer and from the Covered Employees such information as is
necessary for the proper administration of the Plan.

     3.2 Member’s Own Participation. No member of the Committee may act, vote, or
otherwise influence a decision of the Committee specifically relating to himself or herself as a
participant in the Plan.

     3.3 Indemnification. The Company shall indemnify and hold harmless each member of the
Committee against any and all expenses and liabilities arising out of his or her administrative
functions or fiduciary responsibilities with respect to the Plan, including any expenses and
liabilities that are caused by or result from an act or omission constituting the negligence of
such member in the performance of such functions or responsibilities, but excluding expenses and
liabilities that are caused by or result from such member’s own gross negligence or willful
misconduct. Expenses against which such member shall be indemnified hereunder shall include,
without limitation, the amounts of any settlement or judgment, costs, counsel fees, and related
charges reasonably incurred in connection with a claim asserted or a proceeding brought or
settlement thereof.

     3.4 Compensation, Bond and Expenses. The members of the Committee shall not receive
compensation for their services as members of the Committee. To the extent required by applicable
law, but not otherwise, Committee members shall furnish bond or security for the performance of
their duties hereunder. Any expenses properly incurred by the Committee incident to the
administration, termination or protection of the Plan, including the cost of furnishing bond, shall
be paid by the Company.

     3.5 Claims Procedure. A Covered Employee that the Committee determines is entitled to
a benefit under the Plan is not required to file a claim for such benefit. A Covered Employee who
is not paid a Plan benefit and who believes that he or she is entitled to such benefit, or who has
been paid a Plan benefit and who believes that he or she is entitled to a greater benefit, shall
file a written claim for such benefit with the Committee no later than sixty (60) days after such
Covered Employee’s Payment Date. In any case in which a claim for a Plan benefit is submitted by a
Covered Employee, the Committee shall furnish written notice to the claimant within sixty (60) days
(or within 120 days if additional information requested by the Committee necessitates an extension
of the sixty-day period), which notice shall:

     (a) state the specific reason or reasons for the denial or modification;

     (b) provide specific references to pertinent Plan provisions on which the denial or
modification is based;

     (c) provide a description of any additional material or information necessary for the
Covered Employee or his or her representative to perfect the claim, and an explanation of
why such material or information is necessary; and

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     (d) explain the Plan’s claim review procedure as contained herein.

     In the event a claim for a Plan benefit is denied or modified, if the Covered Employee or his
or her representative desires to have such denial or modification reviewed, he or she must, within
sixty (60) days following receipt of the notice of such denial or modification, submit a written
request for review by the Committee of its initial decision. In connection with such request, the
Covered Employee or his or her representative may review any pertinent documents upon which such
denial or modification was based and may submit issues and comments in writing. Within sixty (60)
days following such request for review, the Committee shall, after providing a full and fair
review, render its final decision in writing to the Covered Employee and his or her representative,
if any, stating specific reasons for such decision and making specific references to pertinent Plan
provisions upon which the decision is based. If special circumstances require an extension of such
sixty-day period, the Committee’s decision shall be rendered as soon as possible, but not later
than 120 days after receipt of the request for review. If an extension of time for review is
required, written notice of the extension shall be furnished to the Covered Employee and his or her
representative, if any, prior to the commencement of the extension period.

     3.6 Mandatory Arbitration. If a Covered Employee or his or her representative is not
satisfied with the decision of the Committee pursuant to the Plan’s claims review procedure, such
Covered Employee or his or her representative may, within sixty (60) days of receipt of the written
decision of the Committee, request by written notice to the Committee that his or her claim be
submitted to arbitration pursuant to the employee benefit plan claims arbitration rules of the
American Arbitration Association. Such arbitration shall be the sole and exclusive procedure
available to a Covered Employee or his or her representative for review of a decision of the
Committee. In reviewing the decision of the Committee, the arbitrator shall use the standard of
review that would be used by a Federal court in reviewing such decision under the provisions of
ERISA. The Covered Employee or his or her representative and the Employer shall share equally the
cost of such arbitration, including but not limited to the fees of the arbitrator and reasonable
attorneys’ fees, unless the arbitrator determines otherwise. The arbitrator’s decision shall be
final and legally binding on both parties. Judgment upon the arbitrator’s decision may be entered
in any court of appropriate jurisdiction, and may not be challenged in any court, either at the
place of arbitration or elsewhere. This Section shall be governed by the provisions of the Federal
Arbitration Act.

ARTICLE IV.

GENERAL PROVISIONS

     4.1 Funding. The benefits provided under the Plan shall be unfunded and shall be
provided from the Employer’s general assets.

     4.2 Cost of Plan. The entire cost of the Plan shall be borne by the Employer and no
contributions shall be required of the Covered Employees.

     4.3 Plan Year. The Plan shall operate on a plan year consisting of the twelve
consecutive month period commencing on January 1 of each year (with a short plan year commencing on
the Effective Date and ending on December 31, 2006).

-10-

 

     4.4 Other Participating Employers. With the written consent of the Committee, any
entity or organization eligible by law to participate in the Plan may adopt the Plan and become a
participating Employer hereunder by executing and delivering a written instrument evidencing such
adoption to the Secretary of the Company. Such written instrument shall specify the effective date
of the adoption of the Plan by such adopting Employer, may incorporate specific provisions relating
to the operation of the Plan which apply to the adopting Employer only, and shall become, as to
such adopting Employer and its employees, a part of the Plan. Each adopting Employer shall be
conclusively presumed to have agreed to be bound by the terms of the Plan as amended from time to
time. The provisions of the Plan shall be applicable with respect to each Employer separately, and
amounts payable hereunder shall be paid by the Employer which employs the particular Covered
Employee.

4.5 Amendment and Termination.

     (a) Prior to a Change of Control, the Plan may be amended or modified in any respect
and may be terminated, on behalf of all Employers, by resolution adopted by the Board;
provided, however, that:

     (1) no such amendment, modification or termination which would adversely
affect the benefits or protections provided under the Plan to any individual who is
a Covered Employee on the date such amendment, modification or termination is
adopted shall be effective as it relates to such individual unless no Change of
Control occurs within one year after such adoption, and any such attempted
amendment, modification or termination adopted within one year prior to a Change of
Control shall be null and void ab initio as it relates to such individual (it being
understood that the removal of a Covered Employee from participation in the Plan
shall, for the purposes of this Section, constitute an adverse affect to the
benefits or protections provided under the Plan to any Covered Employee so removed);
and

     (2) the Plan may not be amended, modified or terminated (i) at the request of a
third party who has indicated an intention or taken steps to effect a Change of
Control, or who effectuates a Change of Control, or (ii) in connection with, or in
anticipation of, a Change of Control which actually occurs, if such amendment,
modification or termination would adversely affect the benefits or protections
provided under the Plan to any individual who is a Covered Employee on the date such
amendment, modification or termination is adopted, and in either case, any such
attempted amendment, modification or termination shall be null and void ab initio as
it relates to such individual. Any action taken to amend, modify or terminate the
Plan that is taken after the execution of an agreement providing for a transaction
or transactions that, if consummated, would constitute a Change of Control, shall
conclusively be presumed to have been taken in connection with a Change of Control.

     (b) Upon and after the occurrence of a Change in Control, the Plan may not be amended
or modified in any manner which would adversely affect the benefits or protections provided
under the Plan to any individual who is a Covered Employee on the date the Change of Control
occurred, and any such attempted amendment, modification or termination shall be null and
void ab initio as it relates to such individual.

-11-

 

     (c) Notwithstanding the foregoing provisions of this Section 4.5, if any compensation
or benefit provided by the Plan may result in being subject to the tax imposed by Section
409A of the Code, the Board may modify the Plan as necessary or appropriate in the best
interests of the Covered Employees (1) to exclude such compensation or benefit from being
deferred compensation within the meaning of Section 409A of the Code, or (2) to comply with
the provisions of Section 409A of the Code and its related Code provisions (and the rules,
regulations and other regulatory guidance relating thereto); provided, however, that no
amendment made pursuant to the provisions of this Section 4.5(c) shall reduce the value of
the compensation or benefits that would be payable to a Covered Employee in connection with
his or her Involuntary Termination following a Change of Control without the written consent
of such Covered Employee.

     4.6 No Contract of Employment. The adoption and maintenance of the Plan shall not be
deemed to be a contract of employment between the Employer and any person or to be consideration
for the employment of any person. Nothing herein contained shall be deemed to give any person the
right to be retained in the employ of the Employer or to restrict the right of the Employer to
discharge any person at any time nor shall the Plan be deemed to give the Employer the right to
require any person to remain in the employ of the Employer or to restrict any person’s right to
terminate his or her employment at any time.

     4.7 Severability. Any provision in the Plan that is prohibited or unenforceable in
any jurisdiction by reason of applicable law shall, as to such jurisdiction, be ineffective only to
the extent of such prohibition or unenforceability without invalidating or affecting the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

     4.8 Nonalienation. A Covered Employee shall have no right or ability to pledge,
hypothecate, anticipate, assign or otherwise transfer any benefit or right under the Plan, except
by will or the laws of descent and distribution.

     4.9 Effect of Plan. The Plan and the Noble Energy, Inc. Change of Control Severance
Plan are intended to supersede (a) the Change of Control Severance Plan adopted by the Board on
October 23, 2001, as amended (the “Superseded Plan”), and (b) all oral or written policies of the
Employer and all oral or written communications to Covered Employees with respect to the subject
matter of the Plan that were written or communicated prior to the Effective Date, and the
Superseded Plan and all such prior policies or communications are hereby null and void and of no
further force and effect. The Plan shall be binding upon the Employer and any successor of the
Employer, by merger or otherwise, and shall inure to the benefit of and be enforceable by the
Covered Employees. In addition, upon the occurrence of a Change of Control, all rights of a
Covered Employee to eligibility and participation under the Plan shall vest and shall be considered
a contract right enforceable against the Employer and any successors thereto, subject to the terms
and conditions of the Plan.

     4.10 Code Section 409A Compliance. The Plan is intended to provide compensation and
benefits that are not subject to the tax imposed under Section 409A of the Code, and shall be
interpreted and administered to the extent possible in accordance with such intent.

-12-

 

     4.11 Governing Law. The Plan shall be governed and construed in accordance with the
laws of the State of Texas (without giving effect to any choice-of-law rules that may require the
application of the laws of another jurisdiction), except to the extent preempted by federal law.

     IN WITNESS WHEREOF, the Plan has been executed by the Company on this ___day of October,
2006, to be effective as of October 24, 2006.

	 	 	 	 	 
	 	NOBLE ENERGY, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Charles Davidson 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

-13-

 

SCHEDULE A FOR THE

NOBLE ENERGY, INC.

CHANGE OF CONTROL SEVERANCE PLAN

FOR EXECUTIVES

     The Applicable Factor for the Chief Executive Officer is 2.99, the Applicable Factor for a
Senior Executive is 2.5, and the Applicable Factor for a Key Executive is 2.0.

     The period of months specified for Welfare Benefit Coverages for the purposes of Section
2.1(e) are: twenty-four (24) months for a Key Executive; thirty (30) months for a Senior
Executive; and thirty-six (36) months for the Chief Executive Officer.

     A Covered Employee employed by the Employer in one of the following positions is a Senior
Executive:

Chief Operating Officer

Chief Financial Officer

General Counsel

Senior Vice President

     A Covered Employee employed by the Employer in one of the following positions is a Key
Executive:

Vice President, Northern Region

Vice President, Southern Region

 

     This Schedule A has been executed on this ___day of October, 2006, to be effective as
of October 24, 2006.

	 	 	 	 	 
	 	NOBLE ENERGY, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Charles Davidson 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

-14-

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