Document:

exv10w31

 

Exhibit 10.31

AMENDMENT NO. 3 TO THE

NOBLE DRILLING CORPORATION

401(k) SAVINGS RESTORATION PLAN

     Pursuant to the provisions of Section 4.1 thereof, the Noble Drilling Corporation 401(k)
Savings Restoration Plan (the “Plan”) is hereby amended in the following respects only:

     Effective for Plan Years commencing on or after January 1, 2005, Section 3.1 of the Plan is
hereby amended by restatement in its entirety to read as follows:

     Section 3.1 Deferral Election. Subject to such conditions, limitations and
procedures as the Committee may prescribe from time to time for the purposes of this Plan,
during the Election Period for each Plan Year an Eligible Employee may elect to have the
payment of (i) the Applicable 401(k) Amount (as defined below), (ii) up to 19% of the Basic
Compensation (as defined in the 401(k) Plan but determined without regard to the maximum
amount of compensation that may be taken into account under Section 401(a)(17) of the
Internal Revenue Code) otherwise payable by an Employer to him or her for such year, and
(iii) all or any portion of any bonus otherwise payable by an Employer to him or her for
such year, deferred for future payment by such Employer in such manner and at such time or
times permitted under Plan Section 3.5 as shall be specified by such Eligible Employee in
such election. For the purposes of this Section, “Applicable 401(k) Amount” means, with
respect to an Eligible Employee for a Plan Year commencing on or after January 1, 2005, an
amount equal to (i) the Basic Compensation (as defined in the 401(k) Plan but determined
without regard to the maximum amount of compensation that may be taken into account under
Section 401(a)(17) of the Internal Revenue Code) otherwise payable by an Employer to him or
her for such year, multiplied by the contribution percentage that is in effect for such
Eligible Employee under the 401(k) Plan at the end of the Election Period for such year (or
for the 2005 Plan Year, the contribution percentage that is in effect for such Eligible
Employee on January 1, 2005), reduced by the lesser of (ii) the applicable dollar amount (as
defined in Section 402(g)(1)(B) of the Internal Revenue Code) for such year, or (iii) the
dollar amount of any 401(k) Plan contribution limitation for such year imposed by the 401(k)
Plan Committee during the Election Period for such year. All elections made pursuant to
this Plan Section 3.1 shall be made in writing on a form prescribed by and filed with the
Committee and shall be irrevocable.

     IN WITNESS WHEREOF, this Amendment has been executed by Noble Drilling Corporation on behalf
of all Employers on this 9th day of March, 2005.

	 	 	 	 	 	 	 
	 	 	NOBLE DRILLING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JULIE J. ROBERTSON
 

Title: Senior Vice President — Administrationexv10w32

 

Exhibit 10.32

AMENDMENT NO. 2 TO THE

NOBLE DRILLING CORPORATION

RETIREMENT RESTORATION PLAN

     Pursuant to the provisions of Section 7 thereof, the Noble Drilling Corporation Retirement
Restoration Plan (the “Plan”) is hereby amended in the following respects only:

     FIRST: The last sentence of Section 4 of the Plan is hereby amended by restatement in
its entirety to read as follows:

For purposes of this Plan, (i) the value of benefits and the amounts payable under alternate
forms of benefits shall be determined using the actuarial assumptions being used under the
Retirement Plan for such purposes, and (ii) the portion of James C. Day’s salary that is
paid to him in the form of shares of Noble Drilling Corporation common stock or ordinary
shares of Noble Corporation shall be included in the compensation that is taken into account
in determining the amount of benefits payable to or with respect to Mr. Day under the Plan.

     SECOND: Section 5 of the Plan is hereby amended by restatement in its entirety to
read as follows:

     Section 5. Payment of Benefits. The benefits payable to a Participant or
beneficiary of a Participant under this Plan shall be paid or commence being paid, as the
case may be, concurrently with the payment or the commencement of the payment of benefits to
such Participant or beneficiary under the Retirement Plan, and shall be paid to such
Participant or beneficiary in cash (i) in a single lump sum payment, (ii) in installments
over a period of up to five years, or (iii) in any form provided for under the Retirement
Plan, such form of distribution to be determined by the Committee in its absolute
discretion.

     IN WITNESS WHEREOF, this Amendment has been executed by Noble Drilling Corporation on behalf
of all Employers on this 28th day of June, 2004, to be effective as of July 1, 2004.

	 	 	 	 	 	 	 
	 	 	NOBLE DRILLING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JULIE J. ROBERTSON
 

Title: Senior Vice President — Administrationexv10w1

 

Exhibit 10.1

IRIDEX CORPORATION

2006 INCENTIVE PROGRAM

Purpose: The 2006 Incentive Program is designed to reward those eligible employees whose
performance throughout the year was helpful in achieving our financial goals and the management
team based upon company and personal performance against key objectives. The incentive program will
consist of three parts: (1) a Management Bonus Program covering Executives, Directors, and Managers
to award performance and completion of individual and Company goals; (2) a Profit Sharing Program
covering all eligible employees not included in the Management Bonus Program or on a
Commission Plan; and (3) a Special Bonus Program for any employee who makes extraordinary
contributions above and beyond their job description resulting in enhanced revenues, profits or
future positioning for the Company.

Eligible Employees: All IRIDEX employees who are not covered by a commission program are
eligible to receive either a Management Bonus or Profit Sharing. All IRIDEX employees are eligible
to be awarded a Special Bonus in recognition of extraordinary contributions. Eligible employees who
start during the 2006 year will receive a prorated incentive. An employee must be employed in good
standing at the time of payment in order to receive an incentive payment.

Incentive Pool: After the completion of the annual audit for the 2006 fiscal year, an incentive
pool (the “Incentive Pool”) will be calculated as follows: (1) at 100% of the targeted 2006
operating income, as determined by the Board of Directors (the “Targeted 2006 Operating Income”),
19% of the Targeted 2006 Operating Income will be placed into the Incentive Pool; and (2) in the
event that the Company’s operating income for fiscal 2006 is greater than 100% of the Targeted 2006
Operating Income, then 20% of the increment above the Targeted 2006 Operating Income will
be added to the Incentive Pool.

Distribution of Incentive Pool: If the Company achieves operating income for fiscal 2006 equal to
100% of the Targeted 2006 Operating Income, then the Incentive Pool will be distributed as follows:
(1) approximately 67% to all employees eligible for the Profit
Sharing payouts and the Company’s Directors and Managers
eligible for Management Bonus Program payouts; (2) approximately
27% for Company’s Executive Officers Management Bonus payouts; and (3) approximately 6% for Special Bonus Program payouts.

If the Company achieves operating income for fiscal 2006 in excess of 100% of the Targeted 2006
Operating Income, then the distribution of the increment added to the Incentive Pool is
intended to be distributed as follows: (1) 76.5% for Management
Bonus Program payouts (including the Company’s Executive
Officers, Directors and Managers); and (2)
23.5% for Profit Sharing Program payouts.

If the Company achieves operating income for fiscal 2006 at or above 90% but below 100% of the
Targeted 2006 Operating Income, payouts, if any, under the Management Bonus Program, the Profit
Sharing Program, or the Special Bonus Program shall be at the recommendation of the Company’s Chief
Executive Officer, with the final approval of the Compensation and Nominating Committee of the
Company’s Board of Directors.

After calculation of the amount available for the Incentive Pool, the Compensation and Nominating
Committee of the Company’s Board of Directors will review and approve the amount available for
distribution for each program. The Compensation and Nominating Committee will then: (1) work with
the Company’s Chief Executive Officer and Chief Financial Officer to establish the percentage to be
paid to each eligible participant in the Profit Sharing Program, which payments will be based on
each eligible participant’s base salary at the end of the year; (2) evaluate the list proposed by
the Chief Executive Officer for payouts to employees under the Special Bonus Program for
extraordinary contributions made during the year; and (3) determine the amount of any distributions
to be made under the Management Bonus Program, after evaluating the performance of the Company’s
Managers towards completion of their individual and Company goals.

 

 

The Compensation and Nominating Committee will establish the amount of any bonus to be paid to the
Company’s Chief Executive Officer. The Chief Executive Officer will then recommend the amount of
any bonuses to be paid to each of his or her direct reports. The remainder of the bonus pool will
then be allocated to the remaining Managers by the department heads with the approval of the
Company’s Chief Executive Officer. The final list of incentive payments will be returned to the
Compensation and Nominating Committee for approval.

Payment of Incentive Payments: The Profit Sharing Program payments will be made as soon as
possible after the completion of the annual audit for the 2006 fiscal year. The Management Bonus
Program and Special Bonus Program payments will be made after the final approval of the
Compensation and Nominating Committee.

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