SEC Contract Filing

Filing Date: 2023-03-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>4
<FILENAME>exhibit10322023stip.htm
<DESCRIPTION>EX-10.32
<TEXT>
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<title>Document</title></head><body><div id="i414b004580c44047b1fd8eaca746545b_33"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.32</font></div></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:107%">Portions of this document have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type that the registrant treats as private or confidential. Redacted portions are indicated with the notation &#8220;&#91;***&#93;&#8221;.</font></div><div><font><br></font></div><div style="text-align:center"><img alt="imagea.jpg" src="imagea.jpg" style="height:71px;margin-bottom:5pt;vertical-align:text-bottom;width:180px"></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOBLE CORPORATION PLC</font></div><div style="margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2023 Short-Term Incentive Plan (&#8220;STIP&#8221;)</font></div><div style="margin-top:6pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Plan Overview, Terms and Conditions</font></div><div style="margin-top:6pt;text-align:center"><font><br></font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Plan Purpose</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The success of Noble Corporation plc (&#8220;Noble&#8221;) and its subsidiaries (collectively, the &#8220;Company&#8221;) is a result of the efforts of all key employees. To focus each employee&#8217;s efforts on optimizing the Company&#8217;s performance, the Company maintains this Short-Term Incentive Plan (the &#8220;Plan&#8221;) to reward employees for successful achievement of specific Company goals. An effective incentive plan should both align employee interests with those of shareholders and motivate and influence employee behavior. Key positions within the Company have the ability to make a positive contribution to key factors that increase shareholder value. These factors can be quantified and measured through achievement of various targets. The objectives of using such targets in the formulation of the specific Company goals are to link an employee&#8217;s annual incentive award more closely to the metrics that most directly benefit shareholders within existing market conditions and to promote a culture of high performance and an environment of teamwork.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Eligibility and Participation</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Full-time shore-based employees and select offshore employees are eligible for consideration of a cash payment under the Plan (a &#8220;Payment&#8221;), subject to, for executive officers of Noble, the approval of the Compensation Committee of the Board of Directors of Noble (the &#8220;Committee&#8221;) and, for all other employees, the approval of the President and Chief Executive Officer of Noble (the &#8220;CEO&#8221;), or their designee. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">To be eligible to receive a Payment with respect to a Plan year, an employee must be actively employed by the Company on the last day of such Plan year and must continue to be employed through the date on which Payments for such Plan year are made. An employee shall not be eligible to receive any Payment if the employee&#8217;s employment with the Company terminates for any reason, either voluntarily or involuntarily (except as noted below), before that date on which Payments for a Plan year are made. The Committee has the discretion to revise these requirements on a case-by-case basis to the extent the Committee deems it necessary or desirable. The Plan year is also the calendar year unless otherwise specified. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.32</font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event of death, disability or retirement, the employee or estate of the former employee may receive a Payment, at the discretion of the CEO&#59; provided that, for executive officers of Noble, such decision will be at the discretion of the Committee. For purposes of the Plan, &#8220;disability&#8221; means any termination of employment with the Company