Noble Corporation Summary of Director Compensation

Contract Categories: Human Resources › Compensation Agreements
Summary

Noble Corporation outlines its compensation for non-executive directors, including an annual cash retainer of $150,000 for the board chairman and $100,000 for other non-employee directors, paid quarterly. Committee chairs and members receive additional annual retainers. Directors also receive annual restricted share unit awards, with specific values and vesting schedules. For 2021, a special one-time grant was provided with a different vesting period. Directors can choose to defer settlement of awards, affecting the form of payment. This summary details the structure and timing of director compensation.

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EX-10.22 7 exhibit1022-summaryofdirec.htm EX-10.22 Document

Exhibit 10.22
Noble Corporation
Summary of Director Compensation

Annual Retainer. Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (the “Company”), pays its non-executive board chairman an annual retainer of $150,000, and each of its non-employee directors an annual retainer of $100,000, paid quarterly in advance.

Committee Fees. The chair of the audit committee receives an annual retainer of $30,000, and the chair of each other standing Board committee receives an annual retainer of $20,000. Each committee member receives an annual retainer of $10,000.

Equity Compensation. Non-executive directors receive an annual award of restricted share units valued at $230,000 for the chairman, and $180,000 for the other non-executive directors, in each case vesting after one year. For 2021, in lieu of the annual grant, the Board members received a one-time grant of restricted share units valued at $370,000 for the chairman, and $320,000 for the other non-executive directors, in each case vesting one-third per year over a three-year period. Director awards vest 60% in shares and 40% in cash, unless the director elects to defer settlement until three months after a separation in service, in which case the awards settle 100% in shares.