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Exhibit 10.33
Noble Corporation
Summary of Directors’ Compensation
Annual Retainer.
Each director of Noble Corporation
(the “Company”) who is not an employee of the Company
or one of its subsidiaries (a “Non-Employee Director”)
receives an annual retainer as follows:
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20% is paid in Ordinary Shares of
the Company pursuant to the Noble Corporation Equity Compensation
Plan for Non-Employee Directors (the “Equity Compensation
Plan”).
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Non-Employee Directors may elect to
receive up to all of the balance in Ordinary Shares or cash.
Non-Employee Directors make elections on a quarterly
basis.
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The number of Ordinary Shares to be
issued under the Equity Compensation Plan in any particular quarter
is generally determined using the average of the daily closing
prices of the Ordinary Shares for the last 15 consecutive trading
days of the previous quarter.
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Board Meeting Fees.
In addition to the annual retainer
received by Non-Employee Directors described above, all directors
receive fees for each meeting of the Board of Directors attended as
follows:
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Non-Employee Directors —
$2,000 per meeting attended
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