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NBL > SEC Filings for NBL > Form 8-K on 7-May-2013All Recent SEC Filings

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Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 1, 2013, Noble Energy, Inc. (the "Company") entered into Retention and Confidentiality Agreements (the "Retention Agreements") with Ted. D. Brown and Rodney D. Cook (the "key executives"), each a Senior Vice President and advisor to the President and Chief Executive Officer of the Company. The Retention Agreements provide for the key executive's employment with the Company to continue until June 30, 2014 (or such earlier date as the key executive and the Company mutually agree) and in return the key executive will receive continued vesting of unvested stock options and shares of restricted stock previously awarded to that key executive, subject to certain conditions. The original agreements that govern these equity awards provided that all unvested stock options and unvested shares of restricted stock would be forfeited by the key executive upon termination of his employment with the Company. The Retention Agreements amend those terms to provide that, if the conditions are satisfied, any unvested stock options or unvested shares of restricted stock previously granted to the key executive will not be forfeited upon the termination of his employment and will continue to vest as if the key executive remained employed by the Company until February 1, 2016. If the key executive terminates employment with the Company before June 30, 2014 (or such earlier date as he and the Company mutually agree) or if the key executive is terminated for cause, the continued vesting will not apply so that he will forfeit any unvested equity awards.

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