Each one in plain English, with the numbers worked through for a shareholder.
4 May 2005material agreement● Neutral
On April 28, 2005, members approved changes to two director pay plans. The 1992 option plan gained 325,000 shares, smaller annual option grants (2,000 shares) and a new annual 4,000-share restricted award per non-employee director. The equity plan gained 50,000 shares and the annual director retainer rose from $35,000 to $50,000. This adds some potential dilution through share issuance.
Noble's unsecured bank credit facility (borrower Noble Drilling Corporation, guaranteed by Noble Corporation and Noble Holding (U.S.) Corporation) was amended on November 24, 2004 to raise the total commitment from $200 million to $300 million and push maturity from May 30, 2006 to November 30, 2009.
Noble Corporation's board changed its dividend policy to start paying a quarterly cash dividend, initially $0.02 per ordinary share, in the first quarter of 2005. No dividend was declared; the board reserved its right to decide on each future dividend, with its first-quarter meeting scheduled for the first week of February 2005.
Charles B. Johnson, Rupert H. Johnson, Jr, Templeton Global Advisors Limited disclosed a new substantial Noble Finance Co shareholding (6.10% of votes).