I've seen many small press contracts where the option clause has more ambiguous language--the publisher doesn't claim right of first refusal, but right of first offer. In this case, the clause often doesn't provide an option for the author to refuse if an offer is made, the implication being that if the publisher does make an offer, the author is bound by it. Often the language will include something to the effect that the new offer will be "on the same terms and conditions" as the old, giving the author no opportunity to negotiate better terms for a second book.
I have signed a contract with another small publisher that said more or less that (right of first offer on same terms as this existing contract). I was fine with the terms of that contract and thus willing (if not thrilled, because one always hopes for better) to sign on.
Has anyone had any new experience with Noble since the new CEO took over? I'd be interested in an update.