Baker Hughes 2010 Annual Report Download - page 68

56 B a k e r H u g h e s I n c o r p o r a t e d
ANNEX C
ANNUAL INCENTIVE COMPENSATION PLAN
TABLE OF CONTENTS
ARTICLE I DEFINITIONS AND CONSTRUCTION ................................................................................................................................57
1.01 Definitions ..........................................................................................................................................................................57
1.02 Number and Gender ...........................................................................................................................................................60
1.03 Headings ............................................................................................................................................................................60
ARTICLE II PARTICIPATION .................................................................................................................................................................61
2.01 Eligibility .............................................................................................................................................................................61
2.02 Participation .......................................................................................................................................................................61
2.03 Partial Plan Year Participation ..............................................................................................................................................61
2.04 Termination of Approval .....................................................................................................................................................61
ARTICLE III AWARD OPPORTUNITIES AND PERFORMANCE GOALS ................................................................................................61
3.01 Award Opportunities ..........................................................................................................................................................61
3.02 Performance Goals .............................................................................................................................................................61
3.03 Time of Establishment of Award Opportunities and Performance Goals ..............................................................................62
3.04 Adjustment of Performance Goals ......................................................................................................................................62
3.05 Individual Award Cap .........................................................................................................................................................62
ARTICLE IV FINAL AWARD DETERMINATIONS ...................................................................................................................................62
4.01 Final Award Determinations ................................................................................................................................................62
4.02 Separation From Service Due to Death, Disability, or Retirement or Involuntary Termination of Employment .......................62
4.03 Employment Transfers .........................................................................................................................................................62
4.04 Disposition of Business .......................................................................................................................................................62
4.05 Separation From Service for Other Reasons .........................................................................................................................62
ARTICLE V BANKING OF AWARDS ....................................................................................................................................................63
5.01 General Banking Procedures ...............................................................................................................................................63
5.02 Exceptions ..........................................................................................................................................................................63
ARTICLE VI DEEMED INVESTMENT OF FUNDS ..................................................................................................................................63
ARTICLE VII PAYMENT OF BENEFITS ....................................................................................................................................................63
7.01 Time of Payment of Unbanked Final Award ........................................................................................................................63
7.02 Time of Payment of Banked Final Award ............................................................................................................................63
7.03 Form of Payment of Benefits ..............................................................................................................................................63
7.04 Account Debits ...................................................................................................................................................................63
7.05 Unclaimed Benefits .............................................................................................................................................................63
7.06 Statutory Benefits ...............................................................................................................................................................64
7.07 Payment to Alternate Payee Under Domestic Relations Order .............................................................................................64
ARTICLE VIII FORFEITURE OF BENEFITS ................................................................................................................................................64
ARTICLE IX DEATH ...............................................................................................................................................................................64
9.01 Payment of Unbanked Amounts .........................................................................................................................................64
9.02 Payment of Banked Amounts .............................................................................................................................................64
9.03 Designation of Beneficiaries ................................................................................................................................................64
ARTICLE X CHANGE IN CONTROL ......................................................................................................................................................64
10.01 General ..............................................................................................................................................................................64
10.02 CIC Committee ..................................................................................................................................................................64
10.03 Change in Control During a Performance Period ................................................................................................................64
10.04 Termination of Employment Prior to Change in Control or Following Certain Changes in Control ......................................64
10.05 Payment of Expected Value Awards and Tax-Gross Up for Delayed Payment .......................................................................65
10.06 Forfeiture Restrictions .........................................................................................................................................................65
ARTICLE XI ADMINISTRATION OF THE PLAN .....................................................................................................................................65
11.01 Resignation and Removal ....................................................................................................................................................65
11.02 Records and Procedures ......................................................................................................................................................65
11.03 Self-Interest of Plan Administrator ......................................................................................................................................65
11.04 Compensation and Bonding ...............................................................................................................................................65
11.05 Plan Administrator Powers and Duties ................................................................................................................................65
11.06 Reliance on Documents, Instruments, etc ...........................................................................................................................65
11.07 Claims Review Procedures; Claims Appeals Procedures .......................................................................................................66
11.08 Company to Supply Information .........................................................................................................................................66
11.09 Indemnity ...........................................................................................................................................................................66
ARTICLE XII PARTICIPATION IN THE PLAN BY AFFILIATES ..................................................................................................................67
12.01 Adoption Procedure ............................................................................................................................................................67
12.02 No Joint Venture Implied ....................................................................................................................................................67
ARTICLE XIII MISCELLANEOUS ..............................................................................................................................................................67
13.01 Plan Not Contract of Employment ......................................................................................................................................67
13.02 Funding ..............................................................................................................................................................................67
13.03 Alienation of Interest Forbidden ..........................................................................................................................................67
13.04 Withholding .......................................................................................................................................................................67
13.05 Amendment and Termination .............................................................................................................................................67
13.06 Severability .........................................................................................................................................................................67
13.07 Arbitration ..........................................................................................................................................................................67
13.08 Compliance With Section 409A ..........................................................................................................................................68
13.09 Governing Law ...................................................................................................................................................................68