Baker Hughes 2010 Annual Report Download - page 80

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68 B a k e r H u g h e s I n c o r p o r a t e d
the Participant, or former Participant, and the termination
of that employment, shall be resolved by arbitration in accor-
dance with the Employee Benefit Plan Claims Arbitration Rules
of the American Arbitration Association (the “AAA”) then in
effect. No arbitration proceeding relating to the Plan may be
initiated by either the Company or the Participant, or former
Participant, unless the claims review and appeals procedures
specified in Section 11.07 have been exhausted. Within ten
business days of the initiation of an arbitration hereunder, the
Company and the Participant, or former Participant, will each
separately designate an arbitrator, and within 20 business days
of selection, the appointed arbitrators will appoint a neutral
arbitrator from the panel of AAA National Panel of Employee
Benefit Plan Claims Arbitrators. The arbitrators shall issue their
written decision (including a statement of finding of facts)
within 30 days from the date of the close of the arbitration
hearing. The decision of the arbitrators selected hereunder will
be final and binding on both parties. This arbitration provision
is expressly made pursuant to and shall be governed by the
Federal Arbitration Act, 9 U.S.C. Sections 1-16 (or replacement
or successor statute). Pursuant to Section 9 of the Federal
Arbitration Act, the Company and any Participant agrees that
any judgment of the United States District Court for the Dis-
trict in which the headquarters of Baker Hughes is located at
the time of initiation of an arbitration hereunder shall be
entered upon the award made pursuant to the arbitration.
Nothing in this Section 13.07 shall be construed to, in any
way, limit the scope and effect of Article XI. In any arbitration
proceeding full effect shall be given to the rights, powers, and
authorities of the Plan Administrator under Article XI.
13.08 Compliance With Section 409A. To the extent
applicable, the Plan shall be operated in compliance with Sec-
tion 409A and the provisions of the Plan shall be interpreted
by the Plan Administrator in a manner that is consistent with
this intention.
13.09 Governing Law. All provisions of the Plan shall be
construed in accordance with the laws of Texas, except to the
extent preempted by applicable law and except to the extent
that the conflicts of laws provisions of the State of Texas
would require the application of the relevant law of another
jurisdiction, in which event the relevant law of the State of
Texas will nonetheless apply, with venue for litigation being
in Houston, Texas.