Baker Hughes 2007 Annual Report Download - page 81

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2007 Proxy Statement E-13
AMENDMENT TO THE BAKER HUGHES INCORPORATED
2002 DIRECTOR & OFFICER LONG-TERM INCENTIVE PLAN
THIS AGREEMENT by Baker Hughes Incorporated,
a Delaware corporation (the “Company”),
W I T N E S S E T H:
WHEREAS, the Board of Directors of the Company
previously adopted the plan agreement known as the
“Baker Hughes Incorporated 2002 Director & Officer
Long-Term Incentive Plan” (the “Plan”);
WHEREAS, the Board of Directors of the Company
retained the right in Article 15 of the Plan to amend the
Plan from time to time; and
WHEREAS, the Board of Directors of the Company
has approved the following amendment to the Plan;
NOW, THEREFORE, clause iii of Section 8(b) of Article 6
of the Plan is hereby amended and restated in its entirety to
provide as follows:
iii Except as may be otherwise specified in the Award
Agreement setting forth the terms of a Director Option,
a Director Option shall vest and become exercisable on
the first anniversary of the date of grant of the Director
Option. An Award Agreement setting forth the terms
of a Director Option may not specify that the Director
Option is exercisable earlier than the first anniversary of
the date of grant of the Director Option.
Adopted: October 27, 2005