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exv10w1

Table of Contents

Exhibit 10.1

HELMERICH & PAYNE, INC.

DIRECTOR DEFERRED COMPENSATION PLAN

 

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HELMERICH & PAYNE, INC.

DIRECTOR DEFERRED COMPENSATION PLAN

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	 	 	 	 	 	 	Page

	ARTICLE I Definitions	 	 	1	 
	 
	 	1.1	 	"Account"	 	 	1	 
	 
	 	1.2	 	"Beneficiary"	 	 	1	 
	 
	 	1.3	 	"Board of Directors"	 	 	1	 
	 
	 	1.4	 	"Change of Control"	 	 	1	 
	 
	 	1.5	 	"Common Stock"	 	 	3	 
	 
	 	1.6	 	"Company"	 	 	3	 
	 
	 	1.7	 	"Director" or "Directors"	 	 	3	 
	 
	 	1.8	 	"Eligible Compensation"	 	 	3	 
	 
	 	1.9	 	"Effective Date"	 	 	3	 
	 
	 	1.10	 	"Fair Market Value"	 	 	3	 
	 
	 	1.11	 	"Plan"	 	 	3	 
	 
	 	1.12	 	"Stock Unit"	 	 	4	 
	 
	 	1.13	 	"Year"	 	 	4	 
	ARTICLE II Participation	 	 	4	 
	 
	 	2.1	 	Participation	 	 	4	 
	 
	 	2.2	 	Timing and Types of Elections	 	 	4	 
	 
	 	2.3	 	Election Amounts	 	 	4	 
	ARTICLE III Accounts and Investments	 	 	4	 
	 
	 	3.1	 	Establishment of Account	 	 	4	 
	 
	 	3.2	 	Interest Alternative	 	 	4	 
	 
	 	3.3	 	Stock Unit Alternative	 	 	5	 
	 
	 	3.4	 	Limitations on Rights Associated with Stock Units	 	 	5	 
	ARTICLE IV Distribution of Account	 	 	5	 
	 
	 	4.1	 	Manner of Distribution of Account	 	 	5	 
	 
	 	4.2	 	Change in Manner of Distribution of Account	 	 	5	 
	 
	 	4.3	 	Commencement of Payments	 	 	5	 
	 
	 	4.4	 	Death Benefits	 	 	6	 
	 
	 	4.5	 	Emergency Withdrawals	 	 	6	 
	 
	 	4.6	 	Responsibility for Taxes	 	 	6	 
	 
	 	4.7	 	Change of Control	 	 	6	 
	ARTICLE V Administration, Amendment And Termination	 	 	6	 
	 
	 	5.1	 	Administration	 	 	6	 
	 
	 	5.2	 	Amendment and Termination	 	 	6	 

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	ARTICLE VI Miscellaneous Provisions	 	 	7	 
	 
	 	6.1	 	Limitation on Director's Rights	 	 	7	 
	 
	 	6.2	 	Beneficiaries.	 	 	7	 
	 
	 	6.3	 	Benefits Not Transferable; Obligations Binding Upon Successors	 	 	7	 
	 
	 	6.4	 	Governing Law; Severability	 	 	7	 
	 
	 	6.5	 	Headings Not Part of Plan	 	 	7	 
	 
	 	6.6	 	Consent to Plan Terms	 	 	7	 

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HELMERICH & PAYNE, INC.

DIRECTOR DEFERRED COMPENSATION PLAN

PURPOSE

The purpose of this Plan is to give each Director of Helmerich & Payne, Inc.,
the opportunity to be compensated for service as a Director on a deferred
basis. The Plan is also intended to aid the Company in attracting and
retaining, as members of the Board, persons whose abilities, experience, and
judgment can contribute to the success of the Company.

ARTICLE I

Definitions

Whenever the following terms are used in this Plan, they shall have the meaning
specified below, unless the context clearly indicates to the contrary:

1.1 “Account” shall mean the bookkeeping account maintained by the Company to
which will be credited Directors deferrals of Eligible Compensation and any
earnings thereon.

1.2 “Beneficiary” means the person(s) or entity(ies) designated by the Director
under Section 6.2 hereof who will receive the balance of the Director’s
Account(s) in the event of his or her death.

1.3 “Board of Directors” or “Board” shall mean the Board of Directors of the
Company.

1.4 “Change of Control” shall mean the happening of any of the following
events:

	 	(a)	 	The acquisition after the Effective Date of this Plan by any
individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”) of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 15% or
more of either (i) the then outstanding shares of common stock of
the Company (the “Outstanding Company Common Stock”) or (ii) the
combined voting power of the then outstanding voting securities of
the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however,
that the following acquisitions shall not constitute a Change of
Control: (i) any acquisition directly from the Company, (ii) any
acquisition by the Company, (iii) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company, (iv) any
acquisition previously approved by at least a majority of the
members of the Incumbent Board (as such
term is hereinafter defined), (v) any acquisition approved by at
least a majority of the members of the Incumbent Board within five
business days after the Company has notice of such acquisition, or
(vi) any acquisition by any corporation pursuant to a transaction
which complies with clauses (x), (y), and (z) of subsection (c)
of this Section 1.4; or

 

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	 	(b)	 	Individuals who, as of the date hereof, constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least
a majority of the Board; provided, however, that any individual
becoming a director subsequent to the date hereof whose election,
appointment or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as
though such individual were a member of the Incumbent Board, but
excluding, for purposes of this definition, any such individual
whose initial assumption of office occurs as a result of an actual
or threatened election contest with respect to the election or
removal of directors or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the
Board; or
	 
	 	(c)	 	Approval by the shareholders of the Company of a
reorganization, share exchange, merger (a “Business Combination”),
in each case, unless, following such Business Combination, (x) all
or substantially all of the individuals and entities who were the
beneficial owners, respectively, of the Outstanding Company Common
Stock and Outstanding Company Voting Securities immediately prior to
such Business Combination will beneficially own, directly or
indirectly, more than 70% of, respectively, the then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction will
own the Company through one or more subsidiaries) in substantially
the same proportions as their ownership, immediately prior to such
Business Combination of the Outstanding Company Common Stock and
Outstanding Company Voting Securities, as the case may be, (y) no
Person (excluding any employee benefit plan (or related trust) of
the Company or such corporation resulting from such Business
Combination) will beneficially own, directly or indirectly, 15% or
more of, respectively, the then outstanding shares of common stock
of the corporation resulting from such Business Combination or the
combined voting power of the then outstanding voting securities of
such corporation except to the extent that such ownership existed
prior to the Business Combination, and (z) at least a majority of
the members of the board of directors of the corporation resulting
from such Business Combination were members of the Incumbent Board
at the time of the execution of the initial agreement, or of the
action of the Board, providing for such Business Combination or were
elected, appointed or nominated by the Board; or
	 
	 	(d)	 	Approval by the shareholders of the Company of (x) a complete
liquidation or dissolution of the Company or, (y) the sale or other
disposition of all or
substantially all of the assets of the Company, other than to a
corporation, with respect to which following such sale or other
disposition, (A) more than 70% of, respectively, the then
outstanding shares of common stock of such corporation and the
combined voting power of the then outstanding voting securities of
such corporation entitled to vote generally in the election of
directors is then beneficially owned, directly or indirectly, by
all or substantially all of the

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individuals and entities who were
the beneficial owners, respectively, of the Outstanding Company
Common Stock and Outstanding Company Voting Securities immediately
prior to such sale or other disposition in substantially the same
proportion as their ownership, immediately prior to such sale or
other disposition, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities, as the case may be, (B) less
than 15% of, respectively, the then outstanding shares of common
stock of such corporation and the combined voting power of the then
outstanding voting securities of such corporation entitled to vote
generally in the election of directors will be beneficially owned,
directly or indirectly, by any Person (excluding any employee
benefit plan (or related trust) of the Company or such
corporation), except to the extent that such Person owned 15% or
more of the Outstanding Company Common Stock or Outstanding Company
Voting Securities prior to the sale or disposition, and (C) at
least a majority of the members of the board of directors of such
corporation were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board,
providing for such sale or other disposition of assets of the
Company or were elected, appointed or nominated by the Board.

1.5 “Common Stock” shall mean the common stock, par value $0.10 per share of
the Company.

1.6 “Company” shall mean Helmerich & Payne, Inc., a Delaware corporation and
its successors.

1.7 “Director” or “Directors” shall mean, at any given time, a member of the
Board of Directors of the Company.

1.8 “Eligible Compensation” shall mean all forms of cash compensation paid by
the Company for services as a Director including, but not limited to, retainer,
committee fees and meeting fees.

1.9 “Effective Date” shall mean October 1, 2004.

1.10 “Fair Market Value”
means (A) during such time as the Common Stock is listed upon the New York
Stock Exchange or other exchanges or the Nasdaq/National Market System, the
average of the highest and lowest sales prices of the Common Stock as reported
by such stock exchange or exchanges or the Nasdaq/National Market System on the
day for which such value is to be determined, or if no sale of the Common Stock
shall have been made on any such stock exchange or the Nasdaq/National Market
System that day, on the next preceding day on which there was a sale of such
Common Stock or (B) during any such time as the Common Stock is not listed upon
an established stock exchange or the Nasdaq/National Market System, the mean
between dealer “bid” and “ask” prices of the Common Stock in the
over-the-counter market on the day for which such value is to be determined, as
reported by the National Association of Securities Dealers, Inc.

1.11 “Plan” shall mean the Helmerich & Payne, Inc. Director Deferred
Compensation Plan.

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1.12 “Stock Unit” shall mean the unit of measurement which is deemed for
bookkeeping and payment purposes to represent one outstanding share of Common
Stock.

1.13 “Year” shall mean each calendar year during the term of this Plan.

ARTICLE II

Participation

2.1 Participation. Each Director may elect to defer, under and subject to
Sections 2.2 and 2.3 of this Plan, all or any portion of his or her Eligible
Compensation for any Year.

2.2 Timing and Types of Elections. On or before the December 31 immediately
preceding each Year (or, in the case of a person who first becomes a Director
during the Year, within 30 days after becoming a Director), each Director may
make an irrevocable election, to (a) receive his or her Eligible Compensation
for the next Year in cash, or (b) defer all or any portion of the Eligible
Compensation for services to be rendered by the Director during the next Year.
With respect to the Plan Year commencing October 1, 2004, a Director may make
an election to defer Eligible Compensation for the short Plan Year commencing
October 1, 2004 and ending December 31, 2004 by making an election prior to
October 1, 2004.

2.3 Election Amounts. Up to 100% of Eligible Compensation is eligible for
deferral and the deferred amount must be stated either in a dollar amount or
percentage of Eligible Compensation to be deferred. All
elections shall be in writing on forms provided by the Company. Deferral
elections are not continuous from Year to Year, and are only effective for the
Year indicated on the written election form.

ARTICLE III

Accounts and Investments

3.1 Establishment of Account. The Company will establish and maintain a
separate Account in the name of each Director who has elected to defer Eligible
Compensation under the Plan. The balance of each Account will reflect
deferrals of Eligible Compensation as well as income, gains or losses from
deemed investments. A Director may select between two deemed investment
alternatives: (i) an interest investment alternative (as provided in Section
3.2) or (ii) a Stock Unit investment alternative (as provided in Section 3.3).
Investment elections must be specified at the time the deferral election is
provided to the Company. Deemed investment elections are effective for the
entire Plan Year and cannot be changed until deferral elections are due for the
next Plan Year. Directors may, at the time deferral elections are due for the
next Plan Year, change their deemed investment selections with respect to all
Plan Year deferrals.

3.2 Interest Alternative. If a Director has made an election for investment in
the interest alternative, a Director’s Account shall be credited as follows:

	 	(a)	 	as of the date the Eligible Compensation would have been
otherwise payable, the Company shall credit the Director’s Account
with an amount equal to the amount of the Eligible Compensation
deferred; and

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	 	(b)	 	as of the last day of each calendar quarter, the Director’s
Account shall be credited to reflect interest earnings for such
calendar quarter, calculated at an interest rate equal to the prime
rate of interest plus 1% as published in the Wall Street Journal
(Southwest Edition) in the Money Rate Section at the beginning of
each such calendar quarter.

3.3 Stock Unit Alternative. If a Director has made a Stock Unit election, the
Company shall credit the Director’s Account, as of the date the Eligible
Compensation would have been otherwise payable, with a number of Stock Units
determined by dividing an amount which is equal to the amount of the Director’s
Eligible Compensation deferred by the Fair Market Value of a share of Common
Stock on such date. The Director’s Stock Unit Account will be valued at the
end of each calendar quarter based upon the Fair Market Value of the Common
Stock at such date. The Director’s Account shall also be credited with any
dividends that would have been paid by the Company had the Director held actual
shares of Common Stock. The Account balance attributable to the Stock Unit
investment alternative may increase or decrease depending upon fluctuations in
value of the Company’s Common Stock and the distribution of dividends.

3.4 Limitations on Rights Associated with Stock Units. The Stock Units
credited to a Director’s Account shall be used solely as a device for the
determination of the amount of the cash payment to be eventually distributed to
the Director in accordance with this Plan. The Stock Units shall not be
treated as property or as a trust fund of any kind. No Director shall be
entitled to a distribution of actual shares of Common Stock or to any voting or
other stockholder rights with respect to Stock Units credited under this Plan.

ARTICLE IV

Distribution of Account

4.1 Manner of Distribution of Account. The cash payable under this Plan in
respect of a Director’s Account shall be distributed to the Director (or, in
the event of his or her death, the Director’s Beneficiary or estate) in such
manner as elected by the Director and set forth in the Director’s written
deferral election form. The form of payment shall be either in a single lump
sum payment or annual installments for a period of up to ten years.

4.2 Change in Manner of Distribution of Account. Subject to Section 4.1
herein, a Director may change the manner of any distribution election with
respect to amounts credited under an Account by filing a written election with
the Company’s General Counsel on a form provided by the Company; provided,
however, that no election shall be effective until 12 months after the election
is filed with the Company, and no election shall be effective with respect to
any Account after payment of that Account has commenced.

4.3 Commencement of Payments. Subject to the provisions of Sections 4.1 and
4.7 and except as provided in Section 4.5, the payment of the balance of the
Account(s) to a Director shall commence no later than 60 days from the date the
Director ceases to be a Director, whether due to resignation, retirement,
disability, death or otherwise. If elected by the Director, installment
payments shall continue to be made in the same month of each succeeding Year
until all installments have been paid.

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4.4 Death Benefits. Subject to the provisions of Section 4.7, in the event
that a Director dies before payment of the balance of the Director’s Account(s)
has commenced or has been completed, the balance(s) of the Director’s
Account(s) shall be distributed to the Director’s Beneficiary commencing no later than 60 days
following the date of the Director’s death in accordance with the
manner of distribution elected by the Director for payments during the
Director’s lifetime. However, upon good cause shown by a Beneficiary or
personal representative of the Director if there is no Beneficiary, the Board,
in its sole discretion, may reject a Director’s installment election and
instead cause the Director’s Account(s) to be paid in a lump sum.

4.5 Emergency Withdrawals. In the event of an unforeseeable emergency prior to the commencement of
distribution or after the commencement of installment payments, the Board may
approve a distribution to a Director (or Beneficiary after the death of a
Director) of the part of the Director’s Account balance that is reasonably
needed to satisfy the emergency need. An emergency withdrawal will be approved
only in a circumstance of severe financial hardship to the Director (or
Beneficiary after the death of the Director) resulting from a sudden and
unexpected illness or accident of the Director (or Beneficiary, as applicable)
or of a dependent of the Director (or Beneficiary, as applicable), loss of
property due to casualty, or other similar extraordinary or unforeseeable
circumstance arising from events beyond the control of the Director (or
Beneficiary, as applicable). The investment earnings credited to the
Director’s Account shall be determined as if the withdrawal had been debited
from the Director’s Account on the first day of the month in which the
withdrawal occurs.

4.6 Responsibility for Taxes. The Directors and their respective Beneficiaries
will be liable for payment of any and all income or other taxes imposed on
amounts payable under this Plan unless the Company is otherwise required to
withhold such amounts from the payment of the Account.

4.7 Change of Control. In the event a Change of Control occurs, each
Director’s Account shall be immediately due and payable in a lump sum to the
Director or to the Director’s Beneficiary or estate.

ARTICLE V

Administration, Amendment And Termination

5.1 Administration. This Plan shall be interpreted and administered by the
Human Resources Committee of the Board of Directors (the “Committee”).
Determinations made by the Board or the Committee pursuant to this Plan shall
be final and binding on all parties.

5.2 Amendment and Termination. This Plan may be amended, modified, or
terminated by the Board at any time, except that no such action shall (without
the consent of affected Directors or, if appropriate, their respective
Beneficiaries or personal representatives) adversely affect the rights of
Directors or Beneficiaries with respect to Eligible Compensation earned and
deferred under this Plan prior to the date of such amendment, modification, or
termination.

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ARTICLE VI

Miscellaneous Provisions

6.1 Limitation on Director’s Rights. Participation in this Plan shall not give
any Director the right to continue to serve as a member of the Board or any
rights or interests other than as herein provided. No Director shall have any
right to any payment or benefit hereunder, except to the extent provided in
this Plan. This Plan shall create only a contractual obligation on the part of
the Company as to such amounts and shall not be construed as creating a trust.
The Plan, in and of itself, has no assets. Directors shall have only the
rights of general unsecured creditors of the Company with respect to amounts
credited to or payable from their Account(s).

6.2 Beneficiaries.

	 	(a)	 	Beneficiary Designation. Subject to applicable laws
(including any applicable community property and probate laws), each
Director may designate in writing the Beneficiary that the Director
chooses to receive any payments that become payable after the
Director’s death. A Director’s Beneficiary designation shall be
made on forms provided and in accordance with procedures established
by the Company and may be changed by the Director at any time before
the Director’s death.
	 
	 	(b)	 	Definition Of Beneficiary. A Director’s “Beneficiary” or
“Beneficiaries” shall be the person(s), including a revocable living
trust established by and for the benefit of the Director alone or
for the benefit of the Director and one or more immediate family
members, validly designated by the Director or, in the absence of a
valid designation, entitled by will or the laws of descent and
distribution to receive the amounts otherwise payable to the
Director under this Plan in the event of the Director’s death.

6.3 Benefits Not Transferable; Obligations Binding Upon Successors. Benefits
of a Director under this Plan shall not be assignable or transferable and any
purported transfer, assignment, pledge or other encumbrance or attachment of
any payments or benefits under this Plan, or any interest thereon, other than
pursuant to Section 6.2, shall not be permitted or recognized. Obligations of
the Company under this Plan shall be binding upon successors of the Company.

6.4 Governing Law; Severability. The validity of this Plan or any of its
provisions shall be construed, administered, and governed in all respects under
and by the laws of the State of Oklahoma. If any provisions of this instrument
shall be held by a court of competent jurisdiction to be invalid or
unenforceable, the remaining provisions hereof shall continue to be fully
effective.

6.5 Headings Not Part of Plan. Headings and subheadings in this Plan are
inserted for reference only and are not to be considered in the construction of
this Plan.

6.6 Consent to Plan Terms. By electing to participate in this Plan, a Director
shall be deemed conclusively to have accepted and consented to all of the terms
of this Plan and to all actions and decisions of the
Company and/or Board. Such terms and consent shall also apply to and be

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binding upon each Director’s Beneficiary or Beneficiaries, personal
representative(s), and other successors in interest.

Adopted effective the 1st day of September, 2004.

	 	 	 	 	 
	 	HELMERICH & PAYNE, Inc., a Delaware

corporation

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

8exv10w17

 

EXHIBIT 10.17

AMENDMENT

to the

April 15, 2003 Clinical Coating Agreement

This Amendment to the April 15, 2003 Clinical Coating Agreement (the
“Agreement”) is by and between SurModics, Inc. (SURMODICS) and CABG Medical,
Inc. (CABG) and shall be effective June 30, 2004.

The parties desire to extend the term of the Agreement. Accordingly, the
parties agree to modify sections 2.2 and 2.4 of the Agreement to read as
follows:

2.2       Grant. SURMODICS grants CABG the limited right to use Product coated by
SURMODICS under this Agreement in human clinical trials, such period of
utilization ending December 31, 2005.

2.3      Coating Period and Quality. For the period ending December 31, 2005,
SURMODICS shall coat up to 1000 units of Product (each unit consisting of
one stent coupling and one throttle).

IN WITNESS WHEREOF, the parties hereto execute this Amendment by their duly
authorized employees.

	 	 	 
	Accepted by:

	 	Accepted by:
	SurModics, Inc.

	 	CABG Medical, Inc.
	 
	 	 
	/s/ GREGORY T. YUNG

	 	/s/ JOHN BABITT
	
 

	 	
 
	Signature

	 	Signature
	 
	 	 
	GREGORY T. YUNG

	 	JOHN BABITT
	
 

	 	
 
	Printed Name

	 	Printed Name
	 
	 	 
	Vice President

	 	President
	
 

	 	
 
	Title

	 	Title

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