Document:

Exhibit 10.2

 

Secured
Promissory Note

 

(Single
Advance – Non-Revolving)

 

	$2,500,000.00	December 14, 2020

 

FOR
VALUE RECEIVED, Taronis Fuels, Inc., a Delaware corporation (“Parent”), MagneGas Welding Supply –
Southeast, LLC, a Florida limited liability company (“MagneGas Southeast”), MagneGas Welding Supply
– South, LLC, a Texas limited liability company (“MagneGas South”), MagneGas Welding Supply –
West, LLC, a California limited liability company (“MagneGas West”), Tech-Gas Solutions, LLC, a Texas
limited liability company (“TGS”), Taronis - TAS, LLC, a Florida limited liability company (“Taronis-TAS”),
and Taronis – TAH, LLC, a Florida limited liability company (“Taronis-TAH”, together with Parent,
MagneGas Southeast, MagneGas South, MagneGas West, TGS, and Taronis-TAS, individually and collectively, “Borrower”),
promise to pay to Tech Capital, LLC, a California limited liability company (“Lender”), or order, at
Lender’s place of business at 2010 North First Street, Suite 300, San Jose, California 95131, or at such other place as
may be designated in writing to Borrower by the holder of this Secured Promissory Note (this “Note”), the principal
sum of Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) or so much of said amount as shall have been advanced
hereunder (as such amount shall change from time to time, the “Loan Amount”), which shall be subject to
and disbursed under the additional terms and conditions of that certain Loan and Security Agreement dated October __, 2020
and all of the riders and amendments thereto by and between Borrower and Lender (the “Loan Agreement”), together
with interest from the date of the Advance (as defined below) on the unpaid principal balance at a rate (the “Rate”)
of four and one-quarter percent (4.25%) per annum over and above the rate announced as the “prime” rate in
the Western Edition of the Wall Street Journal which is in effect from time to time (the “Prime Rate”); provided
that the Prime Rate shall at all times be deemed to be not less than three and one-quarter percent (3.25%) per annum (the
“Deemed Prime Rate”). In the event that the Prime Rate is changed, the adjustment in the interest rate charged
shall be made on the day such change occurs. The Prime Rate is a rate used by certain financial institutions as one of their index
rates and serves as a basis upon which effective rates of interest are calculated for loans making reference thereto and may not
be the lowest of such financial institutions’ index rates. Upon the occurrence of a default or an event of default under
this Note, the rate of interest on the Note shall be increased at the option of Lender to an additional four percent (4.00%)
in excess of the then applicable interest rate. Interest shall be computed on the basis of a 360-day year and shall be charged
to Borrower’s Revolving Line (as defined below) on the first day of the following month, and, if not so paid, it shall thereafter
bear like interest as the principal.

 

1.
The amount to be advanced under this Note shall be made in one advance (the “Advance”) of $2,500,000.00. The
Advance under this Note will be used to fund the MMA as required by and pursuant to Section 5(a) of that certain First Modification
to Loan and Security Agreement being entered into concurrently herewith (the “First Modification”), and with
the funds in the MMA to be used for the purposes set forth in the First Modification.

 

2.
Lender may, at its option, charge Borrower’s Revolving Line for the principal, interest, and fees hereunder, which are due
and payable on the dates and in the manner that follows:

 

(a)
Interest payments will be due and payable in arrears commencing on the first day of the first month following disbursement of
the Advance hereunder and continuing on the first day of each month thereafter while amounts hereunder are due and owing;

 

	 	(b)	Principal payments will be due and payable follows:
	 	 	 
	 	[  ]	Per the following schedule: ———-n/a———
	 	 	 
	 	X	monthly on the first day of the first month following disbursement of the Advance hereunder and
    continuing on the first day of
each month thereafter for thirty-five months, an amount equal to Sixty-Nine Thousand Four Hundred Forty-Four and
44/100 Dollars.
	 	 	 
	 	[  ]	one (1) payment of ———-n/a———
Dollars ($———-n/a———) due on the Maturity Date.

 

    	Page 1 of 6

    	 

    

 

(c)
A loan fee of one percent (1.0%) of $2,500,000.00 which equals the sum of Twenty-Five Thousand and 00/100 Dollars ($25,000.00)
(the “Loan Fee”), shall be charged at the time of the execution hereof;

 

(d)
An administrative fee of fifteen-hundredths of one percent (0.15%) per month of the daily outstanding balance of the Loan Amount
during the preceding month, shall be charged on the first day of each month following disbursement of the first Advance and monthly
thereafter while amounts hereunder are due and owing (“Administrative Fee”). For avoidance of doubt, a separate
additional Administrative Fee pursuant to terms of the Loan Agreement shall not be payable with respect to the Loan Amount hereunder;

 

(e)
An appraisal fee of ———-n/a——— and 00/100 Dollars ($———-n/a———)
(the “Appraisal Fee”) shall be charged for each appraisal of the Collateral performed by Lender or its agents;

 

(f)
On the first day of each month, Lender will transfer all loan payments due under this Note, including principal payments and all
accrued interest and Administrative Fees, to the accounts receivable line of credit (the “Revolving Line”)
extended to Borrower pursuant to the Loan Agreement;

 

(g)
Borrower shall pay all fees and legal and other costs incurred by Lender in connection with the negotiation and preparation of
this Note and the documents executed in connection herewith and the perfection of any security interest in any collateral granted
by Borrower or any third party to Lender in connection with this Note, including but not limited to attorneys’ fees and
legal and other costs, which Lender shall charge to the Revolving Line;

 

(h)
On December 1, 2023 (the “Maturity Date”), the entire principal balance hereof, together with any and all unpaid
and/or accrued interest, loan fees, monthly Administrative Fees, and attorneys’ fees and legal and other costs due hereunder,
shall be due, owing and payable in full;

 

(i)
Interest not paid when due shall bear interest at the same rate as principal. All principal and interest due hereunder is payable
in lawful money of the United States of America; and

 

(j)
In no event shall the interest rate or rates payable under this Note, plus any other amounts paid in connection herewith, exceed
the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable.
Borrower and Lender intend legally to agree upon the rate or rates of interest (and the other amounts paid in connection herewith)
and manner of payment stated within this Note; provided, however, that anything contained herein to the contrary notwithstanding,
if said interest rate or rates of interest (or other amounts paid in connection herewith) or the manner of payment exceeds the
maximum allowable under applicable law, then, ipso facto as of the date of this Note, Borrower is and shall be liable only
for the payment of such maximum as allowed by law, and payment received from Borrower in excess of such legal maximum, whenever
received, shall be applied to reduce the principal balance of this Note to the extent of such excess.

 

3.
Voluntary prepayments of the principal balance of this Note shall be permitted at any time. Also, a prepayment may be deemed to
have occurred regardless of whether such payment or other reduction (i) is voluntary or involuntary; (ii) is occasioned by Lender’s
acceleration of the obligations hereunder or a demand hereunder; (iii) is made by Borrower or other third party, including a guarantor
of Borrower’s obligation hereunder; (iv) results from Lender’s receipt or collection of proceeds of its collateral,
including insurance proceeds and condemnation awards; (v) results from Lender’s exercise of its rights of setoff; and/or
(iv) is made during an insolvency proceeding, or is made pursuant to any plan of reorganization or liquidation. Any such voluntary
or involuntary prepayment shall be accompanied by all interest and any Administrative Fees that have accrued and remain unpaid
with respect to the amount of principal being repaid and a prepayment fee equal to the following:

 

(a)
———-N/A———- percent (———-N/A———-%) of the amount
prepaid with respect to any prepayments made during the first 12 months of the term of this Note; and

 

(b)
———-N/A———- percent (———-N/A———-%) of the amount
prepaid with respect to any prepayments made thereafter.

 

Amounts
repaid or prepaid with respect to this Note may not be reborrowed. Partial prepayments of principal shall be applied to scheduled
payments of principal in the inverse order of their maturity.

 

    	Page 2 of 6

    	 

    

 

4.
If any installment of principal, interest, or Administrative Fee hereunder is not paid when due, the holder shall have the following
rights in addition to the rights set forth herein, in the Loan Agreement, and under law:

 

(a)
the right to compound interest and the Administrative Fee by adding the unpaid interest and/or Administrative Fee to principal,
with such amount thereafter bearing interest and the Administrative Fee at the rates provided in this Note; and

 

(b)
if any installment is more than ten (10) days past due, the right to collect a charge equal to the greater of Fifteen and 00/100
Dollars ($15.00) or five percent (5.00%) of the late payment for each month in which it is late. This charge is a result of
a reasonable endeavor by Borrower and the holder to estimate the holder’s added legal and other costs and damages resulting
from Borrower’s failure to make timely payments under this Note; hence Borrower agrees that the charge shall be presumed
to be the amount of damage sustained by the holder since it is extremely difficult to determine the actual amount necessary to
reimburse the holder for damages.

 

5.
Borrower expressly waives presentment, demand, protest, notice of dishonor, notice of non-payment, notice of maturity, notice
of protest, presentment for the purpose of accelerating maturity, diligence in collection, the benefit of any exemption under
the homestead exemption laws, and all other notices and demands in connection with the delivery, acceptance, performance, or enforcement
of this Note. Borrower agrees that Lender may release, surrender, exchange, or substitute any collateral now held or which may
hereafter be held as security for the payment of this Note, and may extend the time for payment or otherwise modify the terms
of payment of any part or the whole of the debt evidenced hereby. Borrower irrevocably waives the right to direct the application
of all payments at any time hereafter received by Lender on behalf of Borrower, and Borrower agrees that Lender shall have the
continuing exclusive right to apply any such payments against the then due and owing obligations of Borrower to Lender as Lender
may deem advisable.

 

6.
It is expressly agreed that if a default or breach occurs (that is not cured prior to the expiration of any cure period applicable
to same, if any) in the payment of any principal or interest, or other fee as provided above, or in the payment or performance
of any other of Borrower’s Obligations (as that term is defined in the Loan Agreement), at Lender’s option, the unpaid
principal balance of this Note, together with interest accrued thereon, and other fees as provided above shall forthwith be due
and payable. Notwithstanding anything to the contrary in this Note, in the event the Revolving Line is in Event of Default (as
that term is defined in the Loan Agreement) status, or otherwise owing and payable pursuant to the terms thereof, all amounts
due under this Note shall also be due, owing, and payable.

 

7.
This Note is made subject to the terms and conditions of, and is secured by security interests granted by Borrower in favor of
Lender, and all covenants, conditions, and agreements contained in the Loan Documents, including without limitation, the Loan
Agreement, the Deposit Account Secuity Agreement(s), and the Intellectual Property Security Agreement, all of which are hereby
incorporated and made a part hereof. All capitalized terms used herein, unless otherwise defined herein, shall have the meanings
ascribed to them in the Loan Agreement.

 

8.
Borrower hereby consents to any and all renewals, replacements, and/or extensions of time for payment of this Note before, at,
or after maturity. This Note shall be binding upon all successors and assigns of Borrower. However, Borrower may not assign this
Note or any rights hereunder without Lender’s prior written consent. Neither an unconsented assignment nor an assignment
consented to by Lender shall release Borrower or any guarantor of any Obligation or indebtedness hereunder. Lender reserves the
right to sell, assign, transfer, negotiate, or grant participations in all or any part of, or any interest in, Lender’s
rights and benefits under each of the documents executed herewith or hereafter. In connection therewith, Lender may disclose all
documents and information which Lender now has or may hereafter acquire relating to any credit extended by Lender to Borrower,
or about Borrower or its business, any guarantor or the business of any guarantor, or any Collateral required hereunder. Any waiver
of any rights under this Note, the Loan Agreement, or under any other agreement, instrument, or paper signed by Borrower is neither
valid nor effective unless made in writing and signed by Lender. No delay or omission on the part of the Lender in exercising
any right shall operate as a waiver thereof or of any other right.

 

9.
Borrower promises to pay all legal and other costs and expenses of collection of this Note and to pay all reasonable attorneys’
fees incurred in such collection or in any suit or action to collect this Note or any appeal thereof. Borrower and Lender agree
that this Note is entered into and Borrower’s performance to Lender occurs at San Jose, California. This Note shall be governed
by, construed under, and enforced in accordance with the laws of the State of California.

 

    	Page 3 of 6

    	 

    

 

10.
Any collateral pledged to secure any obligation of Borrower shall also secure any other obligation of Borrower except that any
real property pledged to secure any obligation of Borrower shall only secure any other obligation of Borrower if Lender specifically
so agrees in writing.

 

11.
An Event of Default under this Note or the Loan Agreement, or any other agreement referenced in Section 7 above shall be an Event
of Default under each of such loan documents, and vice versa.

 

12.
In the event any one or more of the provisions contained in this Note is held to be invalid, illegal or unenforceable in any respect,
then such provision shall be ineffective only to the extent of such prohibition or invalidity, and the validity, legality, and
enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

 

13.
This Note, or a signature page thereto intended to be attached to a copy of this Note, signed and transmitted by facsimile machine,
telecopier, or other electronic means (including via transmittal of a “pdf” file) shall be deemed and treated as an
original document. The signature of any person thereon, for purposes hereof, is to be considered as an original signature, and
the document transmitted is to be considered to have the same binding effect as an original signature on an original documents.
At the request for any party hereto, any facsimile, telecopy or other electronic document is to be re-executed in original form
by the persons who executed the facsimile, telecopy or other electronic document is to be re-executed in original form by the
persons who executed, the facsimile, telecopy or other electronic document. No party hereto may raise the use of a facsimile machine,
telecopy, or other electronic means or the fact that any signature was transmitted through the use of a facsimile machine, telecopier,
or other electronic means as a defense to the enforcement of this Note.

 

14.
This is an integrated Note and supersedes all prior agreements or negotiations regarding the subject matter hereof. This Note
may only be amended in writing. This Note amends and restates that certain Secured Promissory Note dated as of ———-n/a———
by BORROWER, however, this Note is not a novation of the obligations under such prior Secured Promissory Note or the
terms contained therein.

 

This
Note is subject to the terms and conditions set forth in Addendum A attached hereto and made a part hereof by this reference.

 

IN
WITNESS HEREOF, this Note has been executed and delivered on the date first set forth above.

 

Taronis
Fuels, Inc., 

a
Delaware corporation

 

	 /s/
    Scott Mahoney	 
	By:	Scott
    Mahoney	 
	Its:	Chief
    Executive Officer	 

  

MagneGas
Welding Supply – Southeast, LLC, 

a
Florida limited liability company

 

	/s/
    Scott Mahoney	 
	By:	 Scott
    Mahoney	 
	Its:	 Manager	 

 

[Signatures
Continued on Next Page]

 

    	Page 4 of 6

    	 

    

 

MagneGas
Welding Supply – South, LLC, 

a
Texas limited liability company

 

	/s/
    Scott Mahoney	 
	By:	Scott
    Mahoney	 
	Its:	Manager	 

 

MagneGas
Welding Supply – West, LLC, 

a
California limited liability company

 

	/s/
    Scott Mahoney	 
	By:	Scott
    Mahoney	 
	Its:	Manager	 

 

Tech-Gas
Solutions, LLC, 

 a
Texas limited liability company

 

	/s/
    Scott Mahoney	 
	By:	Scott
    Mahoney	 
	Its:	Manager	 

 

Taronis
- TAS, LLC, 

a
Florida limited liability company

 

	/s/
    Scott Mahoney	 
	By:	Scott
    Mahoney	 
	Its:	Manager	 

 

Taronis
– TAH, LLC, 

a
Florida limited liability company

 

	/s/
    Scott Mahoney	 
	By:	Scott
    Mahoney	 
	Its:	Manager	 

 

    	Page 5 of 6

    	 

    

 

ADDENDUM
A 

 

Pursuant
to this Addendum A to Secured Promissory Note (Single Advance Non-Revolving) (this “Addendum”) executed
by Taronis Fuels, Inc., a Delaware corporation (“Parent”), MagneGas Welding Supply – Southeast,
LLC, a Florida limited liability company (“MagneGas Southeast”), MagneGas Welding Supply – South,
LLC, a Texas limited liability company (“MagneGas South”), MagneGas Welding Supply – West, LLC,
a California limited liability company (“MagneGas West”), Tech-Gas Solutions, LLC, a Texas limited liability
company (“TGS”), Taronis - TAS, LLC, a Florida limited liability company (“Taronis-TAS”),
and Taronis – TAH, LLC, a Florida limited liability company (“Taronis-TAH”, together with Parent,
MagneGas Southeast, MagneGas South, MagneGas West, TGS, and Taronis-TAS, individually and collectively, “Borrower”)
and Tech Capital, LLC, a California limited liability company (“Lender”), the foregoing Secured Promissory
Note (Single Advance Non-Revolving) (the “Note”) is hereby amended and/or supplemented by the following terms
and conditions, which are incorporated by this reference in the Note as the following additional paragraphs to the Note:

 

15.
[Intentionally left blank]

 

    	Page 6 of 6Exhibit 10.1

 

Baker Hughes Company Transformation Incentive
Award Agreement 

 

1.
Capitalized Terms. Each capitalized term used but not defined in
this Award Agreement (including Appendix A) shall have the meaning ascribed to such term in the Baker Hughes Company 2017
Long-Term Incentive Plan (the “Plan”).

 

2.
Grant. The Committee of Baker Hughes Company (the “Company”) pursuant to the Plan hereby
awards to you, [●], (the “Participant”) effective as of January 1, 2021, [●] Performance Units (each,
a “Performance Unit” or “PU”, and collectively, the “Performance Units”
or “PUs”). Each PU entitles the Participant to receive from the Company cash on the terms and conditions set
forth in this Performance Unit Award Agreement (this “Agreement”). Each Performance Unit provides you an opportunity
to earn a cash payment based upon the achievement of certain performance goals established by the Committee for the three-year
period beginning January 1, 2021 and ending December 31, 2023 (the “Performance Period”) and the achievement
of service conditions. The per unit value of each PU is $100 assuming (except as otherwise specified in this Award Agreement) a
target level achievement of the Performance Condition and the satisfaction of the Service Condition (the “PU Target Value”).
If the Performance Condition is not achieved at a minimum level of performance and a Change in Control as defined in the Baker
Hughes Company Executive Change in Control Severance Plan has not occurred on or before the last day of the Performance Period,
then the award pursuant to this Award Agreement shall lapse and be forfeited as of the end of the Performance Period. Any amount
payable to you pursuant to this Award Agreement will be paid to you after the end of the Performance Period by March 15 of the
calendar year following the end of the Performance Period (the “Scheduled Payment Date”), unless
otherwise provided under this Award Agreement. Such payment will be made to you in exchange for the Performance Units and thereafter
you shall have no further rights with respect to such Performance Units or this Award Agreement. If a Change in Control as defined
in the Baker Hughes Company Executive Change in Control Severance Plan occurs or your employment with the Company and its Affiliates
terminates on or before the last day of the Performance Period, your rights to the Performance Units and a payment under this Award
Agreement will be determined as provided in this Award Agreement.

 

3.
Lapse of Restrictions Generally. Except as specified in paragraph 5(a), restrictions on the PUs will lapse
to the extent that both the Service Condition and the Performance Condition are satisfied, based on the Committee Certification.
Subject to paragraph 4, the Service Condition will be satisfied with respect to the PUs only if the Participant has been continuously
employed by the Company or one of its Subsidiaries through the End Date, and the Performance Condition” will be satisfied
with a payout range of between the PUs multiplied by 0% to 200% of the PU Target Value based on the sum of the attainment of Relative
Absolute Change in Adjusted EBITDA Divided by  Revenue, and Relative Cumulative Average Adjusted EBITDA Divided by
Revenue, and Strategic Growth Imperatives, weighted and determined in accordance with Appendix A.

 

    1 

     

    

After the end of the Performance
Period (but not later than March 15 of the calendar year following the End Date), except as specified in this Award Agreement (for
example, in the event of a Change in Control as described in paragraph 5(a)) and prior to the payment of cash pursuant to paragraph
6, the Committee shall certify the extent, if any, to which the Performance Condition was achieved. The Committee’s determination
of whether the performance goals applicable to this Award Agreement are achieved shall be binding upon all persons.

 

4.
Termination of Employment. If the Participant’s employment with the Company or any of its Subsidiaries
terminates prior to the End Date, the PUs shall be immediately cancelled, except as follows:

 

a.
Employment Termination Due to Death. If the Participant’s employment with the Company or any of
its Subsidiaries terminates prior to the End Date as a result of the Participant’s death, the Service Condition shall be
deemed fully satisfied as of the date of such termination, and, subject to paragraph 5(a), the PUs shall remain subject to the
Performance Condition.

 

b.
Involuntary Termination Without Cause Following a Change in Control. If the Participant incurs a Separation
From Service due to an Involuntary Termination without Cause during the 24-month period following a Change in Control, the Service
Condition shall be deemed to be fully satisfied for all PUs awarded hereby on the date of the Participant’s Separation From
Service if the Participant is not a Specified Employee or on the date that is six months following the Participant’s Separation
From Service if the Participant is a Specified Employee. For purposes of this Award Agreement, “Involuntary Termination”
means the Separation From Service of the Participant (i) because the Participant’s position is eliminated, (ii) because the
Participant and the Company, any of its Subsidiaries or, upon or following a Change in Control, any of their successors, agree
to the Participant's resignation of his or her position at the request of the Company, any of its Subsidiaries or, upon or following
a Change in Control, any of their successors, (iii) because the Company, any of its Subsidiaries or, upon or following a Change
in Control, any of their successors, terminates the employment of the Participant without Cause or (iv) because the Participant
resigns due to a reason that would qualify as an event that is a “Good Reason” within the meaning of the Baker Hughes
Company Executive Change in Control Severance Plan, whether or not the Participant is a participant in the Baker Hughes Company
Executive Change in Control Severance Plan. For purposes of this Award Agreement, an “Involuntary Termination” does
not include (i) a termination of employment for Cause, (ii) the Participant’s death or Disability or retirement or (v) a
voluntary termination of employment by the Participant. For purposes of this Award Agreement, “Separation From Service”
has the meaning ascribed to that term in Section 409A and “Specified Employee” means a person who is, as of
the date of the person’s Separation From Service, a “specified employee” within the meaning of Section 409A.
For purposes of this Award Agreement, “Section 409A” means section 409A of the Internal Revenue Code of 1986,
as amended and the Department of Treasury rules and regulations issued thereunder. For purposes of this Award Agreement, “Change
in Control” means (A) a Change in Control as defined in the Baker Hughes Company Executive Change in Control Severance
Plan or (B) the date a majority of members of the Board is replaced

    2 

     

    

 

during
any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board before
the date of the appointment or election, in each case if the transaction or event also constitutes a “change in ownership,”
“change in effective control,” or a “change in the ownership of a substantial portion of the Company’s
assets” for purposes of Section 409A.

 

c.
Employment Termination, Eligibility for Retirement or Occurrence of Total Disability More Than One Year After
Grant Date. If, on or after the first anniversary of the Grant Date and prior to the End Date, the Participant incurs a
Separation From Service due to an Involuntary Termination, or the Participant meets the age and service requirements specified
in (c)(i) below or incurs a Total Disability, then the restrictions on the PUs shall remain eligible to lapse based on attainment
of the Performance Condition or shall be cancelled as provided below:

 

(i)
Eligibility for Retirement or Occurrence of Total Disability. If (A) the Participant attains at least
age 60 while still employed by the Company or a Subsidiary and completes 5 or more years of continuous service with the Company
and any of its Subsidiaries, or (B) or (B) the Participant incurs a Total Disability, the Service Condition shall be deemed fully
satisfied as of the date of such termination, and, subject to paragraph 5(a), the PUs shall remain subject to the Performance Condition.
For purposes of this Award Agreement, “Total Disability” means the Participant is, by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than 12 month, receiving income replacement benefits for a period of not less than three months under an accident
or health plan covering employees of the Company or any of its Subsidiaries. the Participant’s employment with the Company
or any of its Subsidiaries terminates as a result of a total disability.

 

(ii)
 Involuntary Termination Without Cause. If the Participant incurs a Separation From Service due to an
Involuntary Termination without Cause, then as of the date of such Separation From Service, the Service Condition shall be deemed
satisfied with respect to the applicable Pro-Rata Portion, and, subject to paragraph 5(a), such Pro-Rata Portion of the PUs shall
remain subject to the Performance Condition. “Pro-Rata Portion” means the total number of PUs covered by this
Award, multiplied by a fraction, the numerator of which is the total number of complete calendar months which have elapsed between
the Start Date and the date on which the Participant’s employment with the Company or any of its Subsidiaries terminates,
and the denominator of which is 36.

 

(iii)
Termination Due to Other Reasons. If the Participant incurs a Separation From Service for any other reason,
then the PUs shall be immediately cancelled.

 

d.
Transfers. For the avoidance of doubt, transfer of employment from the Company or any of its Subsidiaries
to the Company or any of its Subsidiaries shall not constitute a termination of employment for purposes of this Award.

 

    3 

     

    

5.
Transactions Involving the Company or Peers.

 

a.
Change in Control of the Company. In the event of a Change in Control on or prior to the End Date, the
Performance Condition shall be deemed satisfied at the target level of performance with respect to the PUs that have not theretofore
been forfeited, and, except as specified above in this Award Agreement, the PUs shall remain subject to the Service Condition.
For purposes of this Award Agreement, “Change in Control” means (A) a Change in Control as defined in the Baker
Hughes Company Executive Change in Control Severance Plan or (B) the date a majority of members of the Board is replaced during
any 12-month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board before
the date of the appointment or election, in each case if the transaction or event also constitutes a “change in ownership,”
“change in effective control,” or a “change in the ownership of a substantial portion of the Company’s
assets” for purposes of Section 409A.

 

b. Transactions
Involving Peers. Notwithstanding anything in this Award Agreement (including Appendix A) to the contrary, for purposes
of the Performance Condition in Appendix A, in the event that, prior to the End Date, there occurs:

 

(i) a merger,
acquisition or business combination transaction of a Peer with or by another Peer, only the surviving entity shall remain a Peer;

 

(ii) a merger
of a Peer with an entity that is not a Peer, or the acquisition or business combination transaction by or with a Peer, or with
an entity that is not a Peer, in each case where such Peer is the surviving entity and remains publicly traded, such Peer shall
remain a Peer;

 

(iii) a merger
or acquisition or business combination transaction of a Peer by or with an entity that is not a Peer or a “going private”
transaction involving a Peer where such Peer is not the surviving entity or is otherwise no longer publicly traded, such Peer shall
no longer be a Peer;

 

(iv) a stock
distribution from a Peer consisting of the shares of a new publicly traded company (a “spin-off”), such Peer shall
remain a Peer, such distribution shall be treated as a dividend from such Peer based on the closing price of the shares of the
spun-off company on its first day of trading and the Annual Adjusted EBITDA of the spun-off company shall not thereafter be tracked
for purposes of calculating Annual Adjusted EBITDA; or

 

(v) a bankruptcy
or liquidation of a Peer, the Absolute Change in Adjusted EBITDA Divided by Revenue of such Peer shall be ranked last
for purposes of determining the Relative Absolute Change in EBITDA and the Cumulative Average EBITDA shall be ranked last for purposes
of determining the Relative Cumulative Average EBITDA.

 

6.
Delivery and Withholding Tax. Subject to Section 4, upon the Scheduled Payment Date, or such other applicable
date as both the Service Condition and the Performance Condition restrictions are deemed to lapse pursuant to this Award Agreement,
the

 

    4 

     

    

 

Company shall deliver to the Participant such cash with respect to
the portion, if any, of the PUs for which the restrictions lapse in accordance with this Award Agreement. No later than
the date as of which an amount with respect to the PUs first becomes includable in the gross income of the Participant for applicable
income tax purposes, the Participant shall pay to the Company or make arrangements satisfactory to the Company regarding payment
of any federal, state, local or foreign taxes of any kind required or permitted to be withheld with respect to such amount.

 

7.
Amendment/Termination. The Company shall have the right at any time in its sole discretion to amend, alter,
or terminate the PUs without the consent of the Participant; provided, however, that no such amendment, alteration or termination
shall occur if reasonably likely to significantly diminish the rights of the Participant without the Participant’s consent;
provided further that no such consent shall be required with respect to any amendment, alteration or termination of the PUs if
the Board determines in its sole discretion that such amendment, alteration, or termination either (i) is required or advisable
to satisfy or conform to any applicable law, regulation or accounting standard or (ii) is in accordance with paragraph 8. Notwithstanding
the foregoing, no amendment of the PUs may be made that would cause the Participant to become subject to additional taxes under
Section 409A. Also, the PUs shall be null and void to the extent the grant of PUs or the lapse of restrictions thereon is prohibited
under the laws of the country of residence of the Participant.

 

8.
Recoupment. Notwithstanding any other provision of this Award to the contrary, the PUs, any cash issued
in settlement of the PUs shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance
with any recoupment policy that the Company may adopt from time to time.

 

9.
Plan Terms. All terms used in this Award have the same meaning as given such terms in the Plan, a copy
of which will be furnished upon request. This Award is subject to the terms of the Plan, which terms are incorporated by reference.

 

10.
Entire Agreement. This Award, the Plan, any country specific addendums and the rules and procedures adopted
by the Committee contain all of the provisions applicable to the PUs and no other statements, documents or practices may modify,
waive or alter such provisions unless expressly set forth in writing, signed by an authorized officer of the Company and delivered
to the Participant.

 

This document constitutes part of a
prospectus covering securities that have been registered under the Securities Act of 1933, as amended.

 

    5

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