Document:

Exhibit 10.6

 

 

 

 

 

 

AMENDED AND RESTATED SUPPLY AGREEMENT

 

dated as of November 13, 2018

 

between

 

BAKER HUGHES, A GE COMPANY, LLC

 

and

 

GENERAL ELECTRIC COMPANY

 

 

     

     

    

TABLE
OF CONTENTS 

 

Page

	Article
    I DEFINITIONS	5
	Section
    1.01   Certain Defined Terms	5
	Article
    II Term and Termination	7
	Section
    2.01   Term	7
	Section
    2.02   Seller’s Obligations on Termination of this Supply Agreement	8
	Article
    III Scope	8
	Section
    3.01   Scope	8
	Article
    IV Purchase And Supply of Seller Goods	8
	Section
    4.01   Purchasing Commitment	8
	Section
    4.02   Supplying Commitment	8
	Article
    V Purchase Orders	9
	Section
    5.01   Outstanding POs at Closing	9
	Section
    5.02   PO Contents	9
	Section
    5.03   Modifications and Scheduling POs	10
	Section
    5.04   Acceptance of POs	11
	Article
    VI Terms & Conditions of Purchase	11
	Section
    6.01   Terms & Conditions of Purchase	11
	Article
    VII Allocation of Liability	11
	Section
    7.01   Limitation of Liability	11
	Article
    VIII Pricing, Payment Terms and Invoicing	12
	Section
    8.01   Pricing and Payment Terms	12
	Section
    8.02   Invoicing	12
	Section
    8.03   Taxes	12
	Article
    IX GENERAL PROVISIONS	12
	Section
    9.01   Authority	12
	Section
    9.02   Notices	12
	Section
    9.03   Entire Agreement, Waiver and Modification	13
	Section
    9.04   No Third-Party Beneficiaries	13
	Section
    9.05   Compliance with Laws and Regulations	13
	Section
    9.06   Governing Law; Dispute Resolution	14
	Section
    9.07   Confidentiality	14

 

 

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	Section
    9.08   Counterparts; Electronic Transmission of Signatures	16
	Section
    9.09   Survival	16
	Section
    9.10   Assignment	16
	Section
    9.11   Rules of Construction	16
	Section
    9.12   Non-Recourse	16
	Section
    9.13   Audit	17
	Section
    9.14   Independent Contractors	17
	Section
    9.15   Non-Solicitation Covenant	17

 

APPENDICES

 

	APPENDIX
        1  Seller Goods & Pricing Schedule

        

	APPENDIX
        2  Seller Standard Terms

        

	APPENDIX
        3  Seller’s Software License

        

	APPENDIX
        4  Integrity Guide for Suppliers, Contractors and Consultants and other requirements from the GE Supplier website

        

	APPENDIX
        5  Outstanding POs at Closing

        

	APPENDIX
        6  Certain Terms Governing Controls Seller Goods

        

 

 

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SUPPLY
AGREEMENT

 

This
Amended and Restated Supply Agreement, dated as of November 13, 2018 (as amended, modified or supplemented from time to time in
accordance with its terms, this “Supply Agreement”), is made by and between Baker Hughes, a GE company, LLC,
a Delaware limited liability company (“BHGELLC” or “Seller”), on behalf of itself and the
legal entities operating on its behalf, and General Electric Company, a New York corporation (“GE” or “Buyer”),
on behalf of itself and the legal entities operating on its behalf (each a “Party”, and collectively, the “Parties”).

 

RECITALS

 

WHEREAS,
pursuant to that certain Transaction Agreement and Plan of Merger, dated as of October 30, 2016, among GE, Baker Hughes Incorporated,
a Delaware corporation (“BHI”), Baker Hughes, a GE company (formerly known as Bear Newco, Inc.), a Delaware
corporation (“Baker Hughes”), and Bear MergerSub, Inc., a Delaware corporation (“Merger Sub”),
as amended by the Amendment to the Transaction Agreement and Plan of Merger, dated as of March 27, 2017, among GE, BHI, Baker
Hughes, Merger Sub, BHI Newco, Inc., a Delaware corporation, and Bear MergerSub 2, Inc., a Delaware corporation (as may be further
amended from time to time, the “Transaction Agreement”), GE and BHI have combined GE’s oil and gas business
(“GE O&G”) with BHI to create Baker Hughes;

 

WHEREAS,
pursuant to the Transaction Agreement, upon closing of the transaction, Baker Hughes began to operate as a public company traded
on the New York Stock Exchange with approximately 62.5% of the voting stock owned by GE and approximately 37.5% of the voting
stock owned by public shareholders;

 

WHEREAS,
Buyer and Seller entered into a Supply Agreement, dated as of July 3, 2017 (the “Original Agreement” and the
“Original Effective Date”, respectively), under which Buyer agreed to license software or purchase from Seller
certain products, equipment or component parts and related services as supplied to Buyer during the Baseline Period as more fully
described on Appendix 1 and excluding all Excluded Products, as well as such other products, equipment, or component parts
and related services or software as the Parties may agree from time to time (each such software, product, equipment and or component
parts or related service being a “Seller Good” and, collectively, the “Seller Goods”) and
the Parties desire that this Supply Agreement and any POs issued, acknowledged and agreed to by Seller pursuant to this Supply
Agreement establish the exclusive terms and conditions as to the transactions for the Seller Goods; and

 

WHEREAS,
Buyer and Seller (having received the approval of the Conflicts Committee (as defined in the Stockholders Agreement)) desire to
amend and restate the Original Agreement in its entirety, on the terms set forth herein.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, the Parties hereby agree as follows:

 

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Article
I

DEFINITIONS

 

 

 

Section
1.01Certain Defined Terms.  The following capitalized terms used in this
Supply Agreement shall have the meanings set forth below:

 

“Affiliate”
shall mean, as to any Person, any other Person which, directly or indirectly, Controls, or is Controlled by, or is under common
Control with, such Person; however, for purposes of this Supply Agreement, (i) Baker Hughes and its Subsidiaries shall
not be considered affiliates of GE and (ii) GE and its Subsidiaries (except for the Subsidiaries of Baker Hughes) shall not be
considered affiliates of Baker Hughes.

 

“Baker
Hughes” shall have the meaning set forth in the Recitals.

 

“Baseline
Period” shall mean the 12-month period immediately preceding October 30, 2016.

 

“Business
Day” shall mean a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by applicable Law to close.

 

“Buyer”
shall have the meaning set forth in the Preamble.

 

“Channel
Agreement” means that certain Channel Agreement, dated as of July 3, 2017, as amended and restated as of the date hereof
(as it may be further amended, supplemented or modified from time to time), between GE and BHGE.

 

“Control”
or “Controlling” shall mean the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise.

 

“Controls
Seller Goods” means the Seller Goods listed in Appendix 1 under the heading “Controls – GE Division Purchases
from Baker Hughes”.

 

“Excluded
Products” shall mean any (i) GE Digital Services, including the GE entities-hosted Predix platform and related applications
and (ii) any Professional or Consultancy Services.

 

“GE
Digital Services” shall mean those products and services that are the subject of that certain GE Digital Master Products
and Services Agreement, dated as of July 3, 2017, between GE Digital LLC and BHGELLC, as amended on the date hereof (as further
amended, modified or supplemented from time to time in accordance with its terms).

 

“GE
O&G” shall have the meaning set forth in the Recitals.

 

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“Governmental
Entity” shall mean any United States federal, state or local, or foreign, international or supranational, government,
court or tribunal, or administrative, executive, governmental or regulatory or self-regulatory body, agency or authority thereof.

 

“Group”
shall mean with respect to either Party, such Party (either Buyer or Seller, as applicable), as well as its Affiliates and their
respective shareholders, officers, directors, employees. For the avoidance of doubt, Group shall not include, in connection with
the PO to which the Seller Goods relate, a Party’s customer, joint venture partners, joint interest owners, co-lessees,
consortium members or other partners, or contractors and subcontractors of any tier in connection with such PO. “Buyer Group”
and “Seller Group” shall be construed accordingly. Seller Group does not include any member of Buyer Group and Buyer
Group does not include any member of Seller Group.

 

“Initial
Term” shall have the meaning set forth in Section 2.01.

 

“Law”
shall mean any United States federal, state, local or non-United States statute, law, ordinance, regulation, rule, code, order
or other requirement or rule of law, including common law.

 

“Non-Competition
Agreement” shall mean that certain Non-Competition Agreement, dated as of July 3, 2017, as amended and restated as of
the date hereof (as it may be further amended, supplemented or modified from time to time), between GE and BHGE.

 

“Original
Effective Date” shall have the meaning set forth in the Preamble.

 

“Party”
shall mean Seller and Buyer individually, and “Parties” means Seller and Buyer collectively, and, in each case,
the legal entities operating on their behalf and entering into POs hereunder, and further in each case their permitted successors
and assigns.

 

“Person”
shall mean an individual, corporation, partnership, joint venture, association, trust, unincorporated organization, limited liability
company or governmental or other entity.

 

“POs”
shall mean purchase orders issued by Buyer or any of its Affiliates to Seller for the Seller Goods during the Term.

 

“Professional
or Consultancy Services” shall mean any service provided by or to GE or its Affiliates or by or to Baker Hughes or its
Affiliates pursuant to a Long-Term Ancillary Agreement (as defined in the Transaction Agreement) but excluding this Supply Agreement.

 

“Regardless
of Cause or Action” shall mean (to the maximum extent permitted by applicable Law), regardless of: cause, fault, default,
negligence in any form or degree, strict or absolute liability, breach of duty (statutory or otherwise) of any person, including
in each of the foregoing cases of the indemnified person, unseaworthiness of any vessel, or any defect in any premises/vessel;
for all of the above, whether pre-existing or not and whether the damages, liabilities, or claims of any kind result from contract,
warranty, indemnity, tort/extra-contractual or strict liability, quasi contract, Law, or otherwise.

 

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“Representatives”
shall mean the applicable Party’s respective directors, officers, members, employees, representatives, agents, attorneys,
consultants, contractors, accountants, financial advisors and other advisors.

 

“Seller”
shall have the meaning set forth in the Preamble.

 

“Seller
Goods” shall have the meaning set forth in the Preamble.

 

“Seller’s
Software License” shall mean each applicable license set forth on Appendix 3 hereto.

 

“Seller
Standard Terms” shall mean each applicable Seller’s terms and conditions for sale or license of the Seller Goods
and attached as Appendix 2 (for certain products, equipment or component parts and related services) and Appendix 3
(for certain Seller software, including software as a service (SaaS), embedded software, or software that is installed on
Buyer’s equipment), including geographic variations for each such Seller Standard Terms as currently in use at the time
of execution of the Original Agreement, in each case, with such amendments, modifications and supplements to each such applicable
standard terms as the applicable Seller may adopt from time to time, but solely to the extent such amendments, modifications and
supplements are required by applicable Law or as otherwise agreed to in writing by the Parties.

 

“Site”
shall mean the premises where Seller Goods are used or services are performed, not including Seller’s premises from which
it performs services.

 

“Stockholders
Agreement” shall mean that certain Stockholders Agreement between GE and Baker Hughes dated as of July 3, 2017, as amended
on the date hereof (as further amended, modified or supplemented from time to time in accordance with its terms).

 

“Subsidiary”
shall mean with respect to any Person, another Person, an amount of the voting securities or other voting ownership interests
of which is sufficient, together with any contractual rights, to elect at least a majority of its Board of Directors or other
governing body (or, if there are no such voting interests, 50% or more of the equity interests of which) is owned directly or
indirectly by such first Person.

 

“Supply
Agreement” shall have the meaning set forth in the Preamble.

 

“Tax”
shall have the meaning set forth in the Transaction Agreement.

 

“Trigger
Date” shall have the meaning set forth in the Stockholders Agreement.

 

Article
II

Term and Termination

 

Section
2.01Term.  The term of this Supply Agreement shall commence on the Original Effective
Date and shall continue for a period of sixty (60) months (the “Initial Term”); provided that the Initial
Term with respect to Controls Seller Goods shall not terminate prior to 

 

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the
day that is the fourth anniversary of the Trigger Date. Following the Initial Term, this Supply Agreement shall automatically
renew on a yearly basis until the Trigger Date with respect to all Seller Goods other than the Controls Seller Goods (including
the Initial Term, the “Term”). Upon the Trigger Date, the terms of this Supply Agreement shall continue to
govern all POs governed by this Supply Agreement that are entered into between the Parties prior to the Trigger Date.

 

Section
2.02Seller’s Obligations on Termination of this Supply Agreement.  Unless
otherwise specified by Buyer, and to the extent not already provided for in any PO, upon Seller’s receipt of a notice of
termination of this Supply Agreement, Seller shall promptly: (a) stop work under any POs outstanding as of such notice date as
directed in the notice; (b) place no further subcontracts/orders in respect of any such outstanding POs; (c) terminate, or if
requested by Buyer assign, all such outstanding POs; and (d) deliver all completed work, work in process, designs, drawings, specifications,
documentation and materials required or produced expressly for such terminated POs that have been paid for in full by Buyer.

 

Article
III

Scope

 

Section
3.01Scope.  This Supply Agreement shall apply to all POs issued by Buyer or any
of its Affiliates to Seller for the (i) Seller Goods (other than Controls Seller Goods) on or following the Original Effective
Date during the Term and (ii) the Controls Seller Goods following the Original Effective Date to the date that is the fourth anniversary
of the Trigger Date. No pre-printed, click through, click wrap or reverse side terms and conditions included in document(s) of
either Party, other than the Seller Standard Terms, shall be binding or have any legal effect whatsoever on this Supply Agreement
and/or any POs. The terms governing (i) quantities and purchaser orders and (ii) terms and conditions of purchase, in each case,
relating to Controls Seller Goods, shall be contained in Appendix 6. To the extent there is any conflict between the terms
of this Supply Agreement and Appendix 6 with respect to such provisions, the terms of Appendix 6 shall control.

 

Article
IV

Purchase And Supply of Seller Goods

 

Section
4.01Purchasing Commitment.  

 

(a)       During
the Term, Buyer or any of its Affiliates acting on its behalf may purchase from Seller any or all of the Seller Goods.

 

(b)       The
Parties hereby acknowledge that the quantities of Seller Goods (i) are subject to adjustment at the discretion of Buyer based
on its actual volume, customer and business requirements and (ii) shall not, other than with respect to accepted POs, constitute
a commitment or obligation by Buyer or any Affiliate to purchase any minimum percentage or volume of Seller Goods from Seller
or any other entity.

 

Section
4.02Supplying Commitment.  

 

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(a)       Seller
shall sell any or all of the Seller Goods to Buyer or any of its Affiliates pursuant to any POs accepted by Seller in its discretion
in accordance with the terms of this Supply Agreement; provided that with respect to the Controls Seller Goods, subject
to Appendix 6 hereof, Seller shall be required to accept all POs issued by Buyer or any of its Affiliates, and to sell to Buyer
or any of its Affiliates (as applicable) all Controls Seller Goods ordered thereunder.

 

(b)       At
all times during the Term, Seller agrees to possess and maintain the necessary capacity, machinery, personnel and resources to
sell to Buyer or any of its Affiliates at least the volume of Seller Goods set forth in all outstanding POs accepted by Seller
in its discretion pursuant to this Supply Agreement.

 

(c)       Subject
to the manufacturing and delivery forecasting provisions of the applicable PO, Seller shall not discriminate between Buyer, on
the one hand, and any other customer of Seller, on the other, in the scheduling or the provision of any of the Seller Goods, but
nothing in this Supply Agreement shall entitle Buyer to any priority over other customers in such scheduling or provision, unless
such is expressly agreed to in writing by Buyer and Seller in the applicable PO.

 

Article
V

Purchase Orders

 

Section
5.01Outstanding POs at Closing.  Seller shall fulfil all POs issued by Buyer and
accepted by Seller in writing as of the Original Effective Date
with respect to the Seller Goods as set forth on Appendix 5, at the prices specified in such POs and upon the terms already
in place; provided that such terms are in the ordinary course consistent with past practice during the Baseline Period.
For any POs accepted on or following the Original Effective Date , this Supply Agreement will supersede any existing agreements
between Buyer on the one hand, and Seller, on the other hand, for the purchase or license of Seller Goods.

 

Section
5.02PO Contents.  All purchases or licenses of the Seller Goods under this Supply
Agreement shall be subject to the issuance of a PO by Buyer or any of its Affiliates and the acceptance of such PO by Seller pursuant
to the applicable Seller Standard Terms. POs issued by Buyer or any of its Affiliates pursuant to this Supply Agreement shall
contain at a minimum:

 

(a)       a
PO number;

 

(b)       a
Seller Good description or reference and scope of supply;

 

(c)       the
required delivery date or dates or delivery forecast and delivery terms (determined consistently with the practices of the applicable
Seller and Buyer during the Baseline Period with respect to such forecasting) if different from the terms set forth in the applied
Seller Standard Terms;

 

(d)       the
applicable prices as determined in accordance with Section 8.01 of this Supply Agreement or as otherwise agreed in writing between
the Parties;

 

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(e)       the
quantities to be released for delivery;

 

(f)       any
applicable technical requirements;

 

(g)       any
clauses required by applicable Law;

 

(h)       any
clauses requested by Buyer, including to comply with its customer terms, that are different from the Seller Standard Terms, which
will be highlighted in the PO in order to ensure that Seller is aware of and can expressly agree to and comply with such clauses,
and, provided that Seller is not required to agree to any such Buyer requests; and

 

(i)       a
statement on the face of the PO that reads as follows: “The parties agree that notwithstanding any reference to any other
document, this purchase order shall be governed by that certain Supply Agreement entered into by Baker Hughes, a GE company, LLC,
a Delaware limited liability company and General Electric Company, a New York corporation on July 3, 2017” or, in the case
of POs issued after November 12, 2018, “The parties agree that notwithstanding any reference to any other document, this
purchase order shall be governed by that certain Amended and Restated Supply Agreement entered into by Baker Hughes, a GE company,
LLC, a Delaware limited liability company and General Electric Company, a New York corporation on November 13, 2018”; provided
that the terms of this Supply Agreement shall apply notwithstanding the absence of such statement on the face of any PO
between the Parties during the Term of this Supply Agreement.

 

Section
5.03Modifications and Scheduling POs.  

 

(a)       All
delivery dates, shipping instructions, quantities ordered and other like terms of a PO may be revised upon the issuance by Buyer
to Seller of a change order in writing; provided that any and all changes set forth in such change orders must first
be mutually agreed to by and between Buyer and Seller. If any such change results in an increase or decrease in the cost or time
required for the performance of the work under the PO, there shall be a mutually agreed equitable adjustment of the PO price and
the scheduled delivery date(s). Buyer shall pay for all work that Seller commenced for which the Seller has incurred costs under
the PO prior to any quantities being decreased. Seller shall not be obligated to proceed with any requested changed or extra work,
or other terms, until the price of such change and its effect on the scheduled delivery date(s) have been agreed upon and effected
by a change order.

 

(b)       Seller
agrees to provide a general schedule and confirmation of completion/shipment date(s) at the time a PO is placed and accepted;
provided that none of these schedules or confirmations shall modify any applicable agreed delivery date(s) set forth
in the relevant POs as accepted by Seller. Subject to appropriate safeguards for the protection of Seller’s proprietary
information and upon reasonable advance request, Seller also agrees to allow Buyer’s staff regular access to its facilities
to review the PO status and quality, and to provide a bi-monthly report on schedule status. In the event that any portion of the
Seller Goods falls behind schedule, Seller shall (a) provide a detailed schedule and verbal updates as needed with regard to the
status of the PO completion and (b) allow for on-site expediting by Buyer or an agent appointed by them.

 

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Section
5.04Acceptance of POs.  All POs, acceptances, change orders and other writings
or electronic communications between the Parties, regardless of whether stated on the face of the PO or not, shall be (i) governed
by this Supply Agreement and (ii) shall be deemed a separate and independent contract between Seller and Buyer from any other
PO issued hereunder.

 

Article
VI

Terms & Conditions of Purchase

 

Section
6.01Terms & Conditions of Purchase.  

 

(a)       Purchases
made by Buyer of Seller Goods shall be subject to the following:

 

(i)       the
terms of this Supply Agreement;

 

(ii)       the
applicable Seller Standard Terms; and

 

(iii)       subject
to Section 5.02(h), any additional terms contained in POs issued hereunder (including, on a PO by PO basis, any modifications
to the Seller Standard Terms that the Parties may, from time to time, agree to in writing following negotiations as may be required
to meet the specification and contractual requirements of Buyer or Buyer’s end customer).

 

(b)       In
the event of a conflict, the following order of precedence will prevail:

 

(i)       the
terms of this Supply Agreement, excluding the applicable Seller Standard Terms and Seller’s Software License;

 

(ii)       the
terms of any POs issued hereunder;

 

(iii)       Seller’s
Software License for the license of Seller’s software;

 

(iv)       the
applicable Seller Standard Terms; and

 

(v)       drawings,
specifications and related documents specifically incorporated by reference herein or in any PO.

 

Article
VII

Allocation of Liability

 

Section
7.01Limitation of Liability.  Notwithstanding anything to the contrary contained
in this Supply Agreement or the applicable Seller Standard Terms, the Parties hereby agree that neither the Buyer nor the Seller
shall be liable to the other for any loss of profit or revenues, loss of use of equipment or systems, interruption of business,
cost of replacement power, cost of capital, downtime costs, increased operating cost, or any consequential, indirect, incidental,
special or punitive damages Regardless of Cause or Action or claims of Buyer’s customers for the foregoing types of damages.

 

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Article
VIII

Pricing, Payment Terms and Invoicing

 

Section
8.01Pricing and Payment Terms.  

 

(a)       Pricing
for the Seller Goods set forth on Appendix 1 shall be based on the methodology set forth thereon. Charges in addition to
those determined by the applicable pricing methodology (including charges in respect of terms pursuant to Section 6.01(a)(iii))
shall be agreed to in writing by Buyer and Seller.

 

(b)       Pricing
for the Seller Goods not set forth on Appendix 1 shall be determined based on pricing methodologies used by Seller for
pricing such Seller Goods during the Baseline Period and in the absence of past orders on an arms’ length basis.

 

Section
8.02Invoicing.  Buyer shall pay or settle each invoice from Seller, either directly
by wire transfer or through GE’s inter-company settlement system, no later than 30 days after Buyer’s receipt of Seller’s
invoice.

 

Section
8.03Taxes.  

 

(a)       Pricing
for Seller Goods is exclusive of, and Buyer shall bear and timely pay, any and all sales, use, value-added, transfer and other
similar Taxes (and any related interest and penalties) imposed on, or payable with respect to, any Seller Goods purchased by Buyer
pursuant to this Supply Agreement; provided that (i) to the extent such Taxes are required to be collected and remitted
by Seller, Buyer shall pay such Taxes to such Seller upon receipt of an invoice from such Seller, and (ii) for the avoidance of
doubt, such Pricing shall be inclusive of, and Seller shall bear, any income similar Taxes imposed on or payable by Seller.

 

(b)       Cooperation The Parties will take reasonable steps to cooperate to minimize the imposition of, and the amount of, Taxes described
in this Section 8.03.

 

Article
IX

GENERAL PROVISIONS

 

Section
9.01Authority. Each Party represents that it has full power and authority to enter
into and perform this Supply Agreement. Each Party represents that those persons signing this Supply Agreement on behalf of such
Party are duly authorized Representatives of such Party and properly empowered to execute this Supply Agreement.

 
  

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Section
9.02Notices. All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be given (and, in the case of delivery in person or by overnight mail, shall be
deemed to have been duly given upon receipt) by delivery in person or overnight mail to the respective Parties, delivery by
facsimile transmission (providing confirmation of transmission) to the respective Parties or delivery by electronic mail
transmission (providing confirmation of transmission) to the respective Parties. Any notice sent by facsimile transmission or
electronic mail transmission shall be deemed to have been given and received at the time of confirmation of transmission. All
notices, requests, claims, demands and other communications hereunder shall be addressed as follows, or to such other
address, facsimile number or email address for a Party as shall be specified in a notice given in accordance with this Section
9.02. 

 

	(a)    If to Seller:
	 
	Baker Hughes, a GE company, LLC
	17021 Aldine Westfield Road
	Houston, Texas 77073
	 	 
	Attention:  	William D. Marsh
	Telephone:  	(713) 879-1257
	Facsimile:	(713) 439-8472
	Email:  	will.marsh@bhge.com
	 	 
	(b)     If to Buyer:
	 
	General Electric Company
	33-41 Farnsworth Street
	Boston, Massachusetts 02210
	Attention:	James M. Waterbury
	Telephone:  	(617) 443-3030
	Facsimile:	(203) 286-2181
	Email:	jim.waterbury@ge.com

  

Section
9.03Entire Agreement, Waiver and Modification. This Supply Agreement, the applicable
Seller Standard Terms and any POs issued hereunder are the complete and exclusive statement of the agreement between the Parties
relating to the subject matter hereof. No modification, termination or waiver of any provision hereof shall be binding upon a
Party unless made in writing and executed by an authorized Representative of such Party.

 

Section
9.04No Third-Party Beneficiaries. This Supply Agreement is for the sole benefit
of the Parties and their permitted successors and assigns and nothing in this Supply Agreement, express or implied, is intended
to or shall confer upon any other Person, including any union or any employee or former employee of Seller or Buyer, or entity
any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified
period, under or by reason of this Supply Agreement.

 

 

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Section
9.05Compliance with Laws and Regulations.  

 

(a)       Each
Party hereto shall be responsible for its own compliance with any and all Laws applicable to its performance under this
Supply Agreement. No Party will take any action in violation of any such applicable Law that would reasonably be likely to
result in liability being imposed on the other Party. Seller acknowledges that it has received, reviewed and agrees to follow
the GE Integrity Guide for Suppliers, Contractors and Consultants, and other requirements of GE Suppliers hyperlinked or
attached hereto as Appendix 4. The policies and procedures outlined in Appendix 4 shall apply to Baker Hughes
or GE when it acts as Seller hereunder regardless of whether it has adopted or modified such policies.

 

(b)       The
PO price is based on Seller’s design, manufacture and delivery of the Seller Goods pursuant to (a) its design criteria,
manufacturing processes and procedures and quality assurance program, (b) those portions of industry specifications, codes and
standards in effect as of the date of the PO that are applicable to the Seller Goods, and (c) United States Federal, State and
local laws and rules of Governmental Entities in effect and applicable to the Seller Goods on the date of the PO.

 

Section
9.06Governing Law; Dispute Resolution.  

 

(a)       This
Supply Agreement and any disputes (whether for breach of contract, tortious conduct or otherwise and whether predicated on common
law, statute or otherwise) shall in all respects be governed by, and construed in accordance with, the laws of the State of New
York, including all matters of construction, validity and performance, in each case without reference to any conflict of law rules
that might lead to the application of the laws of any other jurisdiction.

 

(b)       The
parties exclude application of the United Nations Convention on Contracts for the International Sale of Goods.

 

(c)       Any
dispute arising out of or in connection with this Supply Agreement or any POs issued under it between Buyer and Seller should
be resolved as rapidly as reasonably possible pursuant to good faith discussion between the respective project or transaction
level employees. If a dispute cannot be resolved between the project or transaction level employees within four (4) weeks of the
dispute arising, the project or transaction level employees should submit the dispute to the leaders of their respective businesses
for resolution. If the business leaders are unable to resolve the dispute promptly, it should be escalated to the Chief Executive
Officer of Baker Hughes and the Chief Executive Officer of the relevant Tier 1 GE business (or such other equivalent officer as
designated by such Tier 1 GE business Chief Executive Officer). If the dispute is nonetheless unresolved, the dispute resolutions
procedures in (d) below shall apply.

 

(d)       Any
dispute arising out of or in connection with this Supply Agreement or an individual PO that cannot be settled by the negotiation
procedure set forth in Section 9.06(c) shall be resolved in accordance with the dispute resolution provision in Seller
Standard Terms.

 

Section
9.07Confidentiality. In addition, and not in contravention, to the confidentiality
provisions set forth in the Seller Standard Terms and the Transaction Agreement, the Parties agree as follows:

 

 

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(a)       In
connection with this Supply Agreement, Seller and Buyer (as to information disclosed, the “Disclosing Party”)
may each provide the other Party (as to information received, the “Receiving
Party”) with Confidential Information. “Confidential Information” means (a) all pricing for Seller
Goods, (b) all information that is designated in writing as “confidential” or “proprietary” by the Disclosing
Party at the time of written disclosure, and (c) all information that is orally designated as “confidential” or “proprietary”
by the Disclosing Party at the time of oral disclosure and is confirmed to be “confidential” or “proprietary”
in writing within 10 days after oral disclosure. The obligations of this Section 9.07 shall not apply as to any portion
of the Confidential Information that: (i) is or becomes generally available to the public other than from disclosure by the Receiving
Party, its Representatives or its Affiliates; (ii) is or becomes available to the Receiving Party or its Representatives or its
Affiliates on a non-confidential basis from a source other than the Disclosing Party when the source is not, to the best of the
Receiving Party’s knowledge, subject to a confidentiality obligation to the Disclosing Party with respect to such information;
(iii) is independently developed by Receiving Party, its Representatives or its Affiliates, without reference to the Confidential
Information as evidenced by written documents; or (iv) is approved for disclosure in writing by the Disclosing Party.

 

(b)       The
Receiving Party agrees, (i) to use the Confidential Information only in connection with this Supply Agreement and permitted use(s)
and maintenance of the Seller Goods, (ii) to take reasonable measures to prevent disclosure of the Confidential Information, except
to its Representatives who have a need to know such information for such Party to perform its obligations under this Supply Agreement
or in connection with the permitted use(s) and maintenance of the Seller Goods, and (iii) not to disclose the Confidential Information
to a competitor of the Disclosing Party. The Receiving Party further agrees to obtain a commitment from any recipient of Confidential
Information to comply with the terms of this Section 9.07 before disclosing the Confidential Information.

 

(c)       If
the Receiving Party or any of its Affiliates or Representatives is required by Law, legal process or a Governmental Entity to
disclose any Confidential Information, that Party agrees to provide the Disclosing Party with prompt written notice to permit
the Disclosing Party to seek an appropriate protective order or agency decision or to waive compliance by the Receiving Party
with the provisions of this Section 9.07. If, absent the entry of a protective order or other similar remedy, the Receiving Party
is based on the advice of its counsel legally compelled to disclose such Confidential Information, such Party may furnish only
that portion of the Confidential Information that has been legally compelled to be disclosed, and shall exercise its reasonable
efforts in good faith to obtain confidential treatment for any Confidential Information so disclosed.

 

(d)       Upon
written request of the Disclosing Party, the Receiving Party shall promptly at its option either: (i) return all Confidential
Information disclosed to it or (ii) destroy (with such destruction certified in writing by the Disclosing Party) all Confidential
Information, without retaining any copy thereof, except to the extent retention is necessary for the limited purpose to enable
permitted use(s) and maintenance of the Seller Goods. No such termination of this Supply Agreement or return or destruction of
any Confidential Information will affect the confidentiality obligations of the Receiving Party all of which will continue in
effect as provided in this Supply Agreement.

 

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(e)       No
Party shall make any press release or similar public announcement with respect to this Supply Agreement or any of the matters
referred to herein.

 

Section
9.08Counterparts; Electronic Transmission of Signatures. This Supply Agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, and delivered by means
of electronic mail transmission or otherwise, each of which when so executed and delivered shall be deemed to be an original and
all of which when taken together shall constitute one and the same agreement.

 

Section
9.09Survival. The provisions of Article VI, Article VII, Article
VIII, and Article IX of this Supply Agreement shall survive its termination.

 

Section
9.10Assignment. Neither Buyer nor Seller shall be entitled to assign this Supply
Agreement or any PO that incorporates this Supply Agreement to a third party non-Affiliate without the prior written consent of
the other Party. Any assignee of Seller or Buyer shall be bound by the terms and conditions of this Supply Agreement.

 

Section
9.11Rules of Construction. Interpretation of this Supply Agreement shall be governed
by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa, and words
of one gender shall be held to include the other gender as the context requires; (b) references to the terms Article, Section,
paragraph and Appendix are references to the Articles, Sections, paragraphs and Appendices of this Supply Agreement unless otherwise
specified; (c) the terms “hereof”, “herein”, “hereby”, “hereto”, and derivative
or similar words refer to this entire Supply Agreement, including the Appendices and Exhibits hereto; (d) references to “$”
shall mean U.S. dollars; (e) the word “including” and words of similar import when used in this Supply Agreement shall
mean “including without limitation,” unless otherwise specified; (f) the word “or” shall not be exclusive;
(g) references to “written” or “in writing” include in electronic mail form; (h) provisions shall apply,
when appropriate, to successive events and transactions; (i) the headings contained in this Supply Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Supply Agreement; (j) Seller and Buyer have
each participated in the negotiation and drafting of this Supply Agreement and all appendices and if an ambiguity or question
of interpretation should arise, this Supply Agreement shall be construed as if drafted jointly by the Parties and no presumption
or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in any
of this Supply Agreement; (k) a reference to any Person includes such Person’s successors and permitted assigns; (l) any
reference to “days” means calendar days unless Business Days are expressly specified; and (m) when calculating the
period of time before which, within which or following which any act is to be done or step taken pursuant to this Supply Agreement,
the date that is the reference date in calculating such period shall be excluded, and if the last day of such period is not a
Business Day, the period shall end on the next succeeding Business Day.

 

Section
9.12Non-Recourse. No past, present or future director, officer, employee, incorporator,
member, partner, stockholder, Affiliate, agent, attorney or Representative of Seller or Buyer shall have any liability for any
obligations or liabilities of such Party under this Supply Agreement of or for any claim based on, in respect of, or by reason
of, the transactions contemplated hereby.

 

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Section
9.13Audit. Seller shall maintain a complete and correct set of records pertaining
to expenses and other reimbursable costs that have been invoiced to the Buyer pursuant to the provision of Seller Goods under
this Supply Agreement and compliance with Law (if Seller Goods being procured are in support of a United States government end
customer or an end customer funded in whole or in part by the United States government) applicable to Seller’s performance
under this Supply Agreement (the “Records”). Upon the expiration or termination of this Supply Agreement, Buyer
shall have the right, for 12-months from such expiration or termination, upon reasonable prior notice and during normal business
hours, at Buyer’s election and expense, to conduct one reasonable audit of the Records of Seller through an audit conducted
by an independent third party auditor. Seller shall take all reasonable measures to ensure the safety of any auditor who is present
on its premises.

 

Section
9.14Independent Contractors. The relationship of Seller and Buyer established
by this Supply Agreement is that of independent contractors.

 

Section
9.15Non-Solicitation Covenant. During the last two years of the term of the Mark
VIe Controls Products Upgrade Channel (as such term is defined in the Channel Agreement), neither Buyer nor any of its Affiliates
shall, directly or indirectly, solicit for employment or hire any individual employed by Seller or any of its Affiliates who devotes
a majority of his or her working time to Control Systems Activities (as such term is defined in the Non-Competition Agreement)
in any of the following job categories: (a) the general manager, the chief engineer, and the sales leader, (b) the product line
managers and the sales managers, and (c) the level I and level II engineers. Notwithstanding the foregoing, this Section 9.15
shall not prohibit Buyer or any of its Affiliates from (x) hiring any individuals who were terminated by Seller or any of
its Affiliates, or (y) engaging in any general solicitations to the public or general advertising not directly targeted at the
employees of Seller or any of its Affiliates and hiring any such employee who responds thereto.

 

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IN
WITNESS WHEREOF, the Parties have caused this Supply Agreement to be executed on the date first written above by their respective
duly authorized officers.

 

	 	BAKER HUGHES, A GE COMPANY, LLC

        

	 	 
	 	 
	 	By: 	/s/ Lee Whitley
	 	 	Name:	Lee Whitley
	 	 	Title:	Corporate Secretary

 

	 	GENERAL ELECTRIC COMPANY
	 	 
	 	 
	 	By: 	/s/ James M. Waterbury 
	 	 	Name:	James M. Waterbury
	 	 	Title:	Vice President

 

 

 

    Page 18Exhibit 10.7

 

 

 

General Electric Company

41 Farnsworth Street 

Boston, MA 02210

 

RE: Amended and Restated Non-Competition Agreement

 

Ladies and Gentlemen:

 

This amended and restated non-competition
agreement (this “Agreement”) is entered into as of November 13, 2018, by and between GENERAL ELECTRIC COMPANY,
a New York corporation (“GE”) and BAKER HUGHES, A GE COMPANY, a Delaware corporation (“Newco”
and, together with GE, the “Parties”).

 

The Parties desire to amend and restate
that certain Non-Competition Agreement, dated as of July 3, 2017, by and between GE and Newco (the “Original Agreement”),
on the terms set forth herein. Pursuant to Section 6 of the Original Agreement, the actions contemplated herein have been approved
in writing by the Conflicts Committee or its authorized designee.

 

Newco and GE hereby agree as follows:

 

1.       Non-Competition
Covenant. Except as permitted pursuant to Section 2, from the Closing, for the period beginning on the Closing Date
and ending on the second anniversary of the Trigger Date, no member of the GE Group shall own, manage, operate or engage in, directly
or indirectly, a Competing Business anywhere in the world.

 

2.       Exceptions
to Non-Competition Covenant.

 

(a)       Notwithstanding
Section 1, and without implicitly agreeing that the following activities would be subject to the provisions of Section
1, nothing in Section 1 shall preclude, prohibit or restrict any member of the GE Group from engaging in any manner
in any: (i) Existing Business; (ii) De Minimis Business; (iii) Financial Services Business; (iv) Additive Activities; (v) IIOT
Enabling Activities; (vi) Control Systems Activities; or (vii) IST Activities.

 

(b)       With
respect to the Competing Business of any After-Acquired Business, no member of the GE Group shall be subject to the restrictions
set forth in Section 1 with respect to such Competing Business, so long as (i) 50% or less of the revenue of such After-Acquired
Business in the most recently completed calendar year was generated from such Competing Business, and (ii) prior to the expiration
of the Post-Acquisition Period, (A) the applicable member of the GE Group executes a definitive agreement for, and consummates,
the Sale of all (but not less than all) of the Competing Business (in accordance with Section 3(a)) or of all (but not less
than all) of the O&G Contractual Obligations of the Non-Segregable Competing Business (in accordance with Section 3(c)),
as applicable, or (B) the Competing Business of such After-Acquired Business complies with the non-competition covenant described
in Section 1 (subject to any applicable exceptions in Section 2). For the avoidance of doubt, nothing in this Agreement
shall limit the ability of the GE Seller to operate the Competing Business during the applicable Post-Acquisition Period prior
to the expiration thereof.

 

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3.       Competing
Business.

 

(a)       Unless
otherwise agreed by the Parties, subject to Section 3(b), prior to any Sale of a Competing Business, the applicable member
of the GE Group (the “GE Seller”) shall first, as soon as reasonably practicable following the consummation
of the acquisition of such Competing Business by the GE Seller and within the applicable Post-Acquisition Period, deliver a written
notice (the “Offer Notice”) to Newco or its designated Subsidiary (the “Newco Buyer”) setting
forth (i) the price for all (but not less than all) of such Competing Business (which such price shall be the fair market value,
as reasonably determined by GE, taking into consideration, as applicable, the terms upon which the GE Group acquired such Competing
Business) and (ii) any other material terms and conditions of the proposed Sale. The receipt of the Offer Notice by the Newco Buyer
shall constitute an exclusive offer by the GE Seller to Sell all (but not less than all) of such Competing Business to the Newco
Buyer at the price and on the terms as set forth in the Offer Notice (the “Offer”). The Offer shall remain open
and irrevocable for a period of sixty (60) days after receipt of such Offer Notice by the Newco Buyer (the “Offer Period”).
The Newco Buyer shall have, during the Offer Period, reasonable access to the properties and books and records of such Competing
Business as is customary for comparable transactions, subject to a customary confidentiality agreement. If the Newco Buyer accepts
the Offer at any time prior to the expiration of the Offer Period by written notice delivered to, and received by, the GE Seller,
the GE Seller and the Newco Buyer shall, as soon as reasonably practicable following such acceptance, negotiate in good faith,
on an arms’ length basis and consistent with the terms of the Offer Notice, the other terms and conditions (to the extent
not otherwise specified in the Offer Notice) of, and enter into, the definitive agreement for the Sale by the GE Seller to the
Newco Buyer of all (but not less than all) of such Competing Business. The GE Seller and the Newco Buyer shall consummate the Sale
of all (but not less than all) of such Competing Business by the GE Seller to the Newco Buyer as soon as reasonably practicable
following the execution of such definitive agreement, and after any applicable regulatory approvals have been obtained, any required
notices have been filed or made and any waiting periods imposed by the applicable Governmental Entities necessary to consummate
such Sale have expired or been terminated (such approval, notices and waiting periods collectively, the “Regulatory Conditions”).
In the event that the Newco Buyer does not notify the GE Seller in writing of its desire to accept the Offer prior to the expiration
of the Offer Period, or such Sale of such Competing Business from the GE Seller to the Newco Buyer is not consummated for any other
reason, the GE Seller shall thereafter use its commercially reasonable efforts to consummate the Sale of all (but not less than
all) of such Competing Business to a third party; provided that, such Competing Business is Sold (x) for an amount not less
than the offer price included in the Offer Notice and (y) otherwise on terms and conditions no less favorable in the aggregate
to the GE Seller than those specified in the Offer Notice. In the event the GE Seller fails to so consummate the Sale of all (but
not less than all) of such Competing Business to a third party, the GE Seller shall promptly deliver a revised written notice to
the Newco Buyer (the “Revised Offer Notice”) setting forth (A) the revised price for all (but not less than
all) of such Competing Business (which such price shall be the fair market value, as reasonably determined by GE, taking into consideration,
as applicable, the terms upon which the GE Group acquired such Competing Business) and (B) any other material terms and conditions
of the proposed Sale. The receipt of the Revised Offer Notice by the Newco Buyer shall constitute an exclusive offer by the GE
Seller to Sell all (but not less than all) of such Competing Business to the Newco Buyer at the price as set forth in the Revised
Offer Notice (the “Revised Offer”). 

 

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The
Revised Offer shall remain open and irrevocable until the expiration of thirty (30) days after receipt of such Revised Offer
Notice by the Newco Buyer (the “Revised Offer Period”). If the Newco Buyer accepts the Revised Offer at
any time prior to the expiration of the Revised Offer Period by written notice delivered to, and received by, the GE Seller,
the GE Seller and the Newco Buyer shall, as soon as reasonably practicable following such acceptance, negotiate in good
faith, on an arms’ length basis and consistent with the terms of the Revised Offer Notice the other terms and
conditions (to the extent not otherwise specified in the Revised Offer Notice) of, and enter into, the definitive agreement
for the Sale by the GE Seller to the Newco Buyer of all (but not less than all) of such Competing Business. The GE Seller and
the Newco Buyer shall consummate the Sale of all (but not less than all) of such Competing Business by the GE Seller to the
Newco Buyer as soon as reasonably practicable following the execution of such definitive agreement, and after satisfaction of
any applicable Regulatory Conditions. In the event that the Newco Buyer does not accept the Revised Offer Notice, or such
Sale of the Competing Business from the GE Seller to the Newco Buyer is not consummated for any other reason, the GE Seller
shall thereafter continue to use its commercially reasonable efforts to consummate the Sale of all (but not less than all) of
such Competing Business to a third party; provided that, such Competing Business is Sold (x) for an amount not less
than the offer price included in the Revised Offer Notice and (y) otherwise on terms and conditions no less favorable in the
aggregate to the GE Seller than those specified in the Revised Offer Notice. To the extent the GE Seller continues to fail to
so consummate the Sale of all (but not less than all) of such Competing Business to a third party, the GE Seller shall
continue to deliver further revised written offer notices to the Newco Buyer with respect to such Competing Business, and in
the event that a Sale of such Competing Business from the GE Seller to the Newco Buyer is not consummated, the GE Seller
shall thereafter continue to use its commercially reasonable efforts to consummate the Sale of all (but not less than all) of
such Competing Business to a third party, in each case, in accordance with the applicable provisions of this Section
3(a). For avoidance of doubt, such Competing Business shall not be subject to the provisions of Section 1 until
the expiration of the applicable Post-Acquisition Period.

 

(b)       With
respect to the Competing Business of any After-Acquired Business, GE may elect, in its sole discretion, to undertake a reasonable
determination as to whether such Competing Business is unreasonably burdensome to Sell taking into account in such objective determination,
among other appropriate considerations, as applicable, the (A) feasibility of separation of technological architecture or the digital
offering, if any, in a manner that would not significantly impair its functionality or value; (B) feasibility of separation of
shared manufacturing or service infrastructure; and (C) operational complexity for provision of support or other services. If GE
elects to undertake such a determination, the applicable GE Seller shall deliver to the Conflicts Committee, as soon as reasonably
practicable, and in any event, no later than the date of the consummation of the acquisition of such Competing Business by the
GE Seller, a written notice (the “Consultation Notice”) (i) of such acquisition of such Competing Business by
the GE Seller and (ii) setting forth in reasonable detail such GE Seller’s conclusion that such Competing Business is unreasonably
burdensome to Sell. For a period of twenty (20) days following the receipt of the Consultation Notice (the “Consultation
Period”), the Conflicts Committee shall have reasonable access to the copies of the relevant diligence materials of the
Competing Business of such After-Acquired Business, subject to a customary confidentiality agreement, setting forth the basis for
the GE Seller’s conclusion and shall consult with the GE Seller in good faith with respect to such conclusion. 

 

    Page 3

     

    

The GE Seller
shall take into consideration reasonable
justifications of the Conflicts Committee that such Competing Business is not unreasonably burdensome to Sell. In the event that
the GE Seller and the Conflicts Committee both agree that such Competing Business is unreasonably burdensome to Sell, such Competing
Business shall be deemed a Non-Segregable Competing Business and shall be subject to the process set forth in Section 3(c)
(a “Non-Segregable Determination”). If the GE Seller and the Conflicts Committee after good faith effort
fail to come to an agreement as to whether such Competing Business is unreasonably burdensome to Sell prior to the expiration
of the Consultation Period, the parties shall submit such Dispute for resolution under the procedures set forth in Section
3(d). A final determination under such procedures that such Competing Business is unreasonably burdensome to Sell shall constitute
a Non-Segregable Determination for all purposes hereunder. In the absence of a Non-Segregable Determination, such Competing Business
shall not be considered a Non-Segregable Competing Business for any purpose hereunder and shall be subject in all respects to
the process set forth in Section 3(a). Notwithstanding anything to the contrary contained herein, no Competing Business
of an After-Acquired Business shall be considered a Non-Segregable Competing Business or be eligible for the process set forth
in Section 3(c) if more than twenty percent (20%) or $350 million of its revenue in the most recently completed calendar
year was generated from the Competing Business.

 

(c)       In
the event of a Non-Segregable Determination, the GE Seller shall deliver a written notice (the “O&G Contractual Obligations
Offer Notice”) to the Newco Buyer setting forth (i) the list of the O&G Contractual Obligations of such Non-Segregable
Competing Business then in effect and (ii) the price for all (but not less than all) of such O&G Contractual Obligations (which
such price shall be the fair market value, as reasonably determined by GE in good faith based on the aggregate purchase price paid
or payable by GE for the After-Acquired Business, taking into consideration, as applicable, the terms upon which the GE Group acquired
such Non-Segregable Competing Business). The receipt of the O&G Contractual Obligations Offer Notice by the Newco Buyer shall
constitute an exclusive offer by the GE Seller to Sell all (but not less than all) of such O&G Contractual Obligations to the
Newco Buyer at the price and on the terms as set forth in the O&G Contractual Obligations Offer Notice (the “O&G
Contractual Obligations Offer”). The O&G Contractual Obligations Offer shall remain open and irrevocable for a period
of sixty (60) days after receipt of such O&G Contractual Obligations Offer Notice by the Newco Buyer (the “O&G
Contractual Obligations Offer Period”). The Newco Buyer shall have, during the O&G Contractual Obligations Offer
Period, reasonable access to the copies of such O&G Contractual Obligations, subject to customary confidentiality agreement.
If the Newco Buyer accepts the O&G Contractual Obligations Offer at any time prior to the expiration of the O&G Contractual
Obligations Offer Period by written notice delivered to, and received by, the GE Seller, the parties shall, as soon as reasonably
practicable following such acceptance, negotiate in good faith, on an arms’ length basis and consistent with the terms of
the O&G Contractual Obligations Offer the other terms and conditions (to the extent not otherwise specified in the O&G
Contractual Obligations Offer Notice) of (A) the Sale of all (but not less than all) of such O&G Contractual Obligations by
the GE Seller to the Newco Buyer and (B) the segment strategy of serving the customers’ requirements, it being understood
that the Newco Buyer shall serve as the Leading Party (as defined in the Channel Agreement) with respect to all (but not less than
all) of the O&G Products and Services in the applicable O&G Activities of such Non-Segregable Competing Business pursuant
to a Competing Products and Services Channel (as defined in the Channel Agreement), and enter into a definitive agreement
for such Sale as soon as reasonably practicable thereafter. 

 

    Page 4

     

    

The GE Seller and the Newco Buyer shall consummate such Sale of all
(but not less than all) of such O&G Contractual Obligations by the GE Seller to the Newco Buyer as soon as reasonably practicable
following the execution of such definitive agreement, and after satisfaction of any applicable Regulatory Conditions. The O&G
Contractual Obligations of such Non-Segregable Competing Business shall not be subject to the terms and conditions of this Agreement
or the Channel Agreement (including, for avoidance of doubt, the allocation and other provisions set forth in the applicable Channel
Policies under the Channel Agreement) until the GE Seller and the Newco Buyer consummate a Sale of all (but not less than all)
of such O&G Contractual Obligations, and in the event that the Newco Buyer does not notify the GE Seller in writing of its
desire to accept the O&G Contractual Obligations Offer prior to the expiration of the O&G Contractual Obligations Offer
Period, the terms and conditions of this Agreement and the Channel Agreement shall continue to be inapplicable to such Non-Segregable
Competing Business, and nothing herein shall limit the ability of the GE Seller to operate such Non-Segregable Competing Business.
Unless otherwise agreed by the Parties, any Non-Segregable Competing Business acquired by any member of the GE Group following
the Trigger Date shall not be considered a Competing Business for all purposes of this Agreement and the Channel Agreement, and
no member of the GE Group shall be subject to the restrictions set forth in Section 1 with respect to such Non-Segregable
Competing Business.

 

(d)       In
the event (i) the GE Seller and the Conflicts Committee after good faith effort fail to come to an agreement as to whether a Competing
Business is unreasonably burdensome to Sell prior to the expiration of the Consultation Period or (ii) the Newco Buyer disagrees
with any matter in respect of a O&G Contractual Obligations Offer for all (but not less than all) of such O&G Contractual
Obligations after a good faith effort to come to an agreement (in the case of both clause (i) and (ii), a “O&G Contractual
Obligations Dispute”), the Newco Buyer shall submit to GE Seller a written notice of such disagreement in reasonable
detail, including, if applicable, the price at which the Newco Buyer proposes to purchase such O&G Contractual Obligations,
and the GE Seller and the Newco Buyer shall submit for final resolution to a nationally recognized consulting firm mutually acceptable
to both parties (the “Segregation Expert”) their respective written submissions setting forth in reasonable
detail their respective views as to the correct nature of the O&G Contractual Obligations Dispute, including the price for
such O&G Contractual Obligations, if applicable, and reflecting any discussions between the parties. To the extent the O&G
Contractual Obligations Dispute includes a dispute as to the purchase price applicable to such O&G Contractual Obligations,
the parties shall instruct the Segregation Expert to determine which of the parties’ respective written submissions most
closely reflects the fair market value for such O&G Contractual Obligations, and taking into consideration, as applicable,
the aggregate purchase price paid or payable by GE for the After-Acquired Business and the terms upon which the GE Group acquired
such Non-Segregable Competing Business. With respect to such valuation issues, the Segregation Expert shall determine the fair
market value for such O&G Contractual Obligations within thirty (30) days following its appointment by the parties by selecting
either of the prices set forth in the parties’ respective written submissions, and taking into consideration, as applicable,
the aggregate purchase price paid or payable by GE for the After-Acquired Business and the terms upon which the GE Group acquired
such Non-Segregable Competing Business. The decision by the Segregation Expert in accordance with this Section 3(d) shall
be final and binding on each party. Each party shall bear the costs and expenses of the Segregation Expert equally. 

 

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For avoidance
of doubt,
the O&G Contractual Obligation Dispute resolution in this Section 3 shall be subject to the prohibition on the parties
to commence or voluntarily participate in a court action or proceeding prior to the Trigger Date, as set forth in Section 8(b).

 

(e)       The
receipt by the Newco Buyer of a written notice from the GE Seller of the final resolution by the Segregation Expert under the procedures
set forth in Section 3(d) with respect to such O&G Contractual Obligations shall constitute an exclusive offer by the
GE Seller to Sell all (but not less than all) of such O&G Contractual Obligations to the Newco Buyer at the price and on the
terms as set forth in such written notice (the “Final Offer”). The Final Offer shall remain open and irrevocable
until the expiration of ten (10) days after receipt by the Newco Buyer of the Final Offer (the “Final Offer Period”).
If the Newco Buyer accepts the Final Offer at any time prior to the expiration of the Final Offer Period by written notice delivered
to, and received by, the GE Seller, the parties shall, as soon as reasonably practicable following such acceptance, negotiate in
good faith, on an arms’ length basis consistent with the terms of the Final Offer the other terms and conditions (to the
extent not otherwise specified in the Final Offer) of (x) the Sale of all (but not less than all) of such O&G Contractual Obligations
by the GE Seller to the Newco Buyer and (y) the segment strategy of serving the customers’ requirements, it being understood
that the Newco Buyer shall serve as the Leading Party (as defined in the Channel Agreement) with respect to all (but not less than
all) of the O&G Products and Services in the applicable O&G Activities of such Non-Segregable Competing Business pursuant
to a Competing Products and Services Channel (as defined in the Channel Agreement), and enter into a definitive agreement for such
Sale as soon as reasonably practicable thereafter. The GE Seller and the Newco Buyer shall consummate such Sale of all (but not
less than all) of such O&G Contractual Obligations by the GE Seller to the Newco Buyer as soon as reasonably practicable following
the execution of such definitive agreement, and after satisfaction of any applicable Regulatory Conditions. In the event that the
Newco Buyer does not notify the GE Seller in writing of its desire to accept the Final Offer prior to the expiration of the Final
Offer Period, the terms and conditions of this Agreement and the Channel Agreement shall continue to be inapplicable to such Non-Segregable
Competing Business, and nothing herein shall limit the ability of the GE Seller to operate such Non-Segregable Competing Business.

 

4.       Supply
Agreement. During the period of two (2) years following the Trigger Date (the “Tail Period”), if a member
of the Newco Group (the “Newco Purchaser”) reduces in any given six-month period (which period starts at any
point of time after the Trigger Date) the GE Sourcing Costs Share with respect to any Seller Good that it purchases from a member
of the GE Group (the “GE Supplier”) pursuant to the Supply Agreement by thirty percent (30%) as compared to
the GE Sourcing Costs Share with respect to such Seller Good purchased from GE Supplier in the most recently completed calendar
year prior to the Trigger Date, and the GE Supplier (a) has available capacity to supply such Seller Good pursuant to the Supply
Agreement and (b) is not in material breach of the Supply Agreement (which such breach is incapable of being satisfied or cured
by the GE Supplier within thirty (30) calendar days following receipt of written notice from the Newco Purchaser of such breach),
then Section 1 shall no longer restrict the GE Supplier from selling such Seller Good during the remainder of the Tail Period.
Upon reasonable request from the applicable GE Supplier, Newco shall, or shall cause the applicable Newco Purchaser to, provide
to the applicable requesting GE Supplier, in reasonable detail, the GE Sourcing Costs Share with respect to applicable time periods.
For purposes of this Section 4, “GE Sourcing Costs Share” means the quotient of (a) the amount of the
sourcing costs incurred by the Newco Purchaser with respect to any Seller Good (as defined
in the Supply Agreement) purchased by the Newco Purchaser from the GE Supplier in any given period of time divided by (b)
the aggregate amount of the sourcing costs incurred by the Newco Group with respect to such Seller Good purchased by the Newco
Group from the GE Group and third party suppliers in the same period of time.

 

    Page 6

     

    

 

5.       Remedies.
The covenants and undertakings contained in this Agreement relate to matters which are of a special, unique and extraordinary character
and a violation of the terms will cause irreparable injury to Newco, the amount of which will be impossible to estimate or determine
and which cannot be adequately compensated.  Accordingly, the remedy at law for any breach of this Agreement will be inadequate. 
Therefore, Newco will be entitled, subject to Section 8 (including the prohibition on the Parties to commence or voluntarily
participate in a court action or proceeding prior to the Trigger Date, as set forth in Section 8(b)) and Section 3(d),
to an injunction, restraining order or other equitable relief from any court of competent jurisdiction in the event of a breach
of this Agreement without the necessity of posting any bond or other indemnity.  The rights and remedies provided by this
Section 5 are cumulative and in addition to any other rights and remedies which Newco may have hereunder or at law or in
equity.

 

6.       Amendment;
Waiver. No provision of this Agreement may be amended or modified except by written instrument signed by all the Parties to
such agreement; provided that any material amendment or modification of this Agreement shall require the prior written approval
of the Conflicts Committee or its authorized designee. Either Party may, in its sole discretion, waive any and all rights granted
to it in this Agreement; provided that no waiver by either Party of any provision hereof shall be effective unless explicitly
set forth in writing and executed by the Party so waiving; provided, further, that any waiver of any or all of Newco’s
material rights granted under this Agreement shall require the prior written approval of the Conflicts Committee or its authorized
designee. The waiver by either Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver
of any other subsequent breach.

 

7.       Assignment;
No Third Party Beneficiary. This Agreement shall not be assigned by either Party without the prior written consent of the other
Party. This Agreement is for the sole benefit of the Parties to the Agreement and the members of their respective Group and their
permitted successors and assigns (but not any Person (or its Affiliates) that purchases the products, parts, equipment, services,
technology or systems from any member of the Newco Group or the GE Group under this Agreement), and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other) Person or entity any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

8.       Dispute
Resolution.

 

(a)       Except
with respect to any Dispute pursuant to Section 3, any dispute, controversy or claim arising out of, in connection with,
or relating to this Agreement, or the validity, interpretation, breach or termination thereof, (a “Dispute”),
shall be resolved in accordance with the procedures set forth in this Section 8, which shall be the sole and exclusive procedures
for the resolution of any such Dispute unless otherwise specified below. 

 

    Page 7

     

    

The
Parties shall attempt in good faith to resolve any Dispute by negotiation between the senior business leader or officer of
the applicable GE business or unit, on the one hand, and the Conflicts Committee, on the other hand (or their respective
authorized designees). Either Party may initiate the negotiation process by providing a written notice to the other (the
“Initial Notice”). Fifteen (15) days after delivery of the Initial Notice, the receiving Party shall
submit to the other a written response (the “Response”). The Initial Notice and the Response shall include
(i) a statement of the Dispute and of each Party’s position and (ii) the name and title of any person that will
represent that Party and of any other person who will accompany such person. Such meeting may be in person or by telephone
within ten (10) Business Days of the date of the Response to seek a resolution of the Dispute. If a Dispute is not resolved
by negotiation as provided above within thirty (30) days from the delivery of the Response, then either Party may submit the
Dispute for resolution by mediation pursuant to the CPR Institute for Dispute Resolution (the “CPR”) Model
Mediation Procedure as then in effect. The Parties will select a mediator from the CPR Panels of Distinguished Neutrals. If
the Parties are unable to select a mutually agreeable mediator within twenty (20) days following the submission of the
Dispute to the CPR, the CPR shall select the mediator from the CPR Panels of Distinguished Neutrals. Either Party at
commencement of the mediation may ask the mediator to provide an evaluation of the Dispute and the Parties’ relative
positions.

 

(b)       If
a Dispute is not resolved by mediation within thirty (30) days of the selection of a mediator (unless the mediator chooses to withdraw
sooner), the dispute shall be resolved through arbitration. Either Party may submit the Dispute to be finally resolved by arbitration
pursuant to the CPR Rules for Non-Administered Arbitration as then in effect (the “CPR Arbitration Rules”).
The Parties consent to a single, consolidated arbitration for all known Disputes existing at the time of the arbitration and for
which arbitration is permitted. The neutral organization for purposes of the CPR Arbitration Rules will be the CPR. The arbitral
tribunal shall be composed of three (3) arbitrators, of whom each Party shall appoint one (1) in accordance with the “screened”
appointment procedure provided in Rule 5.4 of the CPR Arbitration Rules, and the third arbitrator shall be nominated by agreement
of the two party-nominated arbitrators. The arbitration shall be conducted in New York City. Each Party shall be permitted to present
its case, witnesses and evidence, if any, in the presence of the other Party. A written transcript of the proceedings shall be
made and furnished to the Parties. The arbitrators shall determine the Dispute in accordance with the Law of the State of New York,
without giving effect to any conflict of law rules or other rules that might render such Law inapplicable or unavailable, and shall
apply this Agreement and the Transaction Documents according to their respective terms; provided, however, that the
provisions of this Agreement relating to arbitration shall in any event be governed by the Federal Arbitration Act, 9 U.S.C. §§
1 et seq. The Parties agree to be bound by any award or order resulting from any arbitration conducted in accordance with
this Section 8 and further agree that judgment on any award or order resulting from an arbitration conducted under this
Section 8 may be entered and enforced in any court having jurisdiction thereof. Notwithstanding anything to the contrary
contained in this Agreement, including the provisions of Section 3(d), prior to the Trigger Date, no Party will commence
or voluntarily participate in any court action or proceeding concerning a Dispute, and following the Trigger Date, only (i) for
enforcement, (ii) to restrict or vacate an arbitral decision based on the grounds specified under applicable Law or (iii) for interim
relief. For purposes of the foregoing, with respect to such action following the Trigger Date, the Parties submit to the non-exclusive
jurisdiction of the courts of the State of New York.

 

    Page 8

     

    

(c)       In
addition to the authority otherwise conferred on the arbitral tribunal, the tribunal shall have the authority to make such orders
for interim relief, including injunctive relief, as it may deem just and equitable. The tribunal shall further have the authority
to resolve any challenge to its jurisdiction, including challenges to the existence of a valid arbitration agreement or the scope
of this agreement. If the tribunal shall not have been appointed, either Party may seek interim relief from a court having jurisdiction
if the award to which the applicant may be entitled may be rendered ineffectual without such interim relief. Upon appointment of
the tribunal following any grant of interim relief by a court, the tribunal may affirm or disaffirm such relief, and the Parties
will seek modification or rescission of the court action as necessary to accord with the tribunal’s decision. Each Party
will bear its own attorneys’ fees and costs incurred in connection with the resolution of any Dispute in accordance with
this Section 8. Commencing with a request contemplated by this Section 8, all communications between the Parties
or their Representatives in connection with the attempted resolution of any Dispute, including any mediator’s evaluation,
shall be deemed to have been delivered in furtherance of a Dispute settlement and shall be exempt from discovery and production,
and shall not be admissible in evidence for any reason (whether as an admission or otherwise), in any arbitral or other proceeding
for the resolution of the Dispute. The Parties expressly waive and forego any right to (i) any special, indirect, incidental, punitive,
consequential, exemplary, statutorily enhanced or similar damages, in excess of compensatory damages (provided that liability for
any such damages to the extent awarded to a third party shall be considered direct damages and for the avoidance of doubt compensatory
damages shall include lost profits to the extent awarded) and (ii) trial by jury. The specific procedures set forth in this Section
8, including but not limited to the time limits referenced therein, may be modified by agreement of the Parties in writing.
All applicable statutes of limitations and defenses based upon the passage of time shall be tolled while the procedures specified
in this Section 8 are pending. The Parties will take such action, if any, required to effectuate such tolling.

 

9.       Miscellaneous.
The provisions of Sections 7.2 (Governing Law), 7.4 (Notices), 7.5 (Severability), 7.6 (Entire Agreement), 7.9 (Interpretations)
(but excluding the entire sentence “References to a Person are also to its permitted successors and assigns” in that
Section) and 7.11 (Counterparts; Electronic Transmission of Signatures) of the Stockholders Agreement are hereby incorporated into
this Agreement mutatis mutandis, as if references to the Stockholders Agreement were
references to this Agreement. Upon receipt of a reasonable written information request from Newco regarding compliance by the GE
Group with the provisions of this Agreement specified in such request, GE shall provide to Newco reasonably necessary information
in respect thereof.

 

10.       Certain
Definitions. Capitalized terms not otherwise defined in this Agreement shall have the respective meanings assigned to such
terms in that certain Stockholders Agreement, dated as of July 3, 2017, between GE and Newco, as amended and restated on the date
hereof (as further amended, modified or supplemented from time to time in accordance with its terms, the “Stockholders
Agreement”). The following capitalized terms used in this Agreement shall have the meaning set forth below:

 

 

    Page 9

     

    

“Additive
Activities” means offering for sale, lease or distribution or otherwise providing, either directly or indirectly, to
any customer (including O&G Companies and competitors of Newco) regardless of end user or end segment, materials, machines,
processes, practices,
software, data or designs that can be used in Additive Manufacturing of products, or any products of Additive Manufacturing themselves,
subject to the exceptions set forth on Schedule C. For purposes of this definition, “Additive Manufacturing”
means the process of joining materials to make objects from 3D model data, usually layer upon layer, as opposed to subtractive
manufacturing methodologies.

 

“After-Acquired
Business” means any business activity that would violate Section 1 that is acquired from any Person or is carried
on by any Person that is acquired by or combined with any member of the GE Group, in each case, after the Closing Date.

 

“Benefit Plan
Activities” means any investment or ownership interest in a Person through an employee benefit or pension plan.

 

“Capital Markets
and Treasury Activities” means any activity undertaken in connection with efforts by any Person to raise for or on behalf
of any Person capital from any public or private source and any activities undertaken by the Treasury Function of any member of
the GE Group, including obtaining or arranging debt issuance and other external or intercompany funding transactions (including
equity transactions and capital raising for or on behalf of any Person from any public or private source), providing for or arranging
cash management banking activities, carrying out investments of excess cash, carrying out hedging or derivative transactions, providing
or arranging for credit support and related services (including advice), in each case primarily for the benefit of any such member
of the GE Group and its respective non-consolidated joint ventures.

 

“Channel Agreement”
means that certain agreement entered into by the Parties as of July 3, 2017, as amended and restated on the date hereof (as further
amended, modified or supplemented from time to time in accordance with its terms).

 

“Closing”
means the consummation of the transactions contemplated by the Transaction Agreement.

 

“Closing Date”
means the date of the Closing.

 

“Competing
Business” means a business that sells (i) O&G Products and Services to companies engaged in the oil and gas industry
(but excluding their Affiliates or business units, as applicable, that are not engaged) for use in the O&G Activities or (ii)
the O&G Products and Services listed on Schedule B.

 

“Control”
or “Controlling” means the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise.

 

 

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“Control Systems
Activities” means any activity relating to programmable logic controllers, distributed control systems or computerized
numerical controls (including system components such as field agents (hardware and software that serves as a secure bi-directional
data conduit between the “Edge” controller and a database), process instrumentation, analytical devices, control valves,
actuation and motion)) integrating sensors and controls either across enterprises or localized on equipment, in each case, providing
automation of manufacturing enterprises
and processes, including hardware and software optimization and supervisory control and data acquisition and analysis; provided
that (a) such Control Systems Activity is not principally designed for, or principally intended for, sale or, solely with
respect to related software (excluding any equipment or component embedded software), licensing, in the Competing Business and
(b) the sales revenue for such Control System Activity from sales for use in the O&G Activities (without taking into account
any sales or supply to the Newco Group) does not exceed thirty five percent (35%) of its revenues from all sales (without taking
into account any sales or supply to the Newco Group), in each case, (i) during the period commencing on the Closing Date and ending
on December 31, 2017 or (ii) during any subsequent calendar year.

 

“De Minimis
Business” means any (a) venture capital business activity involving minority equity investment (including any sale of
equity derivatives) by any member of the GE Group in any Person in which (i) the GE Group collectively holds not more than twenty-five
percent (25) percent of the outstanding voting securities or similar equity interests or (ii) the amount invested by the GE Group
collectively is less than $100 million, provided, in either such case, that the GE Group does not (x) have the right to
designate a majority, or such higher amount constituting a controlling number, of the members of the board of directors (or similar
governing body) of such Person and (y) manage or operate the business of such Person or make significant proprietary assets (including
the Retained Names and Retained Marks (as defined in Schedule 7.14(d)(i) to the Transaction Agreement) and any non-public information
derived from Company Group) available to such Person for use in such Person’s business or (b) venture which has been approved
by the Conflicts Committee (or its authorized designee).

 

“Default Recovery
Activities” means the exercise of any rights or remedies in connection with any Capital Markets and Treasury Activity,
Financing Activity, Insurance Activity, Leasing, Other Financial Services Activity or Securities Activity (whether such rights
or remedies arise under any agreement relating to such activity, under applicable Law or otherwise) including any foreclosure,
realization or repossession or ownership of any collateral, business assets or other security for any Financing Activity (including
the equity in any entity or business), Insurance Activity or Other Financial Services Activity or any property subject to Leasing.

 

“Existing
Business” means any business conducted or investment held by any member of the GE Group (including any joint venture
agreement to which any member of the GE Group is a party (a “GE Group JV”)), including as set forth on Schedule
A, that the GE Group or any GE Group JV can reasonably demonstrate by ordinary course business documents or systems was, as
of the Signing Date (a) conducted or held by the GE Group or such GE Group JV or (b) contemplated or being developed or designed
by the GE Group or such GE Group JV, and including without limitation, with respect to both clauses (a) and (b), any reasonably
foreseeable enhancements or extensions thereof (including by further investments therein), provided that such enhancements or extensions
thereof, including by further investments therein, continue to fall within the general scope of the applicable business or investment.

 

“Financial
Services Business” means the (i) Capital Markets and Treasury Activities, (ii) Default Recovery Activities, (iii) Financing
Activities, (iv) Leasing, (v) Other Financial Services
Activities, (vi) Securities Activities, (vii) Insurance Activities or (viii) Benefit Plan Activities.

 

    Page 11

     

    

 

“Financing
Activities” means the making, entering into, purchase of, or participation in (including syndication or servicing activities)
(i) secured or unsecured loans, conditional sales agreements, debt instruments or transactions of a similar nature or for similar
purposes, (ii) non-voting preferred equity investments, and (iii) investments as a limited partner in a partnership or as a member
of a limited liability company in which another person who is not an Affiliate is a management member. For the avoidance of doubt,
“Financing Activities” includes any financing, documented in the form of loans or leases or otherwise, with respect
to any equipment manufactured, assembled or sold (in each case, in whole or in part) by GE or any of its Affiliates or any Intellectual
Property (as defined in the Transaction Agreement), software, data or technology related thereto or any services provided in respect
of any of the foregoing.

 

“GE Group”
means GE and its Subsidiaries from time to time other than Newco and its Subsidiaries; provided that any Person who at any
time is a member of the GE Group shall cease being a member of the GE Group if at any time it is no longer a Subsidiary of GE;
provided, further that “GE Group” shall not include (i) any Person that purchases assets, operations
or a business from a member of the GE Group if such Person is not a Subsidiary of GE after such transaction is consummated, and
(ii) any Subsidiary of GE in which a Person who is not an Affiliate of GE holds equity interests and with respect to whom a member
of the GE Group, on the Closing Date, has existing contractual or legal obligations (including fiduciary duties of representatives
on the board of directors or similar body of such Subsidiary) which exclude GE’s ability to impose on the subject Subsidiary
such a non-competition obligation. For clarity, any references to an applicable business unit of GE or other member of the GE Group
shall be also to the successor of such business unit or member within the GE Group.

 

“GE O&G”
means GE’s Oil & Gas business described in the segment disclosures in GE’s annual report on Form 10-K filed with
the SEC for the fiscal year ended December 31, 2015, as reflected in the GE O&G Financial Statements.

 

“Horizontal
Digital Offerings” means digital products, parts, equipment, services, technology and systems that are offered by the
members of the GE Group other than the GE Digital business unit.

 

“IIOT Enabling
Activities” means any activity, asset, device, software or service, including the offering for sale, distribution, use
or provision of such activities, devices, assets, software or services, which connect, sense, measure, coordinate, manage, test,
control, automate or communicate between or among industrial assets (including healthcare assets) or which store, process, analyze,
manage, secure or transfer industrial data (including complex healthcare data) including for data acquisition, data analysis or
data exchange among assets or processors and including local, distributed, networked or cloud-based supervisory data acquisition
and control systems, human-machine interface systems, system optimization techniques, condition monitoring, predictive maintenance,
asset performance management systems, asset monitoring systems, operational optimization systems, operational security systems,
and communication techniques and algorithms in connection with such assets, data, and activities; provided that (a) such
IIOT Enabling Activity is not principally designed for, or principally intended for, sale or, solely
with respect to related software (excluding any equipment or component embedded software), licensing, in the Competing Business
and (b) the sales revenue for such IIOT Enabling Activity from sales for use in the O&G Activities (without taking into account
any sales or supply to the Newco Group) does not exceed thirty five percent (35%) of its revenues from all sales (without taking
into account any sales or supply to the Newco Group), in each case, (i) during the period commencing on the Closing Date and ending
on December 31, 2017 or (ii) during any subsequent calendar year.

 

    Page 12

     

    

 

“Insurance
Activities” means any insurance activity involving the sale of any product or service determined to constitute insurance,
assurance or reinsurance by the Laws in effect in any jurisdiction in the world, the conduct of any insurance brokerage activities
or services or the provision of insurance advisory services, business processes or software.

 

“Interim Period”
means the period beginning on the Signing Date and ending on the Closing Date.

 

“IST Activities”
means any activity relating to developing, designing, engineering, marketing, manufacturing, supplying, repairing and servicing
industrial steam turbines, in each case conducted with the assets transferred to GE or its Affiliates, from and after, the consummation
of the transactions contemplated by the term sheet attached hereto as Schedule D.

 

“Leasing”
means the rental, leasing, or financing under operating leases, finance leases or hire purchase or rental agreements, of property
(other than O&G Products and Services), whether real, personal, tangible or intangible.

 

“Non-Segregable
Competing Business” means, with respect to any After-Acquired Business, the Competing Business thereof which would be
unreasonably burdensome, as determined in accordance with Section 3(b), to Sell.

 

“O&G Activities”
means the following oil and gas activities: (i) exploration (including seismic surveying), drilling, evaluation (including reservoir
and reserves analysis), completion, well intervention, stimulation or production in and of reservoirs; (ii) liquefied natural gas;
(iii) compression and boosting liquids (i.e., pumps) in upstream, midstream and downstream; (iv) pipeline inspection, pipeline
commissioning and pipeline integrity management; (v) processing in refineries and petrochemical (including fertilizer) plants;
or (vi) production chemicals in the upstream and additive chemicals in the downstream.

 

“O&G Contractual
Obligations” means, with respect to an After-Acquired Business, the contractual obligations of the Non-Segregable Competing
Business thereof that are applicable to the sale by such Non-Segregable Competing Business of (a) all O&G Products and Services
to companies engaged (but excluding their Affiliates or business units, as applicable, that are not engaged) in the oil and gas
industry or (b) the O&G Products and Services listed on Schedule B (and, in each case, all of the related infrastructure
necessary to perform such contractual obligations, including reasonably allocable cost of restructuring necessary for, and providing
such infrastructure support) in order to serve third party end-user customers’ requirements with respect to all (but not
less than all) of the related O&G Products and Services.

 

    Page 13

     

    

“O&G Products
and Services” means products, parts, equipment, services, technology and systems (including for avoidance of doubt software)
(a) for use in the O&G Activities (including Horizontal Digital Offerings) or (b) listed on Schedule B, and solely with
respect to clause (b), which Newco can reasonably demonstrate by ordinary course business documents or systems that, as of the
Signing Date, (i) GE O&G was engaged in the sale thereof or (ii) were contemplated or being designed by GE O&G, including
any reasonably foreseeable enhancements or extensions thereof (including by further investments therein), provided that such enhancements
or extensions thereof, including by further investments therein, continue to fall within the description of the applicable product,
part, equipment, service, technology or system listed on Schedule B, and excluding, with respect to both clauses (a) and
(b), the products, parts, equipment, services, technology and systems of GE Digital Business unit.

 

“Other Financial
Services Activities” means the offering, sale, distribution or provision, directly or through any distribution system
or channel, of any financial products, financial services, asset management services, including investments on behalf of GE’s
financial services affiliates purely for financial investment purposes, investments for the benefit of third party and client accounts,
credit card products or services, vendor financing and trade payables services, back-office billing, processing, collection and
administrative services or products or services related or ancillary to any of the foregoing.

 

“Post-Acquisition
Period” means, with respect to any After-Acquired Business, the twenty-four (24) months immediately following the consummation
of the purchase or other acquisition of such After-Acquired Business in accordance with the definitive documentation thereof or,
in the case of any purchase or acquisition during the Interim Period (with the consent of Baker Hughes Incorporated, such consent
not to be unreasonably withheld, delayed or conditioned), twenty-four (24) months following the Closing Date; provided that
if (i) a definitive agreement has been entered into with respect to a Sale of all (but not less than all) of the After-Acquired
Business, (ii) all conditions to the consummation of such Sale have been satisfied as required by the applicable definitive agreement
except for the satisfaction of the applicable Regulatory Conditions or any other conditions the condition precedent to the satisfaction
of which is satisfaction of the applicable Regulatory Conditions, and (iii) the applicable member of the GE Group has complied
in all material respects with its respective obligations under Section 3 of this Agreement or any obligation in connection
with satisfaction of such Regulatory Conditions, then the Post-Acquisition Period with respect to such After-Acquired Business
shall not expire until the earlier of (A) termination of such definitive agreement and (B) five days after the satisfaction of
such Regulatory Conditions.

 

“Sale”
or “Sell” means the sale, disposition, divestment, conveyance or other transfer or conveyance of legal or beneficial
interest whether voluntarily or by operation of law.

 

“Securities
Activities” means any activity, function or service (without regard to where such activity function or service actually
occurs) which, if undertaken or performed (i) in the United States would be subject to the United States federal securities Laws
or the securities Laws of any state of the United States or (ii) outside of the United States within any other jurisdiction in
the world, would be subject to any Law in any such jurisdiction governing, regulating or pertaining to the sale, distribution or
underwriting of securities or the provision of investment management, financial advisory or similar services.

 

    Page 14

     

    

“Signing Date”
means October 30, 2016.

 

“Supply Agreement”
means that certain Supply Agreement, dated as of July 3, 2017, between GE and Newco, as amended and restated on the date hereof
(as further amended, modified or supplemented from time to time in accordance with its terms).

 

“Transaction
Agreement” means that certain Transaction Agreement and Plan of Merger, dated October 30, 2016, among GE, Baker Hughes
Incorporated, Newco and Bear MergerSub, Inc. (as amended, modified or supplemented from time to time in accordance with its terms).

 

“Treasury
Function” means the treasury unit of any member of the GE Group including any personnel under the direct or indirect
management of the treasurer of such member, and such unit’s agents or representatives, or any other unit of the group comprising
such member and its Subsidiaries performing a similar treasury function for any other part of the group comprising such member
and its Subsidiaries, and its agents or representatives.

 

[Signature Pages to Follow]

 

    Page 15

     

    

IN WITNESS WHEREOF, the
Parties have caused this Agreement to be executed on the date first written above by their respective duly authorized officers.

 

 

	 	
        GENERAL ELECTRIC COMPANY

         

	 	 
	 	 
	 	By: 	/s/ James M. Waterbury
	 	 	Name:	James M. Waterbury
	 	 	Title:	Vice President 

 

 

	 	
        BAKER
HUGHES, A GE COMPANY

         

	 	 
	 	 
	 	By: 	/s/ Lee Whitley
	 	 	Name:	Lee Whitley
	 	 	Title:	Corporate Secretary

 

 

    Page 16

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