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Exhibit 10.3    
  

EMPLOYEE BENEFITS AGREEMENT  

 DATED AS OF FEBRUARY 23, 2002  

 BETWEEN  

 HELMERICH & PAYNE, INC.  

 AND  

 HELMERICH & PAYNE EXPLORATION AND PRODUCTION CO.  

  

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	ARTICLE I DEFINITIONS	 	1
	 	

1.1	
 	

General	
 	

1
	

ARTICLE II EMPLOYEES; ASSUMPTION OF LIABILITIES	
 	

2
	 	

2.1	
 	

Employees.	
 	

2
	 	2.2	 	Assumption and Liabilities.	 	4
	

ARTICLE III SPINCO PLANS	
 	

4
	 	

3.1	
 	

Medical and Dental Plans	
 	

4
	 	3.2	 	Vision Plan	 	4
	 	3.3	 	Section 125 Cafeteria Plan	 	5
	 	3.4	 	Life Insurance	 	5
	 	3.5	 	Sick Leave and Disability Arrangements	 	5
	 	3.6	 	Educational Assistance	 	5
	 	3.7	 	Spinco 401(k) Plan	 	5
	 	3.8	 	Equity Plans	 	5
	 	3.9	 	Service Crediting and Similar Matters	 	6
	 	3.10	 	COBRA	 	6
	

ARTICLE IV INCENTIVE PLANS	
 	

6
	 	

4.1	
 	

Conversion of Awards	
 	

6
	 	4.2	 	Option Provisions	 	6
	 	4.3	 	Exchange Ratio	 	6
	

ARTICLE V GENERAL	
 	

7
	 	

5.1	
 	

Payment and Accounting Treatment for Expenses	
 	

7
	 	5.2	 	Sharing of Participant Information	 	7
	 	5.3	 	Non-Solicitation of Employees	 	7
	 	5.4	 	Plan Audits	 	7
	 	5.5	 	Consent of Third Parties	 	7
	 	5.6	 	Effect if Distribution Does Not Occur	 	7
	 	5.7	 	Relationship of Parties	 	8
	 	5.8	 	Indemnification	 	8
	 	5.9	 	Survival	 	9
	 	5.10	 	Notices	 	9
	 	5.11	 	Interpretation	 	9
	 	5.12	 	Governing Law	 	9
	 	5.13	 	No Assignment	 	9
	 	5.14	 	Amendment	 	9
	 	5.15	 	Termination	 	9
	 	5.16	 	Counterparts	 	9

i

 
 

EMPLOYEE BENEFITS AGREEMENT    
  

        This EMPLOYEE BENEFITS AGREEMENT (this "Agreement") is dated as of February 23, 2002, by and between Helmerich & Payne, Inc., a Delaware
corporation ("HP Co."), and Helmerich & Payne Exploration and Production Co., a Delaware corporation, a wholly owned subsidiary of HP Co. ("Spinco"). 

 
 

RECITALS    
  

        WHEREAS, HP Co. intends to transfer or cause to be transferred to Spinco certain assets and liabilities of HP Co. and its subsidiaries predominantly related to
their oil and gas exploration and production business (the "Contribution"); 

        WHEREAS,
subsequent to the Contribution, all of the issued and outstanding shares of common stock of Spinco will be distributed to the holders of the outstanding common stock of HP Co.
on a pro rata basis (the "Distribution"); 

        WHEREAS,
following the Distribution, Mountain Acquisition Co. ("Merger Sub"), a Delaware corporation and a wholly owned subsidiary of Spinco will merge with and into Key Production
Company, Inc., a Delaware corporation (the "K Co."), with K Co. being the surviving corporation (the "Merger") pursuant to the terms of the Agreement and Plan of Merger dated as of the date
hereof by and between HP Co., Spinco, Merger Sub and K Co. (the "Merger Agreement"); 

        WHEREAS,
HP Co. and Spinco have entered into a Distribution Agreement dated as of the date hereof (the "Distribution Agreement") and certain other agreements that will govern matters
relating to the Distribution and the relationship of HP Co. and Spinco following the Distribution; 

        WHEREAS,
pursuant to the Distribution Agreement, HP Co. and Spinco have agreed to enter into this Agreement for purposes of allocating current and former employees and assets,
liabilities, and responsibilities with respect to employee compensation, benefits and other matters. 

        NOW,
THEREFORE, in consideration of the mutual promises contained herein and in the Distribution Agreement, the parties hereto hereby agree as follows: 

 
 

ARTICLE I
  DEFINITIONS    
  

        1.1    General.    As used in this Agreement, the following terms shall have the following meanings (such meanings to
be equally applicable to both the singular and plural forms of the terms defined): 

        Agreement:    means this Employee Benefits Agreement, and all exhibits, schedules, appendices and annexes hereto. 

        Code:    means the Internal Revenue Code of 1986, as amended. 

        Closing Date:    has the meaning given in the Merger Agreement. 

        Distribution:    has the meaning given in the second recital of this Agreement. 

        Distribution Agreement:    has the meaning given in the fourth recital of this Agreement. 

        Distribution Date:    has the meaning given in the Distribution Agreement. 

        HP Co.:    has the meaning given in the first paragraph of this Agreement. 

        HP Co. Change of Control Agreements:    mean those Change of Control Agreements to be entered into by HP Co. and certain
executives in its exploration and production division who will become Spinco Employees and are listed on Schedule A attached hereto. 

        HP Co. Common Stock:    has the meaning given in the Distribution Agreement. 

        HP Co. Educational Assistance Plan:    means the Helmerich & Payne, Inc. Educational Assistance Plan. 

 

        HP Co. Executive Plans:    means (a) Supplemental Retirement Income Plan for Salaried Employees of Helmerich &
Payne, Inc.; and (b) Supplemental Savings Plan for Salaried Employees of Helmerich & Payne, Inc. 

        HP Co. Flexible Plan:    means the Helmerich & Payne, Inc. Flexible Benefits Plan. 

        HP Co. Health and Welfare Plans:    are set forth on Schedule B hereto. 

        HP Co. Incentive Plans:    means (a) Helmerich & Payne, Inc. 1990 Stock Incentive Plan;
(b) Helmerich & Payne, Inc. 1996 Stock Incentive Plan; and (c) Helmerich & Payne, Inc. 2000 Stock Incentive Plan. 

        HP Co. Pension Plan:    means the Helmerich & Payne, Inc. Employees Retirement Plan. 

        HP Co. Plans:    means the HP Co. Savings Plan, the HP Co. Pension Plan, the HP Co. Health and Welfare Plans, the HP Co. Change
of Control Agreements and the HP Co. Severance Plan. 

        HP Co. Post-Retirement Medical Plan:    means the Helmerich & Payne, Inc. Post Retirement Medical
Plan. 

        HP Co. Savings Plan:    means the Helmerich & Payne, Inc. 401(k)/Thrift Plan. 

        HP Co. Severance Plan:    means the Helmerich & Payne, Inc. Severance Plan established for employees in its
exploration and development division who become Spinco Employees. 

        HP Co. Stock Option:    means an option to acquire HP Co. Common Stock granted pursuant to an HP Co. Incentive Plan. 

        HP Co. Vacation Policy:    means the Helmerich & Payne, Inc. Vacation Policy. 

        Merger:    has the meaning given in the third recital of this Agreement. 

        Retained Employee:    means any individual (i) who, as of the close of the Distribution Date, is actively employed by, or
an approved leave of absence or layoff with right of recall from, HP Co. or any individual who was at any time on or prior to the Distribution Date employed by HP Co. or any of its subsidiaries or
affiliates and (ii) who is not a Spinco Employee. 

        Spinco:    has the meaning given in the first paragraph of this Agreement. 

        Spinco 401(k) Plan:    means the defined contribution plan established by Spinco in accordance with the terms and provisions
more specifically described in Section 3.7 of this Agreement. 

        Spinco Common Stock:    has the meaning given in the Distribution Agreement. 

        Spinco Employee:    means (i) any individual listed on Schedule C attached hereto and (ii) any other
individual identified by HP Co. whose transfer to Spinco was approved by K Co. (whether a specific approval of an individual employee or an approval of a reasonably identifiable and limited class of
employees), such approval not to be unreasonably withheld, and in either case, who, as of the close of the Distribution Date, is actively employed by, or on an approved leave of absence or layoff with
right of recall from, Spinco. 

        Spinco Liabilities:    has the meaning given in Section 2.2(a). 

 
 

ARTICLE II
  EMPLOYEES; ASSUMPTION OF LIABILITIES    
  

        2.1    Employees.    

        (a)    General.    Effective as of the Distribution Date, Spinco Employees shall be employees of Spinco and Retained
Employees shall be employees of HP Co. 

2

 

        (b)    HP Co. Pension Plan.    The benefit of each Spinco Employee under the HP Co. Pension Plan will be the benefit
earned by the Spinco Employee (if any) as of the Distribution Date, and such benefits will be paid as provided in the HP Co. Pension Plan. Effective as of the Distribution Date, Spinco Employees shall
cease to accrue additional benefits under the HP Co. Pension Plan. The HP Co. Pension Plan may be amended by HP Co. prior to the Distribution Date to provide that (A) certain Spinco Employees
who are not "highly compensated employees" as defined in Section 414(q) of the Code will be credited as of the Distribution Date with up to two additional years of employment service and/or age
for purposes of determining whether such Spinco Employees qualify for early retirement under the HP Co. Pension Plan based on attainment of at least age 55 and being credited with at least 10 Years of
Credited Service (as defined in the HP Co. Pension Plan), and (B) such Spinco Employees will be entitled to an early retirement benefit under the HP Co. Pension Plan upon termination of
employment with Spinco and its affiliates on substantially the same basis as any other employee of HP Co. who terminates employment with HP Co. as of such time. The credit of this additional
employment service will be recognized only for the limited purpose of enabling such Spinco Employee to receive a subsidized early retirement benefit under the HP Co. Pension Plan. 

        (c)    HP Co. Post Retirement Medical Plan.    The HP Co. Post Retirement Medical Plan will be amended by HP Co. to
provide that if any Spinco Employee has met the eligibility requirements for benefits under the HP Co. Post Retirement Medical Plan as of the Distribution Date, then, such Spinco Employee will be
entitled to receive post-retirement medical benefits under the HP Co. Post-Retirement Medical Plan after termination of employment with Spinco and its affiliates on
substantially the same basis as similarly situated Retained Employees from time to time. 

        (d)    HP Co. Executive Plans.    The benefit of each Spinco Employee under the HP Co. Executive Plans will be the
benefit earned by the Spinco Employee (if any) as of the Distribution Date. Effective as of the Distribution Date, Spinco Employees shall cease to accrue additional benefits under the HP Co. Executive
Plans. The HP Co. Executive Plans will be amended (subject to HP Co. Executive Plan requirements) by HP Co. to provide that distributions will not be made from such plans until the Spinco Employee
terminates employment with Spinco and its affiliates. 

        (e)    No Right to Continued Employment.    Nothing contained in this Agreement shall confer on any Spinco Employee or
HP Co. Employee any right to continued employment. 

        (f)    Accelerated Vesting in Retirement Plans.    At the Distribution Date, Spinco Employees who are not 100% vested
in their benefits in the HP Co. Executive Plans and, to the extent doing so will not adversely affect their tax-qualified status, in the HP Co. Pension Plan and the HP Co. Savings Plan,
will be 100% vested in the benefits accrued as of such date. 

        (g)    HP Co. Educational Assistance Plan.    With respect to any Spinco Employee who on the Distribution Date has
incurred any obligation under the HP Co. Educational Assistance Plan, such obligation will be cancelled and forgiven at such time. Withholding obligations, if any, resulting from cancellation and
forgiveness of such obligation shall be satisfied out of any other payments by HP Co. to the Spinco Employee or if there are none (or their amount is insufficient for such purpose) shall be paid to HP
Co. by the Spinco Employee, all in accordance with the Code. 

        (h)    HP Co. Vacation Policy.    Prior to the Distribution Date, the HP Co. Vacation Policy will be amended by HP Co.
to provide that any vacation which has accrued for the benefit of any Spinco Employee as of the Distribution Date and the resulting liability therefor will become the liability of Spinco. Spinco shall
cause the Spinco Employees to receive full credit for all years of employment service with HP Co. while employed by Spinco for purposes of calculating the Spinco Employees' vacation accrual. Further,
Spinco agrees that for the year in which the Distribution Date occurs, terms and provisions at least as favorable as those of the HP Co. Vacation Policy 

3

 

shall be applied by Spinco in determining all rights of Spinco Employees to vacation while employed by Spinco in the year in which the Distribution Date occurs. 

        (i)    Non-Termination of Employment.    Except as otherwise expressly provided herein, no provision of
this Agreement or the Distribution Agreement shall be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any Spinco Employee or other
future, present, or former employee of HP Co. or Spinco under any HP Co. Plan or otherwise. Without limiting the generality of the foregoing, except as otherwise required by applicable law or as may
expressly be provided in an applicable agreement, neither the Distribution nor the transfer of an employee to Spinco shall cause any employee to be deemed to have incurred a termination of employment
for purposes of any HP Co. Plans. 

        2.2    Assumption and Liabilities.    

        (a)    Assumption by Spinco.    Subject to satisfaction by HP Co. of its obligations hereunder, Spinco hereby assumes
and agrees to pay, perform, fulfill and discharge, in accordance with their respective terms, as such relate to the Spinco Employees all of the following, regardless of when or where such liabilities
arose or arise or were or are incurred (collectively, the "Spinco Liabilities"): 

        (i)    HP
Co. Change of Control Agreements. 

        (ii)  HP
Co. Severance Plan. 

        (iii)  HP
Co. Vacation Policy for the year in which the Distribution Date occurs. 

        (iv)  All
other liabilities relating to, arising out of, or resulting from obligations, liabilities, and responsibilities expressly assumed or retained by Spinco pursuant to
this Agreement. 

        Nothing
contained in this Section 2.2(a) shall affect Spinco's ability to terminate or amend any plan or arrangement assumed by Spinco so long as any action taken by Spinco is in
accordance with the terms of such plan or arrangement. 

        (b)    Assumption by HP Co.    All liabilities with respect to Retained Employees shall be assumed and retained by HP
Co., and HP Co. agrees to pay, perform, fulfill, and discharge in accordance with their respective terms all of such liabilities, regardless of when or where such liabilities arose or arise or were or
are incurred ("Retained Liabilities"). 

 
 

ARTICLE III
  SPINCO PLANS    
  

        3.1    Medical and Dental Plans.    Effective as of the Distribution Date, Spinco shall establish medical and dental
plans the terms of which shall be substantially no less favorable in the aggregate in terms of both employee contributions and benefits than the respective HP Co. Health and Welfare Plans in effect
and applicable to Spinco Employees immediately prior to the Distribution Date. Any Spinco Employees who currently participate in HP Co.'s executive medical plan shall cease to so participate effective
as of the Distribution Date. 

        3.2    Vision Plan.    Effective as of the Distribution Date, Spinco shall establish a vision plan on terms that are
substantially similar to the HP Co. vision plan in effect and applicable to the Spinco Employees immediately prior to the Distribution Date. 

4

  

        3.3    Section 125 Cafeteria Plan.    Effective as of the Distribution Date, Spinco shall establish a
cafeteria
plan under Section 125 of the Code on terms that are substantially similar to the HP Co. Flexible Plan in effect and applicable to Spinco employees immediately prior to the Distribution Date,
but with outside administration similar to that applicable to the K Co. cafeteria plan as of the date of this Agreement. As soon as practicable following the Distribution Date, HP Co. shall transfer
to Spinco and Spinco shall accept the flexible spending account elections and account liabilities (maintained pursuant to Code Sections 105 and 129) of the Spinco Employees under HP Co. Flexible Plan,
and HP Co. shall transfer to Spinco the aggregate net cash amount (determined immediately prior to the Distribution Date) for contributions paid but not yet reimbursed, less the amount of
reimbursements for which contributions have not been received by or on behalf of the Spinco Employees under the HP Co. Flexible Plan. 

        3.4    Life Insurance.    Effective as of the Distribution Date, Spinco shall establish a life insurance plan on terms
that are substantially similar to those applicable to K Co. employees as of the date of this Agreement, with company-paid coverage no greater than the lesser of (a) two times salary
or (b) $500,000. 

        3.5    Sick Leave and Disability Arrangements.    Effective as of the Distribution Date, Spinco shall establish
(a) a long-term disability plan on terms that are substantially similar to the K Co. long-term disability plan as in effect as of the date of this Agreement and
(b) sick leave and short-term disability arrangements as may be mutually agreed by HP Co. and K Co. before the Closing Date. 

        3.6    Educational Assistance.    Effective as of the Distribution Date, Spinco shall establish an educational
assistance plan on terms that are substantially similar to the HP Co. Educational Assistance Plan in effect and applicable to the Spinco employees immediately prior to the Distribution Date. 

        3.7    Spinco 401(k) Plan.    Effective as of the Distribution Date, Spinco shall establish the Spinco 401(k) Plan and
related trust intended to be qualified under Sections 401(a), 401(k) and 501(a) of the Code, the terms of which shall be mutually agreed by K Co. and HP Co. before the Closing Date, but which in any
event shall include terms no less favorable than: (a) a maximum elective deferral percentage equal to 50% of a participant's covered compensation; (b) dollar for dollar company matching
contributions up to 5% of a participant's covered compensation; and (c) vesting over four years in equal 25% annual installments.    Effective as of the Distribution Date, the
Spinco Employees shall cease participation in the HP Co. Savings Plan, and shall commence participation in the Spinco 401(k) Plan. As soon as practicable after the Distribution Date (but in any event
not before any required filings with the Internal Revenue Service have become effective), HP Co. shall cause the trustee of the trust
established under the HP Co. Savings Plan to transfer to the trustee of the trust established under the Spinco 401(k) Plan all assets and liabilities attributable to the accounts of Spinco Employees
under the HP Co. Savings Plan as of the date of such transfer (in the form of cash, except that plan loans and assets held in the form of HP Co. Common Stock and Spinco Common Stock shall be
transferred in kind), and Spinco shall cause the trustee of the trust established under the Spinco 401(k) Plan to accept such transfer. Until such time as assets are transferred from the HP Co.
Savings Plan to the Spinco Savings Plan as contemplated in the foregoing provisions of this Section 3.7, HP Co. and Spinco shall cooperate to take such steps as may be necessary to permit any
Spinco Employee with an outstanding plan loan under the HP Co. Savings Plan as of the Distribution Date to make timely loan service payments to the HP Co. Savings plan through Spinco payroll
deductions. 

        3.8    Equity Plans.    Effective not later than the Distribution Date, Spinco shall establish, and HP Co., as sole
shareholder of Spinco shall approve, the Spinco 2002 Stock Incentive Plan. The terms of the Spinco 2002 Stock Incentive Plan shall be mutually agreed by HP Co. and K Co., with the understanding that
such plan will be substantially similar in terms to the HP Co. Incentive Plans as in effect and applicable to Spinco Employees as of the Distribution Date. 

5

 

        3.9    Service Crediting and Similar Matters.    As of the Distribution Date, Spinco shall cause each Spinco Employee
to be given full credit for all service with HP Co. and Spinco and their affiliates before the Distribution Date for all purposes under any employee benefit plans or arrangements established or
assumed by Spinco or any of its affiliates at any time (except to the extent necessary to avoid the duplication of benefits). For purposes of determining the terms and conditions of a Spinco
Employee's participation in any employee welfare benefit plans of Spinco or its affiliates (the "Spinco Welfare Plans"), Spinco shall, and shall cause its affiliates to, (i) waive all
limitations as to pre-existing condition exclusions and waiting periods with respect to the Spinco Employee or his or her dependents under the Spinco Welfare Plans, other than to the
extent limitations or waiting periods that are already in effect with respect to the Spinco Employee or his or her dependents have not been satisfied as of the Distribution Date under the
corresponding welfare benefit plans maintained for the Spinco Employee immediately before the Distribution Date, and (ii) provide each Spinco Employee with credit for any
co-payments and deductibles attributable to the portion of the year in which the Distribution Date occurs (without regard to whether such payments were paid) in satisfying any deductible
or out-of-pocket requirements under the Spinco Welfare Plans (on a pro-rata basis in the event of a difference in plan years). 

        3.10    COBRA.    Spinco shall be responsible for providing such "continuation coverage" (within the meaning of the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA")) as is required pursuant to COBRA with respect to (i) any Spinco Employee who incurs a "qualifying event" (as such
term is defined in COBRA) at or after the Distribution Date and (ii) any Spinco Employee who incurs such a qualifying event before the Distribution Date as to which notice is not provided by
the Spinco Employee until at or after the Distribution Date. 

 
 

ARTICLE IV
  INCENTIVE PLANS    
  

        4.1    Conversion of Awards.    Not later than immediately before the Distribution, HP Co. shall have adopted such
resolutions and taken such other actions as may be required to provide that, effective as of the Distribution Date, each HP Co. Stock Option granted under the HP Co. Incentive Plans to any Spinco
Employee that is outstanding as of the Distribution Date shall be converted into an option to purchase Spinco Common Stock under the Spinco 2002 Stock Incentive Plan, the number of shares of Spinco
Common Stock determined by multiplying the number of shares of HP Co. Common Stock subject to such HP Co. Stock Option immediately before the Distribution Date by the Option Exchange Ratio (as defined
in Section 4.3, below), at a price per share (rounded to the nearest whole cent) equal to the exercise price per share of HP Co. Common Stock otherwise purchasable pursuant to such HP Co. Stock
Option divided by the Option Exchange Ratio (as defined in Section 4.3, below); provided, however, that with respect to any HP Co. Stock Option, such substitution shall be effected such that
(i) the aggregate intrinsic value of the award immediately after the conversion is not greater than the aggregate intrinsic value (as determined pursuant to United States Generally Accepted
Accounting Principles) of the HP Co. Stock Option immediately before the conversion and (ii) the ratio of the exercise price per share to the market value per share is not reduced as a result
of the conversion. 

        4.2    Option Provisions.    For purposes of determining when any such option to purchase Spinco Common Stock shall
vest and expire, service with HP Co. and its Affiliates before the Distribution shall be treated as service with Spinco and its Affiliates at and after the Distribution and vice versa. 

        4.3    Exchange Ratio.    For purposes of Section 4.1, above, "Option Exchange Ratio" shall mean the quotient
(rounded to the third decimal place) determined by dividing (i) the average of the daily closing prices per share of HP Co. Common Stock on the New York Stock Exchange ("NYSE") Composite
Transactions Reporting System (regular way), as reported in The Wall Street Journal, for the five trading days ending on the date immediately prior to
the fifth full NYSE trading day immediately 

6

 

preceding the record date for the Distribution by (ii) the average of the daily closing prices per share of Spinco Common Stock on the NYSE Composite Transactions Reporting System (regular
way), as reported in The Wall Street Journal for the first five trading days following the Distribution Date. The Option Exchange Ratio shall be subject
to appropriate adjustment in the event of any stock split, stock dividend or recapitalization after the date of this Agreement applicable to shares of HP Co. Common Stock or Spinco Common Stock. 

 
 

ARTICLE V
  GENERAL    
  

        5.1    Payment and Accounting Treatment for Expenses.    All expenses (and the accounting treatment related thereto)
through the close of the Distribution Date regarding matters addressed herein shall be handled and administered by HP Co. and Spinco in accordance with the past HP Co. accounting and financial
practices and procedures pertaining to such matters. 

        5.2    Sharing of Participant Information.    HP Co. and Spinco shall share with each other and their respective
agents and vendors all participant information necessary for the efficient and accurate administration of the HP Co. Plans following the Distribution Date. HP Co. and Spinco and their respective
authorized agents shall, subject to applicable laws on confidentiality, be given reasonable and timely access to, and may make copies of, all information relating to the subjects of this Agreement in
the custody of the other party, to the extent necessary for such administration. 

        5.3    Non-Solicitation of Employees.    For a period of two years from the close of the Distribution
Date, Spinco and its affiliates will not, without the prior written consent of HP Co., and HP Co. and its affiliates will not, without the prior written consent of Spinco, whether directly or
indirectly, solicit (in writing or orally) for employment or other services, whether as an employee, officer, director, agent, consultant or independent contractor, any person who or which is at the
time of such solicitation an employee, agent, representative, officer or director of the other party; provided, however, that this covenant shall continue to apply in the case of persons who have left
the employ of either party within a 30-day period prior to being solicited by the other party. 

        5.4    Plan Audits.    Each of HP Co. and Spinco, and their duly authorized representatives, shall have the right to
conduct audits at any time upon reasonable prior notice, at their expense, with respect to all information provided to it or to any plan recordkeeper or third-party administrator by the other party.
The auditing party shall have the right to make copies of any records at its expense, subject to the confidentiality provisions set forth in the Distribution Agreement, which are incorporated by
reference herein. The party being audited shall provide the auditing party's representatives with reasonable access during normal business hours to its operations, computer systems and paper and
electronic files, and provide work space to its representatives. After any audit is completed, the party being audited shall have the right to review a draft of the audit findings and to comment on
these findings in writing within five business days after receiving such draft. 

        5.5    Consent of Third Parties.    If any provision of this Agreement is dependent upon the consent of any third
party (such as a vendor or a union) and such consent is withheld, HP Co. and Spinco shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the full extent
practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party consent, HP Co. and Spinco shall negotiate in good faith to implement the provision in a
mutually satisfactory manner. The phrase "reasonable best efforts" as used in this Agreement shall not be construed to require the incurrence of any non-routine or unreasonable expense or
liability or the waiver of any right. 

        5.6    Effect if Distribution Does Not Occur.    If the Distribution does not occur, then all actions and events that
are, under this Agreement, to be taken or occur effective as of the close of the Distribution 

7

 

Date, immediately after the Distribution Date, or otherwise in connection with the Distribution, shall not be taken or occur except to the extent specifically agreed by HP Co. and Spinco. 

        5.7    Relationship of Parties.    Nothing in this Agreement shall be deemed or construed by the parties or any third
party as creating the relationship of principal and agent, partnership or joint venture between the parties, it being understood and agreed that no provision contained herein, and no act of the
parties, shall be deemed to create any relationship between the parties other than the relationship set forth herein. 

        5.8    Indemnification.    Effective on the Distribution Date, Spinco agrees to indemnify and hold harmless HP Co. and
its respective officers, directors, employees and agents and the HP Co. Plans from and against any and all liabilities, claims, suits, damages, costs and expenses (including, without limitation,
reasonable attorneys' fees and any all expenses reasonably incurred in investigating, preparing or defending against any pending or seriously threatened litigation or claim) arising out of or relating
to any Spinco Liability. Effective on the Distribution Date, HP Co. agrees to indemnify and hold harmless Spinco and its respective officers, directors, employees and agents and the Spinco Plans from
and against all liabilities, claims, suits, damages, costs and expenses (including, without limitation, reasonable attorneys' fees and any all expenses reasonably incurred in investigating, preparing
or defending against any pending or seriously threatened litigation or claim) arising out of or relating to any Retained Liabilities. If any action is brought or any claim is made against HP Co. or
Spinco or a person in respect of which indemnity may be sought pursuant to this Section 5.8 (the "Indemnitee"), the Indemnitee shall, within 10 days after the receipt of information
indicating that an action or claim is likely, notify in writing the person from whom indemnification is sought (the "Indemnitor") of the action or the making of the claim, and the Indemnitor shall
have the right, and at the request of the Indemnitee, shall have the obligation, to assume the defense of the action or claim, including the employment of counsel. If the Indemnitor assumes the
defense of the action or claim, the Indemnitor shall be entitled to settle the action or claim on behalf of the Indemnitee without the prior written consent of the Indemnitee unless such settlement
would, in addition to the payment of money, materially affect the ongoing business or employment of the Indemnitee. The Indemnitee shall have the right to employ its own counsel, but the fees and
expenses of that counsel shall be the responsibility of the Indemnitee unless (i) the employment of that counsel shall have been authorized in writing by the Indemnitor in connection with the
defense of the action or claim; (ii) the Indemnitor shall not have employed counsel to have charge of the defense of such action or claim; or (iii) such Indemnitee shall have reasonably
concluded that there may be defenses available to it which are different from or additional to those available to the Indemnitor (in which case, the Indemnitor shall not have the right to direct any
different defense of the action or claim on behalf of the Indemnitee). The Indemnitee shall, in any event, be kept fully informed of the defense of any such action or claim. Except as expressly
provided above, in the event that the Indemnitor shall not previously have assumed the defense of an action or claim, at such time as the Indemnitor does assume the defense of the action or claim, the
Indemnitor shall not thereafter be liable to any Indemnitee for legal or other expenses subsequently incurred by the Indemnitee in investigating, preparing or defending against such claim or action. 

        Anything
in this Section 5.8 to the contrary notwithstanding, the Indemnitor shall not be liable for any settlement of any claim or action effected without its written consent;
provided, however, that if after due notice, the Indemnitor refuses to defend a claim or action, the Indemnitee shall have the right to defend and/or settle such action, and the Indemnitee shall not
be precluded from making a claim against the Indemnitor for reasonable expenses and liabilities resulting from such defense and/or settlement in accordance with this Section 5.8. 

        Notwithstanding
the foregoing provisions of this Section 5.8, there may be particular actions or claims which reasonably could result in both parties being liable to the other
under the indemnification provisions of this Agreement. In such events, the parties shall endeavor, acting reasonably and in good 

8

 

faith, to agree upon a manner of conducting the defense and settlement of the action or claim with a view to minimizing the legal expenses and associated costs that might otherwise be incurred by the
parties, such as, by way of illustration only, agreeing to the use of the same legal counsel. 

        The
indemnification provisions of this Section 5.8 shall not inure to the benefit of any third party. By way of illustration only, an insurer who would otherwise be obligated to
pay any claim should not be relieved of the responsibility with respect thereto, or, solely by virtue of the indemnification provisions hereof, have any subrogation rights with respect thereto, it
being expressly understood and agreed that no insurer or any other third party shall be entitled to a "windfall" (i.e., a benefit they would not be entitled to receive in the absence of the
indemnification provisions) by virtue of these indemnification provisions. 

        5.9    Survival.    This Agreement shall survive the Distribution Date. 

        5.10    Notices.    Any notice, demand, claim, or other communication under this Agreement shall be in writing and
shall be given in accordance with the provisions for giving notice under the Distribution Agreement. 

        5.11    Interpretation.    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 genders as the context requires. The terms "hereof," "herein" and "herewith" and other words of similar import shall, unless otherwise stated, be construed to
refer to this Agreement as a whole (including all scheduled and any other exhibits hereto) and not to any particular provision of this Agreement. The word "including" and the words "of similar import"
when used in this Agreement shall mean "including, without limitation," unless the context otherwise requires or unless otherwise specified. The word "or" shall not be exclusive. 

        5.12    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without reference to principles of conflict of laws. 

        5.13    No Assignment.    This Agreement may not be assigned by either party (except by operation of law) without the
written consent of the other, and shall bind and inure to the benefit of the parties hereto and their respective successors and permitted assignees. 

        5.14    Amendment.    This Agreement may not be amended or supplemented except by an agreement in writing signed by HP
Co. and Spinco. 

        5.15    Termination.    In the event the Merger Agreement is terminated prior to the consummation of the transactions
contemplated by the Merger Agreement, this Agreement shall terminate without further action by HP Co. or Spinco. 

        5.16    Counterparts.    This Agreement may be executed in counterparts, each of which shall be deemed an original and
all of which together shall constitute one and the same instrument. 

*            *            *            *    
        * 

9

 

        IN
WITNESS WHEREOF, the parties have caused this Employee Benefits Agreement to be executed as of the day and year first above written. 

	 	 	HELMERICH & PAYNE, INC.
	

	
 	

 	

 
	 	 	By:	/s/  HANS HELMERICH      

	 	 	Name:	Hans Helmerich
	 	 	Title:	President and Chief Executive Officer
	

	
 	

 	

 
	 	 	HELMERICH & PAYNE EXPLORATION AND PRODUCTION CO.
	

	
 	

 	

 
	 	 	By:	/s/  STEVEN R. MACKEY      

	 	 	Name:	Steven R. Mackey
	 	 	Title:	Vice President

10

QuickLinks

Exhibit 10.3

TABLE OF CONTENTS

EMPLOYEE BENEFITS AGREEMENT

RECITALS

ARTICLE I DEFINITIONS

ARTICLE II EMPLOYEES; ASSUMPTION OF LIABILITIES

ARTICLE III SPINCO PLANS

ARTICLE IV INCENTIVE PLANS

ARTICLE V GENERALQuickLinks
 -- Click here to rapidly navigate through this document
  

 
 

Exhibit 10.5    
  

 
  EMPLOYMENT AGREEMENT    
  

        This Employment Agreement, dated as of September 1, 1992, is by and between Key Production Company, Inc., a Delaware corporation (hereinafter called
the "Employer"), and Francis H. Merelli (hereinafter called the "Employee"). 

 
 

RECITALS    
  

        The Employer has determined that it is in the best interests of the Employer and its stockholders to employ the Employee as President and Chief Executive Officer
of the Employer to direct the operations of the Employer, and the Employee is willing to accept such employment on the terms and conditions described below. 

 
 

AGREEMENT    
  

        NOW, THEREFORE, in consideration of and subject to the agreements, terms and conditions contained herein, the parties hereto agree as follows: 

 
 

ARTICLE I
  EMPLOYMENT    
  

        Section 1.1.    Employment of the Employee. The Employer hereby employs the Employee, and the Employee
hereby accepts employment by the Employer, upon the terms and conditions hereinafter set
forth. The term "Period of Employment" as used herein shall mean the period from the date of this Agreement until the date of Employee's termination as provided herein. 

        Section
1.2.    Directorship. As soon as practicable after the date of this Agreement, the Employee shall be appointed as a
director of Employer. At each annual meeting of stockholders of the Employer held during the Period of Employment, the Employee shall be nominated by management to be a director of the Employer. 

 
 

ARTICLE II
  DUTIES    
  

        Section 2.1.    Duties. During the Period of Employment, the Employee shall, subject to the authority of
the Employer's Board of Directors (the "Board"), be employed as President and Chief Executive Officer of the Employer, with such duties, responsibilities and authority as are consistent with such
offices, and with such additional responsibilities and duties as may be reasonably assigned to him by the Board, which in each case he shall faithfully and diligently perform. Subject to the authority
of the Board, the Employee shall have executive and operational authority over the business and affairs of the Employer. 

        Section
2.2.    Time to be Devoted to Employment; Etc. Except for vacations, which in no event shall be less than four weeks
each year, and absences due to temporary illness or disability, the Employee shall devote his full time, attention and energies on a full-time basis to the business of the Employer.
Nothing in this Agreement, however, shall preclude the Employee from devoting reasonable periods to (a) engaging in charitable and community activities or (b) managing his personal
investments. 

 
 

ARTICLE III
  COMPENSATION    
  

        Section 3.1.    Base Salary. The Employer shall pay to the Employee a base monthly salary equal to
$12,500 (the "Base Salary"), payable bi-monthly in arrears. The Base Salary may be adjusted as 

2

 

determined by the Board, but shall not be decreased below the Base Salary in existence immediately prior to such adjustment. 

        Section
3.2.    Annual Incentive Bonuses. The Employee shall be eligible for incentive bonuses under any incentive program for
executives of the Employer which is adopted by the Board. 

        Section
3.3.    Reimbursement for Expenses. The Employer shall reimburse the Employee for all reasonable and necessary travel
expenses and other reasonable disbursements made by him for or on behalf of the Employer in the performance of his duties hereunder on the Employer's business, upon presentation by the Employee to the
Employer of appropriate vouchers. 

        Section
3.4.    Incidental Benefits. The Employer shall provide life insurance coverage for the Employee in the face amount of
$500,000, dues for an appropriate club and a covered parking space. 

        Section
3.5.    Employee Benefit Plans. During the Period of Employment, the Employee and his immediate family shall be entitled
to participate, on terms no less favorable than those available to any other senior executive officer of the Employer and his family, in all employee benefit plans adopted by the Employer to which
senior executive officers and their immediate families are entitled to participate. The Employer shall establish, and the Employee shall be eligible to participate in, a health and dental plan and a
long-term disability plan. 

        Section
3.6.    Option Grant. The Board shall grant to the Employee a stock option in the form attached as Exhibit A. 

 
 

ARTICLE IV
  DISABILITY OR DEATH OF THE EMPLOYEE.    
  

        Section 4.1.    Disability. If the Employee is incapacitated or disabled by accident, sickness or
otherwise so as to render him mentally or physically incapable of performing the services required to be performed by him under this Agreement for a period of 90 consecutive days or for a total of
120 days in any twelve-month period, the Employer may, at its option, if payments to the Employee have commenced under the Employer's long-term disability plan, at that time or any
time thereafter, terminate the Period of Employment immediately (provided that both such disability and payments under the Employer's long-term disability plan shall have continued to the
time of termination) upon giving him notice to that effect. Until the Employer shall have terminated the Employee's employment in accordance with the foregoing, the Employee shall be entitled to
receive his compensation, pursuant to Article III notwithstanding any such physical or mental disability. Nothing herein shall limit the Employee's right to receive any amounts to be paid to
the Employee under any disability or employee benefit plan of the Employer, if any, or under any other disability insurance policy or plan covering the Employee. 

        Section
4.2.    Death. If the Employee dies during the Period of Employment, his employment hereunder and the Period of
Employment shall terminate on the date of his death. 

 
 

ARTICLE V
  TERMINATION FOR CAUSE    
  

        The Employer may, by summary notice in writing, terminate the Period of Employment for cause. For the purposes of this Agreement, the term "cause" shall mean: 

        (a)  a
serious breach or any continued default by the Employee in the substantial performance of his duties under this Agreement (other than resulting from his disability)
for a 30-day period after a demand for substantial performance is delivered to the Employee by the Employer, which demand specifies and identifies the manner in which the Employee has not
substantially performed his duties; 

3

 

        (b)  misconduct
by the Employee which is injurious to himself or the Employer, provided that conduct will not be deemed misconduct if it was engaged in by the Employee in
good faith in the belief that it was in, or not opposed to, the interests of the Employer, or was engaged in at the direction of the Board; or 

        (c)  the
intentional commission by the Employee by either: 

        (i)    a
business crime the intended purpose of which was to enrich the Employee at the expense of the Employer; or 

        (ii)  a
felony of which the Employee is convicted or to which he pleads guilty or nolo contendere; 

 
 

ARTICLE VI
  TERMINATION WITHOUT CAUSE    
  

        Section 6.1.    Employer Termination. The Employer may terminate the Period of Employment without cause
at any time by giving the Employee 30 days' prior written notice. Upon the expiration of such 30-day period, the Period of Employment shall terminate. 

        Section
6.2.    Employee Termination. For purposes of this Agreement, the Period of Employment shall be deemed to have been
terminated without cause if the Employee resigns under any of the following conditions: 

        (a)  upon
the Employee's usual place of employment being changed from Denver, Colorado without his consent; 

        (b)  upon
the continued default (including a material reduction in the duties, responsibilities and authority of the Employee as set forth in Article II) by the
Employer in the substantial performance of its obligations hereunder for a 30-day period after a demand for substantial performance is delivered to the Employer by the Employee, which
demand specifies and identifies the manner in which the Employer has not substantially performed its obligations; or 

        (c)  upon
the Employee being directed by the Board to engage in any activity which the Employee, based upon written advice of competent legal counsel, believes would
constitute criminal activity, provided that the Employee gives notice to the Employer providing it with a copy of the written advice of his legal counsel and the Employer does not, within five
business days after its receipt of such notice, withdraw its request that the Employee engage in the activity in question. 

 
 

ARTICLE VII
  EFFECT OF TERMINATION OF PERIOD OF EMPLOYMENT.    
  

        Section 7.1.    Termination for Cause or Voluntarily. Upon termination of the Period of Employment
pursuant to Article V, or by the Employee (except under the conditions set forth in Section 6.2), neither the Employee nor his beneficiaries or estate shall have any further rights or
claims against the Employer under this Agreement except to receive: 

        (a)  the
unpaid portion of the Employee's Base Salary provided for in Section 3.1, computed on a pro rata basis to the date of termination; 

        (b)  reimbursement
for any expenses for which the Employee shall not have theretofore been reimbursed as provided in Section 3.3; and 

        (c)  any
benefits, including the right to continued coverage under the Employer's health plans, which are mandated by law for terminated employees. 

4

 

        Section
7.2.    Termination for Death, Disability or Without Cause. Upon the termination of the Period of Employment pursuant to
Articles IV or VI, neither the Employee nor his beneficiaries or estate shall have any further rights or claims against the Employer under this Agreement except to receive: 

        (a)  24 months'
compensation at the then applicable Base Salary rate, provided that any payments described in this paragraph (a) shall be reduced by any
payments to the Employee under the Employer's long term disability plan; 

        (b)  reimbursement
for any expenses for which the Employee shall not have theretofore been reimbursed as provided in section 3.3; 

        (c)  the
maximum incentive compensation payable in accordance with the provisions of any plan established pursuant to the provisions of section 3.2; and 

        (d)  any
benefits, including the right to continued coverage under the Employer's health plans, which are mandated by law for terminated employees. 

        Section
7.3.    Other Employer Obligations. The provisions of this Article VII shall in no way limit any rights or claims
which the Employee may have by virtue of any other agreements entered into with the Employer. 

 
 

ARTICLE VIII
  REGISTRATION RIGHTS    
  

        The Employee has entered into a Stock Purchase Agreement dated September 1, 1992 with Apache Corporation ("Apache") pursuant to which the Employee has
acquired 70,000 shares of the Employer's common stock, and the commitment by Apache to pay the Employer's out-of-pocket expenses for a registration statement on
Form S-3 (or any successor form) covering the sale of such stock under certain circumstances. The Employer agrees to prepare and file one such registration statement (subject to
approval by a majority of the independent members of the Board as to the timing of filing of the registration statement) upon receipt of (i) assurances from Apache satisfactory to the Employer
that such expenses will be paid, and (ii) customary covenants and agreements of the Employee and any underwriter with respect to registration of such stock. 

 
 

ARTICLE IX
  CONFIDENTIALITY    
  

        The Employee shall not make use of or otherwise reveal any trade secret or confidence of the Employer, including any information about the Employer or its
business which is not generally available to the public including, but not limited to, any such information involving planning, analysis or strategy, or any investor, financial, legal, geological,
geophysical or other proprietary information. Upon termination of employment, the Employee shall promptly surrender all documents, maps, records, data and other information representing, reflecting or
containing trade secrets or confidences. The provisions of this Article IX shall survive for a period of three years after the end of the Period of Employment. 

 
 

ARTICLE X
  INDEMNIFICATION    
  

        The Employer shall indemnify the Employee to the maximum extent possible under applicable Delaware laws covering the indemnification of officers and directors and
shall provide officer and director liability insurance with coverages deemed reasonable and appropriate by the Board. 

5

  

 
 

ARTICLE XI
  ARBITRATION    
  

        Section 11.1.    Arbitration. If a dispute arises between the Employer and the Employee as to the
interpretation of this Agreement, the Employer and the Employee agree to submit the matter to binding arbitration in accordance with the Center for Public Resources Rules for
Non-Administered Arbitration of Business Disputes, as modified herein, by a sole arbitrator, in Denver, Colorado, selected in accordance with the provisions of Section 11.2. The
arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Section 1-16, and judgment upon the award rendered by the arbitrator may be entered by any court having
jurisdiction thereof. 

        Section
11.2.    Selection of Arbitrator. The parties shall have 10 days from the date when written notice is provided to
either party by the other party of a request for arbitration to agree upon a mutually acceptable neutral person not affiliated with either of the parties to act as arbitrator. If no arbitrator has
been selected within such time, the parties agree jointly to request the Center for Public Resources or another mutually agreed-upon organization to supply within 10 days a list of
potential arbitrators with qualifications as specified by the parties in the joint request. Within five days of receipt of the list, the parties shall independently rank the proposed candidates, shall
simultaneously exchange rankings, and shall select as the arbitrator the individual receiving the highest combined ranking who is available to serve. 

        Section
11.3.    Cost of Arbitration. The costs of arbitration shall be apportioned between the Employer and the Employee as
determined by the arbitrator in such manner as the arbitrator deems reasonable taking into account the circumstances of the case, the conduct of the parties during the proceeding and the result of the
arbitration. 

 
 

ARTICLE XII
  MISCELLANEOUS    
  

        Section 12.1.    Necessary Acts. All parties to this Agreement shall perform any and all acts as well as
execute any and all documents that may be reasonably necessary to fully carry out the provisions and intent of this Agreement. 

        Section
12.2.    Notices. All notices, demands, requests or other communications required or permitted by this Agreement or by
law to be served on, given to or delivered to any party hereto by any other party to this Agreement shall be in writing and shall be deemed duly served, given, received and delivered (a) on the
date of service if served personally on the party to whom notice is given, (b) on the day of transmission if sent via facsimile transmission to the facsimile number given below, provided
telephonic confirmation of receipt is obtained promptly after completion of transmission, (c) on the business day after delivery to an overnight courier service or the Express Mail service
maintained by the United States postal service, provided receipt of delivery has been confirmed or 

6

 

(d) five days after being sent by registered or certified mail, provided receipt of delivery is confirmed, first-class postage prepaid, properly addressed to the respective parties as follows: 

	

If to the Employee:	
 	

One Norwest Center

20th Floor

1700 Lincoln

Denver, CO 80203
	

with a copy to:	
 	

Thomas A. Richardson

Holme Roberts & Owen

1700 Lincoln, Suite 4100

Denver, CO 80203

Facsimile No. (303) 866-0200
	

If to the Employer:	
 	

Key Production Company

One Norwest Center

20th Floor

1700 Lincoln

Denver, CO 80203
	

with a copy to:	
 	

Alan Rafte

Bracewell & Patterson

2900 South Tower Pennzoil Place

Houston, Texas 77002

Facsimile No. 713-221-1212

or
to such other address as may be designated by any such addressees by a notice given in conformity herewith. 

        Section
12.3.    Binding on Successors. This Agreement shall inure to the benefit of and be binding on the parties hereto and on
each of their respective heirs, executors, administrators, personal representatives, successors and assignees. 

        Section
12.4.    Choice of Law and Forum. This Agreement shall be construed and governed by the laws, commercial usages and
customs of the State of Colorado, without giving effect to the principles of conflict of laws thereof. In the event that any dispute, action, proceeding or litigation arises between the parties based
on or arising out of this Agreement, or any agreement or instrument delivered pursuant to this Agreement, subject to the arbitration provisions of Article XI the parties agree to submit
themselves to and irrevocably consent to the jurisdiction of the courts of the State of Colorado, and any federal court located in the State of Colorado. 

        Section
12.5.    Headings. The headings of the articles and sections of this Agreement have been inserted solely for convenience
of reference and shall in no way restrict or modify any of the terms or provisions hereof. 

        Section
12.6.    Sole and Only Agreement. This Agreement and the agreements referred to herein constitute the only agreements of
the parties hereto relating to the subject matter hereof. Any prior agreements, promises, negotiations or representations concerning the subject matter of this Agreement not expressly set forth in
this Agreement shall have no force or effect. 

        Section
12.7.    Amendment and Extension. This Agreement may not be amended or extended except by an instrument in writing
signed on behalf of each of the parties hereto. 

        Section
12.8.    Severability. Should any provision or portion of this Agreement be held unenforceable or invalid for any
reason, the remaining provisions and portions of this Agreement shall 

7

 

be unaffected by such holding, unless to do so would alter substantially the intended effect of this Agreement or cause a substantial hardship for any party hereto. 

        Section
12.9.    Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but
all of which taken together shall constitute one and the same agreement. 

        IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first written above. 

	

 	
 	

KEY PRODUCTION COMPANY, INC.
	

 	
 	

By:	

/s/  RAYMOND PLANK      
	 	 	 	
 Raymond Plank

Chairman of the Board and

Chief Executive Officer
	

 	
 	

EMPLOYEE:
	

 	
 	

/s/  FRANCIS H. MERELLI      
 FRANCIS H. MERELLI

8

QuickLinks

Exhibit 10.5

EMPLOYMENT AGREEMENT

RECITALS

AGREEMENT

ARTICLE I EMPLOYMENT

ARTICLE II DUTIES

ARTICLE III COMPENSATION

ARTICLE IV DISABILITY OR DEATH OF THE EMPLOYEE.

ARTICLE V TERMINATION FOR CAUSE

ARTICLE VI TERMINATION WITHOUT CAUSE

ARTICLE VII EFFECT OF TERMINATION OF PERIOD OF EMPLOYMENT.

ARTICLE VIII REGISTRATION RIGHTS

ARTICLE IX CONFIDENTIALITY

ARTICLE X INDEMNIFICATION

ARTICLE XI ARBITRATION

ARTICLE XII MISCELLANEOUS

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