Document:

Supplemental Plan for Dresser, Inc.

 Exhibit 10.13 
  
 SUPPLEMENTAL PLAN FOR DRESSER, INC. 
  
 Effective April 10, 2001 

 SUPPLEMENTAL PLAN FOR DRESSER, INC. 
  
 WHEREAS, the Company entered into the Agreement and Plan of Recapitalization, among Halliburton Company, Dresser
B.V., and DEG Acquisitions, LLC, dated January 30, 2001, including any amendments to such agreement, as executed in final form on April 10, 2001 (the “Agreement”); 
  
 WHEREAS, pursuant to the Agreement, the Company assumed liabilities under the nonqualified deferred compensation plan
known as the Halliburton Company Senior Executives’ Deferred Compensation Plan, which in part restored benefits to employees lost under the Halliburton Retirement and Savings Plan from application of the compensation limit in Code section
401(a)(17) (the “Prior Supplemental Plan”); 
  
 WHEREAS, the Company wishes to establish a nonqualified deferred compensation Program to reflect such assumed liabilities of the Prior Supplemental Plan, provide continued earnings, and make payment of the liabilities, to the extent
required under the Agreement; 
  
 WHEREAS, pursuant to the
Agreement, the Company established a tax-qualified defined contribution plan including a qualified cash or deferred arrangement entitled the Dresser, Inc. Retirement and Savings Plan (the “DC Plan”); and 
  
 WHEREAS, the Company wishes to establish a plan document to cover any
number of different benefit Programs, set forth in the Appendices which describe the eligibility conditions and the amount of benefits payable under the Programs, including a Program to restore to employees of the Company benefits they lose under
the DC Plan as a result of: (i) the compensation limit in Code section 401(a)(17) and (ii) any matching contributions that the Company would have made under the DC Plan on employee contributions that could not be made to the DC Plan as a
result of this limit; 
  
 NOW, THEREFORE, the Company
hereby adopts the Plan by statement, effective April 10, 2001, to read as follows: 

 TABLE OF CONTENTS 
  

					
	 ARTICLE

	 	 	  	PAGE

	 ARTICLE 1
	 	 Definitions
	  	1
	 Section 1.1
	 	 Accrued Benefit
	  	1
	 Section 1.2
	 	 Act
	  	1
	 Section 1.3
	 	 Agreement
	  	1
	 Section 1.4
	 	 Board
	  	1
	 Section 1.5
	 	 Code
	  	1
	 Section 1.6
	 	 Committee
	  	1
	 Section 1.7
	 	 Company
	  	1
	 Section 1.8
	 	 DC Account
	  	2
	 Section 1.9
	 	 DC Plan
	  	2
	 Section 1.10
	 	 Effective Date
	  	2
	 Section 1.11
	 	 Employee
	  	2
	 Section 1.12
	 	 ERISA
	  	2
	 Section 1.13
	 	 Participant
	  	2
	 Section 1.14
	 	 Pension Equalizer Contributions
	  	2
	 Section 1.15
	 	 Plan
	  	2
	 Section 1.16
	 	 Plan Year
	  	2
	 Section 1.17
	 	 Prior Supplemental Plan
	  	2
	 Section 1.18
	 	 Program
	  	3
	 Section 1.19
	 	 Vesting Service
	  	3
			
	 ARTICLE 2
	 	 Purpose of Plan
	  	4
	 Section 2.1
	 	 Purpose
	  	4
			
	 ARTICLE 3
	 	 Vesting and Forfeiture
	  	5
	 Section 3.1
	 	 Vesting
	  	5
	 Section 3.2
	 	 Terminations for Cause
	  	5
			
	 ARTICLE 4
	 	 Administration
	  	6
	 Section 4.1
	 	 Duties of Committee
	  	6
	 Section 4.2
	 	 Construction
	  	6
	 Section 4.3
	 	 Consequence of Committee Actions
	  	6
			
	 ARTICLE 5
	 	 Claims and Appeal Procedures
	  	7
	 Section 5.1
	 	 Claims Review
	  	7
	 Section 5.2
	 	 Appeals Review
	  	7
	 Section 5.3
	 	 Mandatory Arbitration
	  	8

  

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	 ARTICLE 6
	 	 Amendment and Termination
	  	9
	 Section 6.1
	 	 Power to Amend or Terminate
	  	9
	 Section 6.2
	 	 No Reduction in Accrued Benefits
	  	9
			
	 ARTICLE 7
	 	 Miscellaneous
	  	10
	 Section 7.1
	 	 No Employment Rights
	  	10
	 Section 7.2
	 	 Assignment of Benefits
	  	10
	 Section 7.3
	 	 Nonduplication of Benefits
	  	10
	 Section 7.4
	 	 Funding
	  	11
	 Section 7.5
	 	 Law Applicable
	  	11
	 Section 7.6
	 	 Actions by Committee
	  	11
	 Section 7.7
	 	 Plan Representatives
	  	12
	 Section 7.8
	 	 Number and Gender
	  	12
	 Section 7.9
	 	 Headings
	  	12
			
	 APPENDIX A
	 	 ERISA Supplemental Program
	  	13
	 Section A.1
	 	 Purpose
	  	13
	 Section A.2
	 	 Eligibility
	  	13
	 Section A.3
	 	 Amount of Benefit
	  	13
	 Section A.4
	 	 Crediting of DC Account
	  	14
	 Section A.5
	 	 Earnings on DC Account
	  	15
	 Section A.6
	 	 Earnings on DC Account
	  	15
	 Section A.7
	 	 Form of Benefit
	  	16
	 Section A.8
	 	 Interest on Installment Payments
	  	16
	 Section A.9
	 	 Death Before All Payments Made
	  	17
	 Section A.10
	 	 Time of Benefit Payments
	  	17
	 Section A.11
	 	 Plan Termination
	  	18
	 Section A.12
	 	 DC Plan Benefits
	  	18
			
	 APPENDIX B
	 	 Grandfathered Halliburton Benefits
	  	19
	 Section B.1
	 	 Purpose
	  	19
	 Section B.2
	 	 No Double Participation
	  	19
	 Section B.3
	 	 Eligibility
	  	19
	 Section B.4
	 	 Prior Plan Provisions
	  	20

  

 -ii- 

 ARTICLE I 
  

Definitions 
  
 The following terms when used and capitalized in the Plan shall have the following meanings: 
  
 Section 1.1. Accrued Benefit. The benefit to which a Participant is entitled at a particular time
pursuant to one or more of the Appendices of the Plan. 
  
 Section 1.2. Act. The Employee Retirement Income Security Act of 1974, as amended. 
  
 Section 1.3. Agreement. Agreement and Plan of Recapitalization, among Halliburton Company, Dresser B.V., and DEG Acquisitions, LLC,
dated January 30, 2001, including any amendments to such agreement, as executed in final form on April 10, 2001. 
  
 Section 1.4. Board. The Board of Directors of Dresser, Inc. 
  
 Section 1.5. Code. The Internal Revenue Code of 1986, as amended. 
  
 Section 1.6. Committee. The Dresser, Inc. Benefits
Committee. 
  
 Section 1.7. Company. Dresser,
Inc. and any other entity related to Dresser, Inc. under the rules of section 414 of the Code. This includes Dresser, Inc. and its 80%-owned subsidiaries and may include other entities as well. 

 Section 1.8. DC Account. A bookkeeping account established and maintained by the
Company for each Participant to which amounts are credited pursuant to Appendix A. 
  
 Section 1.9. DC Plan. The Dresser, Inc. Retirement and Savings Plan, effective April 10, 2001. 
  
 Section 1.10. Effective Date. April 10, 2001. 
  
 Section 1.11. Employee. An individual who is reported on the payroll records of the Company as a common
law employee. In particular, it is expressly intended that individuals not treated as common law employees by the Company on its payroll records are to be excluded from Plan participation even if a court or administrative agency determines that such
individuals are common law employees and not independent contractors. 
  
 Section 1.12. ERISA Supplemental Program. The Program described in Appendix A. 
  
 Section 1.13. Participant. An individual who has an Accrued Benefit under the Plan. 
  
 Section 1.14. Pension Equalizer Contributions. Pension
Equalizer Contributions, as defined in the DC Plan. 
  
 Section 1.15. Plan. The “Supplemental Plan for Dresser, Inc.,” as set forth herein. 
  
 Section 1.16. Plan Year. The calendar year. 
  
 Section 1.17. Prior Supplemental Plan. The Halliburton Company Senior Executives’ Deferred Compensation Plan, as maintained by
Halliburton Company in effect immediately 

  

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before the Effective Date, to the extent such plan restored benefits to employees lost under the Halliburton Retirement and Savings Plan from application of
the compensation limit in Code section 401(a)(17). 
  
 Section 1.18. Program. One of the eligibility and benefit structures described in the Appendices. 
  
 Section 1.19. Vesting Service. Service used under the DC Plan to determine whether a participant is vested in his or her employer
matching contributions. 
  

 -3- 

 ARTICLE 2 
  

Purpose of Plan 
  
 Section 2.1. Purpose. The purpose of the Plan is to provide one or more different benefit Programs which are set forth in the
Appendices. The Appendices describe the eligibility conditions and the amount of benefits payable under the Programs. 
  

 -4- 

 ARTICLE 3 
  

Vesting and Forfeiture 
  
 Section 3.1. Vesting. No person shall have or vest in any benefits under the Plan prior to the time such person accrues one year of
Vesting Service under the DC Plan. 
  
 Section 3.2.
Terminations For Cause. No person (nor the spouse of such person) whose employment is terminated for cause as determined by the Committee, shall vest in any benefits under the Plan, and shall be divested if previously vested. 
  

 -5- 

 ARTICLE 4 
  

Administration 
  
 Section 4.1. Duties of Committee. The Plan shall be administered by the Committee in accordance with its terms and purposes. The
Committee shall interpret the provisions of the Plan and determine the amount and manner of payment of the benefits due to or on behalf of each Participant from the Plan and shall cause them to be paid accordingly. 
  
 Section 4.2. Construction. The Company shall have full
discretionary authority to determine eligibility and to construe and interpret the terms of the Plan, including the power to remedy possible ambiguities, inconsistencies or omissions. 
  
 Section 4.3. Consequence of Committee Actions. The decisions made and the actions taken by the Committee
in the administration of the Plan shall be final and conclusive on all persons, and the members of the Committee shall not be subject to individual liability with respect to the Plan. 
  

 -6- 

 ARTICLE 5 
  

Claims and Appeal Procedures 
  
 Section 5.1. Claims Review. In any case in which a claim for Plan benefits of a Participant or beneficiary is denied or modified, the
Committee shall furnish written notice to the claimant within ninety days after receipt of such claim for Plan benefits (or within 180 days if additional information requested by the Committee necessitates an extension of the ninety-day period, and
the claimant is informed of such extension in writing within the original ninety-day period), which notice shall: 
  
 (a) State the specific reason or reasons for the denial or modification; 
  
 (b) Provide specific reference to pertinent Plan provisions on which the denial or modification is based;

  
 (c) Provide a description of any additional
material or information necessary for the Participant, his beneficiary, or representative to perfect the claim, and an explanation of why such material or information is necessary; and 
  
 (d) Explain the Plan’s claim review procedure described below. 
  
 Section 5.2. Appeals Review. In the event a claim for Plan
benefits is denied or modified, if the Participant, his beneficiary, or a representative of such Participant or beneficiary desires to have such denial or modification reviewed, he must, within sixty days following receipt of the notice of such
denial or modification, submit a written request for review by the Committee of its initial decision. 
  
 (a) In connection with such request, the Participant, his beneficiary, or the representative of such Participant or beneficiary may review
any pertinent documents upon which such denial or modification was based and may submit issues and comments in writing. 
  

 -7- 

 (b) Within sixty days following such request for review the Committee shall, after
providing a full review, render its final decision in writing to the Participant, his beneficiary or the representative of such Participant or beneficiary stating specific reasons for such decision and making specific references to pertinent Plan
provisions on which the decision is based. 
  
 (c) If special circumstances require an extension of such sixty-day period, the Committee’s decision shall be rendered as soon as possible, but not later than 120 days after receipt of the request for review. If an extension of time
for review is required, written notice of the extension shall be furnished to the Participant, beneficiary, or the representative of such Participant or beneficiary prior to the commencement of the extension period. 
  
 Section 5.3. Mandatory Arbitration. If a Participant or
beneficiary is not satisfied with the decision of the Committee pursuant to the Plan’s claims review procedure, such Participant or beneficiary may, within sixty days of receipt of the written decision of the Committee, request by written
notice to the Committee, that his claim be submitted to arbitration pursuant to the Dresser Dispute Resolution Program and any other applicable rules adopted by the Committee. 
  
 (a) Such arbitration shall be the sole and exclusive procedure available to a Participant or beneficiary for
review of a decision of the Committee. 
  
 (b) In
reviewing the decision of the Committee, the arbitrator shall use the standard of review which would be used by a federal court in reviewing such decision under the provisions of the Act. 
  
 (c) The cost of such arbitration shall be allocated in
accordance with the Dresser Dispute Resolution Program or other applicable rules adopted by the Committee. 
  
 (d) The arbitrator’s decision shall be final and legally binding on both parties. 
  
 (e) This Section shall be governed by the provisions of the
Federal Arbitration Act. 
  

 -8- 

 ARTICLE 6 
  

Amendment and Termination 
  
 Section 6.1. Power to Amend or Terminate. The Company may, in its sole discretion, by written resolution adopted by the chief executive
officer, the Board or its delegate, terminate, suspend or amend this Plan at any time or from time to time, in whole or in part. 
  
 Section 6.2. No Reduction in Accrued Benefits. Except as provided in Section 7.4, no amendment, suspension or termination of the
Plan may, without the consent of a Participant, adversely affect the Participant’s right (or the right of the third-party beneficiary) to receive benefits in accordance with this Plan as in effect on the date the employee becomes a Participant.
The rights of third-party beneficiaries claiming benefits under the Plan with respect to a Participant will be preserved and limited in the same fashion as a Participant’s benefits. 
  

 -9- 

 ARTICLE 7 
  

Miscellaneous 
  
 Section 7.1. No Employment Rights. Nothing contained in the Plan shall be construed as a contract of employment between the Company or
any subsidiary or related company and any Participant, or as a right of any Participant to be continued in the employment of the Company, or as a limitation of the right of the Company to discharge any of its employees with or without cause.

  
 Section 7.2. Assignment of Benefits. A
Participant, surviving spouse or beneficiary may not, either voluntarily or involuntarily, assign, anticipate, alienate, commute, sell, transfer, pledge or encumber any benefits to which he or she is or may become entitled under the Plan, nor may
Plan benefits be subject to attachment or garnishment by any of their creditors or to legal process. 
  
 Section 7.3. Nonduplication of Benefits. This Section applies if, despite Section 7.2, with respect to any Participant (or his or
her beneficiaries), the Company is required to make payments under this Plan to a person or entity other than the payees described in the Plan. 
  
 (a) For example, the Committee shall comply with the terms and provisions of an order that satisfies the requirements for a
“qualified domestic relations order” as such term is defined in section 206(d)(3)(B) of the Act, including an order that requires distributions to an alternate payee prior to a Participant’s “earliest retirement age” as such
term is defined in section 206(d)(3)(E)(ii) of the Act. 
  
 (b) In any such case, any amounts due the Participant (or his or her beneficiaries) under this Plan will be reduced by the actuarial value of the payments required to be made to such other person or entity. In
dividing a Participant’s benefit between the 

  

 -10- 

 
Participant and another person or entity, consistent actuarial assumptions and methodologies will be used so that there is no increased actuarial cost to the
Company. 
  
 Section 7.4. Funding. Participants
have the status of general unsecured creditors of the Company. The Plan constitutes a mere promise by the Company to pay benefits in the future. 
  
 (a) The Company may, but need not, fund benefits under the Plan through a trust. If it does so, any trust created by the Company and any
assets held by the trust to assist it in meeting its obligations under the Plan will conform to the terms of the model trust, as described in Internal Revenue Service Revenue Procedure 92-64, but only to the extent required by Internal Revenue
Service Revenue Procedure 92-65, or any successor guidance. It is the intention of the Company and Participants that the Plan be unfunded for tax purposes and for purposes of Title I of the Act. 
  
 (b) Any funding of benefits under this Plan will be in the
Company’s sole discretion. The Company may set and amend the terms under which it will fund and may cease to fund at any time. 
  
 (c) To the extent the Company gives Participants and beneficiaries enforceable rights to funding, those rights must be determined under
the terms of other documents. No such rights exist under this Plan document and the restrictions on amendments in this Plan document will in no case apply to restrict the Company’s right to cease or alter the terms of any funding. 

 
 Section 7.5. Law Applicable. The Plan shall be governed
by the laws of the State of Texas, except to the extent preempted by federal law. 
  
 Section 7.6. Actions By Company. Any powers exercisable by the Company under the Plan shall be utilized by written resolution adopted by the Board or its delegate. The 

  

 -11- 

 
Board may by written resolution delegate any of the Company’s powers under the Plan and any such delegations may provide for subdelegations, also by
written resolution. 
  
 Section 7.7. Plan
Representatives. Those authorized to act as Plan representatives will be designated in writing by the chief executive officer, the Board or its delegate. 
  
 Section 7.8. Number and Gender. Wherever appropriate herein, words used in the singular shall be considered to include the plural and
words used in the plural shall be considered to include the singular. The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender. 
  
 Section 7.9. Headings. The headings of Articles and Sections herein are included solely for convenience,
and if there is any conflict between such headings and the text of the Plan, the text shall control. 
  

			
	DRESSER, INC.
		
	 By:
	 	 
		
	 Title: 
	 	 

  

 -12- 

 Appendix A 
  

ERISA Supplemental Program 
  

	A.1	Purpose. The purpose of this Program is simply to restore to employees of the Company benefits they lose under the DC Plan as a result of: (i) the compensation limit in
Code section 401(a)(17) and (ii) any matching contributions that the Company would have made under the DC Plan on employee contributions that could not be made to the DC Plan as a result of this limit. 

  

	A.2	Eligibility. An employee of the Company is eligible to receive a benefit under this Program if he or she: 

  

	 	(a)	terminates employment with the Company on or after April 10, 2001; 

  

	 	(b)	has vested in benefits under the DC Plan which are reduced because of the application of section 401(a)(17); and 

  

	 	(c)	is not eligible to receive a benefit under any other plan or program which bars the employee from participation in this Program. 

  

	A.3	Amount of Benefit. The benefit payable under this Program with respect to a Participant will equal the balance of his or her DC Account. A Participant’s DC Account will
consist of: 

  

	 	(a)	contributions, credited under the rules in Section A.4, that the Participant would have been permitted to make to the DC Plan (if any) but for the operation of section 401(a)(17),

  

 -13- 

	 	(b)	matching contributions, credited under the rules in Section A.5, made by the Company, plus 

  

	 	(c)	earnings, credited under the rules in Section A.6. 

  
 No amounts will be credited to a Participant’s DC Account for employer matching contributions (if any) that would have been made on
Participant’s contributions described in (a) that were not made to the DC Plan. Similarly, no amounts will be credited with respect to contributions returned to a Participant from the DC Plan as a result of the application of qualification
limits of the Code. 
  
 Benefits under this Program will only be
paid to supplement benefit payments actually made from the DC Plan. If benefits are not payable under the DC Plan because the Participant has failed to vest or for any other reason, no payments will be made under this Program. 
  

	A.4	Crediting of DC Account. Amounts generally will be credited to a Participant’s DC Account as of the day that such amount would have been credited as a contribution to
the Participant’s DC Plan account for such Plan Year but for the operation of section 401(a)(17). 

  
 In the case of Plan benefits arising from reduced Pension Equalizer Contributions, the Company will credit the DC Account as of the last day of each Plan
Year amounts by which the Participant’s Pension Equalizer 

  

 -14- 

 
Contributions were reduced for such Plan Year because of the operation of section 401(a)(17). 
  

	A.5	Matching Credits. The Company will credit the DC Account of a Participant with an amount equal to the same percentage of the Participant’s contributions under Section
A.4 as the Company would have contributed as matching contributions to the DC Plan had the Participant’s contributions described in Section A.4 been contributed to the DC Plan. 

  

	A.6	Earnings on DC Account. A Participant’s DC Account also will be credited with earnings monthly as of the last business day of each calendar month. The amount credited
will equal the product of (a) and (b), as follows: 

  

	 	(a)	weighted average balance of such Account (as determined by the Committee) during the calendar month ending on the crediting date, and 

  

	 	(b)	A Participant’s DC Account also will be credited with earnings monthly as of the last business day of each calendar month. The amount credited will equal the product of
(1) and (2), as follows; 

  

	 	(1)	weighted average balance of such Account (as determined by the Committee) during the month ending on the crediting date, 

  

	 	(2)	 a percentage amount equal to 2%, plus the annual yield on the DJ 20 Bond index for the first business day of the calendar quarter containing the crediting date,
published on page C-1 of 

  

 -15- 

	 	 
The Wall Street Journal, and reduced to a monthly factor as determined in the sole discretion of the Committee. 

  
 Distributions under Section A.7 shall be based on the valuation of the
Participant’s DC Account as of the most recent monthly valuation date set forth in Section A.6 that precedes such distribution. If the Committee elects payment in the form of installments, the annual interest for each Plan Year shall be paid
once installment payments commence as set forth in Section A.7. 
  

	A.7	Form of Benefit. A Participant’s DC Account shall be paid to the Participant in one of the following alternative forms as selected by the Committee in its sole
discretion: 

  

	 	(a)	A single lump sum payment; 

  

	 	(b)	Payment in two equal annual installments; or 

  

	 	(c)	Payment in monthly installments over a period not to exceed ten years. 

  
 However, the Committee will only select a single lump sum payment if either (i) the total amount credited to a Participant’s DC Account is less
than $50,000 or (ii) a single lump sum payment is the only form of benefit payment offered under the DC Plan. 
  

	A.8	 Interest on Installment Payments. Interest on installment payments may be paid, as determined by the Committee in its sole discretion, either at the end of
each Plan Year or as a part of level payments computed by the Committee 

  

 -16- 

	 	 
through the use of such tables as the Committee shall select from time to time for such purpose. 

  

	A.9	Death Before All Payments Made. If a Participant dies before all amounts payable to him from his DC Account have been paid to him, any remaining amounts payable to the
Participant hereunder shall be payable to the beneficiary designated to receive any company-provided group term life insurance with respect to the Participant, or in case there is no such group term life benefit, to the estate of the Participant.
Payments shall be made in a lump sum or in such other form of payment consistent with the alternative methods of payment set forth above as the Committee shall determine after considering such facts and circumstances relating to the Participant and
his beneficiary or estate as the Committee deems pertinent. 

  

	A.10	Time of Benefit Payments. Amounts due under the Plan shall be paid at such time (or times) following the Participant’s termination of employment or death as the
Committee in its discretion determines. 

  

	 	(a)	This rule applies even if benefits already have commenced under the DC Plan (for instance, in-service distributions are made to Participants over age 59 1/2). 

  

	 	(b)	Termination of employment means complete termination of employment with the Company. If a Participant leaves one affiliated entity of the Company to go to work for another, he or
she will not have a termination of employment. 

  

 -17- 

	A.11	Plan Termination. No further benefits may be earned under this Program with respect to the DC Plan after the termination of such plan. 

  

	A.12	DC Plan Benefits. For purposes of this Appendix, the term “DC Plan Benefits” generally means the benefits actually payable to a Participant, or his or her estate or
beneficiary under the DC Plan. However, this Program is only intended to remedy reductions caused by the operation of section 401(a)(17) (and corresponding employer matching contributions that could not be made) and not reductions caused for any
other reason. In those instances where benefits are reduced for some other reason, the term “DC Plan Benefits” shall be deemed to mean the benefits that actually would have been payable but for such other reason. 

 
 One example of such other reasons includes, but is not limited to, a
reduction of savings plan benefits as a result of payment of all or a portion of a Participant’s benefits to a third party on behalf of or with respect to a Participant. 
  

 -18- 

  
 Appendix B 

 
 Grandfathered Halliburton Benefits 
  

	B.1	Purpose. The provisions of this appendix set forth the rules for determining benefit amounts and forms of payments with respect to liabilities arising under the Prior
Supplemental Plan and assumed by the Company solely with respect to “Continued Employees” as that term is defined in the Agreement. The other terms of the Plan (e.g., nonassignability, nonduplication of benefits) apply to the extent
not inconsistent with the terms of this appendix. 

  

	B.2	No Double Participation. An individual may not participate in this Program if he or she qualifies for a benefit under any other supplemental plan or other arrangement of the
Company (including, but not necessarily limited to, the ERISA Excess Benefit Plan for Dresser, Inc.) that the Committee determines in its sole discretion provides the same benefits intended to be provided under this Program.

  

	 	(a)	If an individual could be covered by two plans, both of which include this provision (or a similar provision), the Company will resolve the discrepancy to allow eligibility for one
plan or another but not both. 

  

	 	(b)	If, despite the preceding two sentences, a court, administrative agency or settlement agreement requires participation in and/or benefits from this Plan and another supplemental
plan or arrangement, the individual will not accrue benefits in this Plan unless those benefits offset benefits accrued under such other plan or arrangement. 

  

	B.3	 Eligibility. An employee of the Company is eligible to receive a benefit under this Program if he or she is a “Continued Employee” who earned a
benefit 

  

 -19- 

	 	 
under the Prior Supplemental Plan for which the Company assumed liability under the Agreement. 

  

	B.4	Prior Plan Provisions. The provisions of the Prior Supplemental Plan setting forth benefit amounts and forms of payment are as follows: 

  
 HALLIBURTON COMPANY SENIOR EXECUTIVES’ 
 DEFERRED COMPENSATION PLAN 
 AS
AMENDED AND RESTATED 
 EFFECTIVE JANUARY 1, 1999 
  
 . . . . 
  
 ARTICLE II 
 Definitions

  
 Where the following words and phrases appear in the Plan, they shall
have the respective meanings set forth below, unless their context clearly indicates to the contrary. 
  
 (A) Account(s): A Participant’s Deferred Compensation Account, ERISA Restoration Account, and/or Excess Remuneration Account, including amounts credited thereto. 
  
 (B) Administrative Committee: The administrative committee appointed by the
Compensation Committee to administer the Plan. 
  
 (C) Allocation
Year: The calendar year for which an allocation is made to a Participant’s Account pursuant to Article IV. 
  
 (D) Board: The Board of Directors of the Company. 
  
 (E) Code: The Internal Revenue Code of 1986, as amended. 
  
 (F) Compensation Committee: The Compensation Committee of the Board. 
  
 (G) Company: Halliburton Company. 
  
 (H) Deferred Compensation Account: An individual account for each Participant on the books of such Participant’s Employer to which is credited amounts
allocated for the benefit of such Participant pursuant to the provisions of Article IV, Paragraph (D). 
  
 (I) Employee: Any employee of an Employer. The term does not include independent contractors or persons who are retained by an Employer as consultants only. 
  
 (J) Employer: The Company and any Subsidiary designated as an Employer in
accordance with the provisions of Article III of the Plan. 
  
 (K)
ERISA: The Employee Retirement Income Security Act of 1974, as amended. 
  
 (L) ERISA Restoration Account: An individual account for each Participant on the books of such Participant’s Employer to which is credited amounts allocated for the benefit of such Participant pursuant to the provisions
of Article IV, 

  

 -20- 

 
Paragraph (F). Such Account shall include amounts allocated to a Participant’s “Excess Benefit Account” prior to January 1, 1995 and
amounts transferred from the ERISA Compensation Limit Benefit Plan for Dresser Industries, Inc. and the Deferred Compensation Plan for Baroid Corporation, effective December 31, 1998. 
  
 (M) ERISA Restoration Participant: An Employee whose compensation from the
Employers for an Allocation Year is in excess of the limit set forth in Section 401(a)(17) of the Code for such Allocation Year or who has made elective deferrals for such Allocation Year under the Halliburton Elective Deferral Plan.

  
 (N) Excess Remuneration Account: An individual account for each
Participant on the books of such Participant’s Employer to which is credited amounts allocated for the benefit of such Participant pursuant to the provisions of Article IV, Paragraph (G). 
  
 (O) Participant: An ERISA Restoration Participant or a Senior Executive
Participant. 
  
 (P) Pension Equalizer Contribution: Pension
Equalizer Contribution as defined in the Halliburton Retirement and Savings Plan. 
  
 (Q) Plan: The Halliburton Company Senior Executives’ Deferred Compensation Plan, as amended and restated January 1, 1999, and as the same may thereafter be amended from time to time. 
  
 (R) Senior Executive: An Employee who is a senior executive, including an
officer, of an Employer (whether or not he is also a director thereof), who is employed by an Employer on a full-time basis, who is compensated for such employment by a regular salary and who, in the opinion of the Compensation Committee, is one of
the key personnel of an Employer in a position to contribute materially to its continued growth and development and to its future financial success. 
  
 (S) Senior Executive Participant: A Senior Executive who is selected as a Senior Executive Participant for an Allocation Year. The Compensation Committee
shall be the sole judge of who shall be eligible to be a Senior Executive Participant for any Allocation Year. The selection of a Senior Executive to be a Senior Executive Participant for a particular Allocation Year shall not constitute him a
Senior Executive Participant for another Allocation Year unless he is selected to be a Senior Executive Participant for such other Allocation Year by the Compensation Committee. An Employee may be both a Senior Executive Participant and an ERISA
Restoration Participant for the same Allocation Year. 
  
 (T)
Subsidiary: At any given time, any other corporation of which an aggregate of 80% or more of the outstanding voting stock is owned of record or beneficially, directly or indirectly, by the Company or any other of its Subsidiaries or
both. 
  
 (U) Termination of Service: Severance from employment with
an Employer for any reason other than a transfer between Employers. 
  
 (V)
Trust: Any trust created pursuant to the provisions of Article IX. 
  
 (W) Trust Agreement: The agreement establishing the Trust. 
  
 (X) Trustee: The trustee of the Trust. 
  
 (Y) Trust
Fund: Assets under the Trust as may exist from time to time. 
  
 . . . . 
  

 -21- 

 ARTICLE IV 
 Allocations Under the Plan, 
 Participation in the Plan and Selection for Awards

  
 (A) Each Allocation Year the Compensation Committee
shall, in its sole discretion, determine what amounts shall be available for allocation to the Accounts of the Senior Executive Participants pursuant to Paragraph (D) below. 
  
 (B) No award shall be made to any person while he is a voting member of the Compensation Committee. 
  
 (C) The Compensation Committee from time to time may adopt, amend or revoke
such regulations and rules as it may deem advisable for its own purposes to guide in determining which of the Senior Executives it shall deem to be Senior Executive Participants for a particular Allocation Year and the method and manner of payment
thereof to the Senior Executive Participants. 
  
 (D) The
Compensation Committee, during the Allocation Year involved or during the next succeeding Allocation Year, shall determine which Senior Executives it shall designate as Participants for such Allocation Year and the amounts allocated to each Senior
Executive Participant for such Allocation Year. In making its determination, the Compensation Committee shall consider such factors as the Compensation Committee may in its sole discretion deem material. The Compensation Committee, in its sole
discretion, may notify a Senior Executive at any time during a particular Allocation Year or in the Allocation Year following the Allocation Year for which the award is made that he has been selected as a Senior Executive Participant for all or part
of such Allocation Year, and may determine and notify him of the amount which shall be allocated to him for such Allocation Year. The decision of the Compensation Committee in selecting a Senior Executive to be a Senior Executive Participant or in
making any allocation to him shall be final and conclusive, and nothing herein shall be deemed to give any Senior Executive or his legal representatives or assigns any right to be a Senior Executive Participant for such Allocation Year or to be
allocated any amount except to the extent of the amount, if any, allocated to a Senior Executive Participant for a particular Allocation Year, but at all times subject to the provisions of the Plan. 
  
 (E) A Senior Executive whose Service is Terminated during the Allocation Year
may be selected as a Senior Executive Participant for such part of the Allocation Year prior to his Termination and be granted such award with respect to his services during such part of the Allocation Year as the Compensation Committee, in its sole
discretion and under any rules it may promulgate, may determine. 
  
 (F) The Administrative Committee shall determine for each Allocation Year which ERISA Restoration Participants’ allocations of Employer contributions (other than matching contributions) and forfeitures under qualified defined
contribution plans sponsored by the Employers have been reduced for such Allocation Year by reason of the application of Section 401(a)(17) or Section 415 of the Code, or any combination of such Sections (except that reductions of a
Participant’s Pension Equalizer Contribution by reason of the application of Section 415 of the Code shall not be taken into account), or by reason of elective deferrals under the Halliburton Elective Deferral Plan, and shall allocate to
the credit of each such ERISA Restoration Participant under the Plan an amount equal to the amount of such reductions applicable to such ERISA Restoration Participant. In addition, the Administrative Committee shall allocate to the credit of each
ERISA Restoration 

  

 -22- 

 
Participant under the Plan an amount equal to 4% of the sum of (i) the amount of such ERISA Restoration Participant’s compensation (as such term is
defined in the applicable qualified defined contribution plan) deferred under the Halliburton Elective Deferral Plan for such Allocation Year and (ii) the amount of such compensation not so deferred that is in excess of the compensation limit
under Section 401(a)(17) of the Code for such Allocation Year. 
  
 (G) The Compensation Committee may, in its discretion, allocate to the credit of a Participant under the Plan all or any part of any remuneration payable by the Employer to such Participant which would otherwise be treated as excessive
employee remuneration within the meaning of Section 162(m) of the Code for any Allocation Year, rather than paying such excessive remuneration to such Participant. 
  
 (H) Allocations to Participants under the Plan shall be made by crediting their respective Accounts on the books of their
Employers as of the last day of the Allocation Year, except that an allocation under Paragraph (G) shall be credited to a Participant on the date the amount would have been paid to the Participant had it not been deferred pursuant to the
provisions of Paragraph (G). Allocations under Paragraph (D) above shall be credited to the Participants’ Deferred Compensation Accounts, allocations under Paragraph (F) above shall be credited to the Participants’ ERISA
Restoration Accounts and allocations under Paragraph (G) above shall be credited to the Participants’ Excess Remuneration Account. Accounts of Participants shall also be credited with interest as of the last day of each Allocation Year, at
the rate set forth in Paragraph (I) below, on the average monthly credit balance of the Account being calculated by using the balance of each Account on the first day of each month. Prior to Termination of Service, the annual interest shall
accumulate as a part of the Account balance. After Termination of Service, the annual interest for such Allocation Year may be paid as more particularly set forth hereinafter. 
  
 (I) Interest shall be credited on amounts allocated to Participants’ Deferred Compensation Accounts at the rate of
5 % per annum for periods prior to Termination of Service. Interest shall be credited on amounts allocated to Participants’ ERISA Restoration Accounts and Excess Remuneration Accounts, and on amounts allocated to Participants’
Deferred Compensation Accounts for periods subsequent to Termination of Service, at the rate of 10% per annum. 
  
 ARTICLE V 
 Non-Assignability of Awards 
  
 No Participant shall have any right to commute, encumber, pledge, transfer or
otherwise dispose of or alienate any present or future right or expectancy which he or she may have at any time to receive payments of any allocations made to such Participant, all such allocations being expressly hereby made non-assignable and
non-transferable; provided, however, that nothing in this Article shall prevent transfer (A) by will, (B) by the applicable laws of descent and distribution or (C) pursuant to an order that satisfies the requirements for a
“qualified domestic relations order” as such term is defined in section 206(d)(3)(B) of the ERISA and section 414(p)(1)(A) of the Code, including an order that requires distributions to an alternate payee prior to a
Participant’s “earliest retirement age” as such term is defined in section 206(d)(3)(E)(ii) of the ERISA and section 414(p)(4)(B) of the Code. Attempts to transfer or assign by a Participant (other than in accordance with
the preceding sentence) shall, in the sole discretion of the Compensation Committee 

  

 -23- 

 
after consideration of such facts as it deems pertinent, be grounds for terminating any rights of such Participant to any awards allocated to but not
previously paid over to such Participant. 
  
 ARTICLE VI

 Vesting 
  
 All amounts credited to a Participant’s Accounts shall be fully vested and not subject to forfeiture for any reason except as provided in
Article V. 
  
 ARTICLE VII 
 Distribution of Awards 
  
 (A) Upon Termination of Service of a Participant, the Administrative Committee (i) shall certify to the Trustee or the treasurer of the Employer, as
applicable, the amount credited to each of the Participant’s Accounts on the books of each Employer for which the Participant was employed at a time when he earned an award hereunder, (ii) shall determine whether the payment of the amount
credited to each of the Participant’s Accounts under the Plan is to be paid directly by the applicable Employer, from the Trust Fund, if any, or by a combination of such sources (except to the extent the provisions of the Trust Agreement, if
any, specify payment from the Trust Fund) and (iii) shall determine and certify to the Trustee or the treasurer of the Employer, as applicable, the method of payment of the amount credited to each of a Participant’s Accounts, selected by
the Administrative Committee from among the following alternatives: 
  
 (1) A single lump sum payment upon Termination of Service; 
  
 (2) A payment of one-half of the Participant’s balance upon Termination of Service, with payment of the additional one-half to be
made on or before the last day of a period of one year following Termination; or 
  
 (3) Payment in monthly installments over a period not to exceed ten years with such payments to commence upon Termination of Service.

  
 The above notwithstanding, if the total amount credited to the
Participant’s Accounts upon Termination of Service is less than $50,000, such amount shall always be paid in a single lump sum payment upon Termination of Service. 
  
 (B) The Trustee or the treasurer of the Employer, as applicable, shall thereafter make payments of awards in the manner and
at the times so designated, subject, however, to all of the other terms and conditions of this Plan and the Trust Agreement, if any. This Plan shall be deemed to authorize the payment of all or any portion of a Participant’s award from the
Trust Fund to the extent such payment is required by the provisions of the Trust Agreement, if any. 
  
 (C) Interest on the second half of a payment under Paragraph (A)(2) above shall be paid with the final payment, while interest on payments under
Paragraph (A)(3) above may be paid at each year end or may be paid as a part of a level monthly payment computed by the Administrative Committee through the use of such tables as the Administrative Committee shall select from time to time for
such purpose. 
  
 (D) If a Participant shall die while in the
service of an Employer, or after Termination of Service and prior to the time when all amounts payable to him under the Plan have been paid to him, any remaining amounts payable to the Participant hereunder shall be payable to the estate of the
Participant. The Administrative 

  

 -24- 

 
Committee shall cause the Trustee or the treasurer of the Employer, as applicable, to pay to the estate of the Participant all of the awards then standing to
his credit in a lump sum or in such other form of payment consistent with the alternative methods of payment set forth above as the Administrative Committee shall determine after considering such facts and circumstances relating to the Participant
and his estate as it deems pertinent. 
  
 (E) If the Plan is
terminated pursuant to the provisions of Article X, the Compensation Committee may, at its election and in its sole discretion, cause the Trustee or the treasurer of the Employer, as applicable, to pay to all Participants all of the awards then
standing to their credit in the form of lump sum payments. 
  
 . .
.. . 
  

 -25- 

  
 AMENDMENT NO. 1

 TO THE 
 SUPPLEMENTAL PLAN FOR DRESSER, INC. 
  
 This amendment to the
Supplemental Plan for Dresser, Inc. (i) modifies the formula for calculating DC Account earnings by replacing the DJ 20 Bond Index with a similar index; and (ii) deletes internal plan claims procedures in order to eliminate conflicts with
new claims procedures adopted pursuant to regulations of the Department of Labor. 
  
 This amendment is effective as of the dates noted below. 
  

	1.	Effective April 5, 2002, Section A.6(b)(2) is replaced with the following: 

  
 (2) a percentage amount equal to 2%, plus the annual yield on the Moody’s Long-Term Corporate Bond Yield (or such
other similar index as determined in the sole discretion of the Committee) for the first business day of the calendar quarter containing the crediting date, and reduced to a monthly factor as determined in the sole discretion of the Committee.

  

	2.	Effective January 1, 2002, Section 5.1 is replaced with the following: 

  
 Section 5.1. Claims and Appeal Procedures. The Committee shall establish claims and
appeals procedures in accordance with Department of Labor regulation § 2560.503-1. 
  

	3.	Effective January 1, 2002, Sections 5.2 and 5.3 are deleted in their entirety. 

  
 EXECUTED this          day of
                            , 2002. 
  

			
	DRESSER, INC.
		
	By:	 	 

  

 -26-Dresser, Inc. Elective Deferral Plan

 Exhibit 10.14 
  
 DRESSER, INC. 
 ELECTIVE DEFERRAL PLAN 

 TABLE OF CONTENTS 
  

								
	 ARTICLE

	  	PAGE

	 
	 Establishment and Purpose of Plan
	  	(ii	)
				
	 I
	  	-	  	 Definitions and Construction
	  	I-1	 
				
	 II
	  	-	  	 Participation
	  	II-1	 
				
	 III
	  	-	  	 Account Credits
	  	III-1	 
				
	 IV
	  	-	  	 Withdrawals
	  	IV-1	 
				
	 V
	  	-	  	 Payment of Benefits
	  	V-1	 
				
	 VI
	  	-	  	 Administration of the Plan
	  	VI-1	 
				
	 VII
	  	-	  	 Nature of the Plan
	  	VII-1	 
				
	 VIII
	  	-	  	 Participating Employers
	  	VIII-1	 
				
	 IX
	  	-	  	 Miscellaneous
	  	IX-1	 

  

 (i) 

  
 DRESSER, INC.

 ELECTIVE DEFERRAL PLAN 
  
 Establishment and Purpose of Plan 
  
 Dresser, Inc. hereby establishes the Dresser, Inc. Elective Deferral Plan, effective as of the Effective Date. The Plan shall be the successor to and
continuation of the Halliburton Elective Deferral Plan, as amended and restated effective September 1, 2000, with respect to those Participants who were previously participants in such plan. 
  
 The purpose of the Plan is to assist certain of the Company’s employees
in making more adequate provision for their retirement. 
  

 (ii) 

 I. 
  
 Definitions and Construction 
  
 1.1 Definitions. Where the following words and phrases appear in the Plan, they shall have the respective meanings set forth below, unless
their context clearly indicates to the contrary. 
  

	(1)	Account: A memorandum bookkeeping account established on the records of the Employer for a Participant that is credited with amounts determined in accordance with
Article III of the Plan. As of any determination date, a Participant’s benefit under the Plan shall be equal to the amount credited to his Account as of such date. A Participant shall have a 100% nonforfeitable interest in his Account at all
times. 

  

	(2)	Act: The Employee Retirement Income Security Act of 1974, as amended. 

  

	(3)	Affiliate: Any entity of which an aggregate of 50% or more of the ownership interest is owned of record or beneficially, directly or indirectly, by the Company or any
other Affiliate. 

  

	(4)	Base Salary: The base rate of cash compensation paid by the Employer to or for the benefit of a Participant for services rendered or labor performed while a
Participant, including base pay a Participant could have received in cash in lieu of (A) deferrals pursuant to Section 3.1 and (B) contributions made on his behalf to any qualified plan maintained by the Employer or to any cafeteria
plan under section 125 of the Code maintained by the Employer. 

  

	(5)	Bonus Compensation: With respect to any Participant for a Plan Year, the amount awarded under a regular bonus plan maintained by the Employer that is payable to the
Participant in cash. 

  

	(6)	Code: The Internal Revenue Code of 1986, as amended. 

  

	(7)	Compensation Committee: The Compensation Committee of the Directors. 

  

	(8)	Committee: The administrative committee appointed by the Compensation Committee to administer the Plan. 

  

	(9)	Company: Dresser, Inc. 

  

	(10)	Directors: The Board of Directors of the Company. 

  

	(11)	Effective Date: The effective date of the Plan which shall be April 10, 2001. 

  

	(12)	Eligible Employee: Any Employee who is (i) a permanent Full-Time Active Employee, (2) subject to the income tax laws of the United States, and (3) an
officer or member of a select group of highly compensated employees of the Employer. 

  

 I-1 

	(13)	Employee: Any person employed by the Employer. 

  

	(14)	Employer: The Company and each eligible organization designated as an Employer in accordance with the provisions of Article VIII of the Plan. 

 

	(15)	Full-Time Active Employee: An Employee whose employment with the Employer requires, and who regularly and actively performs, 30 or more hours of service for the
Employer each week at a usual place of business of the Employer or at a location to which such Employee is required or permitted to travel on behalf of the Employer for which such Employee is paid regular compensation. 

  

	(16)	Participant: Each Eligible Employee who has been selected for participation in the Plan and who has become a Participant pursuant to Article II.

  

	(17)	Plan: The Dresser, Inc. Elective Deferral Plan, as amended from time to time. 

  

	(18)	Plan Year: The twelve-consecutive month period commencing January 1 of each year; except that the first Plan Year shall commence on the Effective Date and end on
the December 31st next following the Effective Date. 

  

	(19)	Retirement: The date the Participant retires in accordance with the terms of his Employer’s retirement policy as in effect at that time. 

 

	(20)	Unforeseeable Emergency: A severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent
(as defined in section 152(a) of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the
Participant. 

  
 1.2 Number and
Gender. Wherever appropriate herein, words used in the singular shall be considered to include the plural and words used in the plural shall be considered to include the singular. The masculine gender, where appearing in the Plan, shall be
deemed to include the feminine gender. 
  
 1.3
Headings. The headings of Articles and Sections herein are included solely for convenience, and if there is any conflict between such headings and the text of the Plan, the text shall control. 
  

 I-2 

  
 II. 
  
 Participation 
  
 2.1 Participation. Participants in the Plan are those Eligible
Employees who are selected by the Committee, in its sole discretion, as Participants. The Committee shall notify each Participant of his selection as a Participant. Subject to the provisions of Section 2.2, a Participant shall remain eligible
to defer Base Salary and/or Bonus Compensation hereunder for each Plan Year following his initial year of participation in the Plan. 
  
 2.2 Cessation of Active Participation. Notwithstanding any provision herein to the contrary, an individual who has become a Participant in
the Plan shall cease to be entitled to defer Base Salary and/or Bonus Compensation hereunder effective as of the date he ceases to be an Eligible Employee or any earlier date designated by the Committee. Any such Committee action shall be
communicated to the affected individual prior to the effective date of such action. 
  

 II-1 

  
 III. 
  
 Account Credits 
  
 3.1 Base Salary Deferrals. 
  
 (a) Any participant may elect to defer receipt of an
integral percentage of from 5% to 75% of his Base Salary, in 5% increments, for any Plan Year. A Participant’s election to defer receipt of a percentage of his Base Salary for any Plan Year shall be made on or before the last day of the
preceding Plan Year. Notwithstanding the foregoing, if an individual initially becomes a Participant other than on the first day of a Plan Year, such Participant’s election to defer receipt of a percentage of his Base Salary for such Plan Year
may be made no later than 30 days after he becomes a Participant, but such election shall be prospective only. A Participant’s elections under the predecessor Halliburton Elective Deferral Plan shall become his elections under this Plan as of
the Effective Date with respect to amounts deferred prior to the Effective Date, amounts deferred for the remainder of the first Plan Year of the Plan, and earnings credited thereto. The reduction in a Participant’s Base Salary pursuant to his
election shall be effected by Base Salary reductions as of each payroll period within the election period. Base Salary for a Plan Year not Deferred by a Participant pursuant to this Paragraph shall be received by such Participant in cash, except as
provided by any other plan maintained by the Employer. Deferrals of Base Salary under this Plan shall be made before elective deferrals or contributions of Base Salary under any other plan maintained by the Employer. Base Salary deferrals made by a
Participant shall be credited to such Participant’s Account as of the date the Base Salary deferred would have been received by such Participant in cash had no deferral been made pursuant to this Section. Except as provided in Paragraph (b),
deferral elections for a Plan Year pursuant to this Section shall be irrevocable. 
  
 (b) A Participant shall be permitted to revoke his election to defer receipt of his Base Salary for any Plan Year in the event of an
Unforeseeable Emergency, as determined by the Committee in its sole discretion. For purposes of the Plan, the decision of the Committee regarding the existence or nonexistence of an Unforeseeable Emergency of a Participant shall be final and
binding. Further, the Committee shall have the authority to require a Participant to provide such proof as it deems necessary to establish the existence and significant nature of the Participant’s Unforeseeable Emergency. A Participant who is
permitted to revoke his Base Salary deferral election during a Plan Year shall not be permitted to resume Base Salary deferrals under the Plan until the next following Plan Year. 
  
 3.2 Bonus Compensation Deferrals. Any Participant may elect to defer receipt of an integral percentage of from
5% to 75% of his Bonus Compensation, in 5% increments, for any Plan Year. A Participant’s election to defer receipt of a percentage of his Bonus Compensation for any Plan Year shall be made on or before the last day of the preceding Plan Year.
Notwithstanding the foregoing, if any individual initially becomes a Participant other than on the first day of a Plan Year, such Participant’s election to defer receipt of a percentage of his Bonus Compensation for such Plan Year may be made
no later than 30 days after he becomes a Participant, but such election shall apply only to a pro rata portion of his Bonus Compensation for such Plan Year based upon the number of complete months remaining in such Plan Year 

  

 III-1 

 
divided by twelve. A Participant’s elections under the predecessor Halliburton Elective Deferral Plan shall become his elections under this Plan as of
the Effective Date with respect to amounts deferred prior to the Effective Date, amounts deferred for the remainder of the first Plan Year of the Plan, and earnings credited thereto. Bonus Compensation for a Plan Year not deferred by a Participant
pursuant to this Section shall be received by such Participant except as provided by any other plan maintained by the Employer. Deferrals of Bonus Compensation under this Plan shall be made before elective deferrals or contributions of Bonus
Compensation under any other plan maintained by the Employer. Bonus Compensation deferrals made by a Participant shall be credited to such Participant’s Account as of the date the Bonus Compensation deferred would have been received by such
Participant had no deferral been made pursuant to this Section 3.2. Deferral elections for a Plan Year pursuant to this Section shall be irrevocable. 
  
 3.3 Earnings Credits. For each Plan Year, a Participant’s Account shall be credited semiannually on June 30 and December 31
with an amount of earnings based on the weighted average balance of such Account during the preceding six months and the Moody’s corporate bond average annual yield for long-term investment grade bonds during the six-month period ended seven
months prior to each semi-annual earnings credit date, plus 2%. (For example, the rate earned for the six months ended December 31, 2001, would be based on the average Moody’s rate for the six months ended May 31, 2001, plus 2%). So
long as there is any balance in any Account, such Account shall continue to receive earnings credits pursuant to this Section. 
  

 III-2 

  
 IV. 
  
 Withdrawals 
  
 Participants shall be permitted to make withdrawals from the Plan only in the
event of an Unforeseeable Emergency, as determined by the Committee in its sole discretion. No withdrawal shall be allowed to the extent that such Unforeseeable Emergency is or may be relieved (a) through reimbursement or compensation by
insurance or otherwise, (b) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship or (c) by cessation of Base Salary deferrals under the Plan pursuant
to Section 3.1(b). Further, the Committee shall permit a Participant to withdraw only the amount it determines, in its sole discretion, to be reasonably needed to satisfy the Unforeseeable Emergency. 
  

 IV-1 

  
 V. 
  
 Payment of Benefits 
  
 5.1 Payment Election Generally. In connection with the deferral
elections made by a Participant pursuant to Article III for a Plan Year, such Participant shall elect, subject to Sections 5.4, 5.5, 5.7 and 5.8, a single time and form of payment with respect to both the Base Salary and Bonus Compensation deferrals
and the earnings credited thereto. A Participant may revise his election regarding the time and form of payment of both deferred amounts, but such revised election shall not be effective until one year from the date of the revised election and shall
be effective only if payment has not been made or commenced pursuant to Section 5.2 prior to the expiration of such one-year period. A Participant’s elections under the predecessor Halliburton Elective Deferral Plan shall become his
elections under this Plan as of the Effective Date with respect to the time and form of payment of amounts deferred prior to the Effective Date, amounts deferred for the remainder of the first Plan Year, and earnings credited thereto. 
  
 5.2 Time of Benefit Payment. With respect to both deferral
elections made by a Participant pursuant to Article III for a Plan Year, such Participant shall elect to commence payment of such deferrals and the earnings credited thereto on one of the following dates: 
  
 (a) Retirement; or 
  
 (b) A specific future month and year, but not earlier than
five years from the date of the deferral if the Participant has not attained age fifty-five at the time of the deferral or one year from the date of the deferral if the Participant has attained age fifty-five at the time of the deferral, and not
later than the first day of the year in which the Participant attains age seventy. 
  
 5.3 Form of Benefit Payment. With respect to both deferral elections made by a Participant pursuant to Article III for a Plan Year, such Participant shall elect the form of payment with respect to such
deferrals and the earnings credited thereto from one of the following forms: 
  
 (a) A lump sum; or 
  
 (b) Installment payments for a period not to exceed ten years. 
  
 Installment payments shall be paid annually on the first business day of January of each Plan Year; provided however, that not later than sixty days prior to the date payment is to commence, a Participant may elect to have his installment
payments paid quarterly on the first business day of each calendar quarter. Each installment payment shall be determined by multiplying the deferral and the earnings credited thereto at the time of the payment by a fraction, the numerator of which
is one and the denominator of which is the number of remaining installment payments to be made to Participant. In the event the total amount credited to a Participant’s Account does not exceed $50,000, the Committee may, in its sole discretion,
pay such amounts in a lump sum. 
  

 V-1 

 5.4 Total and Permanent Disability. If a Participant becomes totally and permanently
disabled while employed by the Employer, payment of the amounts credited to such Participant’s Account shall commence on the first business day of the second calendar quarter following the date the Committee makes a determination that the
Participant is totally and permanently disabled, in the form of payment determined in accordance with Section 5.3. The above notwithstanding, if such Participant is already receiving payments pursuant to Section 5.2(b) and
Section 5.3(b), such payments shall continue. For purposes of the Plan, a Participant shall be considered totally and permanently disabled if the Committee determines, based on a written medical opinion (unless waived by the Committee as
unnecessary), that such Participant is permanently incapable of performing his job for physical or mental reasons. 
  
 5.5 Death. In the event of a Participant’s death at a time when amounts are credited to such Participant’s Account, such amounts
shall be paid to such Participant’s designated beneficiary or beneficiaries in five annual installments commencing as soon as administratively feasible after such Participant’s date of death. However, the Participant’s designated
beneficiary or beneficiaries may request a lump sum payment based upon hardship, and the Committee, in its sole discretion, may approve such request. 
  
 5.6 Designation of Beneficiaries. 
  
 (a) Each Participant shall have the right to designate the beneficiary or beneficiaries to receive payment of his benefit in the event of
his death. Each such designation shall be made by executing the beneficiary designation form prescribed by the Committee and filing same with the Committee. Any such designation may be changed at any time by execution of a new designation in
accordance with this Section. 
  
 (b) If no such
designation is on file with the Committee at the time of the death of the Participant or such designation is not effective for any reason as determined by the Committee, then the designated beneficiary or beneficiaries to receive such benefit shall
be as follows: 
  
 (1) If a Participant leaves a
surviving spouse, his benefit shall be paid to such surviving spouse; 
  
 (2) If a Participant leaves no surviving spouse, his benefit shall be paid to such Participant’s executor or administrator, or to his heirs at law if there is no administration of such Participant’s estate.

  
 5.7 Other Termination of Employment. If a
Participant terminates his employment with the Employer before Retirement for a reason other than total and permanent disability or death, the amounts credited to such Participant’s Account shall be paid to the Participant in a lump sum no less
than thirty days and no more than one year after the Participant’s date of termination of employment. For purposes of this Section, transfers of employment between and among the Company and its Affiliates shall not be considered a termination
of employment. 
  

 V-2 

 5.8 Payment of Benefits. The benefits due a Participant under the Plan shall be paid by the
Employer. Any benefit payments made to a Participant or for his benefit pursuant to any provision of the Plan shall be debited to such Participant’s Account. All benefit payments shall be made in cash. 
  
 5.9 Unclaimed Benefits. In the case of a benefit payable on
behalf of a Participant, if the Committee is unable to locate the Participant or beneficiary to whom such benefit is payable, upon the Committee’s determination thereof, such benefit shall be forfeited to the Employer. Notwithstanding the
foregoing, if subsequent to any such forfeiture the Participant or beneficiary to whom such benefit is payable makes a valid claim for such benefit, such forfeited benefit shall be paid by the Employer or restored to the Plan by the Employer.

  
 5.10 No Acceleration of Bonus Compensation. The
time of payment of any Bonus Compensation that the Participant has elected to defer but that has not yet been credited to the Participant’s Account because it is not yet payable without regard to the deferral shall not be accelerated as a
result of the provisions of this Article. If, pursuant to the provisions of this Article, payment of such Bonus Compensation would no longer be deferred at the time it becomes payable, such Bonus Compensation shall be paid to the Participant within
90 days of the date it would have been payable had the Participant not made a deferral election. 
  

 V-3 

  
 VI. 
  
 Administration of the Plan 
  
 6.1 Committee Powers and Duties. The general administration of
the Plan shall be vested in the Committee. The Committee shall supervise the administration and enforcement of the Plan according to the terms and provisions hereof and shall have all powers necessary to accomplish these purposes, including, but not
by way of limitation, the right, power, authority, and duty: 
  
 (a) To make rules, regulations, and bylaws for the administration of the Plan that are not inconsistent with the terms and provisions hereof, and to enforce the terms of the Plan and the rules and regulations
promulgated thereunder by the Committee; 
  
 (b)
To construe in its discretion all terms, provisions, conditions, and limitations of the Plan; 
  
 (c) To correct any defect or to supply any omission or to reconcile any inconsistency that may appear in the Plan in such manner and to
such extent as it shall deem in its discretion expedient to effectuate the purposes of the Plan; 
  
 (d) To employ and compensate such accountants, attorneys, investment advisors, and other agents, employees, and independent contractors as
the Committee may deem necessary or advisable for the proper and efficient administration of the Plan; 
  
 (e) To determine in its discretion all questions relating to eligibility; 
  
 (f) To determine whether and when there has been a termination of a Participant’s employment with the
Employer, and the reason for such termination; and 
  
 (g) To make a determination in its discretion as to the right of any person to a benefit under the Plan and to prescribe procedures to be followed by distributees in obtaining benefits hereunder. 
  
 6.2 Self-Interest of Participants. No member of the Committee
shall have any right to vote or decide upon any matter relating solely to himself under the Plan (including, without limitation, Committee decisions under Article II) or to vote in any case in which his individual right to claim any benefit under
the Plan is particularly involved. In any case in which a Committee member is so disqualified to act and the remaining members cannot agree, the Compensation Committee shall appoint a temporary substitute member to exercise all the powers of the
disqualified member concerning the matter in which he is disqualified. 
  
 6.3 Claims Review. In any case in which a claim for Plan benefits of a Participant or beneficiary is denied or modified, the Committee shall furnish written notice to the claimant within ninety days (or within 180 days if
additional information requested by the Committee necessitates an extension of the ninety-day period), which notice shall: 
  
 (a) State the specific reason or reasons for the denial or modification; 
  

 VI-1 

 (b) Provide specific reference to pertinent Plan provisions on which the denial or
modification is based; 
  
 (c) Provide a
description of any additional material or information necessary for the Participant, his beneficiary, or representative to perfect the claim and an explanation of why such material or information is necessary; and 
  
 (d) Explain the Plan’s claim review procedure as
contained herein. 
  
 In the event a claim for Plan benefits is denied or
modified, if the Participant, his beneficiary, or a representative of such Participant or beneficiary desires to have such denial or modification reviewed, he must, within sixty days following receipt of the notice of such denial or modification,
submit a written request for review by the Committee of its initial decision. In connection with such request, the Participant, his beneficiary, or the representative of such Participant or beneficiary may review any pertinent documents upon which
such denial or modification was based and may submit issues and comments in writing. Within sixty days following such request for review the Committee shall, after providing a full and fair review, render its final decision in writing to the
Participant, his beneficiary or the representative of such Participant or beneficiary stating specific reasons for such decision and making specific references to pertinent Plan provisions upon which the decision is based. If special circumstances
require an extension of such sixty-day period, the Committee’s decision shall be rendered as soon as possible, but not later than 120 days after receipt of the request for review. If an extension of time for review is required, written notice
of the extension shall be furnished to the Participant, beneficiary, or the representative of such Participant or beneficiary prior to the commencement of the extension period. 
  
 6.4 Employer to Supply Information. The Employer shall supply full and timely information to the Committee,
including, but not limited to, information relating to each Participant’s compensation, age, retirement, death, or other cause of termination of employment and such other pertinent facts as the Committee may require. When making a determination
in connection with the Plan, the Committee shall be entitled to rely upon the aforesaid information furnished by the Employer. 
  
 6.5 Indemnity. The Company shall indemnify and hold harmless each member of the Committee against any and all expenses and liabilities
arising out of his administrative functions or fiduciary responsibilities, including any expenses and liabilities that are caused by or result from an act or omission constituting the negligence of such member in the performance of such functions or
responsibilities, but excluding expenses and liabilities that are caused by or result from such member’s own gross negligence or willful misconduct. Expenses against which such member shall be indemnified hereunder shall include, without
limitation, the amounts of any settlement or judgment, costs, counsel fees, and related charges reasonably incurred in connection with a claim asserted or a proceeding brought or settlement thereof. 
  

 VI-2 

 6.6 Payment of Expenses. All expenses incident to the administration of the Plan, including
but not limited to, legal and accounting fees, and expenses of the Committee, shall be paid by the Employer. 
  
 6.7 Maintenance of Accounts. The Committee shall maintain one or more Accounts in the name of each Participant, but the maintenance of an
Account designated as the Account of a Participant shall not mean that such Participant shall have a greater or lesser interest than that due him by operation of the Plan and shall not be considered as segregating any funds or property to pay
benefits hereunder. 
  

 VI-3 

  
 VII. 
  
 Nature of the Plan 
  
 The Employer intends and desires by the adoption of the Plan to recognize the
value to the Employer of the past and present services of employees covered by the Plan and to encourage and assure their continued service with the Employer by making more adequate provision for their future retirement security. The Plan is
intended to constitute an unfunded, unsecured plan of deferred compensation for a select group of management or highly compensated employees of the Employer. Plan benefits herein provided are to be paid out of the Employer’s general assets. The
Plan constitutes a mere promise by the Employers to make benefit payments in the future and Participants have the status of general unsecured creditors of the Employers. 
  

 VII-1 

  
 VIII. 
  
 Participating Employers 
  
 The Committee may designate any entity or organization eligible by law to
participate in this Plan as an Employer by written instrument delivered to the Secretary of the Company and the designated Employer. Such written instrument shall specify the effective date of such designated participation, may incorporate specific
provisions relating to the operation of the Plan which apply to the designated Employer only and shall become, as to such designated Employer and its employees, a part of the Plan. Each designated Employer shall be conclusively presumed to have
consented to its designation and to have agreed to be bound by the terms of the Plan and any and all amendments thereto upon its submission of information to the Committee required by the terms of or with respect to the Plan; provided, however, that
the terms of the Plan may be modified so as to increase the obligations of an Employer only with the consent of such Employer, which consent shall be conclusively presumed to have been given by such Employer upon its submission of any information to
the Committee required by the terms of or with respect to the Plan. Except as modified by the Committee in its written instrument, the provisions of this Plan shall be applicable with respect to each Employer separately, and amounts payable
hereunder shall be paid by the Employer which employs the particular Participant. 
  

 VIII-1 

  
 IX. 
  
 Miscellaneous 
  
 9.1 Not Contract of Employment. The adoption and maintenance of
the Plan shall not be deemed to be a contract between the Employer and any person or to be consideration for the employment of any person. Nothing herein contained shall be deemed to give any person the right to be retained in the employ of the
Employer or to restrict the right of the Employer to discharge any person at any time nor shall the Plan be deemed to give the Employer the right to require any person to remain in the employ of the Employer or to restrict any person’s right to
terminate his employment at any time. 
  
 9.2 Alienation of
Interest Forbidden. Except as hereinafter provided, the interest of a Participant or his beneficiary or beneficiaries hereunder may not be sold, transferred, assigned, or encumbered in any manner, either voluntarily or involuntarily, and any
attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be null and void; neither shall the benefits hereunder be liable for or subject to the debts, contracts, liabilities, engagements or torts of any
person to whom such benefits or funds are payable, nor shall they be an asset in bankruptcy or subject to garnishment, attachment or other legal or equitable proceedings. Plan provisions to the contrary notwithstanding, the Committee shall comply
with the terms and provisions of an order that satisfies the requirements for a “qualified domestic relations order” as such term is defined in section 206(d)(3)(B) of the Act, including an order that requires distributions to an alternate
payee prior to a Participant’s “earliest retirement age” as such term is defined in section 206(d)(3)(E)(ii) of the Act. 
  
 9.3 Withholding. All deferrals and payments provided for hereunder shall be subject to applicable withholding and other deductions as shall
be required of the Employer under any applicable local, state or federal law. 
  
 9.4 Amendment and Termination. The Compensation Committee may from time to time, in its discretion, amend, in whole or in part, any or all of the provisions of the Plan; provided, however, that no
amendment may be made that would impair the rights of a Participant with respect to amounts already allocated to his Account. The Compensation Committee may terminate the Plan at any time. In the event that the Plan is terminated, the balance in a
Participant’s Account shall be paid to such Participant or his designated beneficiary in a single lump sum payment of cash in full satisfaction of all of such Participant’s or beneficiary’s benefits hereunder. Any such amendment to or
termination of the Plan shall be in writing and signed by a member of the Compensation Committee. 
  
 9.5 Severability. If any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not
affect the remaining provisions hereof; instead, each provision shall be fully severable and the Plan shall be construed and enforced as if said illegal or invalid provision had never been included herein. 
  
 9.6 Governing Laws. All provisions of the Plan shall be
construed in accordance with the laws of Texas except to the extent preempted by federal law. 
  

 IX-1

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