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                                                                   EXHIBIT 10.44

                            BAKER HUGHES INCORPORATED
                             STOCK OPTION AGREEMENT

                                [NAME OF GRANTEE]
                                     GRANTEE

DATE OF GRANT

TOTAL NUMBER OF SHARES GRANTED

EXERCISE PRICE PER SHARE

EXPIRATION DATE

TERM OF AWARD; VESTING SCHEDULE      3 YEARS, WITH VESTING OF 33 1/3% ON THE
                                     ANNIVERSARY DATE OF THE DATE OF GRANT IN
                                     EACH OF THE YEARS XXXX, XXXX, AND XXXX.
OTHER TERMS OF AWARD

                                 GRANT OF OPTION

Pursuant to action taken by the Compensation Committee of the Board of Directors
of Baker Hughes Incorporated, a Delaware corporation (the "Company"), for the
purposes of administration of the Long-Term Incentive Plan of Baker Hughes
Incorporated (the "Plan"), the above-named Grantee is hereby granted an
incentive stock option to purchase the above number of shares of the Company's
$1 par value per share common stock at the exercise price stated above for each
share subject to this option, with the exercise price payable at the time of
exercise. This option may not be exercised after the Expiration Date.

By your acceptance of the option, you agree that the option is granted under and
governed by the terms of the Plan, this Stock Option Agreement and the Terms and
Conditions of Option Agreements (dated January 30, 2002).

                                     BAKER HUGHES INCORPORATED

                                     ---------------------------------
                                     Name:
                                     Title:

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                            BAKER HUGHES INCORPORATED

                              TERMS AND CONDITIONS
                                       OF
                                OPTION AGREEMENTS
                               (JANUARY 30, 2002)

         These Terms and Conditions are applicable to options granted pursuant
to the Long-Term Incentive Plan of Baker Hughes Incorporated, as amended (the
"Plan").

1.       TERMINATION OF EMPLOYMENT. The following provisions will apply in the
         event of Grantee's termination of employment:

         1.1 Termination Generally. If Grantee's employment is terminated for
         any reason other than:

                  (i) a termination covered by Sections 1.2 through 1.7, or

                  (ii) a termination, within two years following a Change in
         Control (as defined in the Plan) that occurs after the Date of Grant,
         either (A) by the Company without Cause (as defined in the Plan) or (B)
         by the Grantee for Good Reason (as defined in the Plan),

         the option will wholly and completely terminate on the date of
         termination of employment, to the extent it is not then exercisable;
         however, to the extent the option is exercisable, Grantee shall have
         three months from the date of termination of employment to exercise the
         option (but in no event later than the Expiration Date).

         1.2 Termination for Cause. If Grantee's employment is terminated for
         cause, including (without limitation) fraud, theft, embezzlement
         committed against the Company or any of its affiliated companies or a
         customer of the Company, or for conflict of interest, unethical
         conduct, dishonesty affecting the assets, properties or business of the
         Company or any of its affiliated companies, willful misconduct, or
         continued material dereliction of duties, the option will wholly and
         completely terminate on the date of termination of employment if such
         termination occurs (i) prior to a Change of Control that occurs after
         the Date of Grant or (ii) after the second anniversary of a Change of
         Control that occurs after the Date of Grant. If Grantee's employment is
         terminated for Cause (as defined in the Plan), the option will wholly
         and completely terminate on the date thirty days following such
         termination (but not later than the Expiration Date) if such
         termination occurs within two years following a Change of Control that
         occurs after the Date of Grant.

         1.3 Termination without Cause or for Good Reason in Connection with a
         Change in Control. Notwithstanding any other provision of this Stock
         Option Agreement, including these Terms and Conditions, to the
         contrary, if a Change in Control of the Company occurs, the provisions
         of Article 16 of the Plan shall govern.

         1.4 Divestiture of Business Unit. If the Company divests its ownership
         in a business unit that employs the Grantee, then the option will be
         deemed to be fully vested on the effective date of the Divestiture of
         the business unit. The Grantee will have three years in which to
         exercise the option. A "Divestiture" includes the disposition of any
         business unit of the Company and its subsidiaries to an entity that the
         Company does not consolidate in its financial statements, whether the
         disposition is structured as a sale or transfer of stock, a merger, a
         consolidation or a sale or transfer of assets, or a combination
         thereof, provided that a "Divestiture" shall not include a disposition
         that constitutes a Change in Control.

         1.6 Retirement or Disability. In the event of the retirement (such that
         the Grantee's age plus years of service with the Company equals or
         exceeds 65) or long-term disability of the Grantee, as long-term
         disability is determined in the discretion of the Committee (as defined
         in the Plan), all granted but unvested options shall immediately vest
         upon the Grantee's retirement or long-term disability. The Grantee
         shall

Option Agreements
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January 30, 2002
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         have three years from the date of termination of employment due to
         retirement or long-term disability to exercise the option (but not
         later than the Expiration Date).

         1.7 Death. Upon the death of the Grantee in active service, all granted
         but unvested options shall immediately vest upon the Grantee's death
         and otherwise shall be exercisable for a period of one year following
         Grantee's death (but in no event later than the Expiration Date).

2.       PROHIBITED ACTIVITY. Notwithstanding any other provision of this Stock
         Option Agreement, if Grantee engages in a "Prohibited Activity," as
         described below, while employed by the Company or any of its affiliates
         or within two years after Grantee's employment termination date, then
         Grantee's right to exercise any portion of the option, to the extent
         still outstanding at that time, shall immediately thereupon wholly and
         completely terminate. If an allegation of a Prohibited Activity by
         Grantee is made to the Committee, the Committee, in its discretion, may
         suspend the exercisability of the option for up to two months to permit
         the investigation of such allegation. If it is determined that no
         Prohibited Activity was engaged in by Grantee, the period of
         exercisability of the option will be increased by the amount of time of
         the suspension; however, in no event will the option be exercisable
         more than ten years from the date of grant. A "Prohibited Activity"
         shall be deemed to have occurred, as determined by the Committee in its
         sole and absolute discretion, if Grantee:

                (i) divulges any non-public, confidential or proprietary
                information of the Company or of its past, present or future
                affiliates (collectively, the "Baker Hughes Group"), but
                excluding information that (a) becomes generally available to
                the public other than as a result of Grantee's public use,
                disclosure, or fault, or (b) becomes available to Grantee on a
                non-confidential basis after Grantee's employment termination
                date from a source other than a member of the Baker Hughes Group
                prior to the public use or disclosure by Grantee, provided that
                such source is not bound by a confidentiality agreement or
                otherwise prohibited from transmitting the information by a
                contractual, legal or fiduciary obligation; or

                (ii) directly or indirectly, consults or becomes affiliated
                with, conducts, participates or engages in, or becomes employed
                by, any business that is competitive with the business of any
                member of the Baker Hughes Group, wherever from time to time
                conducted throughout the world, including situations where
                Grantee solicits or participates in or assists in any way in the
                solicitation or recruitment, directly or indirectly, of any
                employees of any member of the Baker Hughes Group.

3.       CASHLESS EXERCISE. Cashless exercise, in accordance with the terms of
         the Plan, shall be available to Grantee for the shares subject to the
         option.

4.       TAX WITHHOLDING. To the extent the exercise of the option results in
         taxable income to Grantee, the Company is authorized to withhold from
         any remuneration payable to Grantee any tax required to be withheld by
         reason of such taxable income.

5.       NONTRANSFERABILITY. The option is not transferable by the Grantee
         otherwise than by will or by the laws of descent and distribution, and
         is exercisable during the Grantee's lifetime only by the Grantee.

6.       LIMIT OF LIABILITY. Under no circumstances will the Company be liable
         for any indirect, incidental, consequential or special damages
         (including lost profits) of any form incurred by any person, whether or
         not foreseeable and regardless of the form of the act in which such a
         claim may be brought, with respect to the Plan or the Company's role as
         Plan sponsor.

7.       MISCELLANEOUS. The option is granted under and is subject to all of the
         provisions of the Plan, including amendments to the Plan, if any. In
         the event of a conflict between these Terms and Conditions and the Plan
         provisions, the Plan provisions will control. Capitalized terms that
         are not defined herein shall have the meaning ascribed to such terms in
         the Plan.

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January 30, 2002<PAGE>
                                                                   EXHIBIT 10.45

                            STOCK MATCHING AGREEMENT

                  This Stock Matching Agreement (this "Agreement") is made and
entered into this 1st day of March , 2001, by and between Baker Hughes
Incorporated, a Delaware corporation (the "Company"), and James Roderick Clark
(the "Employee"), regarding the award of Matched Shares (defined below) to the
Employee pursuant to the Long Term Incentive Plan of Baker Hughes Incorporated
(the "Plan"), and further subject to the terms and conditions set forth below:

                  1. AWARD OF MATCHED SHARES. The Company will reserve for
         issuance one share of the Company's Common Stock, $1.00 par value per
         share ("Common Stock"), for each share of Common Stock, up to, but not
         exceeding, 25,000 shares of Common Stock owned, and held of record, (x)
         by the Employee and (y) for the benefit of the Employee in an account
         by (i) a tax-qualified plan maintained by the Company, a Subsidiary or
         a former employer of the Employee, and/or (ii) an individual retirement
         account or annuity under Code Section 408 or 408A (with such shares
         under this clause (y) deemed to be owned by the Employee for purposes
         of this Agreement) at the close of business on the first anniversary of
         the Employment Date. Such reserved shares of Common Stock shall be
         referred to herein as the "Matched Shares."

                  2. RESERVATION PERIOD. Each Matched Share shall be reserved
         for issuance by the Company pursuant to this Agreement until the
         earlier of the date each such share is either (x) fully vested upon the
         occurrence of an event described in Section 2(I) (a "Vesting Event") or
         (y) forfeited upon the occurrence of an event described in Section
         2(II) (a "Forfeiture Event").

                  (I) Vesting Events. For purposes of this Agreement, the
         following are Vesting Events:

                      (a)   The Retirement of the Employee;

                      (b)   The termination of the Employee's employment by the
                            Company without Non-CIC Cause;

                      (c)   The occurrence of a Change in Control;

                      (d)   The termination of the Employee's employment:

                            (i)     by the Company without CIC Cause prior to a
                                    Change in Control (whether or not a Change
                                    in Control ever occurs) if such termination
                                    was at the request or direction of a Person
                                    who has entered into an agreement with the
                                    Company, the consummation of which would
                                    constitute a Change in Control;

                            (ii)    by the Employee for Good Reason prior to a
                                    Change in Control (whether or not a Change
                                    in Control ever occurs) if the circumstance
                                    or event which constitutes Good Reason
                                    occurs at the request or direction of the
                                    Person described in foregoing clause (i); or

                            (iii)   by the Company without CIC Cause or by the
                                    Employee for Good Reason if such termination
                                    or the circumstance or event which
                                    constitutes Good Reason is otherwise in
                                    connection with, or in anticipation of, a
                                    Change in Control (whether or not a Change
                                    in Control ever occurs); or

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                      (e)   The Employee's death or permanent disability (as
                            determined by the Committee in its sole discretion).

                  (II)     Forfeiture Event: For purposes of this Agreement, a
                           Forfeiture Event means the termination of employment
                           of the Employee other than as set forth in Section
                           2(I) or due to Non-CIC Cause.

                  3. ISSUANCE OR FORFEITURE OF MATCHED SHARES. If a Vesting
         Event occurs prior to a Forfeiture Event with respect to the Employee,
         subject to satisfaction of the certification requirement in Section 5,
         the Company shall issue an amount of the Matched Shares in a
         certificate in the name of the Employee (or, in the case of death, in
         the name of the estate of the Employee) equal to the number of shares
         of Common Stock owned by the Employee as of the date of the Vesting
         Event that have been continuously owned by the Employee since the first
         anniversary of the Employment Date. These certificates shall be issued
         as soon as administratively practicable following the Vesting Event.
         The Employee may replace shares of Common Stock that the Employee owned
         on the first anniversary of the Employment Date with other shares of
         Common Stock so long as the Employee continuously owns the same number
         of shares for which the Company will issue Matched Shares from the
         first anniversary of the Employment Date until the date of the Vesting
         Event.

                  If a Forfeiture Event occurs prior to a Vesting Event with
         respect to the Employee, as of the date of the Forfeiture Event all
         obligations of the Company to issue any Matched Shares pursuant to this
         Agreement shall cease and immediately terminate, and the Employee shall
         forfeit any and all rights and have no further claim against or with
         respect to any Matched Shares or against the Company for any Matched
         Shares.

                  4. PAYMENT OF EQUIVALENT DIVIDENDS. The Company shall pay to
         the Employee an amount of money on a quarterly basis equivalent to any
         cash dividends that would have been payable on the Matched Shares
         assuming such shares had been outstanding at the time of any cash
         dividend payment made on the Common Stock of the Company.

                  5. CERTIFICATION OF SHARE OWNERSHIP BY THE EMPLOYEE. Within 30
         days after the first anniversary of the Employment Date, the Employee
         shall certify to the Company the number of shares of Common Stock that
         the Employee owns as of such anniversary date. The Employee's ownership
         shall be verified, in addition to the certification, by the delivery of
         copies of any certificates, brokerage or other account statements
         representing the shares that the Employee owns reflecting that such
         shares are held of record by the Employee or by the plan or individual
         retirement account or annuity for the benefit of the Employee (or, if
         the Employee is required to file ownership reports with the Securities
         and Exchange Commission, by the filing of copies of such reports with
         such certificate). Thereafter, subject to verification (as provided
         herein), within 30 days after each subsequent anniversary of the
         Employment Date and within 15 days after a Vesting Event, the Employee
         (or the representative of the Employee's estate in the case of death)
         shall certify to the Company the number of shares of Common Stock owned
         by the Employee as of such anniversary or Vesting Event date, and
         during the period commencing immediately after the anniversary date
         immediately preceding such date. The certificate and other evidence of
         stock ownership must be timely presented to the Secretary of the
         Company for verification. Final

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         determination of sufficient evidence to verify ownership shall be made
         in the sole discretion of the Committee.

                  6. LIMITATION OF AWARD. The award of shares of Common Stock to
         the Employee pursuant to this Agreement is being made only with respect
         to the shares owned on the first anniversary of the Employment Date. No
         future award of shares is being authorized pursuant hereto and may only
         be made by the Committee in its sole discretion at such time in the
         future. If the Employee should sell any of the shares of Common Stock
         held by him on the first anniversary of the Employment Date in order
         that the number of shares owned by the Employee is reduced to a number
         below the amount held on such date, the number of Matched Shares
         reserved for the Employee shall be reduced on a share-for-share basis.
         No increase in shares subsequent to the first anniversary of the
         Employment Date shall create a right to an increase in the number of
         Matched Shares

                  7. ADJUSTMENTS. If the Company should declare a stock dividend
         or authorize a split of shares of the Common Stock of the Company, the
         Matched Shares shall be adjusted to reflect and to take into such
         account such stock dividend or stock split, as the case may be. The
         additional shares to be reserved as a result of such stock dividend or
         stock split shall be deemed to be a portion of the Matched Shares
         reserved for issuance by the Company pursuant to this Agreement.

                  8. RELATIONSHIP TO THE PLAN; DEFINITIONS. This award of
         Matched Shares is granted under the Plan and is subject to all of the
         terms, conditions and provisions of the Plan and administrative
         interpretations thereunder, if any, which have been adopted by the
         Committee thereunder and are in effect on the date hereof. Capitalized
         terms that are not defined in this Agreement shall have the same
         meanings ascribed to them under the Plan. For purposes of this
         Agreement:

                      (a)   "CIC Cause" means Cause as defined in the Plan.

                      (b)   "Employment Date" means March 1, 2001.

                      (c)   "Retirement" means the termination of employment
                            after attaining age 55 with not less than 5 years of
                            continuous employment since the Employment Date with
                            the Company; provided, however, that such
                            termination is not due to CIC Cause or Non-CIC
                            Cause.

                      (d)   "Non-CIC Cause" means fraud, theft, embezzlement
                            committed against the Company or an Affiliate or a
                            customer of the Company or an Affiliate, or conflict
                            of interest, unethical conduct, dishonesty affecting
                            the assets, properties or businesses of the Company
                            or any of its Affiliates, willful misconduct, or
                            continued material dereliction of duties.

                  9. WITHHOLDING. To the extent the issuance of the Matched
         Shares under this Agreement results in taxable income to the Employee,
         the Company is authorized to withhold from any remuneration payable to
         the Employee any tax required to be withheld by reason of such taxable
         income.

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<PAGE>

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

                                       BAKER HUGHES INCORPORATED

                                       By  /s/ ANDREW J. SZESCILA
                                          -------------------------------
                                          Name:  Andrew J. Szescila
                                          Title: Senior Vice President and
                                                 Chief Operating Officer

                                       4

<PAGE>

             ACKNOWLEDGMENT, ACCEPTANCE AND CONSENT BY THE EMPLOYEE

                  The undersigned Employee, James Roderick Clark, hereby agrees
to, and accepts, the terms and provisions of the foregoing Agreement, subject to
the terms and provisions of the Plan and administrative interpretations thereof
referred to above. The undersigned further hereby acknowledges that he has
received a copy of the Long Term Incentive Plan of Baker Hughes Incorporated and
that he has been advised by the Company to consult with and rely upon only his
own tax, legal and financial advisors regarding the consequences and risks of
this award.

  August 10, 2001                      /s/ JAMES RODERICK CLARK
--------------------                   ---------------------------------
Date                                   Name:  James Roderick Clark
                                       Address: 10 Crownberry Court
                                                The Woodlands, TX  77381

                        CONSENT OF SPOUSE OF THE EMPLOYEE

                  The undersigned spouse of the Employee has read and hereby
approves the terms and conditions of the foregoing Agreement and the Plan. In
consideration of the Company's awarding the Employee the Matched Shares, as set
forth in the Agreement, the undersigned hereby agrees and consents to be
irrevocably bound by the terms and conditions of the Agreement and the Plan and
further agrees that any community property interest shall be similarly bound.
The undersigned hereby appoints the undersigned's spouse as attorney-in-fact for
the undersigned with respect to any amendment or exercise of rights under the
Agreement and the Plan.

                                       /s/ JAN M. CLARK
                                       ----------------------
                                       Spouse of the Employee

                                       5
<PAGE>

                     AMENDMENT 1 TO STOCK MATCHING AGREEMENT

         This Amendment 1 to Stock Matching Agreement ("Amendment 1") is made
and entered into effective March 6, 2002, by and between BAKER HUGHES
INCORPORATED, a Delaware corporation (the "Company") and JAMES RODERICK CLARK
(the "Executive").

                  WHEREAS, the Board of Directors of the Company and the
         Executive desire to make certain changes to that certain Stock Matching
         Agreement dated as of March 1, 2001, by and between the Company and the
         Executive (the "Stock Matching Agreement"), providing the Executive
         with additional time to purchase the Company's Common Stock;

                  NOW, THEREFORE, in consideration of the premises and the
         mutual agreements contained herein, the Company and the Executive
         hereby agree as follows: the phrase "at the close of business on the
         first anniversary of the Employment Date" be changed to read "at the
         close of business on September 2, 2002" in Sections 1, 3,5 and 6 of the
         Stock Matching Agreement.

         All capitalized terms in this Amendment 1 shall have the definition
ascribed to those terms in the Stock Matching Agreement. The Stock Matching
Agreement continues in full force and effect, except as amended hereby. This
Amendment 1 may be executed in counterparts, each of which shall be deemed to be
an original but all of which together will constitute one and the same
instrument.

         EXECUTED effective as of the day and year first written above.

Company:                               Executive:
-------                                ---------
BAKER HUGHES INCORPORATED

By:
   -------------------------------     -------------------------
   Andrew J. Szecila,           ,      JAMES RODERICK CLARK
   Senior Vice President and Chief
   Operating Officer

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