Document:

Exhibit 4.5

Helmerich & Payne, Inc.

2005 Long-Term Incentive Plan

Incentive Stock Option Agreement

	
  Participant Name:

  	
   

  	
   

  	
  Grant Date:

  	
   

  

 

 

	
   

  	
   

  	
  Vesting Schedule

  	
   

  
	
   

  	
   

  	
  Vesting Dates

  	
   

  	
  Percent of

  Stock Option

  Exercisable

  	
   

  
	
  Shares Subject to
  Incentive Stock Option:

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
  Expiration Date:

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
  Option Price:

  	
   

  	
   

  	
   

  	
   

  	
  %

  

 

 

Incentive
Stock Option Agreement

Under the Helmerich & Payne, Inc.

2005 LONG-TERM INCENTIVE PLAN

THIS INCENTIVE STOCK
OPTION AGREEMENT (the “Option Agreement”), made as of the grant date set forth
on the cover page of this Option Agreement (the “Cover Page”) at Tulsa,
Oklahoma by and between the participant named on the Cover Page (the “Participant”)
and Helmerich & Payne, Inc. (the “Company”):

W I T N E S S E T
H:

WHEREAS, the
Participant is an employee of the Company or a Subsidiary of the Company and it
is important to the Company that the Participant be encouraged to remain in the
employ of the Company or a Subsidiary of the Company; and

WHEREAS, in
recognition of such facts, the Company desires to provide to the Participant an
opportunity to purchase shares of the Common Stock of the Company, as
hereinafter provided, pursuant to the “Helmerich & Payne, Inc. 2005 Stock
Incentive Plan” (the “Plan”), a copy of which has been provided to the
Participant; and

WHEREAS, any
capitalized terms used but not defined herein have the same meanings given them
in the Plan.

NOW, THEREFORE, in
consideration of the mutual covenants hereinafter set forth and for good and
valuable consideration, the Participant and the Company hereby agree as
follows:

Section
1.              Grant of ISO Option. 
The Company hereby grants to the Participant an incentive stock option
(the “ISO Option”) intended to qualify under Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”), to purchase all or any part of
the number of shares of its Common Stock, par value $.10 (the “Stock”) set
forth on the Cover Page, under and subject to the terms and conditions of this
Option Agreement and the Plan which is incorporated herein by reference and
made a part hereof for all purposes.  The
purchase price for each share to be purchased hereunder shall be the option
price set forth on the Cover Page (the “ISO Price”) and shall equal the Fair
Market Value of the Common Stock covered by this ISO Option as of the Date of
Grant.

Section
2.              Times of Exercise of ISO Option.  After, and only after, the conditions of
Section 9 hereof have been satisfied, the Participant shall be eligible to exercise
the ISO Option pursuant to the vesting schedule set forth on the Cover Page
(the “Vesting Schedule”).  If the
Participant’s employment with the Company (or with any Subsidiary) remains
full-time and continuous at all times prior to any of the vesting dates
specified on the Cover Page (the “Vesting Dates”), then the Participant shall
be entitled, subject to the applicable provisions of the Plan and this Option
Agreement having been satisfied, to exercise on or after the applicable Vesting
Date, on a cumulative basis, the number of ISO Options determined by
multiplying the aggregate number of shares of Stock subject to the ISO Option
set forth on the Cover Page by the designated percentage set forth on the Cover
Page.

Section
3.              Term of ISO Option. 
Subject to earlier termination as hereafter provided, the ISO Option
shall expire at the close of business on the expiration date set forth on the
Cover Page and may not be exercised after such expiration date; provided,
however, in no event shall the term of the ISO Option be longer than ten years
from the Date of Grant.  At all times
during the period commencing with the date the ISO Option is granted to the
Participant and ending on the earlier of the expiration of the ISO Option or
the date which is three months prior to the date the ISO Option is exercised by
the Participant, the Participant must be an employee of either (i) the Company,
(ii) a Subsidiary of the Company, or (iii) an Affiliated Entity.

Section
4.              Nontransferability of ISO Option.  Except as otherwise herein provided, the ISO
Option shall not be transferable otherwise than by will or the laws of descent
and distribution, and the ISO Option may be exercised, during the lifetime of
the Participant, only by the Participant. 
More particularly (but without limiting the generality of the
foregoing), the ISO Option may not be assigned, transferred (except as provided
above), pledged or hypothecated in any way, shall not be assignable by
operation of law and shall not be subject to execution, 

 

attachment, or similar process.  Any attempted assignment, transfer, pledge,
hypothecation or other disposition of the ISO Option contrary to the provisions
hereof shall be null and void and without effect.

Section
5.              Employment.  So long
as the Participant shall continue to be a full-time and continuous employee of
the Company, a Subsidiary of the Company, or an Affiliated Entity, the ISO
Option shall not be affected by any change of duties or position.  Nothing in the Plan or in this Option
Agreement shall confer upon the Participant any right to continue in the employ
of the Company or a Subsidiary of the Company, or interfere in any way with the
right of the Company or a Subsidiary of the Company to terminate the
Participant’s employment at any time.

Section
6.              Special Rules With Respect to ISO Options.  With respect to the ISO Option granted
hereunder, the following special rules shall apply:

(a)           Annual Limitation on
Exercise of ISO Options. 
Except as provided in Section 8 herein, in no event during any calendar
year will the aggregate Fair Market Value, determined as of the time the ISO
Option is granted, of the Stock for which the Participant may first have the
right to exercise under the ISO Option and any other “incentive stock options”
granted under all plans qualified under Section 422 of the Code which are
sponsored by the Company, its parent or a Subsidiary of the Company exceed
$100,000.

(b)           Acceleration of Otherwise
Unexercisable ISO Options on Death, Disability or Other Special Circumstances.  The Committee, in its sole discretion, may accelerate
the vesting of all or any part of the shares subject to the ISO Option for
which the applicable Vesting Date(s) has not yet occurred upon the Participant’s
date of termination of employment if such termination occurs by reason of (i) Disability,
(ii) death, or (iii) upon the occurrence of special circumstances (as
determined by the Committee).

(c)           Period
for Exercise Upon Termination of Employment.  With respect to shares subject to the ISO
Option for which the applicable Vesting Dates have occurred or for which the
Committee has accelerated vesting in accordance with Section 6, the
Participant, or the representative of a deceased Participant, shall be entitled
to purchase such shares within three months of such date of termination of
employment or one year in the case of a Participant suffering a Disability or
in the case of a deceased Participant.

Section
7.              Method of Exercising ISO Option.

(a)           Procedures for Exercise.  The manner of exercising the ISO Option herein
granted shall be by written notice to the Secretary of the Company at the time
the ISO Option, or part thereof, is to be exercised, and in any event prior to
the expiration of the ISO Option.  Such
notice shall state the election to exercise the ISO Option, the number of
shares of Stock to be purchased upon exercise, the form of payment to be used,
and shall be signed by the person so exercising the ISO Option.

(b)           Form of Payment.  Payment in full for shares of Stock purchased
under this Option Agreement shall accompany the Participant’s notice of
exercise.  Payment shall be made (i) in
cash or by check, draft or money order payable to the order of the Company;
(ii) by delivering Stock or other equity securities of the Company having a
Fair Market Value on the date of payment equal to the amount of the ISO Price;
or (iii) a combination thereof.  In
addition to the foregoing procedure which may be available for the exercise of
the ISO Option, the Participant may deliver to the Company a notice of exercise
which includes an irrevocable instruction to the Company to deliver the stock
certificate representing the shares of Stock being purchased, issued in the
name of the Participant, to a broker approved by the Company and authorized to
trade in the Common Stock of the Company. 
Upon receipt of such notice, the Company shall acknowledge receipt of
the executed notice of exercise and forward this notice to the broker.  Upon receipt of the copy of the notice which
has been acknowledged by the Company, and without waiting for issuance of the
actual stock certificate with respect to the exercise of the ISO Option, the
broker may sell the Stock or any portion thereof. The broker shall deliver
directly to the Company that portion of the sales proceeds sufficient to cover
the ISO Price and withholding taxes, if any. 
For all purposes of effecting the exercise of the ISO Option, the date
on which the Participant gives the notice of exercise to the Company, together
with payment for the shares of Stock being purchased and any applicable
withholding taxes, shall be the “date of exercise.”  If a notice of exercise and payment are
delivered at different times, the date of 

 2
 

 

exercise shall be the date the Company first has in
its possession both the notice and full payment as provided herein.

(c)           Further Information.  In the event the ISO Option is exercised,
pursuant to the foregoing provisions of this Section 7, by any person due to
the death of the Participant, such notice shall also be accompanied by
appropriate proof of the right of such person to exercise the ISO Option.  The notice so required shall be given by
personal delivery to the Secretary of the Company or by registered or certified
mail, addressed to the Company at 1437 South Boulder Avenue, Tulsa, Oklahoma
74119, and it shall be deemed to have been given when it is so personally
delivered or when it is deposited in the United States mail in an envelope
addressed to the Company, as aforesaid, properly stamped for delivery as a
registered or certified letter.

Section
8.              Change of Control. 
Upon the occurrence of a Change of Control Event, any and all ISO
Options under this Option Agreement shall become automatically fully vested and
immediately exercisable with such acceleration to occur without the requirement
of any further act by either the Company or the Participant.

Section
9.              Securities Law Restrictions. 
The ISO Option shall be exercised and Stock issued only upon compliance
with the Securities Act of 1933, as amended (the “Act”), and any other
applicable securities law, or pursuant to an exemption therefrom. If deemed
necessary by the Company to comply with the Act or any applicable laws or
regulations relating to the sale of securities, the Participant, at the time of
exercise and as a condition imposed by the Company, shall represent, warrant
and agree that the shares of Stock subject to the ISO Option are being
purchased for investment and not with any present intention to resell the same
and without a view to distribution, and the Participant shall, upon the request
of the Company, execute and deliver to the Company an agreement to such
effect.  The Participant acknowledges
that any stock certificate representing Stock purchased under such
circumstances will be issued with a restricted securities legend.

Section
10.            Disqualifying Disposition of Stock.  If the Participant shall make a disposition
(within the meaning of Section 424(c) of the Code and the rules and regulations
thereunder) of any shares of Stock covered by the ISO Option within one year
after the date of exercise of the ISO Option or within two years after the Date
of Grant of the ISO Option, then in either such event the Participant shall
promptly notify the Company, by delivery of written notice to the Secretary of
the Company, of (i) the date of such disposition, (ii) the number of shares of
Stock covered by the ISO Option which were disposed of and (iii) the price at
which such shares of Stock were disposed of or the amount of any other
consideration received on such disposition. 
The Company may make such provision as it may deem appropriate for the
withholding of any applicable federal, state or local taxes that it determines
it may be obligated to withhold or pay in connection with the exercise of the
ISO Option or the disposition of shares of Stock acquired upon exercise of the
ISO Option.

Section
11.            Notices.  All notices
or other communications relating to the Plan and this Option Agreement as it
relates to the Participant shall be in writing and shall be delivered
personally or mailed (U.S. Mail) by the Company to the Participant at the then
current address as maintained by the Company or such other address as the
Participant may advise the Company in writing.

Section 12.            Conflicts.  In the
event of any conflicts between this Agreement and the Plan, the latter shall
control.  In the event any provision
hereof conflicts with applicable law, that provision shall be severed, and the
remaining provisions shall remain enforceable.

Section
13.            No Part of Other Plans.  The benefits provided under this Agreement or
the Plan shall not be deemed to be a part of or considered in the calculation
of any other benefit provided by the Company, a Subsidiary or an Affiliated
Entity to the Participant.

Section
14.            Participant and Award Subject to Plan.  As specific consideration to the Company for the
Award, the Participant agrees to be bound by the terms of the Plan and this
Agreement.

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IN WITNESS
WHEREOF, the parties have executed this Incentive Stock Option Agreement as of
the day and year first above written.

	
   

  	
  HELMERICH & PAYNE, INC.,
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “COMPANY”

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “PARTICIPANT”

  

 

 4Exhibit 4.6

Helmerich & Payne, Inc.

2005 Long-Term Incentive Plan

NONQUALIFIED STOCK OPTION
AGREEMENT

 

	
  Participant Name:

  	
   

  	
   

  	
  Grant Date:

  	
   

  

 

 

	
   

  	
   

  	
  Vesting Schedule

  	
   

  
	
   

  	
   

  	
  Vesting Dates

  	
   

  	
  Percent of Stock

  Option Exercisable

  	
   

  
	
  Shares Subject to Stock
  Option:

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
  Expiration Date:

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
  Option Price:

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  %

  

 

 

Nonqualified
Stock Option Agreement

Under the Helmerich & Payne, Inc.

2005 Long-Term Incentive Plan

THIS NONQUALIFIED STOCK
OPTION AGREEMENT (the “Option Agreement”), made as of the grant date set forth
on the cover page of this Option Agreement (the “Cover Page”) at Tulsa,
Oklahoma by and between the participant named on the Cover Page (the “Participant”)
and Helmerich & Payne, Inc. (the “Company”):

W I T N E S S E T
H:

WHEREAS, the
Participant is an employee of the Company, a Subsidiary of the Company, or an
Affiliated Entity, and it is important to the Company that the Participant be
encouraged to remain in the employ of the Company, a Subsidiary of the Company
or Affiliated Entity; and

WHEREAS, in
recognition of such facts, the Company desires to provide to the Participant an
opportunity to purchase shares of the Common Stock of the Company, as
hereinafter provided, pursuant to the “Helmerich & Payne, Inc. 2005 Long-Term
Incentive Plan” (the “Plan”), a copy of which has been provided to the
Participant; and

WHEREAS, any
capitalized terms used but not defined herein have the same meanings given them
in the Plan.

NOW, THEREFORE, in
consideration of the mutual covenants hereinafter set forth and for good and
valuable consideration, the Participant and the Company hereby agree as
follows:

Section
1.              Grant of Stock Option. 
The Company hereby grants to the Participant a nonqualified stock option
(the “Stock Option”) to purchase all or any part of the number of shares of its
Common Stock, par value $.10 (the “Stock”) set forth on the Cover Page, under
and subject to the terms and conditions of this Option Agreement and the Plan
which is incorporated herein by reference and made a part hereof for all
purposes.  The purchase price for each
share to be purchased hereunder shall be the option price set forth on the
Cover Page (the “Option Price”) which shall equal the Fair Market Value of the
Common Stock covered by this Stock Option on the Date of Grant.

Section
2.              Times of Exercise of Option. 
After, and only after, the conditions of Section 10 hereof have been
satisfied the Participant shall be eligible to exercise the Stock Option
pursuant to the vesting schedule set forth on the Cover Page (the “Vesting
Schedule”).  If the Participant’s
employment with the Company (or a Subsidiary, parent of the Company, or an
Affiliated Entity) remains full-time and continuous at all times prior to any
of the vesting dates specified on the Cover Page (the “Vesting Dates”), then
the Participant shall be entitled, subject to the applicable provisions of the
Plan and this Option Agreement having been satisfied, to exercise on or after
the applicable Vesting Date, on a cumulative basis, the number of Stock Options
determined by multiplying the aggregate number of shares of Stock subject to
the Stock Option set forth on the Cover Page by the designated percentage set
forth on the Cover Page.

Section
3.              Term of Stock Option. 
Subject to earlier termination as hereafter provided, the Stock Option
shall expire at the close of business on the expiration date set forth on the
Cover Page and may not be exercised after such expiration date; provided,
however, in no event shall the term of the Stock Option be longer than ten
years from the Date of Grant.

Section
4.              Transferability of Stock Option.

(a)           General.  Except as provided in Section 4(b) hereof,
the Stock Option shall not be transferable otherwise than by will or the laws
of descent and distribution, and the Stock Option may be exercised, during the
lifetime of the Participant, only by the Participant. More particularly (but
without limiting the generality of the foregoing), the Stock Option may not be
assigned, transferred (except as provided above and in Section 4(b) hereof),
pledged or hypothecated in any way, shall not be assignable by operation of law
and shall not be subject to 

 

execution, attachment, or similar process.  Any attempted assignment, transfer, pledge,
hypothecation or other disposition of the Stock Option contrary to the
provisions hereof shall be null and void and without effect.

(b)           Limited Transferability of
Stock Options.  The Stock
Options may be transferred by such Participant to (i) the ex-spouse of the
Participant pursuant to the terms of a domestic relations order, (ii) the
spouse, children or grandchildren of the Participant (“Immediate Family Members”),
(iii) a trust or trusts for the exclusive benefit of such Immediate Family
Members, or (iv) a partnership in which such Immediate Family Members are the
only partners; provided that there may be no consideration for any such
transfer and subsequent transfers of transferred  Stock Options shall be prohibited except
those in accordance with Section 4(a) hereof. 
Following transfer, any such Stock Options shall continue to be subject
to the same terms and conditions as were applicable immediately prior to
transfer, provided that for purposes of this Section 4(b) the term “Participant”
shall be deemed to refer to the transferee. 
The events of termination of employment in the Plan shall continue to be
applied with respect to the original Participant, following which the Stock
Options shall be exercisable by the transferee only to the extent, and for the
periods specified in the Plan.  No
transfer pursuant to this Section 4(b) shall be effective to bind the Company
unless the Company shall have been furnished with written notice of such
transfer together with such other documents regarding the transfer as the
Committee shall request.

Section
5.              Employment.  So long
as the Participant shall continue to be a full-time and continuous employee of
the Company, a Subsidiary of the Company, an Affiliated Entity or a corporation
or a parent or a Subsidiary of such corporation issuing or assuming a Stock
Option in a transaction to which Section 424(a) of the Code applies, the Stock
Option shall not be affected by any change of duties or position.  Nothing in the Plan or in this Option
Agreement shall confer upon the Participant any right to continue in the employ
of the Company or a Subsidiary of the Company or an Affiliated Entity, or
interfere in any way with the right of the Company or a Subsidiary of the
Company or an Affiliated Entity to terminate the Participant’s employment at
any time.

Section
6.              Acceleration of Otherwise Unexercisable Stock Options on Death,
Disability or Other Special Circumstances.  The Committee, in its sole discretion, may accelerate
the vesting of Stock Options for which the applicable Vesting Date(s) has not
yet occurred upon the Participant’s date of termination of employment if such
termination occurs by reason of (i) Disability, (ii) death, or (iii) upon the
occurrence of special circumstances (as determined by the Committee).

Section
7.              Period of Exercise Upon Termination of Employment.  With respect to shares subject to the Stock
Option for which the applicable Vesting Dates have occurred or for which the
Committee has accelerated vesting in accordance with Section 6, the
Participant, or the representative of a deceased Participant, shall be entitled
to purchase such shares during the remaining term of the Stock Option if the
Participant’s employment was terminated as a result of death, Disability or
Retirement.  If the Participant’s
employment was terminated for any other reason, the Participant shall be
entitled to purchase such vested Stock Options for a period of three months
from such date of termination and any Stock Options which remain unvested after
such date shall be cancelled.

Section
8.              Method of Exercising Stock Option.

(a)           Procedures for Exercise.  The manner of exercising the Stock Option
herein granted shall be by written notice to the Secretary of the Company at
the time the Stock Option, or part thereof, is to be exercised, and in any
event prior to the expiration of the Stock Option.  Such notice shall state the election to
exercise the Stock Option, the number of shares of Stock to be purchased upon
exercise, the form of payment to be used, and shall be signed by the person so
exercising the Stock Option.

(b)           Form of Payment.  Payment in full for shares of Stock purchased
under this Option Agreement shall accompany the Participant’s notice of
exercise, together with payment for any applicable withholding taxes.  Payment shall be made (i) in cash or by
check, draft or money order payable to the order of the Company; (ii) by
delivering Stock or other equity securities of the Company having a Fair Market
Value on the date of payment equal to the amount of the Option Price; or (iii)
a combination thereof.  In addition to
the foregoing procedure which may be available for the exercise of the Stock
Option, the Participant may deliver to the Company a notice of exercise which
includes an irrevocable instruction to the Company to deliver the Stock
certificate representing the shares of Stock being purchased, issued in the
name of the Participant, to a broker approved by the Company and authorized to
trade in the Common Stock of the Company. 
Upon receipt of such notice, the Company 

 2
 

 

shall acknowledge receipt of the executed notice of
exercise and forward this notice to the broker. 
Upon receipt of the copy of the notice which has been acknowledged by
the Company, and without waiting for issuance of the actual Stock certificate
with respect to the exercise of the Stock Option, the broker may sell the Stock
or any portion thereof. The broker shall deliver directly to the Company that
portion of the sales proceeds sufficient to cover the Option Price and
withholding taxes, if any.  For all
purposes of effecting the exercise of the Stock Option, the date on which the
Participant gives the notice of exercise to the Company, together with payment
for the shares of Stock being purchased and any applicable withholding taxes,
shall be the “date of exercise.”  If a
notice of exercise and payment are delivered at different times, the date of
exercise shall be the date the Company first has in its possession both the
notice and full payment as provided herein.

(c)           Further Information.  In the event the Stock Option is exercised,
pursuant to the foregoing provisions of this Section 8, by any person due to
the death of the Participant, such notice shall also be accompanied by
appropriate proof of the right of such person to exercise the Stock Option.  The notice so required shall be given by
personal delivery to the Secretary of the Company or by registered or certified
mail, addressed to the Company at 1437 South Boulder Avenue, Tulsa, Oklahoma
74119, and it shall be deemed to have been given when it is so personally
delivered or when it is deposited in the United States mail in an envelope
addressed to the Company, as aforesaid, properly stamped for delivery as a
registered or certified letter.

Section
9.              Change of Control. 
Upon the occurrence of a Change of Control Event, any and all Stock
Options under this Option Agreement shall become automatically fully vested and
immediately exercisable with such acceleration to occur without the requirement
of any further act by either the Company or the Participant.

Section
10.            Securities Law Restrictions. 
The Stock Option shall be exercised and Stock issued only upon
compliance with the Securities Act of 1933, as amended (the “Act”), and any
other applicable securities law, or pursuant to an exemption therefrom. If
deemed necessary by the Company to comply with the Act or any applicable laws
or regulations relating to the sale of securities, the Participant, at the time
of exercise and as a condition imposed by the Company, shall represent, warrant
and agree that the shares of Stock subject to the Stock Option are being
purchased for investment and not with any present intention to resell the same
and without a view to distribution, and the Participant shall, upon the request
of the Company, execute and deliver to the Company an agreement to such
effect.  The Participant acknowledges
that any Stock certificate representing Stock purchased under such
circumstances will be issued with a restricted securities legend.

Section
11.            Payment of Withholding Taxes.  No exercise of any Stock Option may be
effected until the Company receives full payment for any required state and
federal withholding taxes.  Payment for
withholding taxes shall be made in cash, by check, or by the Participant
surrendering, or the Company retaining from the shares of Stock to be issued
upon exercise of the Stock Option, that number of shares of Stock (based on
Fair Market Value) that would be necessary to satisfy the requirements for
withholding any amounts of taxes due upon the exercise of the Stock Option.  For the purpose of calculating the Fair
Market Value of shares surrendered or retained to pay withholding taxes, the
relevant date shall be the date of exercise. 
In the event the Participant uses the “cashless” exercise/same-day sale
procedure set forth in Section 8(b) hereof to pay withholding taxes, the actual
sale price of shares sold to satisfy payment shall be used to determine the
amount of withholding taxes payable. 
Nothing herein, however, shall be construed as requiring payment of
withholding taxes at the time of exercise if payment of taxes is deferred
pursuant to any provision of the Code, and actions satisfactory to the Company
are taken which are designed to reasonably insure payment of withholding taxes
when due.

Section
12.            Notices.  All notices
or other communications relating to the Plan and this Option Agreement as it
relates to the Participant shall be in writing and shall be delivered
personally or mailed (U.S. Mail) by the Company to the Participant at the then
current address as maintained by the Company or such other address as the
Participant may advise the Company in writing.

Section
13.            Conflicts.  In the
event of any conflicts between this Agreement and the Plan, the latter shall
control.  In the event any provision
hereof conflicts with applicable law, that provision shall be severed, and the
remaining provisions shall remain enforceable.

 3
 

 

Section
14.            No Part of Other Plans.  The benefits provided under this Agreement or
the Plan shall not be deemed to be a part of or considered in the calculation
of any other benefit provided by the Company, a Subsidiary or an Affiliated
Entity to the Participant.

Section
15.            Participant and Award Subject to Plan.  As specific consideration to the Company for the
Award, the Participant agrees to be bound by the terms of the Plan and this
Agreement.

IN WITNESS
WHEREOF, the parties have executed this Nonqualified Stock Option Agreement as
of the day and year first above written.

	
   

  	
  HELMERICH & PAYNE, INC.,
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “COMPANY”

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “PARTICIPANT”

  

 

 4

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