Document:

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                                                                   EXHIBIT 10.10

                            DRESSER, INC. MANAGEMENT
                           DEFERRED COMPENSATION PLAN

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                                TABLE OF CONTENTS

I.        ESTABLISHMENT AND PURPOSE OF PLAN....................................1

II.       DEFINITIONS AND CONSTRUCTION.........................................1

   2.1    DEFINITIONS..........................................................1

   2.2    NUMBER AND GENDER....................................................3

   2.3    HEADINGS.............................................................3

   2.4    EFFECT UPON OTHER PLANS..............................................3

III.      ADMINISTRATION.......................................................3

   3.1    ADMINISTRATION BY THE BOARD; RIGHT TO DELEGATE.......................3

   3.2    REQUIRED VOTE; MEETINGS..............................................3

   3.3    POWERS AND DUTIES....................................................3

   3.4    EXPENSES.............................................................4

IIIA.     PARTICIPATION........................................................4

   3A.1   PARTICIPATION........................................................4

   3A.2   DEFERRED COMPENSATION................................................4

   3A.3   ACCRUAL OF RIGHTS....................................................4

IV.       UNIT STOCK BENEFITS AND CASH BENEFITS................................5

   4.1    DIVIDEND EQUIVALENTS ON UNIT STOCK BENEFITS..........................5

   4.2    INTEREST ON CASH BENEFIT.............................................5

   4.3    CORPORATE CHANGES....................................................5

   4.4    UNILATERAL TERMINATION...............................................5

V.        BENEFITS.............................................................5

   5.1    VALUATION............................................................5

   5.2    CONVERSION FROM UNIT STOCK BENEFIT TO CASH BENEFIT...................5

   5.3    MEDIUM OF PAYMENT....................................................6

   5.4    ELECTION OF OPTIONS..................................................6

   5.5    PAYMENT OF DIVIDEND EQUIVALENTS AND INTEREST.........................7

   5.6    DEATH OR DISABILITY..................................................7

   5.7    TO WHOM PAYMENTS ARE MADE............................................7

   5.8    FORFEITURE...........................................................7

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                                TABLE OF CONTENTS
                                -----------------
                                   (continued)

VI.       MISCELLANEOUS........................................................7

   6.1    ELECTIONS............................................................7

   6.2    RESERVES.............................................................7

   6.3    WITHHOLDING..........................................................8

   6.4    PLAN NOT TO CONSTITUTE CONTRACT OF EMPLOYMENT........................8

   6.5    NONTRANSFERABILITY AND NONASSIGNABILITY..............................8

   6.6    AMENDMENT, SUSPENSION OR TERMINATION.................................8

   6.7    RELIANCE UPON INFORMATION............................................8

   6.8    GOVERNING LAW........................................................9

                                      -ii-

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                            DRESSER, INC. MANAGEMENT
                           DEFERRED COMPENSATION PLAN

                      I. ESTABLISHMENT AND PURPOSE OF PLAN

          Dresser, Inc. hereby establishes the Dresser, Inc. Management Deferred
Compensation Plan, effective as of the Effective Date. This Plan shall be the
successor to and continuation of the Dresser Industries, Inc. Deferred
Compensation Plan, as amended and restated effective January 1, 2000, with
respect to the Participants.

          The purposes of this Plan are to (i) provide greater incentive for
employees to attain and maintain the highest standards of performance; (ii)
retain employees of outstanding competence; (iii) further the identity of
interests of such employees with those of the Company's stockholders generally;
and (iv) reward such employees for outstanding performance.

                        II. DEFINITIONS AND CONSTRUCTION

          2.1  DEFINITIONS. Where the following words and phrases are used in
this Plan, they shall have the respective meanings set forth below, unless the
context clearly indicates to the contrary:

               (a) "Benefit" or "Benefits" means the net, unforfeited amounts,
including Interest and Dividend Equivalents, if any, to be paid to a Participant
(or to the beneficiary of a Participant) under the Plan.

               (b) "Benefit Payment Option" means one of the schedules
specifying the timing of the payment of a Participant's Benefit under the Plan
as set forth in Section 5.4 of the Plan.

               (c) "Board" means the Board of Directors of Dresser, Inc.

               (d) "Cash Benefit" means the amount credited in a dollar amount
under the Plan on behalf of a Participant as a result of such Participant's
Deferred Compensation and any Interest credited thereon.

               (e) "Company" means Dresser, Inc. and its wholly-owned
subsidiaries.

               (f) "Crediting Date" means the date next following the end of
each Fiscal Year which is determined by the Board and as of which the Interest
and Dividend Equivalents, if any, are credited to a Participant's Benefit.
Crediting Date also means the Effective Date with respect to the initial
crediting of Deferred Compensation under the Plan.

               (g) "Deferred Compensation" means amounts deferred under the
terms of the Plan, including a Participant's Transferred Deferral.

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               (h) "Director" means a member of the Board.

               (i) "Disability" means such an absence of physical or mental
powers in a Participant so as to render him incapable of competently performing
his duties for the Company.

               (j) "Dividend Equivalent" means, with respect to a particular
Unit Stock Benefit, the sum of (i) the total amount of cash dividends, if any,
that would have been payable during the preceding calendar year on the shares of
Unit Stock under such Unit Stock Benefit had such shares been outstanding during
the preceding calendar year, and (ii) any Dividend Equivalent with respect to
such Unit Stock Benefit carried forward from the preceding Crediting Date in
accordance with the terms of Section 4.1.

               (k) "Effective Date" means the effective date of the Plan which
shall be April 10, 2001.

               (l) "Fiscal Year" means the fiscal year of the Company.

               (m) "Interest" means simple interest credited on a Participant's
Cash Benefit as of each Crediting Date. The rate of Interest shall be based on
the annual savings account rate of a major bank as designated from time to time
by the Board as of the December 31 next preceding the applicable Crediting Date.

               (n) "Participant" means an individual who is contingently
entitled to Benefits under the Plan. Participation in the Plan is available only
to an individual who has been selected by the Board for participation and is
entitled to Deferred Compensation. No other individuals shall be eligible to
become Participants in the Plan.

               (o) "Plan" means the Dresser, Inc. Management Deferred
Compensation Plan, as set forth in this document and as it may hereafter be
amended from time to time, which is the successor to and continuation of the
Dresser Industries, Inc. Deferred Compensation Plan, as amended and restated
effective January 1, 2000, with respect to the Participants.

               (p) "Transferred Deferral" means the Participant's balance in the
Dresser Industries, Inc. Deferred Compensation Plan as of the Effective Date,
which is automatically transferred to the Plan as of such date and maintained
under the Plan for the benefit of such Participant.

               (q) "Unit Value" means, with respect to a Crediting Date, the
value of a share of Dresser, Inc. common stock as of the preceding December 31
or, in the case of the Crediting Date which is the Effective Date, the value of
a share of such common stock as of such Crediting Date, as determined by First
Reserve Corporation in valuing its portfolio investments for the purpose of
reporting such valuations to its partners under its partnership agreements.

               (r) "Unit Stock" means shares of common stock of Dresser, Inc.

                                       -2-

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               (s) "Unit Stock Benefit" means the number of shares of Unit Stock
credited on behalf of a Participant as a result of such Participants' Deferred
Compensation, and any Dividend Equivalents credited thereon.

          2.2  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 this Plan, shall be deemed to include the feminine gender.

          2.3  HEADINGS. The headings of Articles, Sections, and Paragraphs
herein are included solely for convenience. If there is any conflict between
such headings and the text of this Plan, the text shall control. All references
to Articles, Sections, and Paragraphs are to this Plan unless otherwise
indicated.

          2.4  EFFECT UPON OTHER PLANS. Except to the extent provided herein,
nothing in this Plan shall be construed to affect the provisions of any other
plan maintained by the Company.

                               III. ADMINISTRATION

          3.1  ADMINISTRATION BY THE BOARD; RIGHT TO DELEGATE. This Plan shall
be administered by the Board. The Board may appoint committees, individuals, or
any other agents as it deems advisable and may delegate to any of such
appointees any or all of the powers and duties of the Board hereunder. In the
event the Board delegates any or all of its powers and duties under the
foregoing sentence, the Board may specify the manner in which such powers and
duties shall be performed.

          3.2  REQUIRED VOTE; MEETINGS. The Board shall adopt such rules and
procedures for the conduct of its business and for the administration of the
Plan as it deems advisable and shall have authority to take any and all action
necessary to implement such rules and procedures. A Director who is a
Participant may vote and take actions on all Board matters, including, without
limitation, matters that may directly affect such Director and matters that may
affect such Director in a manner differently from or inconsistently with other
Participants. All actions taken by the Board must be approved by an affirmative
vote of a majority of all Directors. The Board may take any action without a
meeting upon written consent signed by all of the Directors. Directors may
participate in a meeting by means of conference telephone or similar
communications equipment through which all participating persons can instantly
communicate with each other.

          3.3  POWERS AND DUTIES. The Board shall supervise the administration
and enforcement of this Plan according to the terms and provisions hereof and
shall have the sole discretionary authority and all of the powers necessary to
accomplish such duties. Without limiting the generality of the foregoing, the
Board shall have all of the powers and duties specified for it under the Plan,
including, without limitation, the power, right, or authority: (a) from time to
time to establish rules and procedures for the administration of the Plan which
are not inconsistent with the provisions of the Plan, and any such rules and
procedures shall be

                                       -3-

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effective as if included in the Plan, (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 the Board shall deem
appropriate, (d) to make a determination in its discretion as to the right of
any person to a payment and the amount of such payment and to prescribe
procedures to be followed by distributees in obtaining such payment, and (e) to
make all other determinations necessary or advisable for the administration of
the Plan. All decisions, determinations, and actions made or taken by the Board
and its delegates with respect to the Plan and any Benefits under the Plan shall
be final, binding, and conclusive upon all persons and shall not be subject to
appeal. The Board and its delegates shall, in their sole discretion exercised in
good faith (which, for purposes of this Section 3.3, shall mean the application
of reasonable business judgment), make such decisions or determinations and take
such actions, and all such decisions, determinations, and actions by the Board
and its delegates shall be final, binding, and conclusive upon all persons and
shall not be subject to appeal. If a Participant disagrees with any decision,
determination, or action made or taken by the Board or its delegates, then the
dispute will be limited to whether the Board satisfied their duty to make such
decision or determination or take such action in good faith.

          3.4  EXPENSES. All expenses of the administration of the Plan shall be
borne by the Company.

                               IIIA. PARTICIPATION

          3A.1 PARTICIPATION. An employee of the Company shall become and be a
Participant in the Plan if such employee has been selected by the Board for
participation in the Plan and is entitled to Deferred Compensation. A
Participant's Deferred Compensation shall be payable to or for the benefit of
such Participant or his beneficiary only in accordance with the provisions of
the Plan.

          3A.2 DEFERRED COMPENSATION. An eligible employee's balance in the
Dresser Industries, Inc. Deferred Compensation Plan immediately prior to the
Effective Date shall be transferred to the Plan as of the Effective Date and
maintained as a Transferred Deferral.

          3A.3 ACCRUAL OF RIGHTS. An employee of the Company shall have no
rights under the Plan, and shall not be entitled to Benefits, with respect to
Deferred Compensation, Dividend Equivalents, or Interest until he has been
credited with such amounts as of a Crediting Date. As of the Effective Date,
each Participant shall be credited with his Transferred Deferral. Deferral
amounts to be credited in Unit Stock shall be credited in the number of shares
of Unit Stock that is determined by dividing the total dollar amount of such
deferral by the Unit Value as of the Effective Date.

                                       -4-

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                    IV. UNIT STOCK BENEFITS AND CASH BENEFITS

          4.1  DIVIDEND EQUIVALENTS ON UNIT STOCK BENEFITS. On or before each
Crediting Date, there shall be ascertained (a) the balance of each Unit Stock
Benefit and (b) the Dividend Equivalent, if any, attributable to such Unit Stock
Benefit for the preceding calendar year. As of each Crediting Date, each Unit
Stock Benefit shall be credited with a whole number of shares of Unit Stock that
is equal to (x) the Dividend Equivalent, if any, determined under the foregoing
sentence, divided by (y) the applicable Unit Value; provided however, any
fractional shares shall be disregarded and the amount of any remaining Dividend
Equivalent attributable to such fractional shares shall be carried forward and
added to the Dividend Equivalent, if any, calculated with respect to the next
succeeding Crediting Date.

          4.2  INTEREST ON CASH BENEFIT. As of each Crediting Date after the
Effective Date, the balance of each Participant's Cash Benefit shall be credited
with Interest.

          4.3  CORPORATE CHANGES. If the Company at any time increases or
decreases proportionately to all holders of shares of its common stock then
outstanding, whether by stock dividend, stock split, consolidation of shares, or
in any other manner the number of all of its outstanding shares of such common
stock held by such holders, then all Unit Stock Benefits theretofore credited
and unforfeited shall be correspondingly increased or decreased with respect to
the number of shares of such common stock represented thereby. In the event of a
merger or consolidation of the Company with or into another corporation or the
sale of substantially all of the assets of the Company, the Board shall make an
appropriate equitable adjustment to all Unit Stock Benefits.

          4.4  UNILATERAL TERMINATION. Notwithstanding any other provision of
the Plan to the contrary, in the event a Participant's employment with the
Company is terminated by unilateral decision of such Participant, no Dividend
Equivalents or Interest shall be credited to any Unit Stock Benefits or Cash
Benefit on behalf of such Participant in respect of dividends paid or Interest
attributable to the period of time after such Participant's termination of
employment.

                                   V. BENEFITS

          5.1  VALUATION. When it is necessary under the Plan to determine the
value on any date of shares of Unit Stock, the value shall be the product of the
number of shares of Unit Stock to be valued and the most current Unit Value. The
value of a Participant's Benefits on any date shall be the sum of (a) the dollar
amount of such Participant's Cash Benefit and (b) the dollar value, as
determined above, of any Benefits held in shares of Unit Stock on behalf of such
Participant under the Plan.

          5.2  CONVERSION FROM UNIT STOCK BENEFIT TO CASH BENEFIT. Prior to the
Effective Date, each Participant had the opportunity to elect the manner in
which his Unit Stock Benefit will be invested and paid following his termination
of employment, either (a) continuing an all Unit Stock Benefit, (b) converting
to an all Cash Benefit, or (c) continuing a specified percentage as a Unit Stock
Benefit with the remainder converting to a Cash Benefit. A Participant who did

                                       -5-

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not make such an election prior to the Effective Date shall be deemed to have
elected to have 50% of his Unit Stock Benefit converted to a Cash Benefit
following his termination of employment. Such election may be changed by a
Participant prior to his termination of employment with the Company by written
notice thereof filed with the Board. If a Participant has an election in effect
to convert all or a percentage of his Unit Stock Benefit to a Cash Benefit, such
conversion shall occur on the Crediting Date next following the Participant's
termination of employment with the Company based on the applicable Unit Value
for such Crediting Date. Such conversion shall occur after the crediting of
Dividend Equivalents, if any, for such Crediting Date pursuant to Section 4.1.
If less than all of a Participant's Unit Stock Benefit is to be converted to a
Cash Benefit, the number of whole shares of Unit Stock to be converted shall be
determined by multiplying the total shares of Unit Stock credited to the
Participant as of the applicable Crediting Date by the percentage to be
converted to a Cash Benefit with any fraction of a share of Unit Stock resulting
from such calculation to remain as a Unit Stock Benefit.

          5.3  MEDIUM OF PAYMENT. All unforfeited Benefits under the Plan shall
be paid in cash unless the Board, in its sole discretion, determines that all or
any portion of such Benefits will be paid in shares of Dresser, Inc. common
stock.

          5.4  ELECTION OF OPTIONS. A Participant's unforfeited Benefits shall
be paid under one of the Benefit Payment Options set forth below in this Section
5.4 as timely elected by a Participant and approved by the Board; provided,
however, that in the absence of a valid election, a Participant's Benefits shall
be paid under Option B. Payment of a Participant's Benefits credited through the
first Crediting Date following the calendar year of a Participant's termination
of employment with the Company, shall commence as of the first Crediting Date
following the calendar year of the Participant's termination of employment and
shall be paid in equal annual installments over a period of time determined in
accordance with one of the following Benefit Payment Options:

          Option A. Five years, or

          Option B. Ten years, or

          Option C. Fifteen years, or

          Option D. Twenty years

as elected by such Participant and approved by the Board. A Participant's
payment election hereunder may be made or revoked at any time or times prior to
the termination of the Participant's employment with the Company by written
notice thereof filed with the Board. The preceding notwithstanding, if, as of
any Crediting Date following a Participant's termination of employment with the
Company, the value of such Participant's Benefits is $50,000 or less, the Board,
in its discretion, may direct that such Benefits be paid in full as soon as
administratively feasible on or after such Crediting Date. Further, the Board
may, in its sole discretion, change the payment timing for a Participant's
Benefits at any time, and shall notify the Participant of any such change.

                                       -6-

<PAGE>

          5.5  PAYMENT OF DIVIDEND EQUIVALENTS AND INTEREST. At the time of each
annual installment payment pursuant to each of the Benefit Options, Interest and
Dividend Equivalents, if any, shall be paid with respect to each Participant's
unpaid and unforfeited Unit Stock Benefits and Cash Benefits under the Plan
since the previous Crediting Date. The amount of such payments shall be
calculated using the methodology set forth in Section 4.1 and Section 4.2.

          5.6  DEATH OR DISABILITY. In the event of a Participant's death or
Disability, the Board may, in its sole discretion and upon proof of the
financial necessity of the person or persons to whom such Participant's Benefits
are payable, vary the number and amount of installments to be paid with respect
to such Benefits.

          5.7  TO WHOM PAYMENTS ARE MADE. Payments of a Participant's Benefits
shall be made to the Participant if living. Unless otherwise requested in
writing by Participant, in the event of a Participant's death, payments will be
made to the beneficiary designated by the Participant for the purpose of
receiving life insurance benefits under the Company's group life insurance plan.
In the event no beneficiary is designated by the Participant either in writing
or for the purpose of receiving such life insurance benefits, or if the
designated beneficiary does not survive the Participant, such Participant's
Benefits will be paid to his personal representatives or to the person appointed
by will to receive said Benefits. This provision does not affect the timing or
amount of payments to be made hereunder, but only affects to whom payments are
to be made.

          5.8  FORFEITURE. Notwithstanding any other provision herein to the
contrary, in the event a Participant takes or allows some action or omission
resulting in damage or competitive injury to the Company then, unless such
action or omission shall have been taken or allowed in good faith and without
reasonable cause to believe that it was improper or illegal, the Board may
terminate all subsequent crediting of Interest and Dividend Equivalents to the
Participant, and, in addition, the Board may terminate and forfeit all or any
part of such Participant's Benefits hereunder, or suspend payment of such
Benefits, as it may deem appropriate in its sole discretion, and such
termination, forfeiture, and/or suspension shall be binding and not subject to
appeal.

                                VI. MISCELLANEOUS

          6.1  ELECTIONS. The Board shall have the right to refuse to accept any
election made hereunder by a Participant. If for any reason the Board deems it
advisable, it may require any election hereunder to be made at a time earlier
than that otherwise fixed in the Plan.

          6.2  RESERVES. The Company shall be under no obligation to reserve,
segregate or earmark any cash, stock, or other property for the payment of any
Benefits under this Plan. No Participant shall have any right whatsoever in any
cash, stock or other property which may be set aside under the Plan.
Participants shall have the status of general unsecured creditors of the Company
with respect to Benefits under the Plan, and the Plan constitutes a mere promise
by the Company to make Benefit payments in the future.

                                       -7-

<PAGE>

          6.3  WITHHOLDING. During the time a Participant is employed with the
Company, the Company shall deduct from such Participant's wages any amounts
required to be withheld by the Company with respect to the accrual of a
Participant's benefits hereunder. Further, there shall be deducted from each
payment of Participant's Benefits under the Plan any taxes required to be
withheld by the Company in respect of such payment. The Company shall have the
right to reduce any payment by an amount sufficient to pay said taxes. In lieu
of a deduction, the Committee may permit the Participant to pay or reimburse the
Company for said taxes.

          6.4  PLAN NOT TO CONSTITUTE CONTRACT OF EMPLOYMENT. Neither the
adoption of the Plan nor its operation shall in any way affect the right of the
Company to dismiss or discharge a Participant at any time, nor give an employee
a right to participate in any incentive compensation plan of the Company.

          6.5  NONTRANSFERABILITY AND NONASSIGNABILITY. Except as hereinafter
provided, no rights under the Plan shall be assignable or transferable, or
subject to encumbrances, pledge, or charge of any nature, except that a
Participant may designate a beneficiary to receive such Participant's Benefits
upon Participant's death as otherwise provided herein. Plan provisions to the
contrary notwithstanding, (a) the Board 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 Employee
Retirement Income Security Act of 1974, as amended, 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 such Act,
and (b) no Benefits shall be payable until and unless any and all amounts
representing debts or other obligations owed to the Company by the Participant
with respect to whom such amount would otherwise be payable shall have been
fully paid.

          6.6  AMENDMENT, SUSPENSION OR TERMINATION. The Board may amend,
suspend or terminate the Plan in whole or in part, except that no amendment,
suspension or termination shall reduce any Benefits credited to a Participant
prior to the date of such amendment, suspension, or termination, or Benefits to
be credited in the future based on amounts previously credited to a Participant,
provided, that any amendment to or change in the Plan adopted by the Board which
will significantly increase Benefits under the Plan or substantially alter the
general principles of the Plan shall not become effective unless ratified by the
affirmative votes of the holders of a majority of the voting shares of the
Company at an annual or a special meeting of the shareholders called for such
purpose.

          6.7  RELIANCE UPON INFORMATION. The Board and its delegates may rely
upon any information supplied to them by an officer of the Company, the
Company's legal counsel or by the Company's independent public accountants in
connection with the administration of the Plan, and shall not be liable for any
decision or action in reliance thereon. No Participant, or any person claiming
through him shall have any right or interest in the Plan or any Benefits
hereunder unless and until all the terms, conditions, a provisions of the Plan
that affect such Participant or such other person shall have been complied with
as specified herein. The Participant shall complete such forms and furnish such
information as the Committee may require in the administration of the Plan.

                                       -8-

<PAGE>

          6.8  GOVERNING LAW. The place of administration of the Plan shall be
conclusively deemed to be within the State of Delaware; and the validity,
construction, interpretation and effect of the Plan and all rights of any and
all persons having or claiming any interest therein shall be governed by the
laws of the State of Delaware.

                                       -9-<PAGE>

                                                                   EXHIBIT 10.11

                     DRESSER, INC. ERISA EXCESS BENEFIT PLAN

                            EFFECTIVE APRIL 10, 2001

<PAGE>

                               DRESSER, INC. ERISA
                               EXCESS BENEFIT PLAN

          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 ERISA Excess
Benefit Plan for Dresser Industries, Inc. ("Prior Excess Plan") with respect to
"Continued Employees," as defined by the Agreement;

          WHEREAS, the Company wishes to establish a nonqualified deferred
compensation plan to reflect such assumed liabilities, provide continued
earnings, and make payment of the liabilities;

          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");

          WHEREAS, the Company wishes to allow employees to defer amounts, if
any, that cannot be contributed to the DC Plan solely because of the limitations
of Code section 415, including Pension Equalizer Contributions, if any;

          NOW, THEREFORE, the Company hereby adopts the Plan by statement,
effective April 10, 2001, to read as follows:

<PAGE>

                                TABLE OF CONTENTS

ARTICLE                                                                     PAGE
-------                                                                     ----

ARTICLE 1   Definitions........................................................4
   Section 1.1   Accrued Benefit...............................................4
   Section 1.2   Act...........................................................4
   Section 1.3   Agreement.....................................................4
   Section 1.4   Board.........................................................4
   Section 1.5   Code..........................................................4
   Section 1.6   Committee.....................................................4
   Section 1.7   Company.......................................................4
   Section 1.8   DC Account....................................................5
   Section 1.9   DC Plan.......................................................5
   Section 1.10  Effective Date................................................5
   Section 1.11  Employee......................................................5
   Section 1.12  Grandfathered 1998 Benefits...................................5
   Section 1.13  Participant...................................................5
   Section 1.14  Pension Equalizer Contributions...............................5
   Section 1.15  Plan..........................................................5
   Section 1.16  Plan Year.....................................................6
   Section 1.17  Prior Excess Plan.............................................6
   Section 1.18  Vesting Service...............................................6
ARTICLE 2   Purpose of Plan....................................................6
   Section 2.1   Purpose.......................................................6
   Section 2.2   Excess Benefit Plan...........................................6
ARTICLE 3   Eligibility........................................................7
   Section 3.1   Eligibility...................................................7
ARTICLE 4   Benefits...........................................................7
   Section 4.1   Amount of Benefits............................................7
   Section 4.2   DC Plan-Related Benefits......................................7
   Section 4.3   Form of Payment of DC Account.................................8
   Section 4.4   Interest on Installment Payments..............................8
   Section 4.5   Death Before All Payments Made................................8
   Section 4.6   Time of Benefit Payments......................................9
           4.7   Plan Termination..............................................9
ARTICLE 5   Vesting and Forfeiture.............................................9
   Section 5.1   Vesting.......................................................9
   Section 5.2   Terminations for Cause........................................9
ARTICLE 6   Administration....................................................10

                                       -2-

<PAGE>

   Section 6.1   Duties of Committee..........................................10
   Section 6.2   Construction.................................................10
   Section 6.3   Consequence of Committee Actions.............................10
ARTICLE 7   Claims and Appeal Procedures......................................11
   Section 7.1   Claims Review................................................11
   Section 7.2   Appeals Review...............................................11
   Section 7.3   Mandatory Arbitration........................................12
ARTICLE 8   Amendment and Termination.........................................13
   Section 8.1   Power to Amend or Terminate..................................13
   Section 8.2   No Reduction in Accrued Benefits.............................13
ARTICLE 9   Miscellaneous.....................................................14
   Section 9.1   No Employment Rights.........................................14
   Section 9.2   Assignment of Benefits.......................................14
   Section 9.3   Nonduplication of Benefits...................................14
   Section 9.4   Funding......................................................15
   Section 9.5   Law Applicable...............................................15
   Section 9.6   Actions by Committee.........................................15
   Section 9.7   Plan Representatives.........................................16
   Section 9.8   Number and Gender............................................16
   Section 9.9   Headings.....................................................16
APPENDIX A  Grandfathered 1998 Benefits.......................................17
   Section A.1   In General...................................................17

                                       -3-

<PAGE>

                                    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 Article IV 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 50%-owned subsidiaries and may include other entities as well.

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          Section 1.8.  DC Account. A bookkeeping account established and
maintained by the Company for each Participant to which amounts are credited
pursuant to Section 4.3.

          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. Grandfathered 1998 Benefits. To the extent assumed by
the Company with respect to "Continued Employees," as defined in the Agreement,
benefits payable by Halliburton Company under the Prior Excess Plan representing
accrued benefits under that plan as of December 31, 1998.

          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 "Dresser, Inc. ERISA Excess Benefit Plan," as
set forth herein.

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          Section 1.16. Plan Year. The calendar year.

          Section 1.17. Prior Excess Plan. The ERISA Excess Benefit Plan of
Dresser Industries, Inc., as maintained by Halliburton Company in effect
immediately before the Effective Date.

          Section 1.18. Vesting Service. Service used under the DC Plan to
determine whether a participant is vested in his or her employer matching
contributions.

                                    ARTICLE 2
                                 Purpose of Plan

          Section 2.1.  Purpose. The purpose of the Plan is simply to restore to
employees of the Company benefits they lose under the Company's tax-qualified
plans and as a result of the limits in Code section 415, as amended, or any
successor section. More specifically, the Plan:

                    (a) Permits employees participating in the DC Plan to defer
compensation, if any, that they could not contribute to the DC Plan,

                    (b) Pays benefits attributable to Pension Equalizer
Contributions, if any, that cannot be made by the Company to the DC Plan, and

                    (c) Pays Prior Excess Plan Benefits not payable under a tax
qualified plan, solely because of the limitations of Code section 415.

          Section 2.2.  Excess Benefit Plan. The Plan is an excess benefit plan
as defined in section 3(36) of the Act. For additional details about funding
matters, see Section 9.4.

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                                    ARTICLE 3
                                   Eligibility

          Section 3.1.  Eligibility. An Employee is eligible to participate in
the Plan if:

                    (a) his or her contributions to the DC Plan are limited by
Code section 415,

                    (b) his or her Pension Equalizer Contributions under the DC
Plan are limited by Code section 415, or

                    (c) he or she is entitled to Grandfathered 1998 Benefits.

                                    ARTICLE 4
                                    Benefits

          Section 4.1.  Amount of Benefits. Benefit amounts and forms of payment
under the Plan generally are set forth in this Article IV. For benefit amounts
and forms of payment attributable to Grandfathered 1998 Benefits, see Appendix
A.

          Section 4.2.  DC Plan-Related Benefits. Deferred compensation will be
credited to a Participant's DC Account as of the day on which such amount would
have been credited to the Participant's account under the DC Plan if the
Participant's pre-tax deferrals and employer matching contributions under the DC
Plan were not reduced for such Plan Year because of the application of Code
section 415.

                    (a) 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 Contributions were reduced for such Plan Year because of the
application of Code section 415.

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                    (b) A Participant's DC Account also will be credited
semi-annually 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%.

                    (c) Prior to commencement of payment of a Participant's DC
Account, the annual interest shall accumulate as a part of the account balance.
After installment payments commence, the annual interest for each Plan Year
shall be paid as set forth in Section 4.4.

         Section 4.3.   Form of Payment of DC Account.  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.

          Section 4.4.  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 through the use of such tables as the Committee shall
select from time to time for such purpose. No interest will be paid on benefits
payable as a single sum.

          Section 4.5.  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

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payable to the Participant hereunder shall be payable to the estate of the
Participant 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 estate as it deems pertinent.

          Section 4.6.  Time of Benefit Payments. Benefits 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. 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).

          Section 4.7.  Plan Termination. No further benefits may be earned
under this Plan with respect to the DC Plan after the termination of such plan.

                                    ARTICLE 5
                             Vesting and Forfeiture

          Section 5.1.  Vesting. Except as provided in Appendix A, 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 5.2.  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.

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                                    ARTICLE 6
                                 Administration

          Section 6.1.  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 6.2.  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 6.3.  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.

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                                    ARTICLE 7
                          Claims and Appeal Procedures

          Section 7.1.  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 7.2.  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.

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                    (b) 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 or 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 7.3.  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 Participant or beneficiary and the Plan shall share
equally the cost of such arbitration. The cost of such arbitration shall be
allocated in accordance with the Dresser Dispute Resolution Program or other
applicable rules adopted by the Committee.

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                    (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.

                                    ARTICLE 8
                            Amendment and Termination

          Section 8.1.  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 8.2.  No Reduction in Accrued Benefits. Except as provided in
Section 9.4, 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 surviving spouse) to receive benefits in accordance with this Plan
as in effect on the date the employee becomes a Participant. The rights of
surviving spouses claiming benefits under the Plan with respect to a Participant
will be preserved and limited in the same fashion as a Participant's benefits.

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                                    ARTICLE 9
                                  Miscellaneous

          Section 9.1.  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 9.2.  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 9.3.  Nonduplication of Benefits. This Section applies if,
despite Section 9.2, 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

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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 9.4.  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 ERISA.

                    (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 9.5.  Law Applicable. The Plan shall be governed by the laws
of the State of Texas, except to the extent preempted by federal law.

          Section 9.6.  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

                                      -15-

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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 9.7.  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 9.8.  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 9.9.  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:
                                           -------------------------------------

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                                   Appendix A
                           Grandfathered 1998 Benefits

          Section A.1.  In General. 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 Excess 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.

                            ERISA EXCESS BENEFIT PLAN
                          FOR DRESSER INDUSTRIES, INC.
                             AS AMENDED AND RESTATED
                                 JANUARY 1, 1999

                                    ARTICLE I
                                   Definitions

               Section 1.1.  Accrued Benefit. The benefit to which a Participant
          is entitled at a particular time pursuant to Sections 4.1 and 4.3 of
          the Plan.

               Section 1.2.  Act. The Employee Retirement Income Security Act of
          1974, as amended.

               Section 1.3.  Board. The Board of Directors of Halliburton
          Company.

               Section 1.4.  Code. The Internal Revenue Code of 1986, as
          amended.

               Section 1.5.  Committee. The Halliburton Company Benefits
          Committee.

               Section 1.6. Company. Halliburton Company and any subsidiary
          employing an Employee.

               Section 1.7.  DB Plans. The Pension Plan defined in section 1.15
          and the Related Plans defined in Section 1.18.

               Section 1.8.  DC Account. A bookkeeping account established by
          the Company for each Participant to which amounts are credited
          pursuant to Section 4.3.

               Section 1.9.  DC Plan. The Dresser Industries, Inc. Retirement
          Savings Plan-A, or the Dresser Industries, Inc. Retirement Savings
          Plan-B.

                                      -17-

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               Section 1.10. Effective Date. The Effective Date of the Plan as
          amended and restated is January 1, 1999.

               Section 1.11. Employee. An employee of the Company who is not
          represented by a union and who is entitled to Pension Equalizer
          Contributions.

               Section 1.12. Halliburton Plan. The Halliburton Retirement and
          Savings Plan.

               Section 1.13. Participant. An individual who has an Accrued
          Benefit under the Plan.

               Section 1.14. Pension Equalizer Contributions. Pension Equalizer
          Contributions shall have the meaning set forth in the Halliburton
          Plan.

               Section 1.15. Pension Plan. The Dresser Industries, Inc.
          Consolidated Salaried Retirement Plan, as frozen May 31, 1995.

               Section 1.16. Plan. The "ERISA Excess Benefit Plan for Dresser
          Industries, Inc.," as set forth herein.

               Section 1.17. Plan Year. The calendar year.

               Section 1.18. Related Plan. Any defined benefit pension plan for
          nonunion salaried employees other than the Pension Plan, maintained by
          the Company.

                                     . . . .

                                   ARTICLE IV
                                    Benefits

               Section 4.1.  Amount of Benefits Related to DB Plans. The amount
          of the benefit payable under the Plan related to the DB Plans shall be
          the Accrued Benefit related to such plans as of the Effective Date,
          under the terms of the Plan as in effect on that date.

               Section 4.2.  Form of Benefits Related to DB Plans.

               (a) Regarding Participants who die while employed, the form of
          benefit shall be the Spouse's Death Benefit as provided in the Pension
          Plan or the comparable benefit, if any, provided in a Related Plan
          (whichever is applicable). If a Related Plan is applicable and there
          is no comparable benefit under the Related Plan, no benefit will be
          payable under the Plan.

               (b) For Participants who retire when eligible for benefits
          hereunder, the form of benefit shall be the Standard Benefit Form as
          provided in Section 5.01 of the Pension Plan or the comparable benefit
          provided in a Related Plan (whichever is applicable). Provided,
          however, a Participant may request payment in a form of benefit
          provided in the Pension Plan or a comparable option in a Related Plan
          that is other than the form in which he will receive

                                      -18-

<PAGE>

          benefits under the Pension Plan or a Related Plan. In the case of a
          request by a Participant who is an elected officer of Halliburton
          Company or who is a member of the Committee, it shall be in the sole
          discretion of the Compensation Committee of the Board to grant or deny
          such request. In the case of a request by all other Participants, the
          Committee shall in its sole discretion grant or deny such request. All
          forms of benefit shall be calculated using the same factors as those
          used in determining such form of benefit under the Pension Plan or
          comparable benefit provided under a Related Plan.

               Section 4.3.  Amount of Benefit Related to the DC Plan and the
          Halliburton Plan. Each Participant's account balance under the Plan as
          of December 31, 1998, related to the DC Plan, shall be credited to
          such Participant's DC Account as of the Effective Date. As of the last
          day of each Plan Year after the Effective Date, each Employee's DC
          Account shall be credited with the amount by which such Employee's
          Pension Equalizer Contribution is reduced for such Plan Year because
          of the application of section 415 of the Code. DC Accounts of
          Participants shall also be credited with interest as of the last day
          of each Plan Year after the Effective Date at the rate of 10% per
          annum. Prior to commencement of payment of a Participant's DC Account,
          the annual interest shall accumulate as a part of the Account balance.
          After payments commence, the annual interest for each Plan Year shall
          be paid as set forth in Section 4.4.

               Section 4.4.  Form of Payment of DC Account.

               (a) 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:

               (1) A single lump sum payment;

               (2) Payment in two equal annual installments; or

               (3) Payment in monthly installments over a period not to exceed
          ten years. The above notwithstanding, if the total amount credited to
          a Participant's DC Account is less than $50,000, such amount shall
          always be paid in a single lump sum payment.

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

               (c) 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 estate of the
          Participant in a lump sum or in such other form of payment consistent
          with the alternative methods

                                      -19-

<PAGE>

          of payment set forth above as the Committee shall determine after
          considering such facts and circumstances relating to the Participant
          and his estate as it deems pertinent.

               Section 4.4.[sic] Time of Benefit Payments. Benefits 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. However, benefits tied to the Pension Plan
          or a Related Plan shall be paid no earlier than the earliest date
          Pension Plan or Related Plan benefits may be paid to the terminated
          Participant, or, in the case of death, to the Participant's spouse,
          or, if none, to the Participant's estate.

               Section 4.5.[sic] Benefits Unfunded. Benefits payable under the
          Plan shall be paid by the Company out of its general assets and shall
          not be funded in any manner.

                                    ARTICLE V
                             Vesting and Forfeiture

               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
          Halliburton Plan. 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, even if such termination is deemed a retirement
          under provisions of the Pension Plan, a Related Plan, the DC Plan, or
          the Halliburton Plan.

                                     . . . .

                                      -20-

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