SEC Contract Filing

Filing Date: 2018-11-13

Document Content:
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<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>dp98267_ex1007.htm
<DESCRIPTION>EXHIBIT 10.7
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.7</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">General Electric Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">41 Farnsworth Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, MA 02210</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RE: Amended and Restated Non-Competition Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This amended and restated non-competition
agreement (this &ldquo;<B>Agreement</B>&rdquo;) is entered into as of November 13, 2018, by and between GENERAL ELECTRIC COMPANY,
a New York corporation (&ldquo;<B>GE</B>&rdquo;) and BAKER HUGHES, A GE COMPANY, a Delaware corporation (&ldquo;<B>Newco</B>&rdquo;
and, together with GE, the &ldquo;<B>Parties</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Parties desire to amend and restate
that certain Non-Competition Agreement, dated as of July 3, 2017, by and between GE and Newco (the &ldquo;<B>Original Agreement</B>&rdquo;),
on the terms set forth herein. Pursuant to Section 6 of the Original Agreement, the actions contemplated herein have been approved
in writing by the Conflicts Committee or its authorized designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Newco and GE hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Non-Competition
Covenant</U>. Except as permitted pursuant to <U>Section 2</U>, from the Closing, for the period beginning on the Closing Date
and ending on the second anniversary of the Trigger Date, no member of the GE Group shall own, manage, operate or engage in, directly
or indirectly, a Competing Business anywhere in the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Exceptions
to Non-Competition Covenant</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Notwithstanding
<U>Section 1</U>, and without implicitly agreeing that the following activities would be subject to the provisions of <U>Section
1</U>, nothing in <U>Section 1</U> shall preclude, prohibit or restrict any member of the GE Group from engaging in any manner
in any: (i) Existing Business; (ii) De Minimis Business; (iii) Financial Services Business; (iv) Additive Activities; (v) IIOT
Enabling Activities; (vi) Control Systems Activities; or (vii) IST Activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With
respect to the Competing Business of any After-Acquired Business, no member of the GE Group shall be subject to the restrictions
set forth in <U>Section 1</U> with respect to such Competing Business, so long as (i) 50% or less of the revenue of such After-Acquired
Business in the most recently completed calendar year was generated from such Competing Business, and (ii) prior to the expiration
of the Post-Acquisition Period, (A) the applicable member of the GE Group executes a definitive agreement for, and consummates,
the Sale of all (but not less than all) of the Competing Business (in accordance with <U>Section 3(a)</U>) or of all (but not less
than all) of the O&amp;G Contractual Obligations of the Non-Segregable Competing Business (in accordance with <U>Section 3(c)</U>),
as applicable, or (B) the Competing Business of such After-Acquired Business complies with the non-competition covenant described
in <U>Section 1</U> (subject to any applicable exceptions in <U>Section 2</U>). For the avoidance of doubt, nothing in this Agreement
shall limit the ability of the GE Seller to operate the Competing Business during the applicable Post-Acquisition Period prior
to the expiration thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nb