SEC Contract Filing

Filing Date: 2020-09-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="sA089C48F0797AD48EEB17D93059E215D"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibit 10.1</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CHANGE OF CONTROL AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS CHANGE OF CONTROL AGREEMENT (the &#8220;Agreement&#8221;) entered into between HELMERICH &amp; PAYNE, INC., a Delaware corporation (&#8220;Helmerich &amp; Payne&#8221;), and [NAME], an individual (the &#8220;Executive&#8221;), dated as of [DATE] (the &#8220;Agreement Date&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Board of Directors of Helmerich &amp; Payne (the &#8220;Board&#8221;) has determined that it is in the best interests of the Company (as defined in the last sentence of this paragraph) and its shareholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat, or occurrence of a &#8220;Change of Control&#8221; (as defined in Section 2 of this Agreement) of the Company. The Board believes it is important to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control, and to encourage the Executive&#8217;s full attention and dedication to the affairs of the Company during the term of this Agreement and upon the occurrence of such event. The Board also believes the Company is best served by providing the Executive with compensation arrangements upon a Change of Control which provide the Executive with individual financial security and which are competitive with those of other corporations. In order to accomplish these objectives, the Board has caused Helmerich &amp; Payne to enter into this Agreement. For the purposes of Section 2 of this Agreement, &#8220;Company&#8221; means Helmerich &amp; Payne; and, for all other purposes in this Agreement, &#8220;Company&#8221; means Helmerich &amp; Payne, and/or any successor to all or a portion of its business and/or assets which assumes and agrees to perform this Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1. &#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Certain Definitions</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)&#160;&#160;&#160;&#160;The &#8220;Effective Date&#8221; shall be the first date during the &#8220;Change of Control Period&#8221; (as defined in Section 1(b) of this Agreement) on which a Change of Control (as defined below) occurs, and, except as provided in the following sentence, no amount shall be paid or benefits provided under this Agreement if the Executive&#8217;s employment is terminated for any reason prior to a Change of Control. Anything in this Agreement to the contrary notwithstanding, if the Executive&#8217;s employment with the Company is terminated prior to the date on which a Change of Control occurs, and it is reasonably demonstrated that such termination (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or anticipation of a Change of Control, then for all purposes of this Agreement the &#8220;Effective Date&#8221; shall mean the date immediately prior to the date of such termination.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(b)&#160;&#160;&#160;&#160;The &#8220;Change of Control Period&#8221; is the period commencing on the date hereof and ending on the third anniversary of such date; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">provided</font><font style="font-family:inherit;font-size:12pt;">, </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">however</font><font style="font-family:inherit;font-size:12pt;">, that commencing on the date two (2) years after the date hereof, and on each annual anniversary of such date (such date and each annual anniversary thereof is hereinafter referred to as the &#8220;Renewal Date&#8221;), the Change of Control Period shall be automatically extended so as to terminate two years from such Renewal Date unless, at least 60 days prior to the Renewal Date, the Company shall give notice that the Change of Control </font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inh