Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Uwem Ukpong, Executive Vice President, Regions, Alliances and Enterprise Sales
of Baker Hughes Company (the "Company"), will depart from the Company effective
January 31, 2022 ("Separation Date").
The Company has entered into a letter agreement with Mr. Ukpong, dated January
12, 2022, pursuant to which Mr. Ukpong and the Company mutually agreed as to the
terms of his departure. Pursuant to this letter agreement, provided Mr. Ukpong
(i) executes a release of claims against the Company and (ii) provides
transition and consulting services for 90 days following the Separation Date as
required by the Company in order to smoothly transition his duties to his
successor and other employees of the Company, the Company will pay Mr. Ukpong
$780,000. In addition, Mr. Ukpong acknowledged and affirmed (A) he will not be
entitled to severance benefits under the Company's Executive Severance Program
or any other program or agreement, (B) his outstanding long-term incentive
awards will be governed by the terms of the applicable award agreements and
long-term incentive programs and (C) certain contractual obligations he has to
the Company, including confidentiality, non-competition and non-solicitation,
will remain in effect for specified periods following his employment.
The foregoing description of the letter agreement does not purport to be
complete and is qualified in its entirety by reference to the text of the letter
agreement, which is furnished with this Form 8-K as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
10.1 Letter Agreement, dated January 12, 2022, between Baker Hughes
Company and Uwem Ukpong.
101.SCH* Inline XBRL Schema Document
101.CAL* Inline XBRL Calculation Linkbase Document
101.LAB* Inline XBRL Label Linkbase Document
101.PRE* Inline XBRL Presentation Linkbase Document
101.DEF* Inline XBRL Definition Linkbase Document
104* Cover Page Interactive Data File (formatted as Inline XBRL and
contained in Exhibit 101)
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