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<SEC-DOCUMENT>0000950129-06-003425.txt : 20060331
<SEC-HEADER>0000950129-06-003425.hdr.sgml : 20060331
<ACCEPTANCE-DATETIME>20060331112252
ACCESSION NUMBER:		0000950129-06-003425
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20060327
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060331
DATE AS OF CHANGE:		20060331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BAKER HUGHES INC
		CENTRAL INDEX KEY:			0000808362
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
		IRS NUMBER:				760207995
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09397
		FILM NUMBER:		06726173

	BUSINESS ADDRESS:	
		STREET 1:		3900 ESSEX LANE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		7134398600

	MAIL ADDRESS:	
		STREET 1:		3900 ESSEX LAND
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77210
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>h34652e8vk.htm
<DESCRIPTION>BAKER HUGHES INCORPORATED
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date of Report </B>(Date of earliest event reported): <B>March&nbsp;31, 2006 </B>(March&nbsp;27, 2006)
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Baker Hughes Incorporated</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-9397</B><BR>
(Commission File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>76-0207995</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>3900 Essex Lane, Houston, Texas</B><BR>
(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77027</B><BR>
(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Registrant&#146;s telephone number, including area code: (713)&nbsp;439-8600</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 10pt">(former name or former address, if changed since last report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation
of the registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;7.01 Regulation&nbsp;FD Disclosure.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;9.01 Financial Statements and Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="h34652exv10w1.htm">Letter Agreement - Peter A. Ragauss</A></TD></TR>
<TR><TD colspan="9"><A HREF="h34652exv10w2.htm">Restated Retirement & Consulting Agmt - G. Stephen Finley</A></TD></TR>
<TR><TD colspan="9"><A HREF="h34652exv99w1.htm">News Release</A></TD></TR>
</TABLE>
</CENTER>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Item&nbsp;1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement." -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;27, 2006, Baker Hughes Incorporated (the &#147;Company&#148;) entered a Letter Agreement,
effective April&nbsp;26, 2006, with Peter A. Ragauss, the newly appointed Senior Vice President
and Chief Financial Officer of the Company (the &#147;Ragauss Letter Agreement&#148;). A brief
description of the terms and conditions of this Ragauss Letter Agreement is contained in
Item&nbsp;5.02 of this Form 8-K and incorporated into this Item&nbsp;1.01 by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;29, 2006, G. Stephen Finley, Senior Vice President-Finance &#038; Administration and
Chief Financial Officer of the Company agreed to postpone his retirement from the Company
until April&nbsp;30, 2006 and will continue to serve in his current capacity until Mr.&nbsp;Ragauss
assumes the responsibility of Senior Vice President &#038; Chief Financial Officer on April&nbsp;26,
2006. Mr.&nbsp;Finley&#146;s Retirement and Consulting Agreement dated November&nbsp;1, 2005 and
clarification letter dated February&nbsp;15, 2006 (filed as Exhibit&nbsp;10.9 to the Company&#146;s Form
10-K for its fiscal year ended December&nbsp;31, 2005) have each been amended and restated to
reflect the change of the effective date of Mr.&nbsp;Finley&#146;s retirement and consulting
agreement in a Restated Retirement and Consulting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing description of the Restated Retirement and Consulting Agreement does not
purport to be complete and is qualified in its entirety by reference to the applicable
agreement which is filed with this Form 8-K as Exhibit&nbsp;10.2 and incorporated into this Item
5.02 by reference.
</DIV>
<!-- link2 "Item&nbsp;5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers." -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;28, 2006, the Company announced that Peter A. Ragauss, 48, has been appointed as
Senior Vice President and Chief Financial Officer as of April&nbsp;26, 2006. Mr.&nbsp;Ragauss has
served as Segment Controller of Refining and Marketing for British Petroleum (&#147;BP&#148;) in
London, England, since 2003. Mr.&nbsp;Ragauss served as Chief Executive Officer of Air BP from
2000 to 2003 and as Assistant to the Group Chief Executive of BP from 1998 to 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Ragauss Letter Agreement, Mr.&nbsp;Ragauss will be entitled to a base salary of
$525,000 per annum with an expected value bonus level of 65% of base salary. Mr.&nbsp;Ragauss&#146;
bonus is contingent on predetermined performance goals approved by the Compensation
Committee of the Board of Directors for 2006 and subsequent years. Under the Company&#146;s
2002 Director &#038; Officer Long-Term Incentive Plan, Mr.&nbsp;Ragauss will receive a restricted
stock award of 25,344 shares of the Company&#146;s common stock, a stock option grant of 32,709
shares and a performance unit award in the amount of 7,875 units each effective as of April
26, 2006 and subject to vesting requirements. In addition, Mr.&nbsp;Ragauss will be eligible to
participate in other benefits plans and programs on similar terms as other senior
executives of the Company.
</DIV>

<P align="center" style="font-size: 10pt">Page 2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company and Mr.&nbsp;Ragauss will enter into a Change in Control Severance Agreement
effective as of April&nbsp;26, 2006. The Change in Control Agreement defines the benefits Mr.
Ragauss would receive in connection with certain change in control, or a potential change
in control, events coupled with his loss of employment. If eligible, Mr.&nbsp;Ragauss would
receive certain benefits, including a lump sum payment based on three times a salary and
bonus formula, continuation of health and insurance benefits for 36&nbsp;months, a payment for
incentive and benefit plans participation and a gross-up payment in respect of excise
taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company will enter into an Indemnification Agreement with Mr.&nbsp;Ragauss dated as of April
26, 2006, which requires the Company to indemnify Mr.&nbsp;Ragauss against certain liabilities
that may arise by reason of his status or service as a Senior Vice President and Chief
Financial Officer, to advance his expenses incurred as a result of a proceeding as to which
he may be indemnified and to cover such person under any directors&#146; and officers&#146; liability
insurance policy the Company chooses to maintain. The Indemnification Agreement is
intended to provide indemnification rights to the fullest extent permitted under applicable
indemnification rights statutes in the State of Delaware and shall be in addition to any
other rights Mr.&nbsp;Ragauss may have under the Company&#146;s Restated Certificate of
Incorporation, Bylaws and applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing description of the Ragauss Letter Agreement, Change in Control Severance
Agreement and Indemnification Agreement do not purport to be complete and are qualified in
their entirety by reference to the applicable agreement which is filed with this Form 8-K
as Exhibit&nbsp;10.1 in the case of the Ragauss Letter Agreement and as Exhibits 10.11 and 10.12
to the Company&#146;s Annual Report on form 10-K for the fiscal year ended December&nbsp;31, 2005 for
the Change in Control Severance Agreement and the Indemnification Agreement and all of
which are incorporated into this Item&nbsp;5.02 by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;G. Stephen Finley, the Company&#146;s Senior Vice President &#151; Finance &#038; Administration and
Chief Financial Officer, agreed to postpone his retirement from the Company until April&nbsp;30,
2006 and will continue to serve in this capacity until Mr.&nbsp;Ragauss assumes the
responsibility of Senior Vice President &#038; Chief Financial Officer on April&nbsp;26, 2006. The
terms of Mr.&nbsp;Finley&#146;s retirement and service as a consultant remained the same except for
the one material change of the effective date to April&nbsp;30, 2006 in the restatement. Mr.
Finley&#146;s Restated Retirement and Consulting Agreement dated March&nbsp;29, 2006 is filed with
this Form 8-K as Exhibit&nbsp;10.2 and incorporated into this Item&nbsp;5.02 by reference.
</DIV>
<!-- link2 "Item&nbsp;7.01 Regulation&nbsp;FD Disclosure." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01 Regulation&nbsp;FD Disclosure.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;28 2006, the Company issued a news release announcing the appointment of Peter A.
Ragauss as its Senior Vice President and Chief Financial Officer effective on April&nbsp;26,
2006. G. Stephen Finley has agreed to postpone his retirement from the Company until April
30, 2006 and will continue to serve as Senior Vice President &#151; Finance &#038; Administration and
Chief Financial Officer until Mr.&nbsp;Ragauss assumes the responsibility of Senior Vice
President &#038; Chief Financial Officer on April&nbsp;26, 2006.
</DIV>

<P align="center" style="font-size: 10pt">Page 3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the news release is furnished with this Form 8-K as Exhibit&nbsp;99.1 and incorporated
into this Item&nbsp;7.01 by reference.
</DIV>
<!-- link2 "Item&nbsp;9.01 Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Exhibits.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="3%" align="center">&#151;</TD>
    <TD>Letter Agreement between Peter A. Ragauss and Baker Hughes Incorporated dated
as of March&nbsp;27, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.2</TD>
    <TD width="3%" align="center">&#151;</TD>
    <TD>Restated Retirement and Consulting Agreement between G. Stephen Finley and Baker
Hughes Incorporated dated as of March&nbsp;29, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="3%" align="center">&#151;</TD>
    <TD>News Release of Baker Hughes Incorporated dated
March&nbsp;28, 2006.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Page 4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BAKER HUGHES INCORPORATED<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Dated: March 31, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/Sandra E. Alford
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Sandra E. Alford&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Page 5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement between Peter A. Ragauss and Baker Hughes
Incorporated dated March&nbsp;27, 2006.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Retirement and Consulting Agreement between G.
Stephen Finley and Baker Hughes Incorporated dated March&nbsp;29,
2006.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">News Release dated March&nbsp;28, 2006.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Page 6
</DIV>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>h34652exv10w1.htm
<DESCRIPTION>LETTER AGREEMENT - PETER A. RAGAUSS
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.1<BR><BR>
<IMG src="h34652h3465200.gif" alt="(BAKER HUGHES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">March&nbsp;20, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Peter Ragauss<BR>
164 Oakwood Court<BR>
London, W14 8JT<BR>
United Kingdom

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Peter,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I am pleased to offer you the position of Senior Vice President and Chief Financial Officer, Baker
Hughes Incorporated (the &#147;Company&#148;), located in Houston, Texas. You will report directly to me in
your new position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The elements of your compensation package will be effective April&nbsp;26, 2006, and are as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your base salary will be $43,750.00 per month, paid biweekly as earned.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The compensation package includes participation in the Company&#146;s Annual Incentive
Compensation Plan. The Expected Value (&#147;EV&#148;) target for your salary grade is 65%. Your 2006
ICP bonus will be based on your 2006 annual salary and will not be prorated. Your 2006 bonus
objectives will be weighted as follows:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">90% Corporate Financial Goals (BVA/EPS)<BR>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">10% Performance and Core Values (&#147;PCV&#148;)
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your 2006 ICP award actual payout will be based on your performance level and is contingent upon
the Company achieving predetermined financial results and approval by the Compensation Committee
of the Board of Directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your compensation package includes eligibility for participation in the Company&#146;s 2002
Director &#038; Officer Long-Term Incentive Plan (the &#147;Long-Term Incentive Plan&#148;). Effective April
26, 2006, you will receive a grant representing your annual long-term incentive award,
including stock options, restricted stock and performance units, under the Long-Term Incentive
Plan at a value equivalent to 375% of your annual salary. The grant will be allocated as
follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Stock Option award in the amount of 15,025 shares, of which 1/3 will vest on
the 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of April in each year 2007, 2008 and 2009. An additional Stock
Option award in a similar amount is expected to be granted in July&nbsp;2006 per the terms
and conditions of the Long-Term Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Restricted Stock award in the amount of 8,315 shares, of which 1/3 will vest
on the 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of April in each year 2007, 2008 and 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A Performance Unit award in the amount of 7,875 units, of which 100% will vest at the end
of the three-year performance period based on the achievement of specific performance goals.
Performance Units will only have value if the Company achieves certain cumulative
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">1
</DIV>

<P align="right" style="font-size: 10pt">Initials CCD/PAR



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="h34652h3465200.gif" alt="(BAKER HUGHES LOGO)">
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operational Baker Value Added (BVA)&nbsp;targets measured over the three-year performance period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All grants are subject to approval by the Compensation Committee of the Board of Directors and
are subject to the Terms and Conditions of the Award Agreements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective on your first date of employment, you will receive a Restricted Stock Award of
25,344 shares of the Company&#146;s common stock, of which 6,336 shares shall vest on the
26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of April in each of the years 2008 and 2009 and the remaining 12,672
shares shall vest on the 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of April in 2010; <I>provided </I>that you remain in the
employment of the Company. If you are terminated without cause, as defined in the Long-Term
Incentive Plan, 50% of the total grant (12,672 shares) will automatically vest. These shares
will be entitled to receive dividends prior to vesting. All grants are subject to approval by
the Compensation Committee of the Board of Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective on your first date of employment, you will receive a Stock Option Award in the
amount of 32,709 shares, of which 10,903 options will vest of the 26<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of April
in each year 2007, 2008 and 2009, subject to the Terms and Conditions of the Company&#146;s 2002
Director &#038; Officer Long-Term Incentive Plan. The term of the option will be ten years, at an
option price equal to the fair market value on the date of grant. All grants are subject to
approval by the Compensation Committee of the Board of Directors as outlined in the Long Term
Incentive Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of retirement (defined as age plus years of service with the Company equals or
exceeds 65), all granted but unvested options shall immediately vest. You shall have five
years from the date of termination of employment due to retirement to exercise the options
(but not later than the expiration date). All unvested restricted stock is forfeited upon
retirement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of long-term disability (as defined in the Long-Term Incentive Plan), all granted
but unvested options and restricted stock shall immediately vest. You shall have five years
from the date of termination due to long-term disability to exercise the options (but not later
than the expiration date).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the case of death, all granted but unvested options and restricted stock shall immediately
vest. The options shall be exercisable for a period of one year in the case of death (but not
later than the expiration date).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will be expected to attain and maintain a level of ownership of Baker Hughes Incorporated
stock equal to at least three times your base salary, within five years of your initial
appointment as Senior Vice President and Chief Financial Officer.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will be covered by the Company&#146;s Executive Severance Policy. The purpose is to provide
executives, who are terminated for specific reasons, an income for a fixed period of time
while actively looking for other employment. In the event of your termination, under the
current policy you will receive, among other benefits, a payment equal to eighteen months of
your base salary at the time of your termination. This policy may change at the discretion of
the Company&#146;s Board of Directors.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will also be eligible for participation in the executive perquisite program, which
entitles you to a perquisite award in the amount of $20,000 per year for expenses incurred
under the program. Award
amounts are paid in quarterly installments, and your quarterly award payments will begin in May,
2006. This policy may change at the discretion of the Company&#146;s Board of Directors.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">2
</DIV>


<P align="right" style="font-size: 10pt">Initials CCD/PAR
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="h34652h3465200.gif" alt="(BAKER HUGHES LOGO)">
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will be eligible to participate in Company-sponsored benefit programs, including the
Supplemental Retirement Plan (SRP), our health &#038; welfare programs, Thrift (401k) Plan, Pension
Plan and Employee Stock Purchase Plan. You will have a choice of coverage options that best
suit you and your family&#146;s needs. Coverage options and contribution amounts are related to
your benefit elections, base salary level (as appropriate) and specific requirements of each
of these plans, as outlined in the benefit&#146;s Summary Plan Description.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You will receive relocation benefits in accordance with the Company&#146;s relocation policies,
which have been provided to you separately. You will also receive a lease cancellation
allowance of $100,000. This allowance includes, but is not limited to the cancellation of all
leases related to vehicles, housing, furnishings, and gym memberships in connection with your
relocation to Houston.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with your employment with the Company, the Company will enter into a Change in
Control Severance Agreement and an Indemnification Agreement with you in the form entered into
with other senior executive officers of the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This offer is contingent upon approval from the Board of Directors and the successful completion of
an executive physical, background check, which includes civil and criminal litigation history,
credit check, verification of employment, degrees, certifications and/or licenses, reference
checks, and pre-employment drug test.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This offer does not guarantee employment for a specified term and is not to be construed as a
contract limiting the prerogative of the Company to terminate the employment relationship with or
without cause and with or without notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please acknowledge your acceptance of this offer by initialing and signing where indicated one copy
of this letter and returning it to me.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I look forward to working with you as we lead Baker Hughes Incorporated to a new level of
performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>/s/&nbsp;&nbsp;Chad C. Deaton&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Chad Deaton<BR>
Chairman and Chief Executive Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Enclosures
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Agreed and Accepted:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><U>/s/ Peter A. Ragauss</U>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>27 March&nbsp;2006</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Peter Ragauss
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

<P align="right" style="font-size: 10pt">Initials CCD/PAR
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>h34652exv10w2.htm
<DESCRIPTION>RESTATED RETIREMENT & CONSULTING AGMT - G. STEPHEN FINLEY
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.2
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="h34652h3465200.gif" alt="(BAKER HUGHES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">March&nbsp;23, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;G. Stephen Finley<BR>
3011 N. Cotswold Manor Drive<BR>
Kingwood, TX 77339

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Steve:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As we have agreed, your employment with Baker Hughes Incorporated (hereinafter referred to as
(&#147;Company&#148;) will terminate on the date of your retirement. The purpose of this letter (the
&#147;Agreement&#148;) is to set forth certain agreements and understandings regarding, among other things:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The termination of your employment upon retirement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain benefits the Company has agreed to provide to you upon termination of your
employment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your agreement to provide consulting services and the Company&#146;s agreement to compensate
you for those services;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your agreement to certain obligations of confidentiality, non-competition and
cooperation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your release of any and all claims against the Company</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When you and I have signed this letter, it will constitute a complete agreement on all of these
issues. This letter agreement supersedes the letter agreement entered into between you and the
Company on December&nbsp;9, 2005.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>RETIREMENT</B></U><B>:</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You decided to retire from the Company on April&nbsp;30, 2006 (the &#147;Effective Date&#148;). Your
employment terminates as of the Effective Date. You will resign your position as Senior
Vice President &#151; Finance and Administration and Chief Financial Officer effective as of the
close of business on April&nbsp;25, 2006. Your final payroll check for wages earned through the
Effective Date will be distributed to you, net of all required taxes and other deductions,
as soon as possible, but not later than May&nbsp;31, 2006.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt">1
</DIV>
<P align="left" style="font-size: 10pt">Initials GSF CCD

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>SEPARATION BENEFITS</B></U><B>:</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will provide you with two kinds of separation benefits at the time of your
termination. First, you will receive regular separation benefits as defined below. Second,
in recognition of your specialized knowledge and of your position as an officer of the
Company, the Company is offering you enhanced separation benefits. You will receive the
regular separation benefits even if you decline to sign this letter and execute the release
of claims.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>(a)</B>&nbsp;&nbsp;<B>Regular Separation Benefits</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Year 2005 ICP Bonus</U> &#151; Your bonus for fiscal year 2005 was based on your
accumulated eligible wages for fiscal year 2005 determined with reference to the formal
written objectives set forth for your position of Senior Vice President &#151; Finance and
Administration and Chief Financial Officer in the Incentive Compensation Plan, and was paid
on March&nbsp;3, 2006. Although the consolidated results for Baker Hughes Incorporated exceeded
Over-achievement, the excess portion that would have been &#147;banked&#148; was paid to you in
conjunction with your incentive payment. The bonus was determined at the Company&#146;s sole
discretion, based on fiscal 2005 audited results.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Year 2006 ICP Bonus</U> &#151; Your bonus for fiscal year 2006 will be based on your
accumulated eligible wages for fiscal year 2006 determined with reference to the formal
written objectives set forth for your position of Senior Vice President, Finance and
Administration, and Chief Financial Officer in the Incentive Compensation Plan, and will be
paid by March&nbsp;15, 2007. If the consolidated results for Baker Hughes Incorporated exceed
Over-achievement, the excess portion that would be &#147;banked&#148; will be paid to you in
conjunction with your incentive payment. The bonus will be determined at the Company&#146;s sole
discretion, based on fiscal 2006 audited results. You will not be eligible for any other
bonus consideration beyond the Effective Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Health and Welfare Benefits </U>&#151; If you were participating in medical, dental, and/or
vision coverage for yourself and any eligible dependent(s), all active coverage will end as
of the Effective Date. The Benefits Center will send you a packet regarding continuation of
benefits under COBRA (Consolidated Omnibus Benefits Reconciliation Act), and you and/or your
eligible dependent(s) may elect to continue coverage for an additional 18&nbsp;months, provided
you timely enroll for coverage and make the required premium payments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As an alternative, you have the option of enrolling in the Retiree Medical Plan based on
your age and years of service. If you select this option, the Benefits Center will send you
a packet regarding continuation of benefits, and you and/or your eligible dependent(s) may
elect to continue coverage. Your retiree medical premiums are subsidized by the Company and
will be billed to you by the Benefits Center. You will be solely responsible for payment of
the retiree premiums for both yourself and your covered dependents, if any. You can also
contact the Benefits Center directly at 1-866-244-3539 for more information and to answer
any questions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All other health and welfare benefits end as of the Effective Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Thrift Plan</U> &#151; You have the option of leaving your money in the Thrift Plan, or you
may request a distribution of your account at any time after your retirement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Pension Plan</U> &#151; You are not currently vested in the Pension Plan, therefore, your
current Pension Plan balance is forfeited.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt">2
</DIV>

<P align="left" style="font-size: 10pt">Initials: GSF CCD

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Prior Pension Plan</U> &#151; Your account balance will be distributed in accordance with
Prior Pension Plan terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Supplemental Retirement Plan (SRP)</U> Your 2003 and 2004 SRP account balances (other
than the Company pension plan deferral accounts) will be paid to you in January&nbsp;2007 since
you elected that these amounts be paid January following your termination of employment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The timing of payment of your remaining SRP account balances will depend upon when you
&#147;separate from service&#148;. Under The American Jobs Creation Act (AJCA), you may not be deemed
to have separated from service until April&nbsp;30, 2007 with respect to amounts subject to AJCA
(any amounts that were not earned and vested as of December&nbsp;31, 2004) if you continue as a
consultant following your retirement date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Stock Options</U> &#151; In accordance with the terms of your current outstanding stock
options, (1)&nbsp;all options immediately vest upon the Effective Date, and (2)&nbsp;you have up to
three years from the Effective Date, but not later than the Expiration Date of each grant,
to exercise options granted in the year 2003 and prior. You will have five years from the
Effective Date to exercise options granted in the year 2004 and 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Final Expenses</U> &#151; The Company agrees to reimburse you for all outstanding business
expenses in accordance with Company policy. You will prepare and submit a final expense
account reimbursement request for expenses incurred prior to the Effective Date. Such
expense account reimbursement request will be reviewed and paid in accordance with Company
policy. You agree and consent to allow the Company to deduct from any payments you would
otherwise be entitled to receive any amounts that you owe to the Company as of the Effective
Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Perquisites</U> &#151; All perquisite payments terminate as of the Effective Date. You will
be entitled to retain all club memberships you currently hold; provided that, you will
retain responsibility for any transfer fees associated with the transfer of the club
membership to your name.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Equity Awards</U> &#151; You will not be eligible for any awards under any Company Long-Term
Incentive Plan while an employee or a consultant in 2006 and 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Performance Plan Awards</U> &#151; All target awards made under the 2004-2006 and 2005-2007
Performance Plans, respectively, will terminate as of the Effective Date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Vacation</U> &#151; Within thirty days of the Effective Date, you will receive payment for
all accrued, but unused, vacation accumulated in the year 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>(b)</B>&nbsp;&nbsp;<B>Enhanced Separation Benefits</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These enhanced separation benefits are benefits to which you are not entitled pursuant
to any agreement, or under any policy or practice of the Company. You acknowledge that the
Company has no obligation to provide you with these benefits and that these benefits
constitute a valuable consideration justifying your agreement to provide the release set
forth in Section&nbsp;5 of this letter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Restricted Stock</U> &#151; The Company issued 14,400 restricted shares of Common Stock of
the Company to you on January&nbsp;26, 2005. As an additional enhanced separation benefit, the
Company agrees that two-thirds of these restricted shares (9,600) will vest as of March&nbsp;31,
2006, provided that you continue employment with the Company until March&nbsp;31, 2006, and will
be distributed to you, net of all required taxes, as soon as possible, not later than April
30, 2006.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt">3
</DIV>

<P align="left" style="font-size: 10pt">Initials: GSF CCD
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, the Company issued 20,000 restricted shares of Common Stock of the Company to
you on October&nbsp;23, 2002. These shares are scheduled to vest on June&nbsp;30, 2006. As an
additional enhanced separation benefit, the Company agrees all of these restricted shares
(20,000) will vest as of March&nbsp;31, 2006, provided that you continue employment with the
Company until March&nbsp;31, 2006, and will be distributed to you, net of all required taxes, as
soon as possible, not later than April&nbsp;30, 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>CONSULTING SERVICES</B></U><B>:</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has requested, and you have agreed, to serve as a Consultant for a period
of twelve months following the Effective Date, to include the period May&nbsp;1, 2006 through
April&nbsp;30, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a Consultant, you agree to, upon request, provide assistance and advice to the Company
with respect to the Company&#146;s worldwide operations with which you have experience by reason
of your employment by the Company. In connection with such assistance and advice you agree
that, if so requested by the Chairman and Chief Executive Officer, you will:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon reasonable notice, undertake reasonable travel at the expense of the Company,
and in accordance with the Company&#146;s existing travel and reimbursement policies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make yourself available on reasonable notice to consult with directors, management
personnel, and other agents or employees of the Company regarding matters relating to the
Company&#146;s past and ongoing business operations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Perform other business-related tasks as might be subsequently identified.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is understood that in your capacity as an independent contractor consultant, the Company
will not provide you with an office on or off the premises, office equipment, or support
personnel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You acknowledge and agree that in the same manner that your employment relationship
prevented you from advising or otherwise working for a competitor of the Company, by your
agreement to provide assistance and advice to the Company during the period when you are
serving as a Consultant in accordance with the terms of Section&nbsp;3 of this letter, you are
similarly restricted in your ability to advise or otherwise work for a competitor of the
Company. For the purpose of this letter, the term &#147;competitor of the Company&#148; will be
construed broadly to include without limitation any entity or enterprise that employs
engineers, geoscientists, and field service personnel who apply knowledge and technology to
find, develop, and produce oil and gas, as well as those enterprises that provide products
and services for drilling, formation evaluation, completion and production of hydrocarbons.
You agree that this restriction in your ability to advise or otherwise work for a competitor
of the Company is necessary to protect the Confidential Information the Company has provided
to you in your confidential relationship as an officer of the Company, and that which the
Company will provide to you in your capacity as a consultant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In return for your agreement to provide Consulting Services and maintain or protect the
confidentiality of the Company&#146;s confidential information, the Company agrees to pay you a
fee in the amount of $44,583.33 per month. This fee will be paid to you in monthly
installments, beginning June&nbsp;1, 2006.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt">4
</DIV>


<P align="left" style="font-size: 10pt">Initials: GSF CCD
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Should you fail to provide the consulting service as described above, or protect the
Company&#146;s confidential information, or you work for or advise a competitor of the Company,
the Company may terminate this Agreement prior to its expiration, citing breach of this
Agreement, upon thirty days written notice.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>COVENANTS</B></U>:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>(a)</B>&nbsp;&nbsp;<B>Agreement Not to Compete in order to Protect Confidential Information</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You already possess, and the Company agrees and promises that it will provide you with
additional, sensitive and confidential information and trade secrets, all of which will be
necessary for the continued performance of your job duties to the Effective Date.
Accordingly, as a promise ancillary to and in exchange for the Company&#146;s promise to provide
you with sensitive and confidential information and trade secrets, you agree that, for a
period of twelve months, during the Consulting Period after the Effective Date, you will
not, without the written consent of the Company, at any time, directly or indirectly serve
as an employee, director, consultant, or otherwise provide services, advice or assistance to
any person, association, or entity that is a competitor of the Company, whether in
operations, research, marketing, engineering, process, finance or administration. You agree
that this restriction in your ability to represent a competitor of the Company is necessary
to protect the Confidential Information the Company has already provided and promises to
further provide to you. Because your agreement to refrain from competition for a total
period of twelve months is ancillary to the Company&#146;s promise to provide you with
confidential information, that agreement will survive the termination of your employment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You recognize the restriction stated herein as reasonable in protecting the proprietary
information, trade secrets, and technology of the Company. Although the Company has
attempted to place no more than reasonable limitations on your subsequent employment
opportunities consistent with the Company&#146;s protection of its legitimate business interests,
you may, at some time in the future, feel that such limitations constitute a serious
handicap to you in securing further employment. In such case, you agree to make a written
request to the Company for waiver or reformation of rights under Section 4(a) of this letter
before accepting employment in conflict with this Section or any other section of this
letter, such request to include the name and address of the proposed employer and location,
position, and duties of proposed employment. A waiver, unqualified or upon stated
conditions, may be granted by the CEO at his discretion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(<B>b)</B>&nbsp;&nbsp;<B>Non-Solicitation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the period covered in paragraph 4(a), you shall not, directly or indirectly:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interfere with the relationship of the Company or any Affiliate with, or endeavor
to entice away from the Company or any Affiliate, any individual or entity who was or is a
material customer or material supplier of, or who has maintained a material business
relationship with, the Company or its Affiliates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>establish (or take preliminary steps to establish) a business with, or cause or
attempt to cause others to establish (or take preliminary steps to establish) a business
with, any employee or agent of the Company or any of its Affiliates, if such business is or
will compete with the Company or any of its Affiliates; or;</TD>
</TR>

</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">5
</DIV>

<P align="left" style="font-size: 10pt">Initials: GSF CCD
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>employ, engage as a consultant or adviser, or solicit the employment, engagement as
a consultant or adviser, of any employee or agent of the Company or any of its Affiliates,
or cause or attempt to cause any individual or entity to do any of the foregoing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cooperation and Assistance</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Definition of Cooperation</U> &#151; As used in this agreement, &#147;cooperate&#148; and
&#147;cooperation&#148; includes making yourself available in response to all reasonable requests by
the Company or the Securities and Exchange Commission (&#147;SEC&#148;) or Department of Justice
(&#147;DOJ&#148;) for information, whether the request is informal or formal (e.g., in response to a
subpoena in a legal proceeding), and includes fully, completely, and truthfully answering
questions or providing testimony in any related proceeding, civil or criminal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Agreement to Cooperate</U> &#151; You agree, acknowledge, represent and warrant that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>you are aware that the Company is currently under investigation by the SEC and the
DOJ;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>you have (i)&nbsp;not engaged in, nor encouraged any individual, in any way, to engage
in the destruction or secreting of any information, in any form, including but not limited
to documents and emails (&#147;documentation&#148;), that might be relevant to any investigation
referenced in subsection 4(c)(1) above; (ii)&nbsp;turned over all documentation in response to
prior requests; and (iii)&nbsp;responded, fully and truthfully, to all questions related to or
arising from the subject matter of any such investigation that have been posed to you by
employees, representatives of the Company, or any government agency;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for a period of two (2)&nbsp;years after the Effective Date, upon reasonable request,
you will cooperate fully with the Company and its Affiliates, past or present, in connection
with any internal investigation initiated by the Company, its Affiliates, and any successors
in interest, as well as with any external investigation initiated by the government or
agency or instrumentality thereof in accordance with the Company&#146;s Internal Investigations
policy and Cooperation with Government Investigations Policy;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for a period of two (2)&nbsp;years after the Effective Date, upon reasonable request of
the Company, any subsidiary of the Company, or any successor-in-interest, you will provide
all documentation and information in your possession or control related to any internal or
external investigation of the Company and its Affiliates; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after two (2)&nbsp;years after the Effective Date, you agree upon request to provide
continuing reasonable cooperation with the Company or any of its Affiliates in responding to
internal or governmental investigations; all reasonable expenses you incur in rendering such
cooperation will be reimbursed by Company.</TD>
</TR>

</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">6
</DIV>

<P align="left" style="font-size: 10pt">Initials: GSF CCD
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>(d)</B>&nbsp;&nbsp;<B>Confidentiality</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Confidential Information</U> &#151; During the course of your employment with the
Company, you have had access and received Confidential Information. You are obligated to
keep confidential all such Confidential Information for a period of not less than 12&nbsp;months
following the Effective Date. Moreover, you understand and acknowledge that your obligation
to maintain the confidentiality of trade secrets and other intellectual property is
unending. As an exception to this confidentiality obligation you may disclose the
Confidential Information (i)&nbsp;in connection with enforcing your rights under any Plan
relevant to the terms of this Agreement, or if compelled by law, and in either case, you
shall provide written notice to the Company prior to the disclosure or (ii)&nbsp;if the Company
provides written consent prior to the disclosure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>(e)</B>&nbsp;&nbsp;<B>Property</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Agreement to Return Company Property</U> &#151; Immediately prior to the Effective
Date, you will return to the Company all Company property in your possession, including but
not limited to, computers, credit cards and all files, documents and records of the Company,
in whatever medium and of whatever kind or type. You agree and hereby certify that you have
returned, or will return prior to the Effective Date, all proprietary or confidential
information or documents relating to the business and affairs of the Company and its
affiliates. You further agree that should it subsequently be determined by the Company&#146;s
Office of the General Counsel that you have failed to return all proprietary or confidential
information and documents in your possession or control relating to the business and affairs
of the Company and its affiliates, you will be obligated to return all monies and other
benefits paid to you pursuant to this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, you authorize the Company to deduct from any final payments to you in
accordance with the terms of this Agreement, any outstanding amounts that you owe the
Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>RELEASE OF CLAIMS</B></U>:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You hereby acknowledge that your relationship with the Company is an &#147;at-will
employment relationship,&#148; meaning that either you or the Company could
terminate the relationship with or without notice and or without cause, at any time.
Nevertheless, in consideration for the separation benefits described in Section&nbsp;2 of this
letter, you hereby provide the Company with an irrevocable and unconditional release and
discharge of claims.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This release and discharge of claims applies to (i)&nbsp;Baker Hughes Incorporated, (ii)&nbsp;to each
and all of its parent, subsidiary or affiliated companies, (collectively, &#147;the Company&#148;),
(iii)&nbsp;to the Company&#146;s officers, agents, directors, supervisors, employees, representatives,
and their successors and assigns, whether or not acting in the course and scope of
employment, and (iv)&nbsp;to all persons acting by, through, under, or in concert with any of the
foregoing persons or entities.</TD>
</TR>

</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">7
</DIV>
<P align="left" style="font-size: 10pt">Initials: GSF CCD

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The claims subject to this release include, without limitation, any and all claims related
or in any manner incidental to your employment with the Company or the termination of that
employment relationship. The parties understand the word &#147;claims&#148; to include all actions,
claims, and grievances, whether actual or potential, known or unknown, and specifically but
not exclusively all claims arising out of your employment with the Company and the
termination of your employment. All such claims (including related attorneys&#146; fees and
costs) are forever barred by this Agreement and without regard to whether those claims are
based on any alleged breach of a duty arising in a statute, contract, or tort; any alleged
unlawful act, including, without limitation, age discrimination; any other claim or cause or
cause of action; and regardless of the forum in which it might be brought. This release
applies to any claims brought by any person or agency on behalf of you or any class action
pursuant to which you may have any right or benefit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You promise never to file a lawsuit asserting any claims that are released by you and
further promise not to accept any recoveries or benefits which may be obtained on your
behalf by any other person or agency or in any class action and do hereby assign any such
recovery or benefit to the Company. If you sue the Company in violation of this Agreement,
you shall be liable to the Company for its reasonable fees and other litigation costs
incurred in defending against such a suit. Additionally, if you sue the Company in violation
of this Agreement, the Company can require you to return all monies and other benefits paid
to you pursuant to this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing, the release contained herein shall not apply to (i)&nbsp;any
rights that you may have under the Company&#146;s retirement plans including the 401(k) plan,
(ii)&nbsp;any rights you may have under this Agreement, (iii)&nbsp;your right under applicable law
(i.e., the COBRA law) to continued medical insurance coverage at your expense, and (iv)&nbsp;your
statutory right to file a charge with Equal Employment Opportunity Commission (&#147;EEOC&#148;) or
the Texas Commission on Human Rights (&#147;TCHR&#148;), to participate in an EEOC or TCHR
investigation or proceeding, or to challenge the validity of the release, consistent with
the requirements of 29 U.S.C. &#167; 626 (f)(4).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with this release, you understand and agree that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You have a period of 21&nbsp;days within which to consider whether you execute this
Agreement, that no one hurried you into executing this Agreement during that 21&nbsp;day period,
and that no one coerced you into executing this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You have carefully read and fully understand all the provisions of the release set
forth in Section&nbsp;5 of this letter, and declare that the Agreement is written in a manner
that you understand.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You are, through this Agreement, releasing the Company from any and all claims you
may have against the Company and the other parties specified above, and that this Agreement
constitutes a release and discharge of claims arising under the Age Discrimination in
Employment Act (ADEA), 29 U.S.C. &#167; 621-634, including the Older Workers&#146; Benefit Protection
Act, 29 U.S.C. &#167; 626(f).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You declare that your agreement to all of the terms set forth in this Agreement is
knowing and is voluntary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You knowingly and voluntarily intend to be legally bound by the terms of this
Agreement.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt">8
</DIV>
<P align="left" style="font-size: 10pt">Initials: GSF CCD

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You acknowledge that the Company is hereby advising you in writing to consult with
an attorney of your choice prior to executing this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You understand that rights or claims that may arise after the date this agreement
is executed are not waived. You understand that you have a period of seven days to revoke
your agreement to give the Company a complete release in exchange for separation benefits,
and that you may deliver notification of revocation by letter or facsimile addressed to me.
You understand that this Agreement will not become effective and binding, and that none of
the separation benefits described above in Section&nbsp;2 of this letter will be provided to you
until after the expiration of the revocation period. The revocation period commences when
you execute this Agreement and ends at 11:59&nbsp;p.m. on the seventh calendar day after
execution, not counting the date on which you execute this Agreement. You understand that if
you do not deliver a notice of revocation before the end of the seven-day period described
above, this Agreement will become final, binding and enforceable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s decision to offer separation benefits in exchange for a release of claims
shall not be construed as an admission by the Company of (i)&nbsp;any liability whatsoever, (ii)
any violation of any of your rights or those of any person, or (iii)&nbsp;any violation of any
order, law, statute, duty, or contract. The Company specifically disclaims any liability to
you or to any other person for any alleged violation of any rights possessed by you or any
other person, or for any alleged violation of any order, law, statute, duty, or contract on
the part of the Company, its employees or agents or related companies or their employees or
agents.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You represent and acknowledge that in executing this Agreement you do not rely and have not
relied upon any representation or statement made by the Company, or by any of the Company&#146;s
agents, attorneys, or representatives with regard to the subject matter, basis, or effect of
the Release set forth in this letter, other than those specifically stated in this letter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The release set forth in Section&nbsp;5 of this letter shall be binding upon you, and your heirs,
administrators, representatives, executors, successors, and assigns, and shall inure to the
benefit of the Company as defined above. You expressly warrant that you have not assigned,
transferred or sold to any person or entity any rights, causes of action, or claims released
in this letter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>MISCELLANEOUS</B></U><B>:</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exclusive Rights and Benefits</U> &#151; The benefits described in this Agreement
supersede, negate and replace any other benefits owed to or offered by the Company to you.
This Agreement will be administered by the Company&#146;s Senior Labor Attorney, who will also
resolve any issues regarding the interpretation, implementation, or administration of the
benefits described above. However, this provision shall not be construed to limit your legal
rights if a disagreement exists to contest the decision of the Company&#146;s Senior Labor
Attorney.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Entire Agreement</U> &#151; This letter sets forth the entire agreement between you and the
Company with respect to each and every issue addressed in this letter, and that entire,
integrated agreement fully supersedes any and all prior agreements or understandings, oral
or written, between you and the Company pertaining to the subject matter of this letter.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt">9
</DIV>
<P align="left" style="font-size: 10pt">Initials: GSF CCD

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Exclusive Choice of Law and Arbitration Agreement</U> &#151; This letter constitutes an
agreement that has been executed and delivered in the State of Texas, and the validity,
interpretation, performance and enforcement of that agreement shall be governed by the laws
of that State.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event of any dispute or controversy arising under the agreement set forth in this
letter, or concerning the substance, interpretation, performance, or enforcement of this
Agreement, or in any way relating to this Agreement (including issues relating to the
formation of the agreement and the validity of this arbitration clause), you agree to
resolve that dispute or controversy, fully and completely, through the use of final, binding
arbitration. You further agree to hold knowledge of the existence of any dispute or
controversy subject to this agreement to arbitrate, completely confidential. You understand
and agree that this confidentiality obligation extends to information concerning the fact of
any request for arbitration, any ongoing arbitration, as well as all matters discussed,
discovered, or divulged, (whether voluntarily or by compulsion) during the course of such
arbitration proceeding. Any arbitration conducted pursuant to this arbitration provision
will be conducted in accordance with the rules of the American Arbitration Association in
accordance with its rules governing employment disputes. Any arbitration proceeding
resulting hereunder will be conducted in Houston, Texas before an arbitrator selected by you
and the Company by mutual agreement, or through the American Arbitration Association. This
arbitration agreement does not limit or affect the right of the Company to seek an
injunction to maintain the status quo in the event that the Company believes that you have
violated any provision of Sections&nbsp;3, 4 or 5 of this letter. This arbitration agreement does
not limit your right to file an administrative charge concerning the validity of the release
set forth in Section&nbsp;5 of this letter with any appropriate state or federal agency.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Severability and Headings</U> &#151; The invalidity or unenforceability of a term or
provision of this Agreement shall not affect the validity or enforceability of any other
term or provision of this Agreement, which shall remain in full force and effect. Any titles
or headings in this Agreement are for convenience only and shall have no bearing on any
interpretation of this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Confidentiality</U> &#151; You agree that, because the agreement set forth in this letter is
a special arrangement, you will keep the terms of this letter completely confidential and
will not disclose, describe or characterize those terms to any current, former or
prospective employee of the Company, or any representative of the news media, except as
specifically authorized by the Chairman and Chief Executive Officer of Baker Hughes
Incorporated. If any current, former, or prospective employee of the Company asks about the
terms and conditions of your separation and consulting arrangement with the Company, you
will respond by stating that you reached a &#147;satisfactory&#148; arrangement with the Company. This
confidentiality provision does not prevent you from sharing information about this letter
with your spouse or your tax advisors provided that you inform them of the obligation to
keep the terms confidential.</TD>
</TR>

</TABLE>
</DIV>

<P align="right" style="font-size: 10pt">10
</DIV>

<P align="left" style="font-size: 10pt">Initials: GSF CCD
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Please initial each page and sign below.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ENTERED INTO in Houston, Texas as of the 29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of March, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BAKER HUGHES INCORPORATED
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By<U>: /s/ Chad C. Deaton&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chad C. Deaton<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman and Chief Executive Officer
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ENTERED INTO in Houston, Texas as of the 29<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of March, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By<U>: /c/ G. Stephen Finley</U><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Stephen Finley
</DIV>



<P align="right" style="font-size: 10pt">11
</DIV>

<P align="left" style="font-size: 10pt">Initials: GSF CCD
</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>h34652exv99w1.htm
<DESCRIPTION>NEWS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="h34652h3465201.gif" alt="(Hughes Logo)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Contact:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Baker Hughes Incorporated</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gary R. Flaharty (713)&nbsp;439-8039
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">P.O. Box 4740</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">H. Gene Shiels (713)&nbsp;439-8822
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Houston, Texas 77210-4740</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 12pt; margin-top: 6pt">Baker Hughes Names Peter A. Ragauss CFO
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HOUSTON, Texas &#151; March&nbsp;28, 2006. Baker Hughes Incorporated (BHI &#151; NYSE; EBS) announced
today that Peter A. Ragauss, 48, has been appointed senior vice president and chief financial
officer for Baker Hughes effective April&nbsp;26, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Ragauss currently serves as segment controller of refining and marketing for BP plc in London,
a position he has held since 2003. Prior to his current position he served as chief executive
officer of Air BP and before that as assistant to the group chief executive of BP. Prior to joining
BP in 1998 he served as vice president of finance and portfolio management for Amoco Energy
International, vice president of finance for El Paso Energy International and vice president of
corporate development for Tenneco Energy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Ragauss earned a Bachelor&#146;s degree in Mechanical Engineering in 1980 from Michigan State
University and a Master of Business Administration from Harvard Business School in 1987.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chad C. Deaton, Baker Hughes chairman and chief executive officer, said, &#147;Peter Ragauss brings a
strong background in financial and corporate management as he joins the Baker Hughes team. He is
an experienced financial officer, responsible for external financial reporting, Sarbanes-Oxley
compliance, and management systems for BP&#146;s refining and marketing segment. Peter is a seasoned
leader, having served as CEO of Air BP&#146;s global operations. He has also demonstrated his strategic
planning skills having served as assistant to the group chief executive. I am looking forward to
Peter joining our management team as we continue to advance Baker Hughes as a world-class service
company.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Steve Finley has agreed to continue with Baker Hughes through the end of April serving as senior
vice president &#151; finance and administration and chief financial officer until Peter Ragauss assumes
those responsibilities on April&nbsp;26, 2006. I once again want to thank Steve for his leadership and
dedication to Baker Hughes.&#148;
</DIV>

<P align="center" style="font-size: 10pt">Page 7
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Baker Hughes is a leading provider of<BR>
drilling, formation evaluation, completion and production<BR>
products and services to the worldwide oil and gas industry.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">****
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">NOT INTENDED FOR BENEFICIAL HOLDERS
</DIV>



<P align="center" style="font-size: 10pt">Page 8
</DIV>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
