As filed with the Securities and Exchange Commission
on February 28, 2024
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
Helmerich &
Payne, Inc.
(Exact name of registrant as specified in its charter)
Delaware (State or Other Jurisdiction of Incorporation or
Organization) |
73-0679879
(I.R.S. Employer Identification No.) |
1437 South Boulder Ave., Suite 1400
Tulsa, Oklahoma 74119
(918) 742-5531
(Address, including zip code, and telephone number,
including area code, of principal executive offices)
Helmerich & Payne, Inc. 2024 Omnibus Incentive
Plan
(Full title of the plan)
Debra R. Stockton
Vice President and General Counsel
1437 South Boulder Ave., Suite 1400
Tulsa, Oklahoma 74119
(Name and address, including zip code, and telephone
number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions
of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging
growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ¨ |
EXPLANATORY NOTE
This Registration Statement on Form S-8 (this
“Registration Statement”) is filed by Helmerich & Payne, Inc. (the “Company”) to register 250,000 shares of
the Company’s Common Stock, par value $0.10 per share (the “Common Stock”), to be offered and sold under the Helmerich
& Payne, Inc. 2024 Omnibus Incentive Plan (the “2024 Plan”).
PART I
Item 1. |
Plan Information.(1) |
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Item 2. |
Registrant
Information and Employee Plan Annual Information.(1) |
| (1) | Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance
with Rule 428 under the Securities Act of 1933, as amended (the “Securities Act”), and the Note to Part I of Form S-8, and
has been or will be sent or given to participants in the 2024 Plan as specified in Rule 428(b)(1). |
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. | Incorporation of Documents by Reference. |
The following documents, which
have previously been filed by the Company with the Securities and Exchange Commission (the “Commission”) pursuant to the Securities
Act and pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are incorporated by reference herein
and shall be deemed to be a part hereof:
| (d) | The description of the Common Stock of the Company contained in Exhibit 4.1 to the Company’s Annual Report on Form 10-K for
the fiscal year ended September 30, 2023, filed with the Commission on November 8, 2023, including any subsequent amendment or report
filed for the purpose of updating the description of the Common Stock of the Company contained therein. |
In addition, all documents subsequently filed
by the Company with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which
deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to
be a part hereof from the date of filing of such documents. Notwithstanding the foregoing, unless specifically stated to the
contrary, none of the information that the Company discloses under Items 2.02 or 7.01 of any Current Report on Form 8-K that it may
from time to time furnish to the Commission will be incorporated by reference into, or otherwise included in, this Registration
Statement.
Any statement, including financial statements,
contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for
purposes of this Registration Statement to the extent that a statement contained herein or therein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. |
Description of Securities. |
Not applicable.
Item 5. |
Interests of Named Experts and Counsel. |
Not applicable.
Item 6. | Indemnification of Directors and Officers. |
Section 145 of the General Corporation Law
of the State of Delaware (the “DGCL”) provides generally that a corporation may indemnify any person who was or is a party
to or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative,
or investigative in nature, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or
was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, against expenses (including attorneys’ fees) and, in a proceeding not by or in the right of the corporation,
judgments, fines and amounts paid in settlement, actually and reasonably incurred by him in connection with such suit or proceeding, if
he acted in good faith and in a manner he believed to be in or not opposed to the best interests of the corporation and, with respect
to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. Delaware law further provides
that a corporation may not indemnify any person against expenses incurred in connection with an action by or in the right of the corporation
if such person shall have been adjudged to be liable in the performance of his duty to the corporation unless and only to the extent that
the court in which such action or suit was brought shall determine that, despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to indemnity for the expenses which such court shall deem proper.
The Fourteenth Article of the
Company’s Amended and Restated Certificate of Incorporation (the “Charter”) provides for the indemnification by
the Company of any director, officer or employee of the Company or any of its subsidiaries in connection with any claim, action,
suit or proceeding brought or threatened by reason of such position with the Company or any of its subsidiaries. The Charter
also (a) limits or in certain circumstances eliminates the personal liability of a director to the Company or to its
stockholders for monetary damages for breach of fiduciary duty as a director as authorized by Section 102(b) of the DGCL,
(b) permits the Company’s indemnification of its officers and directors as provided by Section 145 of the DGCL;
provided, however, that the directors remain subject to personal liability for breaches of the duty of loyalty, acts committed in
bad faith or intentional misconduct or a knowing violation of law, the payment of an unlawful dividend or unlawful stock
repurchases, or any transaction from which the directors received an improper personal benefit, and (c) permits the Company
as provided in Section 145 of the DGCL to maintain insurance to protect itself and any director, officer, employee or agent of
the Company. The Company presently maintains in effect a liability insurance policy covering officers and directors. In
addition, the directors and officers of the Company have entered into specific agreements which provide for indemnification of such
persons by the Company under certain circumstances.
Item 7. | Exemption from Registration Claimed. |
Not applicable.
Exhibit No. |
Exhibit Description |
*Filed herewith.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers
or sales are being made, a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section
10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any facts or
events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent
change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective Registration
Statement; and
(iii) To include any material information with
respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information
in the Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii)
do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated
by reference in the Registration Statement;
(2) That, for the purpose of determining any liability
under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;
and
(3) To remove from registration by means of a
post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section 13(a)
or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to
Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act, the Company certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tulsa,
State of Oklahoma, on this 28th day of February, 2024.
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HELMERICH & PAYNE, INC. |
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By: |
/s/ John W. Lindsay |
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Name: |
John W. Lindsay |
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Title: |
President and Chief Executive Officer |
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each individual
whose signature appears below constitutes and appoints John W. Lindsay, Mark W. Smith, Cara M. Hair, Debra R. Stockton and William H.
Gault, and each of them, his or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in
his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this
Registration Statement, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities
and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act
and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his, her or their substitutes, may lawfully
do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act, this Registration Statement has been signed by the following persons in the capacities and on the date(s) indicated.
Signature |
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Date |
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/s/ John W. Lindsay |
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Director, President and Chief Executive
Officer |
February 28, 2024 |
John W. Lindsay |
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(Principal Executive Officer) |
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/s/ Mark W. Smith |
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Senior Vice President and Chief Financial Officer |
February 28, 2024 |
Mark W. Smith |
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(Principal Financial Officer) |
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/s/ Sara M. Momper |
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Vice President and Chief Accounting
Officer |
February 28, 2024 |
Sara M. Momper |
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(Principal Accounting Officer) |
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/s/ Hans Helmerich |
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Director and Chairman of the Board |
February 28, 2024 |
Hans Helmerich |
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/s/ Delaney Bellinger |
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Director |
February 28, 2024 |
Delaney Bellinger |
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/s/ Belgacem Chariag |
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Director |
February 28, 2024 |
Belgacem Chariag |
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/s/ Kevin G. Cramton |
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Director |
February 28, 2024 |
Kevin G. Cramton |
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/s/ Randy A. Foutch |
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Director |
February 28, 2024 |
Randy A. Foutch |
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/s/ Elizabeth Killinger |
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Director |
February 28, 2024 |
Elizabeth Killinger |
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/s/ José
R. Mas |
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Director |
February 28, 2024 |
José R. Mas |
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/s/ Thomas A.
Petrie |
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Director |
February 28, 2024 |
Thomas A. Petrie |
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/s/ Donald F.
Robillard, Jr. |
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Director |
February 28, 2024 |
Donald F. Robillard, Jr. |
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/s/ John D. Zeglis |
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Director |
February 28, 2024 |
John D. Zeglis |
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Exhibit 5.1
February 28, 2024
Helmerich & Payne, Inc.
1437 South Boulder Ave., Suite 1400
Tulsa, Oklahoma 74119
Re: | Proposed Offering of up to 250,000 Shares of Common Stock of Helmerich & Payne, Inc. Pursuant to the Helmerich &
Payne, Inc. 2024 Omnibus Incentive Plan |
Ladies and Gentlemen:
We have examined the Registration Statement on
Form S-8 (the “Registration Statement”), of Helmerich & Payne, Inc., a Delaware corporation (the “Company”),
to be filed with the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Act of 1933, as amended
(the “Securities Act”), in connection with the offering by the Company of up to 250,000 shares of the Company’s Common
Stock, par value $0.10 per share (the “Shares”), available for issuance pursuant to the Helmerich & Payne, Inc. 2024 Omnibus
Incentive Plan (the “Plan”).
In arriving at the opinion expressed below, we
have examined originals, or copies certified or otherwise identified to our satisfaction as being true and complete copies of the originals,
of the Plan and such other documents, corporate records of the Company, certificates of officers of the Company and of public officials
and other documents as we have deemed necessary or advisable to enable us to render this opinion. In our examination, we have assumed
without independent investigation the genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity
of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as copies. We
have also assumed that there are no agreements or understandings between or among the Company and any participants in the Plan that would
expand, modify or otherwise affect the terms of the Plan or the respective rights or obligations of the participants thereunder. Finally,
we have assumed the accuracy of all other information provided to us by the Company during the course of our investigations, on which
we have relied in issuing the opinion expressed below.
Based upon the foregoing, and subject to the assumptions,
exceptions, qualifications and limitations set forth herein and in reliance on the statements of fact contained in the documents that
we have examined, we are of the opinion that the Shares, when issued and sold in accordance with the terms set forth in the Plan and against
payment therefor, and when the Registration Statement has become effective under the Securities Act, will be validly issued, fully paid
and non-assessable.
We render no opinion herein as to matters
involving the laws of any jurisdiction other than the Delaware General Corporation Law (the “DGCL”). This opinion is
limited to the effect of the current state of the DGCL and to the facts as they currently exist. We assume no obligation to revise
or supplement this opinion in the event of future changes in such laws or the interpretations thereof or such facts.
Abu Dhabi • Beijing • Brussels •
Century City • Dallas • Denver • Dubai • Frankfurt • Hong Kong • Houston • London • Los
Angeles
Munich • New York • Orange County • Palo Alto • Paris • Riyadh • San Francisco •
Singapore • Washington, D.C.
Helmerich
& Payne, Inc.
Page
2
We consent to the filing of
this opinion as an exhibit to the Registration Statement. In giving these consents, we do not thereby admit that we are within the category
of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission.
Very truly yours,
/s/ Gibson, Dunn & Crutcher LLP
Gibson, Dunn & Crutcher LLP
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
We consent to the incorporation by reference in the Registration Statement
(Form S-8) pertaining to the Helmerich & Payne, Inc. 2024 Omnibus Incentive Plan of our reports dated November 8, 2023, with respect
to the consolidated financial statements of Helmerich & Payne, Inc. and the effectiveness of internal control over financial
reporting of Helmerich & Payne, Inc. included in its Annual Report (Form 10-K) for the year ended September 30, 2023,
filed with the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Tulsa, Oklahoma
February 28, 2024
Exhibit 99.1
HELMERICH &
PAYNE, INC. 2024 OMNIBUS INCENTIVE PLAN
Section 1. Purpose
of Plan.
The name of this Plan is the Helmerich &
Payne, Inc. 2024 Omnibus Incentive Plan (the “Plan”). The purposes of the Plan are to provide an additional incentive
to selected officers, employees, consultants and non-employee directors of the Company or its Affiliates whose contributions are essential
to the growth and success of the business of the Company and its Affiliates, in order to strengthen the commitment of such persons to
the Company and its Affiliates, motivate such persons to faithfully and diligently perform their responsibilities, and attract and retain
competent and dedicated persons whose efforts will result in the long-term growth and profitability of the Company and its Affiliates.
To accomplish such purposes, the Plan provides that the Company may grant Options, Share Appreciation Rights, Restricted Shares, Restricted
Share Units, Share Bonuses, Other Share-Based Awards, Cash Awards or any combination of the foregoing.
Section 2. Definitions.
For purposes of
the Plan, the following terms shall be defined as set forth below:
(a) “Administrator”
means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in accordance with Section 3 hereof.
(b) “Affiliate”
means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
with, the Person specified.
(c) “Authorized
Individual” has the meaning set forth in Section 3(c) hereof.
(d) “Award”
means any Option, Share Appreciation Right, Restricted Share, Restricted Share Unit, Share Bonus, Other Share-Based Award or Cash Award
granted under the Plan.
(e) “Award
Agreement” means any written agreement, contract or other instrument or document evidencing an Award, including through electronic
medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with
the Plan.
(f) “Base
Price” has the meaning set forth in Section 8(b) hereof.
(g) “Beneficial
Owner” ?(or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.
(h) “Board”
means the Board of Directors of the Company.
(i) “Business
Combination” has the meaning set forth in the definition of Change in Control in Section 2(m).
(j) “Cash
Award” means an Award granted pursuant to Section 12 hereof.
(k) “Cause”
has the meaning assigned to such term in the Award Agreement or in any individual employment or severance agreement with the Participant
or, if any such agreement does not define “Cause,” Cause means termination of employment for one of the following reasons:
(i) the conviction of the employee of a felony by a federal or state court of competent jurisdiction; (ii) an act or acts of
dishonesty taken by the employee and intended to result in substantial personal enrichment of the employee at the expense of the Company;
or (iii) the employee’s willful failure to follow a direct, reasonable and lawful written order from his supervisor, within
the reasonable scope of the employee’s duties, which failure is not cured within 30 days, provided that no act or failure to act
on the employee’s part shall be deemed “willful” for this purpose unless done, or omitted to be done, by the employee
not in good faith and without reasonable belief that the employee’s action or omission was in the best interest of the Company.
(l) “Change
in Capitalization” means any (i) merger, amalgamation, consolidation, reclassification, recapitalization, spin-off, spin-out,
repurchase or other reorganization or corporate transaction or event, (ii) special or extraordinary dividend or other extraordinary
distribution (whether in the form of cash, Common Shares, or other property), share split, reverse share split, subdivision or consolidation,
(iii) combination or exchange of shares, or (iv) other change in corporate structure, which, in any such case, the Administrator
determines, in its sole discretion, affects the Common Shares such that an adjustment pursuant to Section 5 hereof is appropriate.
(m) “Change
in Control” means an event set forth in any one of the following paragraphs shall have occurred:
(i) The
acquisition after the Effective Date by any Person of Beneficial Ownership of 20% or more of either (1) the then outstanding shares
of common stock of the Company (the “Outstanding Company Common Stock”) or (2) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control: (A) any
acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan
(or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, (D) any acquisition previously
approved by at least a majority of the members of the Incumbent Board (as such term is hereinafter defined), (E) any acquisition
approved by at least a majority of the members of the Incumbent Board within five business days after the Company has notice of such
acquisition, or (F) any acquisition by any corporation pursuant to a transaction which complies with clauses (1), (2), and (3) of
subsection (iii) of this definition of Change in Control; or
(ii) Individuals
who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election,
appointment or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding,
for purposes of this definition, any such individual whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board; or
(iii) Consummation
of a reorganization, share exchange, or merger (a “Business Combination”), in each case, unless, following such Business
Combination, (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination will beneficially own,
directly or indirectly, more than 70% of, respectively, the then outstanding shares of common stock and the combined voting power of
the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including a corporation which as a result of such transaction will own the Company through
one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of
the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any
employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) will beneficially
own, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from
such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent
that such ownership existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors
of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial
agreement, or of the action of the Board providing for such Business Combination, or were elected, appointed or nominated by the Board;
or
(iv) (1) Approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company, or (2) consummation of the sale or other
disposition of all or substantially all of the assets of the Company, other than to a corporation, with respect to which following such
sale or other disposition, (A) more than 70% of, respectively, the then outstanding shares of common stock of such corporation and
the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of
directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the
beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior
to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition,
of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) less than 20% of, respectively,
the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities
of such corporation entitled to vote generally in the election of directors will be beneficially owned, directly or indirectly, by any
Person (excluding any employee benefit plan (or related trust) of the Company or such corporation), except to the extent that such Person
owned 20% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities prior to the sale or disposition,
and (C) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at
the time of the execution of the initial agreement, or of the action of the Board providing for such sale or other disposition of assets
of the Company, or were elected, appointed or nominated by the Board.
Notwithstanding the foregoing,
(x) a Change in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated
transactions immediately following which the holders of Common Shares immediately prior to such transaction or series of transactions
continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the
Company immediately following such transaction or series of transactions and (y) if all or a portion of an Award constitutes deferred
compensation under Section 409A of the Code and such Award (or portion thereof) is to be settled, distributed or paid on an accelerated
basis due to a Change in Control event that is not a “change in control event” described in Treasury Regulation Section 1.409A-3(i)(5) or
successor guidance, if such settlement, distribution or payment would result in additional tax under Section 409A of the Code, such
Award (or the portion thereof) shall vest at the time of the Change in Control (provided such accelerated vesting will not result in
additional tax under Section 409A of the Code), but settlement, distribution or payment, as the case may be, shall not be accelerated.
(n) “Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.
(o) “Committee”
means the Human Resources Committee of the Board or such other committee or subcommittee the Board may appoint to administer the Plan.
Unless the Board determines otherwise, the Committee shall be composed entirely of individuals who meet the qualifications of (i) a
“non-employee director” within the meaning of Rule 16b-3 and (ii) any other qualifications required by the applicable
stock exchange on which the Common Shares are traded.
(p) “Common
Shares” means the common shares, par value U.S. $0.10 per share, of the Company.
(q) “Company”
means Helmerich & Payne, Inc., a Delaware corporation (or any successor company, except as the term “Company”
is used in the definition of “Change in Control” above).
(r) “Disability”
means the Participant is unable to continue employment by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as determined in the sole
discretion of the Administrator.
(s) “Effective
Date” has the meaning set forth in Section 19 hereof.
(t) “Eligible
Recipient” means an officer, employee, consultant, or non-employee director of the Company or any Affiliate of the Company
who has been selected as an eligible participant by the Administrator; provided, however, that an Eligible Recipient of
an ISO means an individual who is an employee of the Company, a “parent corporation” (as such term is defined in Section 424(e) of
the Code) of the Company or a “subsidiary corporation” (as such term is defined in Section 424(f) of the Code)
of the Company.
(u) “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time.
(v) “Executive
Officer” means an officer of the Company who is subject to the liability provisions of Section 16 of the Exchange Act.
(w) “Exercise
Price” means, with respect to any Option, the per Share price at which a holder of such Option may purchase Common Shares issuable
upon the exercise of such Option.
(x) “Fair
Market Value” of a Common Share or another security as of a particular date shall mean the fair market value as determined
by the Administrator in its sole discretion; provided, however, (i) if the Common Share or other security is admitted
to trading on a national securities exchange, the fair market value on any date shall be the closing sale price reported on such date
(or if such date is not a trading day, on the last preceding date on which there was a sale of a Common Share or other security on such
exchange), or (ii) if the Common Share or other security is then traded in an over-the-counter market, the fair market value on
any date shall be the average of the closing bid and asked prices for the Common Share or other security in such over-the-counter market
on such day (or, if none, for the last preceding date on which there was a sale of a Common Share or other security in such market).
(y) “Free
Standing Right” has the meaning set forth in Section 8(a) hereof.
(z) “Grant
Year” means the annual period commencing on the date of the Company’s annual meeting of shareholders and concluding on
the day immediately preceding the next annual meeting of shareholders, or such other period as the Administrator may determine in its
discretion.
(aa) “Good
Reason” in respect of any Change in Control has the meaning assigned to such term in the Award Agreement or in any individual
employment or severance agreement with the Participant or, if any such agreement does not define “Good Reason,” means termination
of employment for one of the following reasons: (i) the assignment to the employee of any duties inconsistent in any respect with
the employee’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities held
immediately prior to the Change in Control, or any other action by the Company (or successor or Affiliate) which results in a diminution
in such position, compensation, benefits, authority, duties or responsibilities; (ii) any reduction in the employee’s annual
base salary or annual bonus opportunity, in each case as in effect immediately prior to the Change in Control; (iii) the employee
being required to be based at any office or location that is more than 25 miles from the office or location at which the employee was
based immediately prior to the Change in Control, except for periodic travel reasonably required in the performance of the employee’s
responsibilities; or (iv) any reduction by more than 10% in the overall level of the employee’s benefits (as in effect immediately
prior to the Change in Control) under the Company’s (or its successors’ or Affiliate’s) group life insurance, medical,
health, accident, disability, incentive, savings, and retirement plans including all tax qualified and nonqualified plans or programs.
(bb) “Incumbent
Board” has the meaning set forth in the definition of Change in Control in Section 2(m).
(cc) “ISO”
means an Option intended to be and designated as, and that satisfies the requirements to be, an “incentive stock option”
within the meaning of Section 422 of the Code.
(dd) “Nonqualified
Stock Option” means an Option that is not designated as an ISO or that otherwise does not satisfy the requirements to be an
ISO, as such requirements are set forth in Section 422 of the Code.
(ee) “Option”
means an option to purchase Common Shares granted pursuant to Section 7 hereof. The term “Option” as used in the Plan
includes the terms “Nonqualified Stock Option” and “ISO.”
(ff) “Other
Share-Based Award” means an Award granted pursuant to Section 10 hereof.
(gg) “Outstanding
Company Common Stock” has the meaning set forth in the definition of Change in Control in Section 2(m).
(hh) “Outstanding
Company Voting Securities” has the meaning set forth in the definition of Change in Control in Section 2(m).
(ii) “Participant”
means any Eligible Recipient selected by the Administrator, pursuant to the Administrator’s authority provided for in Section 3
below, to receive grants of Awards, any permitted assigns, and, upon his or her death, his or her successors, heirs, executors and administrators,
as the case may be.
(jj) “Person”
has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof.
(kk) “Plan”
has the meaning set forth in Section 1 hereof.
(ll) “Prior
Plan” means the Helmerich & Payne, Inc. 2020 Omnibus Incentive Plan, as amended and restated effective as of
January 14, 2022.
(mm) “Related
Right” has the meaning set forth in Section 8(a) hereof.
(nn) “Restricted
Shares” means Shares granted pursuant to Section 9 hereof subject to certain restrictions that lapse at the end of a specified
period or periods.
(oo) “Restricted
Share Unit” means the right, granted pursuant to Section 9 hereof, to receive the Fair Market Value of a Common Share
or, in the case of an Award denominated in cash, to receive the amount of cash per unit that is determined by the Administrator in connection
with the Award.
(pp) “Retirement”
means the termination of a Participant’s employment and the Participant both (i) has attained age 55 and (ii) has 15
or more continuous years of service as a full-time employee of the Company, a Subsidiary or Affiliate.
(qq) “Rule 16b-3”
has the meaning set forth in Section 3(a) hereof.
(rr) “Securities
Act” means the Securities Act of 1933, as amended from time to time.
(ss) “Shares”
means Common Shares reserved for issuance under the Plan, as adjusted pursuant to the Plan, and any successor (pursuant to a merger,
amalgamation, consolidation or other reorganization) security.
(tt) “Share
Appreciation Right” means the right to receive, upon exercise of the right, the applicable amounts as described in Section 8
hereof.
(uu) “Share
Bonus” means a bonus payable in fully vested Common Shares granted pursuant to Section 11 hereof.
(vv) “Subsidiary”
means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise
controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or
managing member or similar interest of such other Person.
(ww) “Transfer”
has the meaning set forth in Section 17 hereof.
Section 3. Administration;
Minimum Vesting.
(a) The
Plan shall be administered by the Administrator and shall be administered in accordance with the requirements of Rule 16b-3 under
the Exchange Act (“Rule 16b-3”), to the extent applicable.
(b) Pursuant
to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to
it by the Board, shall have the power and authority, without limitation:
(i) to
select those Eligible Recipients who shall be Participants;
(ii) to
determine whether and to what extent Awards are to be granted hereunder to Participants;
(iii) to
determine the number of Shares to be covered by each Award granted hereunder;
(iv) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder (including (1) the
restrictions applicable to Restricted Shares or Restricted Share Units and the conditions under which restrictions applicable to such
Restricted Shares or Restricted Share Units shall lapse, (2) the performance goals and periods applicable to Awards, (3) the
Exercise Price of each Option and the Base Price of each Share Appreciation Right, (4) the vesting schedule applicable to each Award,
(5) the number of Shares or amount of cash or other property subject to each Award and (6) subject to the requirements of Section 409A
of the Code (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including equitable adjustments
to performance goals in recognition of unusual or non-recurring events affecting the Company or any Affiliate thereof or the financial
statements of the Company or any Affiliate thereof, in response to changes in applicable laws or regulations, or to account for items
of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of
a segment of a business or related to a change in accounting principles);
(v) to
determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all written instruments evidencing
Awards;
(vi) to
determine the Fair Market Value in accordance with the terms of the Plan;
(vii) to
determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the
Participant’s employment or service for purposes of Awards granted under the Plan;
(viii) to
determine the impact of leaves of absence, including unpaid and un-protected leaves of absence, changes from full-time to part-time employment,
partial Disability or other changes in the employment status or service status of a Participant, on Awards, both with regard to vesting
schedule and termination;
(ix) to
adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable;
(x) to
prescribe, amend and rescind rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign
laws or qualifying for favorable tax treatment under applicable foreign laws, which rules and regulations may be set forth in an
appendix or appendices to the Plan; and
(xi) to
construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating thereto),
and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under
the Plan or necessary and advisable in the administration of the Plan.
(c) To
the extent permitted by applicable law, the Board may, by resolution, authorize one or more officers or employees (each, an “Authorized
Individual”) to do one or both of the following on the same basis as (and as if the Authorized Individual for such purposes
were) the Administrator: (i) designate Eligible Recipients to receive Awards and (ii) determine the size and terms and conditions
of any such Awards; provided, however, that (1) the Board shall not delegate such responsibilities to any individual
for Awards granted to an Eligible Recipient who is an Executive Officer, a non-employee director of the Company, or a more than 10% Beneficial
Owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined
in accordance with Section 16 of the Exchange Act, and (B) the resolution providing for such authorization shall set forth
the total number of Common Shares the Authorized Individual may grant during any period. The Authorized Individual(s) shall report
periodically to the Board or Committee regarding the nature and scope of the Awards granted pursuant to the authority delegated.
(d) Subject
to Section 5 hereof, neither the Board nor the Committee shall have the authority to (i) reduce the exercise price of any Award
or take any other action that is treated as a re-pricing under generally accepted accounting principles or (ii) cancel any Award
with an exercise, base or purchase price in exchange for cash, property, other Awards or Awards with a lower exercise, base or purchase
price without first obtaining the approval of the Company’s shareholders.
(e) Options
shall not be granted under the Plan in consideration for, and shall not be conditioned upon the delivery of, Common Shares to the Company
in payment of the exercise price and/or tax withholding obligation under any other employee stock option.
(f) Any
Award granted hereunder shall provide for a vesting period or performance period, as applicable, of at least one year following the date
of grant. Notwithstanding the preceding sentence, Awards representing a maximum of five percent of the Shares reserved for issuance under
Section 4(a) hereof may be granted hereunder without any such minimum vesting condition. Notwithstanding the provisions of
this Section 3(f), the Administrator may accelerate the vesting of or waive restrictions on Awards in whole or in part in the case
of a Participant’s death, Retirement, Disability or upon a Change in Control.
(g) Unless
otherwise provided in an Award Agreement: (i) if a Participant’s employment with the Company, a Subsidiary or an Affiliate
terminates as a result of death, Disability, or Retirement, the Participant (or personal representative in the case of death) shall be
entitled to exercise all or any part of any (1) vested ISO for a period of up to three months from such date of termination (one
year in the case of death or Disability in lieu of the three- month period), or (2) a Share Appreciation Right or vested Option
that is not an ISO during the remaining term; (ii) if a Participant’s employment terminates for any other reason, the Participant
shall, except where an Award is subject to a clawback or recoupment provision of applicable law or an Award Agreement, be entitled to
exercise all or any part of any vested Option or Share Appreciation Right for a period of up to three months from such date of termination.
In no event shall any Option or Share Appreciation Right be exercisable past the term established in the Award Agreement. Any vested
Option or Share Appreciation Right which is not exercised before the earlier of (A) the dates provided above or other applicable
date provided in the Award Agreement or (B) its term shall expire. Unless otherwise accelerated or where an Award Agreement or the
Administrator provides for continued vesting after termination of employment, all unvested Awards shall be forfeited upon termination
of employment.
(h) All
decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all Persons, including
the Company and the Participants. No member of the Board or the Committee, nor any officer or employee of the Company or any Subsidiary
thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination, or interpretation
taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee
of the Company and of any Subsidiary thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified
and protected by the Company in respect of any such action, omission, determination or interpretation.
Section 4. Shares
Reserved for Issuance; Certain Limitations.
(a) The
aggregate number of Common Shares reserved for issuance under the Plan shall be equal to the sum of (i) 250,000 plus (ii) any
Common Shares that remain available for issuance under the Prior Plan as of the Effective Date plus (iii) any Common Shares subject
to an outstanding award under the Prior Plan as of the Effective Date that are not issued after the Effective Date because such award
is forfeited, cancelled, exchanged or surrendered or if such award otherwise terminates or expires without a distribution of Common Shares
with Common Shares subject to any such award of restricted shares, restricted share units, share bonuses and other share-based awards
outstanding under the Prior Plan as of the Effective Date added as two Common Shares for each Common Share subject to such award and
Common Shares subject to such awards of options or share appreciation rights added as one Common Share for each Common Share subject
to such award.
(b) The
total compensation paid to any one non-employee director during any Grant Year shall not exceed $700,000, including the aggregate Fair
Market Value on the date of grant of Shares subject to Awards granted under this Plan and any cash compensation paid or payable. The
limitation described in this section shall be determined without regard to amounts paid to a non-employee director during or for any
period in which such individual was an employee or consultant, and any severance and other payments paid to a non-employee director for
such director’s prior or current service to the Company or any Affiliate other than serving as a director shall not be taken into
account in applying the limit provided above. For the avoidance of doubt, any compensation that is deferred shall be counted toward this
limit for the year in which it was first earned, and not when paid or settled.
(c) A
total of 1,000,000 of the Common Shares available for issuance under the Plan may be made subject to an Award that is an ISO.
(d) Shares
issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired
by the Company in the open market, in private transactions or otherwise. If any Shares subject to an Award under the Plan, are forfeited,
cancelled, exchanged or surrendered or if such an Award otherwise terminates or expires without a distribution of Shares to the Participant,
the Shares with respect to such Award, shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or
expiration, again be available for Awards under the Plan. Shares that are exchanged by a Participant or withheld by the Company as full
or partial payment in connection with the exercise of any Option or Share Appreciation Right under the Plan or the payment of any purchase
price with respect to any other Award under the Plan, as well as any Common Shares exchanged by a Participant or withheld by the Company
or any Subsidiary to satisfy the tax withholding obligations related to any Award under the Plan, shall not again be available for subsequent
Awards under the Plan, and notwithstanding that a Share Appreciation Right is settled by the delivery of a net number of Common Shares,
the full number of Common Shares underlying such Share Appreciation Right shall not be available for subsequent Awards under the Plan.
Upon the exercise of any Award granted in tandem with any other Awards, such related Awards shall be cancelled to the extent of the number
of Shares as to which the Award is exercised and, notwithstanding the foregoing, such number of shares shall no longer be available for
Awards under the Plan. In addition, (i) to the extent an Award is denominated in Common Shares, but paid or settled in cash, the
number of Common Shares with respect to which such payment or settlement is made shall again be available for grants of Awards pursuant
to the Plan and (ii) Common Shares underlying Awards that can only be settled in cash shall not be counted against the aggregate
number of Common Shares available for Awards under the Plan.
Section 5. Equitable
Adjustments.
(a) In
the event of any Change in Capitalization, an equitable substitution or proportionate adjustment shall be made, in each case, as may
be determined by the Administrator, in its sole discretion, in (i) the aggregate number of Common Shares reserved for issuance under
the Plan and the maximum number of Common Shares or cash that may be subject to Awards granted to any Participant in any calendar year,
(ii) the kind and number of securities subject to, and the Exercise Price or Base Price of, any outstanding Options and Share Appreciation
Rights granted under the Plan, and (iii) the kind, number and purchase price of Common Shares, or the amount of cash or amount or
type of other property, subject to outstanding Restricted Shares, Restricted Share Units, Share Bonuses and Other Share-Based Awards
granted under the Plan; provided, however, that any fractional shares resulting from the adjustment shall be eliminated.
Such other equitable substitutions or adjustments shall be made as may be determined by the Administrator, in its sole discretion.
(b) Without
limiting the generality of the foregoing, in connection with a Change in Capitalization, the Administrator may provide, in its sole discretion,
but subject in all events to the requirements of Section 409A of the Code, for the cancellation of any outstanding Award in exchange
for payment in cash or other property having an aggregate Fair Market Value equal to the Fair Market Value of the Common Shares, cash
or other property covered by such Award, reduced by the aggregate Exercise Price or Base Price thereof, if any; provided, however,
that if the Exercise Price or Base Price of any outstanding Award is equal to or greater than the Fair Market Value of the Common Shares,
cash or other property covered by such Award, the Administrator may cancel such Award without the payment of any consideration to the
Participant.
(c) With
respect to ISOs, any adjustment pursuant to this Section 5 shall be made in accordance with the provisions of Section 424(h) of
the Code and any regulations or guidance promulgated thereunder.
(d) The
determinations made by the Administrator, pursuant to this Section 5 shall be final, binding and conclusive.
Section 6. Eligibility.
The Participants
under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from those individuals who qualify as
Eligible Recipients.
Section 7. Options.
(a) General.
Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such terms and conditions
as the Administrator shall determine, in its sole discretion, which Award Agreement shall set forth, among other things, the Exercise
Price of the Option, the term of the Option, the provisions regarding exercisability of the Option, and whether the Option is intended
to be an ISO or a Nonqualified Stock Option (and in the event the Award Agreement has no such designation, the Option shall be a Nonqualified
Stock Option). The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted
to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions
set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan,
as the Administrator shall deem desirable and set forth in the applicable Award Agreement. No Option granted hereunder shall be an ISO
unless it is designated as such in the applicable Award Agreement and satisfies the applicable requirements set forth in Section 422
of the Code.
(b) Exercise
Price. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at the
time of grant, but, in no event shall the exercise price of an Option be less than 100% of the Fair Market Value of the related Common
Shares on the date of grant.
(c) Option
Term. The maximum term of each Option shall be fixed by the Administrator, but no Option shall be exercisable more than 10 years after
the date such Option is granted. Each Option’s term is subject to earlier expiration pursuant to the applicable provisions in the
Plan and the Award Agreement.
(d) Exercisability.
Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of performance
goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option
shall be exercisable only in installments. Notwithstanding anything to the contrary contained herein, an Option may not be exercised
for a fraction of a share.
(e) Method
of Exercise. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of
whole Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its
equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option
or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise
procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form
of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate
exercise price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator
and permitted by applicable law or (iv) any combination of the foregoing.
(f) ISOs.
The terms and conditions of ISOs granted hereunder shall be subject to the provisions of Section 422 of the Code and the terms,
conditions, limitations and administrative procedures established by the Administrator from time to time in accordance with the Plan.
(i) ISO
Grants to 10% Shareholders. Notwithstanding anything to the contrary in the Plan, if an ISO is granted to a Participant who owns
shares representing more than 10% of the voting power of all classes of shares of the Company, its “parent corporation” ?(as
such term is defined in Section 424(e) of the Code) or a Subsidiary of the Company, the term of the ISO shall not exceed five
years from the time of grant of such ISO and the Exercise Price shall be at least 110% of the Fair Market Value of the Shares on the
date of grant.
(ii) $100,000
Per Year Limitation For ISOs. To the extent the aggregate Fair Market Value (determined on the date of grant) of the Shares for which
ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of the Company) exceeds $100,000,
such excess ISOs shall be treated as Nonqualified Stock Options.
(iii) Disqualifying
Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after the date the Participant
makes a “disqualifying disposition” of any Share acquired pursuant to the exercise of such ISO. A “disqualifying disposition”
is any disposition (including any sale) of such Shares before the later of (1) two years after the date of grant of the ISO and
(2) one year after the date the Participant acquired the Shares by exercising the ISO. The Company may, if determined by the Administrator
and in accordance with procedures established by it, retain possession of any Shares acquired pursuant to the exercise of an ISO as agent
for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any instructions
from such Participant as to the sale of such Shares.
(g) Rights
as Shareholder. A Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights of a shareholder
with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full
for such Shares and has satisfied the requirements of Section 16 hereof.
(h) Termination
of Employment or Service. Subject to Section 3(f) hereof, in the event of the termination of employment or service with the
Company and all Affiliates thereof of a Participant who has been granted one or more Options, such Options shall be exercisable at such
time or times and subject to such terms and conditions as set forth in the Award Agreement.
Section 8. Share
Appreciation Rights.
(a) General.
Share Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all or part
of any Option granted under the Plan (“Related Rights”). Related Rights may be granted either at or after the time
of the grant of such Option. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants
of Share Appreciation Rights shall be made, the number of Shares to be awarded, the Base Price, and all other conditions of Share Appreciation
Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates.
The provisions of Share Appreciation Rights need not be the same with respect to each Participant. Share Appreciation Rights granted
under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional
terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable
Award Agreement.
(b) Base
Price. Each Share Appreciation Right shall be granted with a base price that is not less than 100% of the Fair Market Value of the related
Common Shares on the date of grant (such amount, the “Base Price”).
(c) Awards;
Rights as Shareholder. A Participant shall have no rights to dividends, dividend equivalents or distributions or any other rights of
a shareholder with respect to the Common Shares, if any, subject to a Share Appreciation Right until the Participant has given written
notice of the exercise thereof and has satisfied the requirements of Section 16 hereof.
(d) Exercisability.
(i) Share
Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions
as shall be determined by the Administrator in the applicable Award Agreement (which may include achievement of performance goals).
(ii) Share
Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which
they relate shall be exercisable in accordance with the provisions of Section 7 hereof and this Section 8 of the Plan.
(e) Consideration
Upon Exercise.
(i) Upon
the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal
in value to (1) the excess of the Fair Market Value of a Common Share as of the date of exercise over the Base Price per share specified
in the Free Standing Right, multiplied by (2) the number of Shares in respect of which the Free Standing Right is being exercised.
(ii) A
Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and
surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares equal in value to (1) the
excess of the Fair Market Value of a Common Share as of the date of exercise over the Exercise Price specified in the related Option,
multiplied by (2) the number of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered,
in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised.
(iii) Notwithstanding
the foregoing, the Administrator may determine to settle the exercise of a Share Appreciation Right in cash (or in any combination of
Shares and cash).
(f) Termination
of Employment or Service. Subject to Section 3(f) hereof:
(i) In
the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted
one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as
set forth in the Award Agreement; and
(ii) In
the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted
one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth
in the related Options.
(g) Term.
(i) The
term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than 10 years
after the date such right is granted.
(ii) The
term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than 10
years after the date such right is granted.
Section 9. Restricted
Shares and Restricted Share Units.
(a) General.
Restricted Shares and Restricted Share Units may be issued either alone or in addition to other awards granted under the Plan. The Administrator
shall determine the Eligible Recipients to whom, and the time or times at which, Restricted Shares or Restricted Share Units shall be
made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Shares or
Restricted Share Units; the period of time prior to which Restricted Shares or Restricted Share Units become vested and free of restrictions
on Transfer (the “Restricted Period”); the performance goals (if any) upon whose attainment the Restricted Period
shall lapse in part or full; and all other conditions of the Restricted Shares and Restricted Share Units. If the restrictions, performance
goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Shares or
Restricted Share Units, in accordance with the terms of the grant. The provisions of Restricted Shares or Restricted Share Units need
not be the same with respect to each Participant.
(b) Awards
and Certificates.
(i) Except
as otherwise provided in Section 9(b)(3) hereof, (1) each Participant who is granted an Award of Restricted Shares may,
in the Company’s sole discretion, be issued a share certificate in respect of such Restricted Shares; and (2) any such certificate
so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions,
and restrictions applicable to any such Award. The Company may require that the share certificates, if any, evidencing Restricted Shares
granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of
any award of Restricted Shares, the Participant shall have delivered a share transfer form, endorsed in blank, relating to the Shares
covered by such award. Certificates for unrestricted Common Shares may, in the Company’s sole discretion, be delivered to the Participant
only after the Restricted Period has expired without forfeiture in respect of such Restricted Shares.
(ii) Subject
to Section 9(e) below, with respect to Restricted Share Units, at the expiration of the Restricted Period, share certificates
in respect of the Common Shares underlying such Restricted Share Units may, in the Company’s sole discretion, be delivered to the
Participant, or his or her legal representative, in a number equal to the number of Common Shares underlying the Award of Restricted
Share Units.
(iii) Notwithstanding
anything in the Plan to the contrary, any Restricted Shares or Restricted Share Units (at the expiration of the Restricted Period) may,
in the Company’s sole discretion, be issued in uncertificated form.
(iv) Further,
notwithstanding anything in the Plan to the contrary, with respect to Restricted Share Units, at the expiration of the Restricted Period,
Shares shall promptly be issued to the Participant, unless otherwise deferred in accordance with procedures established by the Company
in accordance with Section 409A of the Code, and such issuance shall in any event be made no later than March 15th of the calendar
year following the year of vesting or within such other period as is required to avoid accelerated taxation and/or tax penalties under
Section 409A of the Code.
(c) Restrictions
and Conditions. The Restricted Shares and Restricted Share Units granted pursuant to this Section 9 shall be subject to any restrictions
or conditions as determined by the Administrator at the time of grant or, subject to Section 409A of the Code where applicable,
thereafter. Except as provided in the applicable Award Agreement, the Participant shall generally have the rights of a shareholder of
the Company with respect to Restricted Shares during the Restricted Period, including the right to vote such shares and to receive any
dividends declared with respect to such shares. The Participant shall generally not have the rights of a shareholder with respect to
Common Shares subject to Restricted Share Units during the Restricted Period; provided, however, that, subject to Section 409A
of the Code, an amount equal to any dividends declared during the Restricted Period with respect to the number of Common Shares covered
by Restricted Share Units may, to the extent set forth in an Award Agreement, be provided to the Participant at the time (and to the
extent) that Common Shares in respect of the related Restricted Share Units are delivered to the Participant.
(d) Termination
of Employment or Service. Subject to Section 3(g) hereof, the rights of Participants granted Restricted Shares or Restricted
Share Units upon termination of employment or service with the Company and all Affiliates thereof for any reason during the Restricted
Period shall be set forth in the Award Agreement.
(e) Form of
Settlement. The Administrator reserves the right in its sole discretion to provide (either at or after the grant thereof) that any Restricted
Share Unit represents the right to receive an amount of cash per unit that is determined by the Administrator in connection with the
Award.
Section 10. Other
Share-Based Awards.
Other forms of Awards valued in whole
or in part by reference to, or otherwise based on, Common Shares, including dividend equivalents, may be granted either alone or in addition
to other Awards (other than in connection with Options or Share Appreciation Rights) under the Plan. Subject to the provisions of the
Plan, the Administrator shall have sole and complete authority to determine the individuals to whom and the time or times at which such
Other Share-Based Awards shall be granted, the number of Common Shares to be granted pursuant to such Other Share-Based Awards, or the
manner in which such Other Share-Based Awards shall be settled (e.g., in Common Shares, cash or other property), or the conditions to
the vesting and/or payment or settlement of such Other Share-Based Awards (which may include achievement of performance goals) and all
other terms and conditions of such Other Share-Based Awards.
Section 11. Share
Bonuses.
In the event that the Administrator
grants a Share Bonus, the Shares constituting such Share Bonus shall, as determined by the Administrator, be evidenced in uncertificated
form or by a book entry record or a certificate issued in the name of the Participant to whom such grant was made and delivered to such
Participant as soon as practicable after the date on which such Share Bonus is payable.
Section 12. Cash
Awards.
The Administrator may grant Awards that
are payable solely in cash, as deemed by the Administrator to be consistent with the purposes of the Plan, and such Cash Awards shall
be subject to the terms, conditions, restrictions and limitations determined by the Administrator, in its sole discretion, from time
to time. Cash Awards may be granted with value and payment contingent upon the achievement of performance goals.
Section 13. Change
in Control Provisions.
Unless otherwise determined by the Administrator
and evidenced in an Award Agreement, in the event that (a) a Change in Control occurs and (b) either (i) an outstanding
Award is not assumed or substituted in connection therewith or (ii) an outstanding Award is assumed or substituted in connection
therewith and the Participant’s employment or service is terminated by the Company, its successor or an Affiliate thereof without
Cause or by the Participant for Good Reason (if applicable) on or after the effective date of the Change in Control but prior to 24 months
following the Change in Control, then:
(a) any
unvested or unexercisable portion of any Award carrying a right to exercise shall become fully vested and exercisable; and
(b) the
restrictions, deferral limitations, payment conditions and forfeiture conditions applicable to an Award granted under the Plan shall
lapse and such Awards shall be deemed fully vested and any performance conditions imposed with respect to such Awards shall be deemed
to be fully achieved.
If the Administrator determines in its
sole discretion pursuant to Section 3(f) hereof to accelerate the vesting of Options and/or Share Appreciation Rights in connection
with a Change in Control, the Administrator shall also have discretion in connection with such action to provide that all Options and/or
Share Appreciation Rights outstanding immediately prior to such Change in Control shall expire on the effective date of such Change in
Control.
For purposes of this Section 13,
an outstanding Award shall be considered to be assumed or substituted for if, following the Change in Control, the Award remains subject
to the same terms and conditions that were applicable to the Award immediately prior to the Change in Control except that, if the Award
related to Shares, the Award instead confers the right to receive common stock of the acquiring entity (or such other security or entity
as may be determined by the Administrator, in its sole discretion, pursuant to Section 5 hereof).
Section 14. Amendment
and Termination.
The Board may amend, alter or terminate
the Plan at any time, but no amendment, alteration, or termination shall be made that would impair the rights of a Participant under
any Award theretofore granted without such Participant’s consent. Unless the Board determines otherwise, the Board shall obtain
approval of the Company’s shareholders for any amendment to the Plan that would require such approval in order to satisfy any rules of
the stock exchange on which the Common Shares are traded or other applicable law. The Administrator may amend the terms of any Award
theretofore granted, prospectively or retroactively, but, subject to Section 5 of the Plan and the immediately preceding sentence,
no such amendment shall impair the rights of any Participant without his or her consent.
Section 15. Unfunded
Status of Plan.
The Plan is intended to constitute an
“unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant by the Company, nothing
contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company.
Section 16. Withholding
Taxes.
Each Participant shall, no later than
the date as of which the value of an Award first becomes includible in the gross income of such Participant for purposes of applicable
taxes, pay to the Company, or make arrangements satisfactory to the Company regarding payment of, an amount in respect of such taxes
up to the maximum statutory rates in the Participant’s applicable jurisdiction with respect to the Award, as determined by the
Company. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company
shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant.
Whenever cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy
any applicable withholding tax requirements related thereto as determined by the Company. Whenever Shares or property other than cash
are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash
an amount sufficient to satisfy any related taxes to be withheld and applied to the tax obligations as determined by the Company; provided,
however, that, with the approval of the Administrator, a Participant may satisfy the foregoing requirement by either (a) electing
to have the Company withhold from delivery of Shares or other property, as applicable, or (b) by delivering already owned unrestricted
Common Shares, in each case, having a value equal to the applicable taxes to be withheld and applied to the tax obligations as determined
by the Company (with any fractional share amounts resulting therefrom settled in cash). Such withheld or already owned and unrestricted
Common Shares shall be valued at their Fair Market Value on the date on which the amount of tax to be withheld is determined. Such an
election may be made with respect to all or any portion of the Shares to be delivered pursuant to an award. The Company may also use
any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect
to any Award as determined by the Company.
Section 17. Transfer
of Awards.
No purported sale, assignment, mortgage,
hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation
of a security interest in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a “Transfer”)
by any holder thereof will be valid, except as otherwise expressly provided in an Award Agreement or with the prior written consent of
the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator. Any other purported Transfer
of an Award or any economic benefit or interest therein shall be null and void ab initio, and shall not create any obligation or liability
of the Company, and any Person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of
this Section 17 shall not be entitled to be recognized as a holder of any Common Shares or other property underlying such Award.
Unless otherwise determined by the Administrator, an Option may be exercised, during the lifetime of the Participant, only by the Participant
or, during any period during which the Participant is under a legal disability, by the Participant’s guardian or legal representative.
Section 18. Continued
Employment or Service.
Neither the adoption of the Plan nor
the grant of an Award hereunder shall confer upon any Eligible Recipient any right to continued employment or service with the Company
or any Subsidiary or any Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or any
Subsidiary or Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at any time.
Section 19. Effective
Date.
The Plan was adopted by the Board on
January 15, 2024 and shall become effective on the date that it is approved by the Company’s shareholders (“Effective
Date”).
Section 20. Term
of Plan.
The Plan will terminate on January 15,
2034, the tenth anniversary of the Board’s adoption of the Plan. No Awards shall be granted pursuant to the Plan on or after such
date, but Awards theretofore granted may extend beyond that date.
Section 21. Securities
Matters and Regulations.
(a) Notwithstanding
anything herein to the contrary, the obligation of the Company to sell or deliver Common Shares with respect to any Award granted under
the Plan shall be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws
and Delaware law, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator
in its sole discretion. The Administrator may require, as a condition of the issuance and delivery of certificates evidencing Common
Shares pursuant to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates
bear such legends, as the Administrator, in its sole discretion, deems necessary or advisable.
(b) Each
Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification
of Common Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent
or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award
or the issuance of Common Shares, no such Award shall be granted or payment made or Common Shares issued, in whole or in part, unless
such listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to
the Administrator.
(c) In
the event that the disposition of Common Shares acquired pursuant to the Plan is not covered by a then current registration statement
under the Securities Act, as amended, and is not otherwise exempt from such registration, such Common Shares shall be restricted against
transfer to the extent required by the Securities Act, as amended, or regulations thereunder, and the Administrator may require a Participant
receiving Common Shares pursuant to the Plan, as a condition precedent to receipt of such Common Shares, to represent to the Company
in writing that the Common Shares acquired by such Participant is acquired for investment only and not with a view to distribution.
Section 22. Notification
of Election Under Section 83(b) of the Code.
If any Participant shall, in connection
with the acquisition of Common Shares under the Plan, make the election permitted under Section 83(b) of the Code, such Participant
shall notify the Company of such election within 10 days after filing notice of the election with the Internal Revenue Service.
Section 23. No
Fractional Shares.
No fractional Common Shares shall be
issued or delivered pursuant to the Plan. The Administrator shall determine whether cash, other Awards, or other property shall be issued
or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.
Section 24. Beneficiary.
A Participant may file with the Administrator
a written designation of a beneficiary on such form as may be prescribed by the Administrator and may, from time to time, amend or revoke
such designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate
shall be deemed to be the Participant’s beneficiary.
Section 25. Paperless
Administration.
In the event that the Company establishes,
for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as
a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by
a Participant may be permitted through the use of such an automated system.
Section 26. Severability.
If any provision of the Plan is held
to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable
provision had not been included in the Plan.
Section 27. Clawback.
Notwithstanding any other provisions
in this Plan, any Award which is subject to recovery under any law, government regulation, stock exchange listing requirement or Company
Award Agreement or policy, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government
regulation or stock exchange listing requirement, including those promulgated pursuant to Rule 10D-1 under the Exchange Act (or
any Award Agreement or policy adopted by the Company pursuant to any such law, government regulation, stock exchange listing requirement
or otherwise). No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good
reason” or be deemed a “constructive termination” ?(or any similar term) as such terms are used in any agreement between
any Participant and the Company or any Subsidiary.
Section 28. Section 409A
of the Code.
The Plan as well as payments and benefits
under the Plan are intended to be exempt from, or to the extent subject thereto, to comply with Section 409A of the Code, and, accordingly,
to the maximum extent permitted, the Plan shall be interpreted in accordance therewith. Notwithstanding anything contained herein to
the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code,
the Participant shall not be considered to have terminated employment or service with the Company for purposes of the Plan and no payment
shall be due to the Participant under the Plan or any Award until the Participant would be considered to have incurred a “separation
from service” from the Company and its Affiliates within the meaning of Section 409A of the Code. Any payments described in
the Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated
as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent
that any Awards (or any other amounts payable under any plan, program or arrangement of the Company or any of its Affiliates) are payable
upon a separation from service and such payment would result in the imposition of any individual tax and penalty interest charges imposed
under Section 409A of the Code, the settlement and payment of such awards (or other amounts) shall instead be made on the first
business day after the date that is six months following such separation from service (or upon death, if earlier). Each amount to be
paid or benefit to be provided under this Plan shall be construed as a separate identified payment for purposes of Section 409A
of the Code. The Company makes no representation that any or all of the payments or benefits described in this Plan will be exempt from
or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any
such payment. The Participant shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.
Section 29. Governing
Law.
The Plan and all determinations made
and actions taken pursuant thereto shall be governed by and construed in accordance with the laws of the State of Delaware, without giving
effect to the principles of conflicts of law of such state.
Section 30. Titles
and Headings.
The titles and headings of the sections
in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or
headings, shall control.
Section 31. Interpretation.
Unless the context of the Plan otherwise
requires, words using the singular or plural number also include the plural or singular number, respectively; derivative forms of defined
terms will have correlative meanings; the terms “hereof,” “herein” and “hereunder” and derivative
or similar words refer to this entire Plan; the term “Section” refers to the specified Section of this Plan and references
to “paragraphs” or “clauses” shall be to separate paragraphs or clauses of the Section or subsection in
which the reference occurs; the words “include,” “includes” and “including” shall be deemed to be
followed by the phrase “without limitation”; and the word “or” shall be disjunctive but not exclusive.
Section 32. Successors.
The obligations of the Company under
the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization
of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.
Section 33. Relationship
to Other Benefits.
No payment pursuant to the Plan shall
be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare, or
other benefit plan of the Company or any Affiliate except to the extent otherwise expressly provided in writing in such other plan or
an agreement thereunder.
Exhibit 107.1
Form S-8
(Form Type)
HELMERICH & PAYNE, INC.
(Exact Name of Registrant as Specified in its
Charter)
Table 1: Newly Registered Securities
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Security
Type |
|
Security
Class Title(1) |
|
Fee Calculation
Rule(2) |
|
Amount
Registered(1) |
|
Proposed
Maximum
Offering
Price Per Share(2) |
|
Maximum
Aggregate
Offering
Price(2) |
|
Fee Rate |
|
Amount of
Registration Fee |
Equity |
|
Common Stock, $0.10 par value per share, to be issued under the Helmerich & Payne, Inc. 2024 Omnibus Incentive Plan (the “2024 Plan”) |
|
Rule 457(a) |
|
250,000 |
|
$38.87 |
|
$9,717,500 |
|
$147.60 per $1,000,000 |
|
$1,434.30 |
Total Offering Amounts |
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|
|
$9,717,500 |
|
|
|
$1,434.30 |
Total Fee Offsets |
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$0.00 |
Net Fee Due |
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|
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$1,434.30 |
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(1) |
Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), this Registration Statement on Form S-8 (this “Registration Statement”) also includes additional shares of Common Stock, par value of $0.10 per share (“Common Stock”) of Helmerich & Payne, Inc. in respect of the securities identified in the above table that may become issuable through the 2024 Plan as a result of any stock dividend, stock split, recapitalization or other similar transactions. |
(2) |
Estimated solely for the purpose of determining the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act. The offering price and registration fee are based on a price of $38.87 per share of Common Stock, which price is an average of the high and low sales prices of the Common Stock as reported on the New York Stock Exchange on February 21, 2024. |
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