Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c) Appointment of Vice President, Controller and Chief Accounting Officer
On September 6, 2016, the Board of Directors of Baker Hughes Incorporated (the "Company") appointed Kelly C. Janzen, as Vice President, Controller and Chief Accounting Officer of the Company. Prior to joining the Company, Ms. Janzen, age 43, served as Vice President, Finance and Chief Accounting Officer of McDermott International from December 2014 to August 2016, Distributed Power Global Controller, General Electric Company (“GE”), from April 2013 to November 2014; Operational Controller, Global Growth and Operations, GE, from August 2011 to April 2013; Global Assistant Controller, GE Healthcare, from August 2010 to August 2011; Americas Controller, GE Healthcare, from March 2007 to August 2010; and other positions of increasing responsibility since she joined GE in February 2002.
Ms. Janzen will be entitled to a base salary of $350,000 per annum with an expected value bonus level of 40% of base salary. Ms. Janzen's bonus is contingent on predetermined performance goals approved by the Compensation Committee of the Board of Directors for 2016 and subsequent years. Under the Company’s 2002 Director & Officer LongTerm Incentive Plan, on September 6, 2016, she was granted a restricted stock unit award of 10,500 shares of the Company’s common stock which vests in equal installments on the grant date over a three year period. In addition,
Ms. Janzen will receive a one-time lump sum cash sign-on payment in the amount of $150,000. She will be eligible to participate in other benefit plans and programs on similar terms as other executives of the Company.