The mass (m = 1) sits at rest in the middle until the strike: a sharp blow that gives it energy E in the chosen direction. It then oscillates along x at frequency 1 and along y at frequency ω.
What couples the two motions is the stiffness. The springs along x get stiffer the farther the mass is from the x axis, and the springs along y get stiffer the farther it is from the y axis:
kx = 1 + 2y² ky = ω² + 2x²
That is the x²y² term in the energy. A plate behaves the same way: bending it one way stretches its midplane, which stiffens it for every other way of bending. A light friction on the mass sets the ring time.