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Exhibit 10.48
 WEATHERFORD INTERNATIONAL LTD.
FORM OF RESTRICTED SHARE AWARD AGREEMENT
 This Restricted Share Award Agreement Agreement Company Holder Plan
 Whereas Shares
 Whereas
 Now, therefore
 1.
    
    Definitions.For purposes of this Agreement, the following terms shall have the
meanings indicated:
 (a)
    
    "Forfeiture Restrictions shall mean any prohibitions and restrictions set
forth herein or in the Plan with respect to the sale or other disposition of the Shares
and the obligation to forfeit and surrender such Shares to the Company.(b)
    
    "Restricted Shares shall mean Shares that are subject to the Forfeiture
Restrictions under this Agreement or the Plan.
  2.
    
    Grant of Restricted Shares.Effective as of the date of this Agreement, the Company
shall cause to be transferred to the Holder ___Shares as Restricted Shares. Subject
to the provisions of Section 3, the Company will instruct its transfer agent to create an
electronic book entry account evidencing the Restricted Shares in the Holders name, pursuant
to which the Holder shall have, except for the Forfeiture Restrictions, all of the rights of a
shareholder of the Company with respect to such Restricted Shares, including, without
limitation, the right to receive any dividends or distributions allocable thereto and all
voting rights appurtenant thereto. No physical certificates evidencing the Shares will be
issued to the Holder until the Forfeiture Restrictions lapse. Effective as of the date of
this Agreement, the Holder shall deliver to the Company an irrevocable share transfer form
(the Share Transfer Form), endorsed in blank, relating to the Restricted Shares. The
Company and the Holder agree that this Agreement, together with the Plan and the Employment
Agreement between the Company and the Holder dated ___(the Employment
Agreement), sets forth the complete terms of the Award and that the Award shall be subject to
the terms of the Employment Agreement.
 3.
    
    Transfer Restrictions.Except as specified herein or in the Plan, the Restricted
Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred,
encumbered or disposed of. Any such attempted sale, assignment, pledge, exchange,
hypothecation, transfer, encumbrance or disposition in violation of this Agreement or the Plan
shall be void and the




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Company shall not be bound thereby. Further, the Shares may not be sold or otherwise
disposed of in any manner that would constitute a violation of any applicable Bermuda or
U.S. federal or state securities laws. Accordingly, the Holder also agrees (i) that the
Company may refuse to register the transfer of the Shares, including the Restricted Shares,
in the register of members of the Company if such proposed transfer is in violation of this
Agreement or the Plan or would in the opinion of counsel to the Company constitute a
violation of any applicable Bermuda or U.S. securities laws and (ii) that the Company may
give related instructions to its transfer agent, if any, to stop registration of the
transfer of the Shares, including the Restricted Shares.
 4.
    
    Vesting.Except as specified in this Section 4, the Shares shall be subject to
Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Shares that are
granted hereby in accordance with the following schedule provided that the Shares have not
been forfeited to the Company prior to such date:
 Lapse Date
    
    Number ofRestricted
Shares as toWhich ForfeitureRestrictions Lapse
 Notwithstanding the foregoing, if (a) the Holders employment or affiliation relationship
with the Company and its Affiliates is terminated prior to the ___anniversary of the
date hereof (i) due to the death or Disability of the Holder, (ii) by the Holder for Good
Reason (applicable only if such term and manner of termination is specifically provided for
in the Employment Agreement) or (iii) by the Company for any reason other than Cause (as
defined in the Employment Agreement) then, in any such event, all Forfeiture Restrictions
shall lapse on the date of termination of the Holders employment or affiliation
relationship, or (b) there is a Corporate Change, then all Forfeiture Restrictions shall
immediately lapse with respect to all Shares subject to Forfeiture Restrictions. If, prior
to the ___anniversary of the date hereof, the Holders employment or affiliation
relationship with the Company and its Affiliates terminates for any reason other than the
Holders death or Disability, or is terminated by the Holder for any reason other than Good
Reason or by the Company for Cause, any Forfeiture Restrictions that have not previously
lapsed pursuant to the provisions of this Section 4 shall not lapse, and any Restricted
Shares with respect to which the Forfeiture Restrictions have not lapsed shall be forfeited
to the Company. Upon the lapse of the Forfeiture Restrictions and the satisfaction by the
Holder of any liability arising under Section 6 of this Agreement, the Company shall deliver
or cause to be delivered to the Holder a share certificate representing the Shares with
respect to which Forfeiture Restrictions have lapsed, and such Shares shall be transferable
by the Holder (except to the extent that any proposed transfer would, in the opinion of
counsel to the Company, constitute a violation of applicable securities laws). In the event
any Restricted Shares are forfeited to the Company pursuant to this Agreement, the
forfeiture will be accomplished by the transfer of such Restricted Shares to the Company or
an Affiliate of the Company pursuant to the Share Transfer Form and the payment by the
Company or such Affiliate to the Holder of US$1.00 in consideration thereof.5.
    
    Capital Adjustments and Reorganizations.The existence of the Restricted Shares shall not affect in any way the right or power of the Company or its
shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations
or other changes in the Companys capital structure or its business, or any acquisition,
merger, amalgamation or consolidation of the Company, or any issue of bonds, debentures,
preferred or prior preference shares ahead of or affecting the Shares or the rights thereof,
or the winding up, dissolution or liquidation of the Company, or any sale or transfer of all
or any part of its assets or business, or
 
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any other corporate act or proceeding, whether of a similar character or otherwise,
including a Corporate Change (as defined in the Plan).6.
    
    Tax Withholding.To the extent that the receipt of the Restricted Shares or the
lapse of any Forfeiture Restrictions results in income, wages or compensation to the Holder
for any federal, state or local income, social insurance, employment or other tax purposes
with respect to which the Company or any of its Affiliates has a withholding obligation, the
Company or any such Affiliate shall be entitled to deduct from other compensation payable to
the Holder any sums required by such tax law to be withheld. In the alternative, the Company
may require the Holder (or other permitted assign) to pay such sums for taxes directly to the
Company or any Affiliate in cash or by check. In the discretion of the Committee and subject
to the terms of the Plan, the Company may reduce the number of Shares issued to the Holder
upon the receipt of the Restricted Shares or the lapse of any Forfeiture Restrictions to
satisfy the tax withholding obligations of the Company or an Affiliate. The Holder hereby
consents to the Company reducing such Shares issued to the Holder upon the receipt of the
Restricted Shares or a lapse of Forfeiture Restrictions to satisfy the tax withholding
obligations of the Company or an Affiliate.7.
    
    Employment or Affiliation Relationship.For purposes of this Agreement, the Holder
shall be considered to be in the employment of, or affiliated with, the Company or its
Affiliates as long as the Holder has an employment or affiliation relationship with the
Company or its Affiliates. The Committee shall determine any questions as to whether and when
there has been a termination of such employment or affiliation relationship, and the cause of
such termination, under the Plan and the Committees determination shall be final and binding
on all persons.8.
    
    Section83(b)Election.The Holder shall not exercise the election permitted under
section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to the Restricted
Shares without the written approval of the Chief Financial Officer or General Counsel of the
Company. If the Chief Financial Officer or General Counsel of the Company permits the
election, the Holder shall timely pay the Company or its Affiliate the amount necessary to
satisfy the Companys or its Affiliates attendant tax withholding obligations, if any.9.
    
    Not an Employment or Affiliation Agreement.This Agreement is not an employment or
affiliation agreement, and no provision of this Agreement shall be construed or interpreted to
create an employment relationship between the Holder and the Company or any of its Affiliates
or guarantee the right to remain employed by or affiliated with the Company or any of its
Affiliates for any specified term.10.
    
    Termination of Plan; Discretionary Grant.The Holder acknowledges that the Committee
may unilaterally amend, terminate or suspend the Plan at any time. The Holder acknowledges
and agrees that the award of the Restricted Shares pursuant to this Agreement is not an
element of the Holders compensation for purposes of any other program or benefit, including,
but not limited to, with respect to the determination of any severance, redundancy or
resignation payments or benefits, and has been awarded at the Companys sole discretion, and
that the award of the Restricted Shares pursuant to this Agreement does not entitle the Holder
to any future awards under the Plan.11.
    
    Data Privacy.By signing below, the Holder voluntarily acknowledges and consents to
the collection, use, processing and transfer of personal data as described in this Section.
The Holder is not obliged to consent to such collection, use, processing and transfer of
personal data. However, failure to provide the consent may affect the Holders ability to
participate in the Plan. The Company and its Affiliates hold certain personal information
about the Holder, including the Holders name, home address and telephone number, date of
birth, social security number or other employee identification number, salary, nationality,
job title, any shares of stock or directorships held in the Company and details of all
Restricted Shares or any other entitlement to
 
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shares of stock awarded, cancelled, purchased, vested, unvested or outstanding in the
Holders favor, for the purpose of managing and administering the Plan (Data). The
Company and its Affiliates will transfer Data amongst themselves as necessary for the
purpose of implementation, administration and management of the Holders participation in
the Plan, and the Company and its Affiliates may each further transfer Data to any third
parties assisting the Company in the implementation, administration and management of the
Plan. These recipients may be located in the European Economic Area or elsewhere throughout
the world, such as the United States. The Holder authorizes them to receive, possess, use,
retain and transfer the Data, in electronic or other form, for the purposes of implementing,
administering and managing the Holders participation in the Plan, including any requisite
transfer of such Data as may be required for the administration of the Plan and the
subsequent holding of Shares on the Holders behalf by a broker or other third party with
whom the Holder may elect to deposit any Shares acquired pursuant to the Plan. The Holder
may, at any time, review Data, require any necessary amendments to it or withdraw the
consents herein in writing by contacting the Company; however, withdrawing consent may
affect the Holders ability to participate in the Plan.12.
    
    Notices.Any notice, instruction, authorization, request or demand required
hereunder shall be in writing, and shall be delivered either by personal delivery, by
facsimile, by certified or registered mail, return receipt requested, or by courier or
delivery service, addressed to the Company at the address indicated beneath its signature on
the execution page of this Agreement, and to the Holder at the Holders address indicated in
the Companys register of members, or at such other address and number as a party shall have
previously designated by written notice given to the other party in the manner hereinabove set
forth. Notices shall be deemed given when received, if sent by facsimile (confirmation of
such receipt by confirmed facsimile transmission being deemed receipt of communications sent
by facsimile means); and when delivered and receipted for (or upon the date of attempted
delivery where delivery is refused), if hand-delivered, sent by express courier or delivery
service, or sent by certified or registered mail, return receipt requested.13.
    
    Amendment and Waiver.This Agreement may be amended from time to time by the
Committee in its discretion in any manner that it deems appropriate and that is consistent
with the terms of the Plan. However, no such amendment shall adversely affect in a material
manner any right of the Holder without his/her written consent. Only a written instrument
executed and delivered by the party waiving compliance hereof shall make any waiver of the
terms or conditions effective. Any waiver granted by the Company shall be effective only if
executed and delivered by a duly authorized executive officer of the Company other than the
Holder. The failure of any party at any time or times to require performance of any
provisions hereof shall in no manner affect the right to enforce the same. No waiver by any
party of any term or condition, or the breach of any term or condition contained in this
Agreement, in one or more instances, shall be construed as a continuing waiver of any such
condition or breach, a waiver of any other condition, or the breach of any other term or
condition.14.
    
    Governing Law and Severability.This Agreement shall be governed by the laws of the
State of Texas without regard to its conflicts of law provisions. The invalidity of any
provision of this Agreement shall not affect any other provision of this Agreement, which
shall remain in full force and effect.15.
    
    Successors and Assigns.Subject to the limitations which this Agreement and the Plan
impose upon the transferability of the Shares, this Agreement shall bind, be enforceable by
and inure to the benefit of the Company and its successors and assigns, and to the Holder, his
permitted assigns and, upon the Holders death, the Holders estate and beneficiaries thereof
(whether by will or the laws of descent and distribution), executors, administrators, agents,
and legal and personal representatives.
 
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16.
    
    Counterparts.This Agreement may be executed in two or more counterparts, each of
which shall be an original for all purposes but all of which taken together shall constitute
but one and the same instrument.
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in witness whereof
 COMPANY:weatherford international ltd.By:515 Post Oak Blvd., Ste. 600Houston, TX 77027Attn: General CounselFacsimile: (713) 693-4484HOLDER:
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Irrevocable Share Transfer
 Know all men by these presents,  , and
 In Witness Whereof
 [holders name] 7