Document:

Exhibit 10.9

ALTERA CORPORATION
 
NONQUALIFIED DEFERRED COMPENSATION PLAN

(As Amended Effective August 28, 2014)

{00006373.DOC}
 

TABLE OF CONTENTS

Page(s)

	
				
	ARTICLE I
	DEFINITIONS
	2
	

	 
	 
	 

	ARTICLE II
	PLAN ADMINISTRATION
	5
	

	 
	 
	 

	A.
	Committee
	5
	

	 
	 
	 

	B.
	Powers of the Committee
	5
	

	 
	 
	 

	C.
	Committee Action
	6
	

	 
	 
	 

	D.
	Committee Duties
	6
	

	 
	 
	 

	ARTICLE III
	ELIGIBILITY, PARTICIPATION AND BENEFICIARY DESIGNATION
	6
	

	 
	 
	 

	A.
	Eligible Participants
	6
	

	 
	 
	 

	B.
	Participation
	6
	

	 
	 
	 

	C.
	Beneficiary Designation
	6
	

	 
	 
	 

	ARTICLE IV
	PLAN CONTRIBUTIONS AND ALLOCATIONS
	6
	

	 
	 
	 

	A.
	Participant Deferrals
	6
	

	 
	 
	 

	B.
	Change in Election
	7
	

	 
	 
	 

	C.
	Committee Authority
	7
	

	 
	 
	 

	D.
	Cessation of Eligible Status
	7
	

	 
	 
	 

	E.
	Company Matching Contributions
	7
	

	 
	 
	 

	F.
	Company Discretionary Contributions
	7
	

	 
	 
	 

	G.
	Allocations
	7
	

	 
	 
	 

	ARTICLE V
	VESTING
	8
	

	 
	 
	 

	A.
	Compensation Deferral Contributions
	8
	

	 
	 
	 

	B.
	Company Contributions
	8
	

	 
	 
	 

	ARTICLE VI
	GENERAL DUTIES
	8
	

	 
	 
	 

	A.
	Trustee Duties
	8
	

	 
	 
	 

	B.
	Participant Contributions
	8
	

	 
	 
	 

	C.
	Department of Labor Determination
	8
	

	 
	 
	 

	ARTICLE VII
	PARTICIPANTS' ACCOUNTS
	9
	

	 
	 
	 

	A.
	Separate Accounts
	9
	

	 
	 
	 

	B.
	Statement of Accounts
	9
	

	 
	 
	 

	C.
	Valuation Dates
	9
	

	 
	 
	 

	D.
	Investment of Accounts
	9
	

	 
	 
	 

-i-

TABLE OF CONTENTS
(continued)
Page(s)

	
				
	ARTICLE VIII
	PAYMENTS TO A PLAN PARTICIPANT OR BENEFICIARY
	9
	

	 
	 
	 

	A.
	General
	9
	

	 
	 
	 

	B.
	Cash Distributions
	10
	

	 
	 
	 

	C.
	In Kind Distributions
	10
	

	 
	 
	 

	D.
	Method of Payment
	10
	

	 
	 
	 

	E.
	Certain Distributions
	10
	

	 
	 
	 

	F.
	IRS Determination
	10
	

	 
	 
	 

	G.
	Specified Employees
	11
	

	 
	 
	 

	ARTICLE IX
	WITHDRAWALS
	11
	

	 
	 
	 

	A.
	Unforeseeable Financial Emergency
	11
	

	 
	 
	 

	B.
	Domestic Relations Orders
	12
	

	 
	 
	 

	ARTICLE X
	CLAIMS PROCEDURE
	12
	

	 
	 
	 

	A.
	Right to File Claim
	12
	

	 
	 
	 

	B.
	Denial of Claim
	12
	

	 
	 
	 

	C.
	Claim Review Procedure
	12
	

	 
	 
	 

	ARTICLE XI
	MISCELLANEOUS
	13
	

	 
	 
	 

	A.
	Unsecured General Creditor
	13
	

	 
	 
	 

	B.
	Restriction Against Assignment
	13
	

	 
	 
	 

	C.
	Withholding
	13
	

	 
	 
	 

	D.
	Legal Representation
	13
	

	E.
	Amendment, Modification, Suspension or Termination
	14
	

	 
	 
	 

	F.
	Governing Law
	14
	

	 
	 
	 

	G.
	Receipt or Release
	14
	

	 
	 
	 

	H.
	Payments on Behalf of Persons under Incapacity
	14
	

	 
	 
	 

	I.
	No Employment Rights
	14
	

	 
	 
	 

	J.
	Headings Not Part of Agreement
	14
	

	 
	 
	 

	K.
	Successorship
	14
	

-ii-

ALTERA CORPORATION 
 
NONQUALIFIED DEFERRED COMPENSATION PLAN 
 
(As Amended and Restated Effective August 28, 2014)
The Altera Corporation Nonqualified Deferred Compensation Plan, originally effective as of February 1, 1994, restated effective as of January 1, 1998, and amended and restated effective as of January 1, 2002, January 1, 2004, and January 1, 2005, is hereby further amended and restated by Altera Corporation (the “Company”), effective as of August 28, 2014 on behalf of itself and any designated subsidiaries.  
The terms of this Altera Corporation Nonqualified Deferred Compensation Plan, as amended and restated on August 28, 2014 (the “Plan”), shall govern all benefits for which amounts were deferred or earned on or after January 1, 2015.  With respect to Altera Corporation Nonqualified Deferred Compensation benefits that were deferred compensation to which a participant had a legally binding right that was not subject to a substantial risk of forfeiture on or before December 31, 2014, the terms of the Altera Corporation Nonqualified Deferred Compensation Plan as in effect on the date of the prior election to defer shall continue to apply.   
Throughout, the term “Company” shall include, wherever relevant, any entity that is directly or indirectly controlled by the Company or any entity in which the Company has a significant equity or investment interest, or any subsidiary of the Company, as determined by the Company.
RECITALS:
1.    The Company maintains the Plan for the benefit of a select group of management or highly compensated employees designated by the Company.
2.    Under the Plan, the Company is obligated to pay vested accrued benefits from the Company's general assets.
3.    The Company has entered into an agreement (the “Trust Agreement”) with certain financial institutions (each referred to as “Trustee”) under irrevocable trusts (each referred to as the “Trust”) to be used in connection with the Plan.
4.    The Company intends to make contributions to the Trust so that such contributions will be held by the Trustee and invested, reinvested and distributed, all in accordance with the provisions of this Plan and the Trust Agreement.
5.    The Company intends that amounts contributed to the Trust and the earnings thereon shall be used by the Trustee to satisfy the liabilities of the Company under the Plan with respect to each Participant for whom an Account has been established and such utilization shall be in accordance with the procedures set forth herein.
6.    The Company intends that the assets of the Trust shall at all times be subject to the claims of the general creditors of the Company as provided in the Trust Agreement.

-1-

7.    The Company intends that the Trust be a “grantor trust” with the principal and income of the Trust treated as assets and income of the Company for federal and state income tax purposes.
8.    The Company intends that the existence of the Trust shall not alter the characterization of the Plan as “unfunded” for purposes of ERISA (as defined below), and shall not be construed to provide income to the Plan Beneficiaries under the Plan prior to actual payment of the vested accrued benefits thereunder.
NOW THEREFORE, the Company does hereby restate the Plan as follows and does also hereby agree that the Plan and Trust shall be structured, held and disposed of as follows:

ARTICLE I

DEFINITIONS

“Account” means an account established on the books of the Company for the purpose of recording amounts credited on behalf of a Participant and any income, expenses, gains or losses included thereon.
“Beneficiary” means the person or persons entitled under Article III to receive benefits under the Plan upon the death of a Participant.
“Change of Control” shall be deemed to have occurred (i) if any person (including a “Group” as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934) acquires (x) shares of the Company having fifty percent (50%) or more of the total voting power or total fair market value of the stock of the Company, or (y) assets of the corporation having a total gross fair market value equal to or more than forty percent (40%) of all of the assets of the Company immediately before such acquisition or acquisitions or (ii) if a majority of the members of the Company’s board of directors (“Board”) is replaced in any 12 month period by directors whose appointment is not endorsed by a majority of the members of the Company’s Board before the date of the appointment or election.  Provided, however, that as to any Account under this Plan that is subject to Code Section 409A, no “Change in Control” shall be deemed to have occurred unless such event constitutes an event specified in Code Section 409A(a)(2)(A)(v) and the Treasury Regulations and other guidance thereunder; provided further, that no Change of Control shall be deemed to occur in the event of a merger, consolidation or reorganization of the Company where the shareholders of the Company are substantially the same as before such merger, consolidation or reorganization.  
“Code” means the Internal Revenue Code of 1986, as amended from time to time. 
“Code Section 409A” means Section 409A of the Code and all applicable regulations and other guidance issued under or related to Section 409A of the Code.
“Committee” shall mean the Retirement Plans Committee of the Company. 
“Compensation” shall mean cash compensation payable to the Participant in connection with the Participant's services to the Company, including all amounts that a Participant elects to have the Company contribute on his behalf as a deferral contribution to this Plan.  

-2-

“Compensation Period” shall mean the twelve month calendar year period in which the Compensation would be paid to Participant or otherwise deferred pursuant to Article IV.  
“Deferred Compensation Agreement” shall mean, for each Compensation Period, the written, irrevocable agreement to be completed by each Eligible Participant before the end of his or her Election Period in which he or she agrees to participate in the Plan and agrees to comply with Plan terms, to defer Compensation otherwise payable in respect of the Compensation Period, and to specify the time and form of receipt of such payment in order to participate in the Plan.
“Disability” means a disability that entitles a Participant to benefits under the Company’s long-term disability insurance plan or program, provided that the Participant also must meet one of the following conditions:
(1)    the Participant is unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or which can be expected to last for a continuous period of not less than 12 months; or
(2)    the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employing company; 
provided further, that a Participant shall not be considered to suffer a Disability unless that condition meets the requirement of a disability pursuant to Treasury Regulation § 1.409A-3(i)(4). 
 “Distribution Event” means the event or date that triggers payment of a Participant’s Account according to Participant’s Method of Payment, as set forth in the Deferred Compensation Agreement.
“Eligible Participants” shall mean the following categories of U.S.-based individuals who provide services to the Company:  (i) any Company employee with a job grade classification of Director, Director equivalent, or higher, and (ii) any other employees who are designated as eligible to participate by the Committee.  
“Election Period” shall be defined as (i) for newly Eligible Participants, the period of time that is within thirty (30) days from the date that the newly Eligible Participant is hired or becomes an Eligible Participant; and (ii) for all other Eligible Participants, no later than the due date for enrollment which shall be prior to the beginning of the Compensation Period, at such times as may be set by the Committee.  
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

“Participant” shall mean any Eligible Participant who has executed a Deferred Compensation Agreement and who has commenced participation in the Plan.
 “Related Employer” means any employer other than the Company named herein, if the Company and such other employer are members of a controlled group of corporations (as defined in 

-3-

Section 414(b) of the Code) or an affiliated service group (as defined in Section 414(m)), or are trades or businesses (whether or not incorporated) which are under common control (as defined in Section 414(c)), or such other employer is required to be aggregated with the Company pursuant to regulations issued under Code Section 414(o).  
“Separation from Service” means a termination of services by a Participant with the Company or his or her Related Employer, whether voluntarily or involuntarily, as determined in accordance with Treasury Regulation § 1.409A-1(h).  In determining whether a Participant has incurred a Separation from Service, the following provisions shall apply: 
(1)    Except as otherwise provided in this definition, a Separation from Service will occur when the Participant has experienced a termination of employment with the Company or a Related Employer.  A Participant will be considered to have experienced a termination of employment when the facts and circumstances indicate that the Participant and the Company or his or her Related Employer reasonably anticipate that either (i) no further services will be performed for the Company or Related Employer after a certain date, or (ii) that the level of bona fide services the Participant will perform for the Company or Related Employer after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed by the Participant (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the full period of services to the Company or Related Employer if the Participant has been providing services to the Company or Related Employer less than 36 months). 
If a Participant is on military leave, sick leave, or other bona fide leave of absence, the employment relationship between the Participant and the Company or Related Employer will be treated as continuing, provided that the period of the leave of absence does not exceed 6 months, or if longer, so long as the Participant has a right to reemployment with the Company or Related Employer under an applicable statute or by contract.  If the period of a military leave, sick leave, or other bona fide leave of absence exceeds 6 months and the Participant does not have a right to reemployment under an applicable statute or by contract, a Separation from Service will be deemed to occur  as of the first day immediately following the end of such 6-month period.  In applying the provisions of this paragraph, a leave of absence will be considered a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Company or Related Employer.  Notwithstanding the foregoing, if the leave of absence is a result of a medically determinable or mental impairment that causes the Participant to be unable to perform the duties of his or her position or any similar position and that is expected to last more than six months or result in death, a Separation from Service will not occur as a result of the leave of absence until 29 months following the commencement of the absence.  
(2)    For a Participant who provides services to the Company and/or a Related Employer both as an employee and as an independent contractor, a Separation from Service generally will not occur until the Participant has ceased providing services for the Company and Related Employer both as an employee and as an independent contractor. Except as otherwise provided herein, in the case of an independent contractor a Separation from Service will occur upon the expiration of the contract (or in the case of more than one contract, all contracts) under which services are performed for the Company or Related Employer, provided that the expiration of such contract or contracts is determined by the 

-4-

Company to constitute a good-faith and complete termination of the contractual relationship between the Participant and the Company and Related Employer.  If a Participant ceases providing services for the Company or Related Employer as an employee and begins providing services for the Company or a Related Employer as an independent contractor, the Participant will not be considered to have experienced a Separation from Service until the Participant has ceased providing services for the Company or Related Employer in both capacities, as determined in accordance with, or except as otherwise provided in, the applicable provisions set forth in subparagraphs (1) and (2) of this definition. 
Notwithstanding the foregoing provisions in this subparagraph, if a Participant provides services for an Employer as both an employee and as a member of the Board of the Company or a Related Employer, to the extent permitted by Treasury Regulation § 1.409A-1(h)(5), the services provided by the Participant as a director will not be taken into account in determining whether the Participant  has experienced a Separation from Service as an employee.  
 (3)    In addition, notwithstanding the provisions of this definition, where as part of a sale or other disposition of substantial assets by the Company or a Related Employer to an unrelated buyer, a Participant would otherwise experience a Separation from Service as defined above, the Company and the buyer shall retain the discretion to specify, and may specify, that a Participant performing services for the Company or a Related Employer immediately before the asset purchase transaction and providing services to the buyer after and in connection with the asset purchase transaction shall not experience a Separation from Service for purposes of this Plan and the Participant shall be bound by same, provided that such transaction and the specification meet the requirements of Treasury Regulation § 1.409A-1(h)(4). 
“Specified Employee” means any Participant who is determined to be a “key employee” (as defined under Code Section 416(i) without regard to paragraph (5) thereof) for the applicable period, as determined by the Company in accordance with Treasury Regulation § 1.409A-1(i).
“Unforeseeable Financial Emergency” means a severe financial hardship to the Participant resulting from (i) a sudden and unexpected illness or accident of the Participant, the Participant’s beneficiary, spouse, or the Participant’s dependent (as defined in Code Section 152 without regard to paragraphs (b)(1), (b)(2) and (d)(1)(B) thereof), (ii) a loss of the Participant’s property due to casualty, or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee, provided that, an event shall not constitute an Unforeseeable Financial Emergency unless it satisfies the requirements of Treasury Regulation § 1.409A-3(i)(3)(i).
ARTICLE II

PLAN ADMINISTRATION

A.    Committee.  The Plan shall be administered by the Committee.  Subject to the provisions in the Plan and to the specific duties delegated by the Board to such Committee, the Committee shall be responsible for the general administration and interpretation of the Plan and for carrying out its provisions.  

-5-

B.    Powers of the Committee.  The Committee shall have such powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, the following powers and duties:
(1)    full discretionary authority to construe and interpret the terms of the Plan, and to determine eligibility and the amount, manner and time of payment of any benefits hereunder;
(2)    to prescribe procedures to be followed by Participants for purposes of Plan participation and distribution of benefits; and
(3)    to take such other action as may be necessary and appropriate for the proper administration of the Plan.
C.    Committee Action.  The Committee may adopt such rules, regulations and bylaws and may make such decisions as it deems necessary or desirable for the proper administration of the Plan. Any rule or decision shall be conclusive and binding upon all persons affected by it, and there shall be no appeal from any ruling by the Committee that is within its authority, except as otherwise provided herein.
D.    Committee Duties.  The Committee shall provide the Trustee with a copy of any future amendment to this Plan promptly upon its adoption.  The Committee may from time to time hire outside consultants, accountants, actuaries, legal counsel or record keepers to perform such tasks as the Committee may from time to time determine.

ARTICLE III

ELIGIBILITY, PARTICIPATION AND BENEFICIARY DESIGNATION

A.    Eligible Participants.  The Committee shall determine and reserves the right to modify the definition of Eligible Participants at any time.    
B.    Participation.  Each Participant must elect to commence participation in the Plan for each Compensation Period by completing a Deferred Compensation Agreement no later than the last day of his or her Election Period.
C.    Beneficiary Designation.  Each Participant, prior to entering the Plan, shall designate a Beneficiary to receive the remainder of any interest of the Participant under the Plan. A Participant may change his or her Beneficiary designation at any time by written notice.  Each Beneficiary designation shall be in a form prescribed by the appropriate representative of the Plan and will be effective only when filed during the Participant’s lifetime.  Each filed Beneficiary designation will cancel all previously filed Beneficiary designations.  In the absence of a valid designation, or if no designated Beneficiary survives the Participant, the Participant's interest shall be distributed to the Participant's estate.

-6-

ARTICLE IV

PLAN CONTRIBUTIONS AND ALLOCATIONS

A.    Participant Deferrals.  Each Eligible Participant shall execute a Deferred Compensation Agreement authorizing the Company to withhold a specific percentage of the Participant's future Compensation that would otherwise be paid to the Participant with respect to services rendered in the Compensation Period.  The deferral percentage is applied to Compensation after all other applicable payroll deductions other than 401(k) contributions have been applied.  The Committee may, in its discretion, establish in the Deferred Compensation Agreement minimum and maximum levels of bonus and non-bonus compensation that may be deferred pursuant to the Plan.  The Committee shall have the authority to designate certain types of compensation (e.g., certain bonuses) as includable or not includable as Compensation for purposes of deferrals under the Plan.  Compensation deferrals made by a Participant under this Plan shall be held as an asset of the Company.  
B.    Change in Election.  Effective as of January 1, 2009, in accordance with Code Section 409A, a Participant may change the Distribution Event or Method of Payment (i.e., lump sum or installment payments in accordance with Article VIII.D) of Participant’s Compensation Period Account(s) in favor of an alternative Distribution Event or Method of Payment provided that (i) such change shall not be effective until one (1) year after the date on which the change is made; (ii) for either type of change, Participant must move his or her Distribution Event five (5) or more years into the future (other than payments on account of death, Change of Control, Disability, or Unforeseeable Financial Emergency), and (iii) if the change modifies an election relating to a payment to be made at a specified time or pursuant to a fixed payment schedule, the change must be made at least twelve (12) months before the date of the Distribution Event triggering the first scheduled payment.  Any change in election shall be applicable to the Participant’s entire Compensation Period balance for the applicable Account(s). 
C.    Committee Authority.  The Committee has the power to establish rules and from time to time to modify or change such rules governing the manner and method by which Compensation deferral contributions shall be made, as well as the manner and method by which a Compensation deferral contribution may be changed or discontinued temporarily or permanently.  All Compensation deferral contributions shall be authorized by the Participant in writing, made by payroll deduction and deducted from the Participant's Compensation without reduction for any taxes or withholding (except to the extent required by law or regulation).  Notwithstanding the foregoing, each Participant shall remain liable for any and all employment taxes owing with respect to such Participant's Compensation deferral contributions.
D.    Cessation of Eligible Status.  In the event a Participant ceases to be an Eligible Participant while also a Participant in the Plan, such Participant may continue to make Compensation deferral contributions under the Plan through the end of the payroll period in which the Participant ceases to be an Eligible Participant.  Thereafter, such Participant shall not make any further Compensation deferral contributions to the Plan unless or until he or she again meets the eligibility requirements of Article III above. 

-7-

E.    Company Matching Contributions.  On or prior to the last day of each calendar year or such earlier time or times as the Committee may determine, the Company may make a matching contribution to the Trust in such amount as the Board shall specify.  
F.    Company Discretionary Contributions.  The Company may, in its sole discretion, make discretionary contributions to the Accounts of one or more Participants at such times and in such amounts as the Board shall determine. 
G.    Allocations.  Deferral contributions and any Company contributions made under the Plan on behalf of a Participant shall be credited to the Participant's Account that relates to the Compensation Period in which the Compensation is earned.  The Committee shall establish and maintain separate subaccounts as it determines to be necessary and appropriate for the proper administration of the Plan.  Each Participant’s Account consists of the aggregate interest of the Participant under the Plan (and in the Trust), as reflected in the records maintained by the Company for such purposes. 

ARTICLE V

VESTING

A.    Compensation Deferral Contributions.  The value of a Participant's Account attributable to the Participant's Compensation deferral contributions shall always be fully vested and nonforfeitable.
B.    Company Contributions.  The value of a Participant's Account attributable to any Company contributions pursuant to Article IV.E and F shall vest as determined by the Committee.  In the absence of a specific vesting determination, any such contribution shall vest in its entirety five (5) years from December 31 of the year in which such contributions were made, provided that the Participant has remained in the continuous service of the Company throughout such period.  If the Participant's employment with the Company terminates for any reason prior to the expiration of such period, unless determined otherwise by the Board, no portion of the Participant's Account attributable to Company contributions pursuant to Article IV.E and F occurring within the period shall be considered vested for purposes of this Plan.  Upon a Participant's Separation from Service with the Company for any reason, any portion of any Participant's Account that is not then vested (including allocable earnings, as determined by the Committee), shall be forfeited.
ARTICLE VI

GENERAL DUTIES

A.    Trustee Duties.  The Trustee shall manage, invest and reinvest the Trust Fund as provided in the Trust Agreement.  The Trustee shall collect the income on the Trust Fund, and make distributions therefrom, as provided in this Plan and in the Trust Agreement.
B.    Participant Contributions.  While the Plan remains in effect, and prior to a Change in Control, contributions to the Trust Fund shall be made on a regular basis.  At the close of each calendar year, the Company shall make an additional contribution to the Trust Fund to the extent that previous 

-8-

contributions to the Trust Fund for the current calendar year are not equal to the total of the Compensation deferrals made by each Participant plus Company matching contributions and discretionary contributions, if any, accrued as of the close of the current calendar year.  The Trustee shall not be liable for any failure by the Company to provide contributions sufficient to pay all accrued benefits under the Plan in full in accordance with the terms of this Plan.
C.    Department of Labor Determination.  In the event that any Participants are found to be ineligible, that is, not members of a select group of management or highly compensated employees, according to a determination made by the Department of Labor, the Committee shall take whatever steps it deems necessary, in its sole discretion, to equitably protect the interests of the affected Participants.

ARTICLE VII

PARTICIPANTS' ACCOUNTS

A.    Separate Accounts.  The Committee shall open and maintain a separate Account for each Participant for each Compensation Period subject to an election made pursuant to Article IV hereof during the corresponding Election Period.  Each Participant's Account shall reflect the amounts allocated thereto and distributed therefrom and such other information as affects the value of such Account pursuant to this Plan.  The Committee may maintain records of Accounts to the nearest whole dollar.
B.    Statement of Accounts.  As soon as practicable after the end of each calendar year the Company shall cause to be furnished to each Participant a statement of his or her Account(s), determined as of the end of such calendar year. Upon the discovery of any error or miscalculation in an Account, the Committee shall correct it, to the extent correction is practically feasible; provided, however, that any such statement of such Account shall be considered to reflect accurately the status of that Account for all purposes under the Plan unless, subject to any longer period required by ERISA, the Participant reports a discrepancy to the Committee within six (6) months after receipt of the statement.  The Committee shall have no obligation to make adjustments to a Participant's Account for any discrepancy reported to the Committee more than six (6) months after receipt of the statement, or for a discrepancy caused by the Participant's error.  Statements to Participants are for reporting purposes only, and no allocation, valuation or statement shall vest any right or title in any part of the Trust Fund, nor require any segregation of Trust assets, except as is specifically provided in this Plan.
C.    Valuation Dates.  The Trust Fund, any separate investment funds, and any Participant Account shall be valued as of the last day of each calendar year and as of any other date the Company directs the Trustee to value the Trust Fund.
D.    Investment of Accounts.  In furtherance of the foregoing, the Committee, in its sole discretion, may specify the investments that are allowed under the Plan and adopt (and may modify from time to time) such rules and procedures as it deems necessary or appropriate to implement the investment of the Participants' Accounts.

-9-

ARTICLE VIII

PAYMENTS TO A PLAN PARTICIPANT OR BENEFICIARY

A.    General.  Payments of vested accrued benefits to Plan Participants or Beneficiaries from the Trust shall be made in accordance with the Distribution Event and Method of Payment specified by the Participant in the Deferred Compensation Agreement between the Company and the Participant.  Except as otherwise expressly provided in the Participant's Deferred Compensation Agreement and as set forth in Article IX below, no distribution shall be made or commenced prior to the Participant's Distribution Event, death, or a Change of Control, whichever occurs earlier.  Notwithstanding the foregoing, the Committee, in its discretion, may accelerate payments under this Plan pursuant to and in accordance with the provisions of Treasury Regulation Section 1.409A-3(j)(4), and, subject to the provisions of Code Section 409A, upon termination of the Plan.  The Trustee shall have no responsibility to determine whether a Change of Control has occurred and shall be advised of such event by the Company.  
B.    Cash Distributions.  Where the distribution of all or any portion of a Participant's Account is to be distributed in the form of cash, the balance of his or her Account, if any, shall continue to be held and invested in the Trust subject to revaluation as provided in the Trust Agreement.
C.    In Kind Distributions.  In kind distributions shall be (i) made only in the Committee's discretion; (ii) made only in a form of investment that was held on behalf of the Participant as a segregated investment in a separate investment fund immediately preceding the date of distribution in accordance with the Trust Agreement; (iii) limited to the amount of such investment so held; and (iv) based on the fair market value of the distributable property, as determined by the Trustee at the time of distribution.
D.    Method of Payment.  Payment to any Plan Participant or Beneficiary shall be made pursuant to the Deferred Compensation Agreement executed by the Participant.  A Participant may specify in his or her Deferred Compensation Agreement whether such distribution shall be made:
(1)    In a lump sum, in cash, provided that, any lump sum payments will be paid on or about the later of  (i) July 15 of the year following the Distribution Event but in no event later than December 31 of such calendar year or (ii) six months and one day after the Separation from Service (as described in Article VIII (G) below) ; or
(2)    In annual installments over a period not to exceed ten (10) years equal to 1/n of the Participant's vested accrued benefit, where “n” is the number of installments remaining to be paid, subject to such reasonable procedures and guidelines as the Committee may establish and beginning on July 15 of the year following the Distribution Event (but in no event later than December 31 of such calendar year) or such later date if required by Article VIII (G) below.
E.    IRS Determination.  Notwithstanding any other provisions of this Plan, if any amounts held in trust under the Plan terms are found in a “determination” (within the meaning of Section 1313(a) of the Internal Revenue Code of 1986, as amended (the “Code”)), to have been includible in the gross income of any Plan Participant or Beneficiary prior to payment of such amounts from the Trust, the Trustee shall, as soon as practicable pay such amounts to the Plan Participant or Beneficiary, as 

-10-

directed by the Company.  For purposes of this Section, the Trustee shall be entitled to written notice from the Committee that a determination described in the preceding sentence has occurred and to receive a copy of such notice.  The Trustee shall have no responsibility until so advised by the Committee.
F.    Specified Employees.  Any provision of the Plan to the contrary notwithstanding, if the Participant is a Specified Employee as of the date of his or her Separation from Service, no payment on account of the Participant’s Separation from Service may be made with respect to such Participant before the date that is six months after the Participant’s Separation from Service (or, if earlier than the end of the six-month period, the date of the Participant’s death). In such case, any payment that would have been made within such six-month period will be accumulated and paid in a single lump sum on the earliest business day following the day that is six months after the Participant’s Separation from Service provided that such date complies with the requirements of Code Section 409A. 
G.    Protocols. Prior to the distribution described in subsection (D) above, Participants will be notified of the amount to be distributed and will be required to liquidate a portion of the applicable Account prior to a date specified by the Committee or the broker or other third party administering these liquidations at the Committee’s request. Participant authorizes and directs the Committee and said broker or third party to set rules and protocols to implement the foregoing and Participant agrees to abide by those rules and protocols. 

ARTICLE IX

WITHDRAWALS

A.    Unforeseeable Financial Emergency.  At the request of a Participant, the Committee shall authorize a withdrawal at any time of the accrued benefit attributable to the Participant's Compensation deferrals and gains or losses thereon under Participant's Account(s), provided that authorization for such withdrawal and the amount thereof shall be given only on account of an Unforeseeable Financial Emergency.  The circumstances that will constitute an Unforeseeable  Financial Emergency will depend upon the facts of each case, but in any case, payment may not be made to the extent that such hardship is or may be relieved:
(1)    through reimbursement or compensation by insurance or otherwise;
(2)    by liquidation of the Participant's assets, to the extent the liquidation of such assets would not itself cause severe financial hardship; or
(3)    by cessation of deferrals under the Plan.
The Committee shall establish reasonable procedures and guidelines, uniformly applied, to determine whether an Unforeseeable Financial Emergency exists; provided, however, that no withdrawal request shall be granted if to do so could result in the inclusion of Trust Fund amounts in the gross income of Plan Beneficiaries prior to payment of such amounts from the Trust Fund because approval of such request would be inconsistent with any applicable statute, regulation, notice, ruling or other pronouncement of the Internal Revenue Service interpreting this or similar provisions.

-11-

B.    Domestic Relations Orders.  Subject to the provisions of Code Section 409A, any claim for benefits under this Plan for child support, spousal maintenance, alimony, property division or other matrimonial or dependent obligations shall be paid in a single lump sum payment in cash as soon as administratively practicable after the Committee (or its delegate) approves such payment.  Except as provided in this section, any such claims under the Plan shall be subject to the Plan’s claims procedures, provisions, and restrictions.

ARTICLE X

CLAIMS PROCEDURE

A.    Right to File Claim.  Every Participant or Beneficiary shall be entitled to file with the Committee a written claim for benefits under the Plan.
B.    Denial of Claim.  If the claim is denied by the Committee, in whole or in part, the claimant shall be furnished within ninety (90) days after the Committee’s receipt of the claim (or within one hundred eighty (180) days after such receipt if special circumstances require an extension of time) a written notice of denial of such claim containing the following:
(1)    specific reason or reasons for denial;
(2)    specific reference to pertinent Plan provisions on which the denial is based;
(3)    a description of any additional material or information necessary for the claimant to perfect the claim, and an explanation of why the material or information is necessary; and 
(4)    an explanation of the claims review procedure.
If written notice of the denial of such claim is not furnished within the time period prescribed under this subsection B, then the claim shall be deemed denied.
C.    Claim Review Procedure.  Review may be requested at any time within sixty (60) days following the date the claimant received written notice of the denial of his or her claim.  For purposes of this Section, any action required or authorized to be taken by the claimant may be taken by a representative authorized in writing by the claimant to act on his or her behalf.  The Committee shall afford the claimant a full and fair review of the decision denying the claim and, if so requested, shall:
(1)    permit the claimant to review any documents that are pertinent to the claim; and
(2)    permit the claimant to submit to the Committee issues and comments in writing.
The decision on review by the Committee shall be in writing and shall be issued within sixty (60) days following receipt of the request for review.  The period for decision may, however, be extended up to one hundred twenty (120) days after such receipt if the Committee determines that special circumstances require extension.  The decision on review shall include specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision of the Committee is based.

-12-

If the decision on review by the Committee is not furnished within the time period prescribed under this subsection C, then the claim shall be deemed denied on review.

ARTICLE XI

MISCELLANEOUS

A.    Unsecured General Creditor.  Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, claims, or interests in any specific property or assets of the Company.  No assets of the Company shall be held in any way as collateral security for the fulfilling of the obligations of the Company under this Plan.  Any and all of the assets of the Company shall be, and remain, the general unpledged, unrestricted assets of the Company.  The obligation of the Company under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future, and the rights of the Participants and Beneficiaries shall be no greater than those of unsecured general creditors.
B.    Restriction Against Assignment.  The Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and not to any other person or corporation.  No part of a Participant’s Account shall be liable for the debts, contracts, or engagements of any Participant, his or her Beneficiary, or successors in interest, nor shall a Participant’s Account be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding, nor shall any such person have any right to alienate, anticipate, commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever.  If any Participant, Beneficiary or successor in interest is adjudicated bankrupt or purports to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any distribution or payment from the Plan, voluntarily or involuntarily, the Committee, in its sole and absolute discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary or successor in interest in such manner as the Committee shall direct.
C.    Withholding.  There shall be deducted from each payment made under the Plan, all taxes that are required to be withheld by the Company, as applicable, in respect to such payment.  The Company shall have the right to reduce any payment by the amount of cash sufficient to provide the amount of said taxes.
D.    Legal Representation.  The Company will reimburse all reasonable legal fees and expenses incurred by a Plan Participant or Beneficiary in seeking to obtain or enforce any right or benefit provided by the Plan.  This reimbursement right applies only to claims made after a Change of Control and only for fees and expenses incurred after the Plan Participant or Beneficiary has exhausted the claims and appeals procedure specified in Article X.  No reimbursement shall be made if the request is found to be frivolous by a court of competent jurisdiction.
E.    Amendment, Modification, Suspension or Termination.  The Committee may amend, modify, suspend or terminate the Plan in whole or in part, except that no amendment, modification, suspension or termination shall have any retroactive effect to reduce any amounts allocated to a Participant’s Account, provided that a termination or suspension of the Plan or any Plan amendment or modification that will significantly increase costs to the Company shall be approved by the Board. In 

-13-

the event that this Plan is terminated, the timing of the disposition of the amounts credited to a Participant’s Account shall occur in accordance with Article VIII.
F.    Governing Law.  This Plan shall be construed, governed and administered in accordance with the internal substantive laws of the State of California (other than the choice of law principles).
G.    Receipt or Release.  Any payment to a Plan Participant or Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Committee and the Company.  The Committee may require such Plan Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect.
H.    No Employment Rights.  Participation in this Plan shall not confer upon any person any right to be employed by the Company or any other right not expressly provided hereunder.
I.    Headings Not Part of Agreement.  Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the construction of the provisions hereof.
J.    Successorship.  This Plan shall be binding upon and inure to the benefit of any successor to the Company or its business as the result of merger, consolidation, reorganization, transfer of assets or otherwise, and any subsequent successor thereto; and any such successor shall be deemed to be the “Company” under this Plan.  In the event of any such merger, consolidation, reorganization, transfer of assets or other similar transaction, the successor to the Company or its business or any subsequent successor thereto shall promptly notify the Trustee in writing of its successorship and furnish the Trustee with the name or names of any person or persons authorized to act for the Company.  In no event shall any such transaction described herein suspend or delay the rights of Plan Beneficiaries to receive their vested accrued benefits hereunder.
IN WITNESS WHEREOF, the Company has caused this Plan to be executed by its duly authorized officer as of the day and year first above written.
	
			
	 
	ALTERA CORPORATION

	 
	 
	 

	 
	By:  
	/s/ Kevin H. Lyman

	 
	 
	Kevin H. Lyman

	                                                                                
	 
	Senior Vice President, Human Resources

	 
	Date:
	August 28, 2014

-14-Wdesk | EX 10.1 Ralston Executive Employment Agreement

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

This Executive Employment Agreement (this “Agreement”) is entered into as of the date set forth on the signature page hereto to be effective as of July 21, 2014 (the “Effective Date”) by and between Weatherford International plc (the “Company”), and the individual signing as “Executive” on the signature page hereto (the “Executive”).

W I T N E S S E T H:

WHEREAS, the Board of Directors of the Company has previously determined that it is in the best interests of the Company and its shareholders to induce the employment of the Executive for the long-term benefit of the Company;

WHEREAS, the Company desires to employ the Executive on the terms set forth below to provide services to the Company and its Affiliated companies, and the Executive is willing to accept such employment and provide such services on the terms set forth in this Agreement; and

WHEREAS, the Executive agrees that immediately following the entry into this Agreement, the Agreement will be assigned to Weatherford Management Company Switzerland LLC via a separate letter agreement.  Executive and the Company further agree that immediately following such assignment, with no further action required by any party, and as provided in Section 2 of this Agreement, Executive will be seconded to the employment of Weatherford U.S., L.P.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the parties hereto do hereby agree that: 

1.Certain Definitions.
(a)“Affiliate” shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 
(b)“Annual Bonus” shall mean the Executive’s annual bonus under the then-current annual incentive plan of the Company and any of its Affiliated companies. 
(c)“Annual Bonus Amount” shall mean the amount of the Annual Bonus, if any, paid or provided in any form (whether in cash, securities or any combination thereof) by the Company or any of its Affiliated companies to or for the benefit of the Executive for services rendered or labor performed during a fiscal year of the Company (it being understood that if an Annual Bonus is paid in multiple installments for a year, all such installments shall be aggregated as a single payment for that year in determining the Annual Bonus Amount). The Executive’s Annual Bonus Amount shall be determined by including any portion thereof that the Executive could have received in cash or securities in lieu of (i) any elective deferrals made by the Executive pursuant to all nonqualified deferred compensation plans or (ii) elective contributions made on the Executive’s behalf by the Company pursuant to a qualified cash or deferred arrangement (as defined in section 401(k) of the Code) or pursuant to a plan maintained under section 125 of the Code. 
(d)“Applicable Multiple” shall mean the number identified as such on the signature page hereto. 

Executive Employment Agreement

(e)“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act. 
(f)“Board” shall mean the Board of Directors of the Company.
(g)“Cause” shall mean:
(i)the willful and continued failure of the Executive to substantially perform the Executive’s duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness or anticipated failure after the issuance of a Notice of Breach for Good Reason by the Executive pursuant to Section 4(d)), after a written demand for substantial performance is delivered to the Executive by the Board or the Chief Executive Officer which specifically identifies the manner in which the Executive has not substantially performed the Executive’s duties; or
(ii)the Executive willfully engaging in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company.
No act, or failure to act, on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company.  Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer or based upon the duly informed advice of outside or inside counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. The cessation of employment of the Executive shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice is provided to the Executive, and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail.
(h)“Change of Control” shall be deemed to have occurred if any event set forth in any one of the following paragraphs shall have occurred:
(i)    any Person is or becomes the Beneficial Owner, directly or indirectly, of twenty percent (20%) or more of either (A) the then outstanding ordinary shares of the Company (the “Outstanding Company Registered Shares”) or (B) 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”), excluding any Person who becomes such a Beneficial Owner in connection with a transaction that complies with clauses (A), (B) and (C) of paragraph (iii) below; 
(ii)    individuals, who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least two-thirds (2/3) of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds (2/3) of the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, 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 any other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

2    Executive Employment Agreement 

(iii)    the consummation of an acquisition, reorganization, reincorporation, redomestication, merger, amalgamation, consolidation, plan or scheme of arrangement, exchange offer, business combination or similar transaction of the Company or any of its Subsidiaries or the sale, transfer or other disposition of all or substantially all of the Company’s Assets (any of which a “Corporate Transaction”), unless, following such Corporate Transaction or series of related Corporate Transactions, as the case may be, (A) all of the individuals and Entities who were the Beneficial Owners, respectively, of the Outstanding Company Registered Shares and Outstanding Company Voting Securities immediately prior to such Corporate Transaction own or beneficially own, directly or indirectly, more than sixty-six and two-thirds percent (66-2/3%) of, respectively, the Outstanding Company Registered Shares and the combined voting power of the Outstanding Company Voting Securities entitled to vote generally in the election of directors (or other governing body), as the case may be, of the Entity resulting from such Corporate Transaction (including, without limitation, an Entity (including any new parent Entity) which as a result of such transaction owns the Company or all or substantially all of the Company’s Assets either directly or through one (1) or more Subsidiaries or Entities) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Company Registered Shares and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any Entity resulting from such Corporate Transaction or any employee benefit plan (or related trust) of the Company or such Entity resulting from such Corporate Transaction) beneficially owns, directly or indirectly, twenty percent (20%) or more of, respectively, the then outstanding shares of common stock of the Entity resulting from such Corporate Transaction or the combined voting power of the then outstanding voting securities of such Entity except to the extent that such ownership existed prior to the Corporate Transaction and (C) at least two-thirds (2/3) of the members of the board of directors (or other governing body) of the Entity resulting from such Corporate Transaction were members of the Incumbent Board at the time of the approval of such Corporate Transaction; or 
(iv)    approval or adoption by the Board or the shareholders of the Company of a plan or proposal which could result directly or indirectly in the liquidation, transfer, sale or other disposal of all or substantially all of the Company’s Assets or the dissolution of the Company, excluding any transaction that complies with clauses (A), (B) and (C) of paragraph (iii) above.
(i)“Code” shall mean the Internal Revenue Code of 1986, as amended.
(j)“Company” shall mean Weatherford International plc, an Irish public limited company, or any successor to Weatherford International plc, including but not limited to any Entity into which Weatherford International plc is merged, consolidated or amalgamated, or any Entity otherwise resulting from a Corporate Transaction.
(k)“Company’s Assets” shall mean the assets (of any kind) owned by the Company, including, without limitation, the securities of the Company’s Subsidiaries and any of the assets owned by the Company’s Subsidiaries.
(l)“Disability” shall mean the absence of the Executive from performance of the Executive’s duties with the Company on a substantial basis for one hundred twenty (120) calendar days within any 12 month period as a result of incapacity due to mental or physical illness.
(m)“Employment Period” shall mean the period commencing on the Effective Date and ending on the third anniversary of the Effective Date; provided, however, that commencing on the third anniversary of the Effective Date, and on each subsequent annual anniversary of such date (such date and each annual anniversary thereof shall be hereinafter referred to as the “Renewal Date”), unless previously 

3    Executive Employment Agreement 

terminated, the Employment Period shall be automatically extended so as to terminate one (1) year after such Renewal Date, unless at least 120 days prior to the Renewal Date the Company shall give notice to the Executive that the Employment Period shall not be so extended.  
(n)“Entity” shall mean any corporation, partnership, association, joint-stock company, limited liability company, trust, unincorporated organization or other business entity.
(o)“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended from time to time. 
(p)“Good Reason” shall mean the occurrence of any of the following:
(i)the assignment to the Executive of any position, authority, duties or responsibilities materially inconsistent with the Executive’s position (including offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 3(a), or any other action by the Company or any Subsidiary which results in a material diminution in such position, authority, duties or responsibilities (including, in connection with a Change of Control or other Corporate Transaction in which the Company’s registered shares may cease to be publicly traded, Executive being assigned to any position (including offices, titles and reporting requirements), authority, duties or responsibilities that are not at or with the ultimate parent company engaged in the business of the successor to the Company or the corporation or other Entity surviving or resulting from such Corporate Transaction), excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive; provided that any alteration by the Company of Executive’s position, authority, duties or responsibilities shall not constitute Good Reason if the Executive continues to report directly to either the Chief Executive Officer;
(ii)any material failure by the Company or any Subsidiary to comply with any of the provisions of this Agreement (including, without limitation, its obligations under Section 3(a)), other than an isolated, insubstantial and inadvertent failure not occurring in bad faith and which is remedied by the Company, or a Subsidiary, as appropriate, promptly after receipt of notice thereof given by the Executive; or
(iii)the Company’s requiring the Executive to be based at any office or location that is more than 30 miles from the location provided in the signature page of this Agreement;
(iv)any failure by the Company to comply with and satisfy Section 13(c) (regarding assumption of this Agreement by a successor); or
(v)the Company’s giving of notice to the Executive that the Employment Period shall not be extended.
provided, that no such event described in (i) through (iv) above shall constitute “Good Reason” if the Company cures such event within thirty (30) days following the Company’s receipt of a Notice of Breach asserting that such event constitutes Good Reason; and provided, further, that no event described in (i) through (iv) above shall constitute “Good Reason” unless the Company receives a Notice of Breach within ninety (90) days following the date such Executive obtains actual knowledge of such event (or 

4    Executive Employment Agreement 

such longer period as Executive and the Company may agree to allow for reasonable investigation and remedy of such event).

(q)“IRS” shall mean the U.S. Internal Revenue Service.
(r)“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its Subsidiaries, (ii) a trustee or other fiduciary holding securities under a Benefit Plan of the Company or any of its Affiliated companies, (iii) an underwriter temporarily holding securities pursuant to an offering by the Company of such securities, or (iv) a corporation or other Entity owned, directly or indirectly, by the shareholders of the Company in the same proportions as their ownership of registered shares of the Company.
(s)“Section 409A” means Section 409A of the Code and the final Department of Treasury regulations issued thereunder. 
(t)“Section 409A Amounts” means those amounts that are deferred compensation subject to Section 409A.
(u)“Separation From Service” shall have the meaning ascribed to such term in Section 409A.
(v)“Specified Employee” shall have the meaning ascribed to such term in Section 409A. 
(w)“Subsidiary” shall mean any majority-owned subsidiary of the Company or any majority-owned subsidiary thereof, or any other Entity in which the Company owns, directly or indirectly, a significant financial interest provided that the Chief Executive Officer of the Company designates such Entity to be a Subsidiary for the purposes of this Agreement. 
2.Employment Period.  The Company hereby agrees that the Company will employ the Executive, and the Executive hereby agrees to be employed by the Company subject to the terms and conditions of this Agreement during the Employment Period.  During the Employment Period, the Executive may be seconded to the employment of Weatherford U.S., L.P. (or such other Affiliated company as specifically designated by the Company) (the “Seconded Affiliate Company”), but without prejudice to the Company’s obligations or the Executive’s rights under this Agreement.  The Executive shall carry out her duties as if they were duties to be performed on behalf of the Company.  Each Seconded Affiliate Company shall be subject to all of the obligations and agreements of the Company under this Agreement and the Company shall be responsible for actions and inactions of the Seconded Affiliate Company.  Any breach or failure to abide by the terms and conditions of this Agreement by a Seconded Affiliate Company shall be deemed to constitute a breach or failure to abide by the Company.  
3.Terms of Employment.
(a)    Position and Duties.
(i)    During the Employment Period, the Executive’s position with the Company (including offices, titles, reporting requirements, duties and responsibilities) shall be as identified on the signature page hereto or as shall be revised by the mutual agreement of the Executive and the Company.

5    Executive Employment Agreement 

(ii)    During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period it shall not be a violation of this Agreement for the Executive to (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments, so long as such activities in clause (A), (B), and (C) together do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement. It is expressly understood and agreed that to the extent that such activities have been conducted by the Executive prior to the date hereof, the continued conduct of such activities (or the conduct of activities similar in nature and scope thereto) subsequent to the date hereof shall not thereafter be deemed to interfere with the performance of the Executive’s responsibilities to the Company.
(b)    Compensation.
(i)    Base Salary.  During the Employment Period, the Executive shall receive an annual base salary (“Annual Base Salary”), which shall be paid at a monthly rate.  During the Employment Period, the Annual Base Salary shall be reviewed no more than twelve (12) months after the last salary increase awarded to the Executive prior to the date hereof and thereafter at least annually; provided, however, that a salary increase shall not necessarily be awarded as a result of such review.  Any increase in Annual Base Salary may not serve to limit or reduce any other obligation to the Executive under this Agreement. The term “Annual Base Salary” as utilized in this Agreement shall refer to Annual Base Salary as may be in effect from time to time, provided, however, that the Annual Base Salary shall not be reduced unless such reduction is part of an initiative that applies to and affects all similarly situated executive officers of the Company equally and proportionately.
(ii)    Annual Bonus.  The Executive shall be eligible for an Annual Bonus for each fiscal year ending during the Employment Period on the same basis as other similarly situated executive officers under the Company’s then-current executive officer annual incentive program, pro-rated based on Executive’s first day of employment.  Each such Annual Bonus shall be paid no later than two and a half (21⁄2)  months after the end of the fiscal year for which the Annual Bonus is awarded.
(iii)    Incentive, Savings and Retirement Plans.  During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs in which similarly situated executive officers of the Company and its Affiliated companies participate.  
(iv)    Welfare Benefit Plans.  During the Employment Period, the Executive and/or the Executive’s family, as the case may be, shall be eligible to participate in and shall receive all benefits under and participate in all welfare benefit and retirement plans, practices, policies and programs provided by the Company and its Affiliated companies (including, without limitation, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance plans and programs) in which similarly situated executive officers of the Company and its Affiliated companies participate or which they receive.  For the avoidance of doubt, Executive shall not participate in any “closed”, “frozen” or “suspended” plans or receive any compensation or benefits related to such plans.

6    Executive Employment Agreement 

(v)    Fringe Benefits.  During the Employment Period, the Executive shall be entitled to receive such fringe benefits as similarly situated executive officers of the Company and its Affiliated companies receive.
(vi)    Expenses.  During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in accordance with the most favorable policies, practices and procedures of the Company and its Affiliated companies in effect for the Executive on the date hereof.  
(vii)    Vacation.  During the Employment Period, the Executive shall be entitled to at least six (6) weeks paid vacation or such greater amount of paid vacation as may be applicable to the similarly situated executive officers of the Company and its Affiliated companies.
(viii)    Initial Stock Grant.  In consideration for all amounts, benefits, and other things of value the Executive surrendered or relinquished or otherwise were forgone due to the Executive leaving her position with the Executive’s previous employer in order to become employed with the Company, and as an inducement for Executive to become employed by the Company, at commencement of Executive’s employment under this Agreement, the Company shall (a) pay the Executive a one-time lump sum payment in the gross amount of $100,000, which such amount shall be paid on the first regularly scheduled payroll date following the Effective Date, and (b) five business days following the Effective Date, grant the Executive Restricted Units of a value of $1.3 million (the “Share Grant”) under the terms of the Weatherford International plc 2010 Omnibus Incentive Plan, as such may be amended from time to time (the “2010 Plan”).  The actual quantity of Restricted Units, terms, and conditions applicable to the Share Grant shall be set forth in an award agreement (the “Share Award Agreement”) the form of which is attached as Annex A hereto.  The shares underlying the Share Grant shall vest over a period of three (3 ) years, with one-third of the Share Grant vesting on each anniversary following the date of the Share Grant.  Notwithstanding anything to the contrary herein, if there is any inconsistency between the terms of the Share Award Agreement and this Agreement with respect to the Share Grant, the terms of the Share Award Agreement shall control.
4.Termination of Employment.
(a)    Death or Disability.  The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period, it may provide the Executive with written notice in accordance with Section 14(b) of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective thirty (30) days after receipt of such notice by the Executive (the “Disability Effective Date”), provided that within the thirty (30)-day period after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. In addition, if a physician selected by the Executive determines that the Disability of the Executive has occurred, the Executive (or her representative) may provide the Company with written notice in accordance with Section 14(b) of the Executive’s intention to terminate her employment.  In such event, the Disability Effective Date shall be thirty (30) days after receipt of such notice by the Company.
(b)    Cause.  The Company may terminate the Executive’s employment during the Employment Period for Cause or without Cause.

7    Executive Employment Agreement 

(c)    Good Reason.  The Executive’s employment may be terminated by the Executive at any time during the Employment Period for Good Reason or without Good Reason.
(d)    Notice of Breach and Notice of Termination.  Any termination during the Employment Period by the Company or by the Executive shall be communicated by notice in writing to the other party hereto given in accordance with Section 14(b).  For purposes of this Agreement, a “Notice of Breach” means a written notice from the Executive to the Company which (i) indicates the specific provision in this Agreement that the Executive contends the Company has breached, and (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances the Executive claims provide the basis for the breach. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date (which date, in the case of a notice by the Company, shall be not more than 120 days after the giving of such notice).  The failure by the Executive or the Company to set forth any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. If a breach exists and a Notice of Breach is timely delivered hereunder, it shall automatically be deemed a Notice of Termination if the Company fails to cure the event described in the Notice of Breach within thirty (30) days of receipt of the Notice of Breach.
(e)    Date of Termination.  “Date of Termination” shall mean:
(i)    if the Executive’s employment is terminated other than by reason of death or Disability, the date of receipt of the Notice of Termination or any later date specified therein (or, in the event the Executive has a Separation From Service without the delivery of a Notice of Termination, then the date of such Separation From Service), as the case may be; provided that in the case of a termination by the Executive for Good Reason, such Notice of Breach shall be deemed void if the Company cures the matter giving rise to Good Reason pursuant to the proviso in Section 1(p); and
(ii)    if the Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be.
5.Obligations of the Company Upon Termination.
(a)    Benefit Obligation and Accrued Obligation Defined. For purposes of this Agreement, “Benefit Obligation” shall mean all benefits to which the Executive (or her designated beneficiary or legal representative, as applicable) is entitled or vested (or becomes entitled or vested as a result of termination) under the terms of all employee benefit and compensation plans, agreements, arrangements, programs, policies, practices, contracts or agreement of the Company and its Affiliated companies (collectively, “Benefit Plans”) in which the Executive is a participant as of the Date of Termination and to the extent not theretofore paid or provided.  “Accrued Obligation” means the sum of (i) the Executive’s Annual Base Salary through the Date of Termination for periods through but not following her Separation From Service and (ii) any accrued vacation pay earned by the Executive, in each case, to the extent not theretofore paid.

8    Executive Employment Agreement 

(b)    Death, Disability, Good Reason or Other than For Cause.  If, during the Employment Period, the Executive’s employment is terminated by reason of the Executive’s death or Disability, by the Company for any reason other than for Cause or by the Executive for Good Reason:
(i)    The Company shall pay (or cause to be paid) to the Executive (or Executive’s heirs, beneficiaries or representatives as applicable), (A) in a lump sum in cash (I) the Accrued Obligation within thirty (30) days after the Date of Termination and (II) the Benefit Obligation at the times specified in and in accordance with the terms of the applicable Benefit Plans, and (B) at the times specified in clause (iv), the following amounts: 
(I)     an amount equal to the Executive’s Annual Base Salary through the Date of Termination for periods following her Separation From Service to the extent not theretofore paid; 

(II)     an amount equal to the product of (i) the Annual Bonus Amount that would be payable in respect of the fiscal year during which the termination occurs (and annualized for any fiscal year consisting of less than twelve (12) months) based on actual performance through the last date of employment and (ii) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and the denominator of which is three hundred sixty-five (365); and

(III)     an amount equal to the Applicable Multiple (or, in the event of a termination due to death or Disability or the Company’s failure to extend the Employment Period pursuant to clause (v) of the definition of “Good Reason” then the number “one” shall be substituted for the Applicable Multiple) times the sum of (i) the Annual Base Salary received by the Executive as of the Date of Termination and (ii) the Executive’s target Annual Bonus for the fiscal year during which the termination occurs.

(ii)    For a period of time equal to one year multiplied by the Applicable Multiple from the Executive’s Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue dental and health benefits to the Executive and the Executive’s family equal to those which would have been provided to them in accordance with the dental and health insurance plans, programs, practices and policies described in Section 3(b)(iv) if the Executive’s employment had not been terminated; provided, however, that with respect to any of such dental and health insurance plans, programs, practices or policies requiring an employee contribution, the Executive (or Executive’s heirs or beneficiaries as applicable) shall continue to pay the monthly employee contribution for same, and provided further, that if the Executive becomes re-employed by another employer and is eligible to receive dental and health insurance benefits under another employer provided plan, the dental and health insurance benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. If any of the dental and health insurance benefits specified in this Section 5(b)(ii) are taxable to the Executive and are not exempt from Section 409A, the following provisions shall apply to the reimbursement or provision of such benefits. The Executive shall be eligible for reimbursement on an in-kind basis, during the period described in the first sentence of this Section 5(b)(ii). The amount of such benefit expenses eligible for reimbursement or the in-kind benefits provided under this Section 5(b)(ii), during the Executive’s taxable year will not affect the expenses eligible for reimbursement, or the benefits to be provided, in any other taxable year (with the exception of applicable lifetime maximums applicable to medical expenses or medical benefits described in Section 105(b) of the Code). The Executive’s right to reimbursement or direct provision of benefits under this Section 5(b)(ii) is not subject to liquidation or exchange for another benefit. To the extent that the benefits provided to the Executive pursuant to this Section 5(b)(ii) are taxable to the Executive and are not otherwise exempt from Section 409A, any 

9    Executive Employment Agreement 

reimbursement amounts to which the Executive would otherwise be entitled under this Section 5(b)(ii) during the first six (6) months following the date of the Executive’s Separation From Service shall be accumulated and paid to the Executive on the date that is six (6) months following the date of her Separation From Service. All reimbursements by the Company under this Section 5(b)(ii) shall be paid no later than the earlier of (i) the time periods described above and (ii) the last day of the Executive’s taxable year following the taxable year in which the expense was incurred by the Executive. 
(iii)    The Company shall, at its sole expense as incurred, provide the Executive (upon request) with reasonable outplacement services (up to a maximum of $35,000) from a provider selected by the Company. The Company shall directly pay the provider the fees for such outplacement services. The period during which such outplacement services shall be provided to the Executive at the expense of the Company shall not extend beyond the last day of the second taxable year of the Executive following the taxable year of the Executive during which she incurs a Separation From Service. 
(iv)    The Company shall pay or provide to the Executive the amounts or benefits specified in Section 5(b)(i) thirty (30) days following the date of the Executive’s Separation From Service if she is not a Specified Employee on the date of her Separation From Service or on the date that is six (6) months following the date of her Separation From Service if she is a Specified Employee; provided, however, that the pro-rata bonus payment described under Section 5(b)(i)(II) shall be paid at the time when the Annual Bonus for such year would normally be paid pursuant to Section 3(b)(ii). 
(v)    If the Executive is a Specified Employee, on the date that is six (6) months following the Executive’s Separation From Service, the Company shall pay to the Executive, in addition to the amounts reflected in clause (iv), an amount equal to the interest that would be earned on the amounts specified in Section 5(b)(i).
(c)    Cause.  If the Executive’s employment is terminated for Cause during and prior to the expiration of the Employment Period, this Agreement shall terminate without further obligations to the Executive, other than the obligation to pay to the Executive (i) (A) the Accrued Obligation and (B) the Benefit Obligation in accordance with the terms of the applicable Benefit Plans, and (ii) her Annual Base Salary through the Date of Termination for periods following her Separation From Service on the date that is thirty (30) days following the date of the Executive’s Separation From Service if she is not a Specified Employee or on the date that is six (6) months following the date of her Separation From Service if she is a Specified Employee.
(d)    Termination by Executive Other Than for Good Reason.  If the Executive voluntarily terminates her employment during and prior to the expiration of the Employment Period for any reason other than for Good Reason, the Executive’s employment shall terminate without further obligations to the Executive, other than the obligation to pay to the Executive (i)  the Accrued Obligation, (ii) the Benefit Obligation, (iii) her Annual Base Salary through the Date of Termination for periods following her Separation From Service, and (iv)  the rights provided in Section 6.  The Accrued Obligation shall be paid to the Executive in a lump sum in cash within thirty (30) days after the Date of Termination and the Benefit Obligation shall be paid in accordance with the terms of the applicable Benefit Plans.  The Company shall pay to the Executive the amount specified in clause (iii) on the date that is thirty (30) days following the date of the Executive’s Separation From Service if she is not a Specified Employee or on the date that is six (6) months following the date of her Separation From Service if she is a Specified Employee.

10    Executive Employment Agreement 

6.Other Rights.  Except as provided herein, nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its Affiliated companies and for which the Executive may qualify, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any plan, contract or agreement with the Company or any of its Affiliated companies. Except as otherwise expressly provided herein, amounts which are vested benefits, which vest according to the terms of this Agreement or which the Executive is otherwise entitled to receive under any Benefit Plans or any other plan, policy, practice or program of or any contract or agreement with the Company or any of its Affiliated companies prior to, at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice, program, contract or agreement. If any severance payments are required to be paid to the Executive in conjunction with severance of employment under federal, state or local law, the severance payments paid to the Executive under this Agreement will be deemed to be in satisfaction of any such statutorily required benefit obligations to the extent that doing so would not result in an acceleration of payment of nonqualified deferred compensation that is prohibited under Section 409A.
7.Full Settlement.
(a)    No Rights of Offset.  The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others.
(b)    No Mitigation Required.  The Company agrees that, if the Executive’s employment with the Company terminates, the Executive is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to this Agreement.  Further, except as specified in Section 5(b)(ii), the amount of any payment or benefit provided for in this Agreement shall not be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company, or otherwise.
(c)    Legal Fees.  The Company agrees to pay promptly as incurred, to the full extent permitted by law, all legal fees and expenses which the Executive may reasonably incur as a result of any contest by the Company or the Executive of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereto (including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement), provided that the Executive shall agree and undertake to reimburse the Company for such amounts paid if, but only if, the Executive is determined to have acted in bad faith in connection with the legal dispute, as determined in a final, non-appealable decision by a court of competent jurisdiction. The legal fees or expenses that are subject to reimbursement pursuant to this Section 7(c) shall not be limited as a result of when the fees or expenses are incurred. The amount of legal fees or expenses that is eligible for reimbursement pursuant to this Section 7(c) during a given taxable year of the Executive shall not affect the amount of expenses eligible for reimbursement in any other taxable year of the Executive. The right to reimbursement pursuant to this Section 7(c) is not subject to liquidation or exchange for another benefit. Any amount to which the Executive is entitled to reimbursement under this Section 7(c) during the first six (6) months following the date of the Executive’s Separation From Service shall be accumulated and paid to the Executive on the date that is six (6) months following the date of her Separation From Service. All reimbursements by the Company under this Section 7(c) shall be paid no later than the earlier of (i) the time periods described above and (ii) the last day of the Executive’s taxable year next following the taxable year in which the expense was incurred by the Executive. 

11    Executive Employment Agreement 

8.Certain Additional Payments by the Company. 
(a)    In the event that part or all of the consideration, compensation or benefits to be paid to the Executive under this Agreement together with the aggregate present value of payments, consideration, compensation and benefits under all other plans, arrangements and agreements applicable to the Executive, constitute “excess parachute payments” under Section 280G(b) of the Code subject to an excise tax under Section 4999 of the Code (collectively, the “Parachute Amount”) the amount of excess parachute payments which would otherwise be payable to the Executive or for the Executive’s benefit under this Agreement shall be reduced to the extent necessary so that no amount of the Parachute Amount is subject to an excise tax under Section 4999 (the “Reduced Amount”); provided that such amounts shall not be so reduced if, without such reduction, the Executive would be entitled to receive and retain, on a net after tax basis (including, without limitation, after any excise taxes payable under Section 4999), an amount of the Parachute Amount which is greater than the amount, on a net after tax basis, that the Executive would be entitled to retain upon receipt of the Reduced Amount.  
(b)    If the determination made pursuant to Section 8(a) results in a reduction of the payments that would otherwise be paid to the Executive except for the application of Section 8(a), such reduction in payments due under this Agreement shall be first applied to reduce any cash severance payments that the Executive would otherwise be entitled to receive hereunder and shall thereafter be applied to reduce other payments and benefits in a manner that would not result in subjecting Executive to additional taxation under Section 409A of the Code.  Within ten days following such determination, but not later than thirty days following the date of the event under Section 280G(b)(2)(A)(i), the Company shall pay or distribute to the Executive or for the Executive’s benefit such amounts as are then due to the Executive under this Agreement and shall promptly pay or distribute to the Executive or for her benefit in the future such amounts as become due to Executive under this Agreement.
9.Confidential Information.  The Company agrees to provide Executive secret or confidential information, knowledge or data relating to the Company or any of its Affiliated companies during Executive’s employment. The Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its Affiliated companies, and their respective businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company or any of its Affiliated companies, provided that it shall not apply to information which is or shall become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement), information that is developed by the Executive independently of such information, or knowledge or data or information that is disclosed to the Executive by a third party under no obligation of confidentiality to the Company.  After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it.  In no event shall an asserted violation of the provision of this Section 9 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this Agreement.
10.Work Product.

(a)    Executive acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) which relate to the Company’s or any of its Affiliated companies’ actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or made by the Executive while employed by the Company and its Affiliated companies 

12    Executive Employment Agreement 

(“Work Product”) belong to the Company and/or such Affiliated company. Executive shall promptly disclose such Work Product to the Company and perform all actions reasonably requested by the Company (whether during or after employment) to establish and confirm such ownership (including, without limitation, the execution of assignments, consents, powers of attorney and other instruments).
(b)    Notwithstanding the obligations set forth in Section 9 and this Section 10, after termination of the Executive’s employment with the Company, the Executive shall be free to use Residuals of the Company’s confidential information and Work Product for any purpose, subject only to its obligations with respect to disclosure set forth herein and any copyrights and patents of the Company. The term “Residuals” means information in non-tangible form that may be retained in the unaided memory of the Executive derived from the Company’s confidential information and Work Product to which the Executive has had access during the Executive’s employment with the Company. The Executive may not retain or use the documents and other tangible materials containing the Company’s confidential information or Work Product after the termination of the Executive’s employment with the Company.
11.Non-Competition; Non-Solicitation.  The Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its Affiliated companies, and agrees that to protect the Company’s confidential information it is necessary to enter into restrictive covenants as follows:

(a)    During the Employment Period and for a period of one year following the date Executive ceases to be employed by the Company (the “Restricted Period”), Executive shall not accept employment with or render services to any Unauthorized Competitor as a director, officer, agent, employee, independent contractor or consultant. In order to protect the Company’s good will and other legitimate business interests, provide greater flexibility to Executive in obtaining other employment and to provide both parties with greater certainty as to their obligations hereunder, the parties agree that Executive shall not be prohibited from accepting employment anywhere in the world with any company or other enterprise except an Unauthorized Competitor. For purposes of this Agreement, an “Unauthorized Competitor” means Schlumberger Limited, Halliburton Company and Baker Hughes Inc., including any and all of their parents, subsidiaries, affiliates, joint ventures, divisions, successors, or assigns.  Notwithstanding the foregoing, the non-competition restrictions set forth in this Section 11(a) shall not apply if the Executive terminates employment for any reason within one year following a Change of Control.  Additionally, if Executive voluntarily terminates employment other than for Good Reason, the non-competition restrictions set forth in this Section 11(a) shall apply only if (i) the Company notifies the Executive of its intent to enforce the provisions of this Section 11(a) within 15 days following the Executive’s Separation From Service and (ii) the Company pays the Executive a lump sum amount on the date that is 30 days following the date of the Executive’s Separation From Service (if the Executive is not a Specified Employee on the date of such Separation From Service), or on the date that is six months following the Executive’s Separation From Service (if the Executive is a Specified Employee on the date of such Separation From Service), equal to the sum of (x) the Annual Base Salary received by the Executive as of the Date of Termination and (y) the Executive’s target Annual Bonus for the fiscal year during which the termination occurs. 
(b)    Executive further agrees that during the Restricted Period, she shall not at any time, directly or indirectly, induce, entice, solicit or hire (or attempt to induce, entice, solicit or hire) (i) any employee of the Company or any of its Affiliated companies to leave the employment of the Company or any of its Affiliated companies or (ii) any former employee of the Company or any of its Affiliated 

13    Executive Employment Agreement 

companies who terminated employment coincident with or within three months prior to the date of the Executive’s Separation From Service.
(c)    Executive and the Company agree and stipulate that the agreements contained in this Section 11 are fair and reasonable in light of all the facts and circumstances of the relationship between Executive and the Company and agree that the consideration provided by the Company is not illusory.  Executive further agrees that the restrictive covenants in this Section 11 do not prevent Executive from using and offering the skills Executive possessed before receiving the Company’s confidential information.  Executive and the Company also acknowledge that any amount paid under Section 5(b) (if applicable) shall be deemed paid in part as consideration for the agreements contained in this Section 11. It is expressly understood and agreed that although the Executive and the Company consider the restrictions contained in this Section 11 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable.  Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein or the other provisions of this Agreement.
12.Disputed Payments And Failures To Pay. If the Company fails to make a payment under this Agreement in whole or in part as of the payment date specified in this Agreement, either intentionally or unintentionally, other than with the consent of the Executive, then following the fifth day after the Executive notifies the Company in writing of its failure to pay, the Company shall owe the Executive interest on the delayed payment at the applicable Federal rate provided for in section 7872(f)(2)(A) of the Code if the Executive (i) accepts the portion (if any) of the payment that the Company is willing to make (unless such acceptance will result in a relinquishment of the claim to all or part of the remaining amount) and (ii) makes prompt and reasonable good faith efforts to collect the remaining portion of the payment. Any such interest payments shall become due and payable effective as of the applicable payment date(s) specified in Section 5 with respect to the delinquent payment(s) due under Section 5. 
13.Successors.
(a)    This Agreement is personal to the Executive and shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
(b)    This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.
(c)    In addition to any obligations imposed by law upon any successor to the Company, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, amalgamation, scheme of arrangement, exchange offer, operation of law or otherwise (including any purchase, merger, amalgamation, Corporate Transaction or other transaction involving the Company or any Subsidiary or Affiliate of the Company)), to all or substantially all of the Company’s business and/or Company’s Assets to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

14    Executive Employment Agreement 

Failure of the Company to obtain such assumption and agreement at or prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as the Executive would be entitled to hereunder if the Executive were to terminate the Executive’s employment for Good Reason after a Change of Control, except that, (i) for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the Date of Termination and (ii) the Company shall be given the opportunity to cure such breach as described under the proviso to Section 1(p). As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as provided above.
14.Miscellaneous.
(a)    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF TEXAS, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS.  The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.  All words used in this Agreement will be construed to be of such gender or number as the circumstances require.  Subject to Section 16 of this Agreement, this Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.  
(b)    All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed:  if to the Executive, to the address set forth on the signature page hereto; and, if to the Company, to:  Weatherford International plc, Bahnhofstrasse 1, 6340 Baar, Switzerland, Attention:  Chief Executive Officer, with a copy to Attention: Chief Financial Officer, 2000 St. James Place, Houston, Texas 77056 and a copy by email to LegalWeatherford@weatherford.com.  Notices and communications shall be effective when actually received by the addressee.
(c)    The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.
(d)    The Company may withhold from any amounts payable under this Agreement such Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.
(e)    The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including without limitation, the right of the Executive to terminate employment for Good Reason shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.
(f)    This Agreement, the Share Award Agreement attached hereto as Annex A and the Assignment Agreement together constitute the entire agreement and understanding between the parties relating to the subject matter hereof.  In the event of any conflict between this Agreement and any other contract, plan, arrangement or understanding between the Executive and the Company (or any Affiliate of the Company), this Agreement shall control.
15.Section 409A.  Notwithstanding anything herein to the contrary, (i) if at the time of the Executive’s termination of employment with the Company the Executive is a “specified employee” as 

15    Executive Employment Agreement 

defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following the Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits due to the Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause such an accelerated or additional tax.  The Company shall consult with the Executive in good faith regarding the implementation of the provisions of this Section 15; provided that neither the Company nor any of its employees or representatives shall have any liability to Executive with respect to thereto.
16.Changes Due to Compliance with Applicable Law. Notwithstanding any provision to the contrary in this Agreement, the Executive acknowledges and agrees that:  (a) compensation, bonuses, business expenses, benefits and related rights or arrangements may require approval by the Company’s shareholders under applicable law, and are therefore subject to change, modification or amendment; (b) if the Company determines in good faith that this Agreement or any rights or obligations hereunder must be changed, modified or amended in order to comply with applicable law (including to avoid the possibility of criminal sanctions), the Company may unilaterally change, amend or modify this Agreement and any and all provisions, rights or obligations hereunder, including without limitation, amounts or types of compensation, terms of employment, length of the Employment Period, amounts owed to Executive, benefits, vesting, offset rights, mitigation obligations and other things of value, but only to the extent such modifications are made to the agreements of all similarly situated corporate officers of the Company on a non-discriminatory basis and are reasonably required to comply with applicable law; and (c) any such change, amendment or modification by the Company to this Agreement does not give the Executive Good Reason to terminate the Agreement (nor receive any amounts or benefits as a result thereof) and would not entitle the Executive to deliver a Notice of Breach or Notice of Termination provided that the Company makes a good faith effort to compensate Executive for any loss Executive may suffer as a result of the amendment or modification by offering alternative, equivalent forms of compensation that do not violate applicable law.

16    Executive Employment Agreement 

IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the authorization from the Board or relevant committee thereof, the Company has caused these presents to be executed in its name and on its behalf, all as of the day and year set forth below.

DATE:  October 21, 2014

Applicable Multiple: three (3)

Position: Executive Vice President, General Counsel and Corporate Secretary

Address for notices to Executive:

****
                    
Reporting to: Chief Executive Officer

Duties: Legal and Compliance    

Location: 2000 St. James Place, Houston, Texas, 77056

/s/ Dianne Ralston                
Dianne Ralston

                
Weatherford International plc 

By:     /s/ Bernard J. Duroc-Danner         
Name:  Bernard J. Duroc-Danner
Title:   Chairman, President & CEO

17    Executive Employment Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00236-of-00352.parquet"}]]