Document:

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                                                                    EXHIBIT 10.3

                            INDEMNIFICATION AGREEMENT

THIS AGREEMENT is made on the 29th day of September, 2005

BETWEEN:

WEATHERFORD INTERNATIONAL LTD., a company incorporated under the laws of Bermuda
with its registered office located at Clarendon House, 2 Church Street,
Hamilton, Bermuda (the "Company"); and

Andrew P. Becnel (the "Indemnitee").

WHEREAS the Indemnitee is an officer of the Company;

WHEREAS highly skilled and competent persons are becoming more reluctant to
serve public companies as directors or officers unless they are provided with
adequate protection through insurance and indemnification against inordinate
risks of claims and actions against them arising out of their service to and
activities on behalf of such companies;

WHEREAS uncertainties relating to indemnification increase the difficulty of
attracting and retaining such persons;

WHEREAS the Board has determined that an inability to attract and retain such
persons is detrimental to the best interests of the Company and that the Company
should act to assure such persons that there will be increased certainty of such
protection in the future;

WHEREAS, it is reasonable, prudent and necessary for the Company contractually
to obligate itself to indemnify Indemnitee to the fullest extent permitted by
Bermuda law so that Indemnitee will serve or continue to serve the Company free
from undue concern that Indemnitee will not be so indemnified;

WHEREAS, Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that
Indemnitee be so indemnified;

NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Company and Indemnitee do hereby covenant and agree as follows:

1.       INTERPRETATION

1.1      In this Agreement unless the context otherwise requires, the following
         words and expressions shall have the following meanings:

         this "Agreement"       means this Indemnification Agreement;

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         the "Board"                means the board of directors of the Company;

         "Business Day"             means any day on which banks in Bermuda are
                                    open for business;

         the "Companies Act"        means the Companies Act 1981;

         "Corporate Status"         means the status of a person who is or was
                                    a director, officer, employee, agent, or
                                    fiduciary of the Company or any other
                                    Group Company, or is or was serving at the
                                    request of the Company as a director,
                                    officer, employee, agent or fiduciary of any
                                    other company, corporation, partnership,
                                    limited liability company, joint venture,
                                    trust, employee benefit plan or other entity
                                    or enterprise;

         "the Court"                means the Supreme Court of Bermuda;

         "Disinterested Director"   means a director of the Company who is not
                                    or was not a party to a Proceeding in
                                    respect of which indemnification is sought
                                    by Indemnitee;

         "Group Companies"          means the Company and each subsidiary of the
                                    Company (wherever incorporated or
                                    organized);

         "Independent Counsel"      means a law firm or a member of a law firm
                                    that neither is presently nor in the past
                                    five years has been retained to represent:
                                    (i) the Company or Indemnitee in any matter
                                    material to either such party, or (ii) any
                                    other party to the Proceeding giving rise to
                                    a claim for indemnification hereunder.
                                    Notwithstanding the foregoing, the term
                                    "Independent Counsel" shall not include any
                                    person who, under the applicable standards
                                    of professional conduct then prevailing,
                                    would have a conflict of interest in
                                    representing either the Company or
                                    Indemnitee in an action to determine
                                    Indemnitee's right to indemnification under
                                    this Agreement;

         the "Parties"              means the parties to this Agreement
                                    collectively, and "Party" means any one of
                                    them; and

         "Proceeding"               means any action, suit, arbitration,
                                    alternate dispute resolution mechanism,
                                    investigation, administrative hearing or any
                                    other proceeding whether civil,

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                                    criminal, administrative or investigative
                                    and whether formal or informal;

1.2      In this Agreement unless the context otherwise requires:

         1.2.1    references to statutory provisions shall be construed as
                  references to those provisions as amended or re-enacted or as
                  their application is modified by other provisions from time to
                  time and shall include references to any provisions of which
                  they are re-enactments (whether with or without modification);

         1.2.2    references to clauses and schedules are references to clauses
                  hereof and schedules hereto; references to sub-clauses or
                  paragraphs are, unless otherwise stated, references to
                  sub-clauses of the clause or paragraphs of the schedule in
                  which the reference appears;

         1.2.3    references to the singular shall include the plural and vice
                  versa and references to the masculine shall include the
                  feminine and/or neuter and vice versa; and

         1.2.4    references to persons shall include companies, partnerships,
                  associations and bodies of persons, whether incorporated or
                  unincorporated.

2.       AGREEMENT TO SERVE

         Indemnitee agrees to continue to serve as an officer of the Company.
         This Agreement does not create or otherwise establish any right on the
         part of Indemnitee to be and continue to be elected or appointed an
         officer of the Company or any other Group Company and does not create
         an employment contract between the Company and Indemnitee.

3.       INDEMNITY OF DIRECTOR/OFFICER

3.1      Subject to clause 10, the Company shall indemnify Indemnitee if
         Indemnitee is a party or is threatened to be made a party to any
         threatened, pending or completed Proceeding, including a Proceeding
         brought by or in the right of the Company, by reason of the fact that
         Indemnitee is or was a director, officer, employee, agent, or fiduciary
         of the Company or is or was serving at the request of the Company as a
         director, officer, employee, agent, or fiduciary of any other company,
         corporation, partnership, limited liability company, joint venture,
         trust, employee benefit plan or other entity or enterprise or by reason
         of anything done or not done by Indemnitee in any such capacity.
         Subject to clause 10, pursuant to this sub-clause 3.1 Indemnitee shall
         be indemnified against expenses (including attorneys' fees and
         disbursements), judgments, penalties, fines and amounts paid in
         settlement actually and reasonably incurred by Indemnitee in connection
         with such Proceeding (including, but not limited to, the investigation,
         defense, settlement or appeal thereof).

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3.2      Notwithstanding any other provision of this Agreement other than clause
         10, Indemnitee shall be indemnified against all expenses (including
         attorneys' fees and disbursements) actually and reasonably incurred by
         Indemnitee or on Indemnitee's behalf in defending any Proceedings
         referred to in clause 3.1 in which judgement is given in his favour, in
         which he is acquitted, or in respect of which relief is granted to him
         by the Court under section 281 of the Companies Act.

3.3      Subject to clause 10, the Company shall indemnify Indemnitee for such
         portion of the expenses (including attorneys' fees), witness fees,
         damages, judgments, fines and amounts paid in settlement and any other
         amounts that Indemnitee becomes legally obligated to pay in connection
         with any Proceeding referred to in clause 3.1 in respect of which
         Indemnitee is entitled to indemnification hereunder, even if Indemnitee
         is not entitled to indemnification hereunder for the total amount
         thereof.

3.4      Without limiting the scope of the indemnity provided under any other
         provision of this Agreement, if the Indemnitee has reason to apprehend
         that any claim will or might be made against him in respect of any
         negligence, default, breach of duty or breach of trust, he may apply to
         the Court for relief pursuant to section 281 of the Companies Act and,
         to the extent that the Court relieves him, either wholly or partly,
         from his liability in accordance with section 281 of the Companies Act,
         the Indemnitee shall be indemnified against any liability incurred by
         him in defending any Proceedings in accordance with paragraph 98(2)(b)
         of the Companies Act.

4.       INDEMNIFICATION FOR EXPENSES OF A WITNESS

         Subject to clause 10, to the extent that Indemnitee is, by reason of
         Indemnitee's Corporate Status, a witness in any proceeding, Indemnitee
         shall be indemnified by the Company against all expenses actually and
         reasonably incurred by Indemnitee or on Indemnitee's behalf in
         connection therewith.

5.       DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

5.1      The Indemnitee shall request indemnification pursuant to this Agreement
         by notice in writing to the secretary of the Company. The secretary
         shall, promptly upon receipt of Indemnitee's request for
         indemnification, advise in writing the Board or such other person or
         persons empowered to make the determination as provided in sub-clause
         5.2 that Indemnitee has made such request for indemnification. Subject
         to clause 10, upon making such request for indemnification, Indemnitee
         shall be presumed to be entitled to indemnification hereunder and the
         Company shall have the burden of proof in the making of any
         determination contrary to such presumption.

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5.2      Upon written request by Indemnitee for indemnification pursuant to
         sub-clause 3.1, the entitlement of the Indemnitee to indemnification
         pursuant to the terms of this Agreement shall be determined by the
         following person or persons who shall be empowered to make such
         determination:

         5.2.1    the Board, by a majority vote of the Disinterested Directors;
                  or

         5.2.2    if such vote is not obtainable or, even if obtainable, if such
                  Disinterested Directors so direct by majority vote, by
                  Independent Counsel in a written opinion to the Board, a copy
                  of which shall be delivered to Indemnitee; or

         5.2.3    by a majority vote of the shareholders.

5.3      For purposes of sub-clause 5.2, Independent Counsel shall be selected
         by the Board and approved by Indemnitee. Upon failure of the Board to
         so select such Independent Counsel or upon failure of Indemnitee to so
         approve, such Independent Counsel shall be selected by a single
         arbitrator pursuant to the rules of the American Arbitration
         Association. Such determination of entitlement to indemnification shall
         be made not later than 60 days after receipt by the Company of a
         written request for indemnification. Such request shall include
         documentation or information which is necessary for such determination
         and which is reasonably available to Indemnitee. Subject to clause 10,
         any expenses (including attorneys' fees) incurred by Indemnitee in
         connection with Indemnitee's request for indemnification hereunder
         shall be borne by the Company irrespective of the outcome of the
         determination of Indemnitee's entitlement to indemnification. If the
         person or persons making such determination shall determine that
         Indemnitee is entitled to indemnification as to part (but not all) of
         the application for indemnification, such persons may reasonably
         prorate such partial indemnification among such claims, issues or
         matters in respect of which indemnification is requested.

6.       ADVANCEMENT OF EXPENSES

         All reasonable expenses incurred by Indemnitee (including attorneys'
         fees, retainers and advances of disbursements required of Indemnitee)
         shall be paid by the Company in advance of the final disposition of any
         Proceeding at the request of Indemnitee as promptly as possible, and in
         any event within twenty days after the receipt by the Company of a
         statement or statements from Indemnitee requesting such advance or
         advances from time to time. Indemnitee's entitlement to such expenses
         shall include those incurred in connection with any Proceeding by
         Indemnitee seeking an adjudication or award in arbitration pursuant to
         this Agreement. Such statement or statements shall reasonably evidence
         the expenses incurred by Indemnitee in connection therewith and shall
         include or be accompanied by an undertaking by or on behalf of
         Indemnitee to repay such amount if it is ultimately determined that
         Indemnitee is not entitled to be indemnified against such expenses by
         the Company as provided by this Agreement or

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         otherwise. Subject to clause 10, the Company shall have the burden of
         proof in any determination under this clause 6. No amounts advanced
         hereunder shall be deemed an extension of credit by the Company to
         Indemnitee.

7.       REMEDIES OF INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO
         ADVANCE EXPENSES

7.1      In the event that: (a) a determination is made that Indemnitee is not
         entitled to indemnification hereunder; (b) payment has not been timely
         made following a determination of entitlement to indemnification
         pursuant to clause 5; or (c) expenses are not advanced pursuant to
         clause 6, Indemnitee shall be entitled to apply to the Court or any
         other court of competent jurisdiction for a determination of
         Indemnitee's entitlement to such indemnification or advance.

7.2      Alternatively to sub-clause 7.1, Indemnitee, at Indemnitee's option,
         may seek an award in arbitration to be conducted by a single arbitrator
         pursuant to the rules of the American Arbitration Association, such
         award to be made within sixty days following the filing of the demand
         for arbitration. The Company shall not oppose Indemnitee's right to
         seek any such adjudication or award in arbitration or any other claim.

7.3      A judicial proceeding or arbitration pursuant to this clause 7 shall be
         made de novo and Indemnitee shall not be prejudiced by reason of a
         determination otherwise made hereunder (if so made) that Indemnitee is
         not entitled to indemnification. Subject to clause 10, if a
         determination is made pursuant to the terms of clause 5 that Indemnitee
         is entitled to indemnification, the Company shall be bound by such
         determination and is precluded from asserting that such determination
         has not been made or that the procedure by which such determination was
         made is not valid, binding and enforceable. If the court or arbitrator
         shall determine that Indemnitee is entitled to any indemnification
         hereunder, the Company shall pay all reasonable expenses (including
         attorneys' fees and disbursements) actually incurred by Indemnitee in
         connection with such adjudication or award in arbitration (including,
         but not limited to, any appellate proceedings).

8.       OTHER RIGHTS TO INDEMNIFICATION

         The indemnification and advancement of expenses (including attorneys'
         fees) provided by this Agreement shall not be deemed exclusive of any
         other right to which Indemnitee may now or in the future be entitled
         under any provision of the Company's bye-laws, any agreement, vote of
         shareholders, the Board or Disinterested Directors, provision of law,
         or otherwise; provided, however, that: (a) this Agreement supersedes
         any other agreement that has been entered into by the Company with the
         Indemnitee which has as its principal purpose the indemnification of
         Indemnitee (except that this Agreement shall not supersede that certain
         Indemnification Agreement entered into on or about the date hereof
         between Indemnitee and Weatherford International, Inc., a subsidiary of
         the Company, it being the intention of the Parties that Indemnitee
         shall be entitled to the

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         indemnification provided under either or both agreements to the fullest
         extent permitted by law); and (b) where the Company may indemnify the
         Indemnitee pursuant to either this Agreement or the bye-laws of the
         Company, the Company may indemnify the Indemnitee under either this
         Agreement or the bye-laws but the Indemnitee shall, in no case, be
         indemnified by the Company in respect of any expense, liability or cost
         of any type for which payment is or has been actually made to
         Indemnitee under any insurance policy, indemnity clause, bye-law or
         agreement, except in respect of any excess beyond such payment.

9.       ATTORNEYS' FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT

         In the event that Indemnitee is subject to or intervenes in any
         Proceeding in which the validity or enforceability of this Agreement is
         at issue or seeks an adjudication or award in arbitration to enforce
         Indemnitee's rights under, or to recover damages for breach of, this
         Agreement, Indemnitee, if Indemnitee prevails in whole or in part in
         such action, shall be entitled to recover from the Company and shall be
         indemnified by the Company against, any actual expenses for attorneys'
         fees and disbursements reasonably incurred by Indemnitee, provided that
         in bringing such action, Indemnitee acted in good faith.

10.      LIMITATION OF INDEMNIFICATION

         Notwithstanding any other terms of this Agreement, nothing herein shall
         indemnify the Indemnitee against, or exempt the Indemnitee from, any
         liability in respect of the Indemnitee's fraud or dishonesty.

11.      LIABILITY INSURANCE

         To the extent the Company maintains an insurance policy or policies
         providing directors' and officers' liability insurance, Indemnitee
         shall be covered by such policy or policies, in accordance with its or
         their terms, to the maximum extent of the coverage available for any
         Company director or officer.

12.      DURATION OF AGREEMENT

         This Agreement shall apply with respect to Indemnitee's occupation of
         any of the position(s) described in sub-clause 3.1 of this Agreement
         prior to the date of this Agreement and with respect to all periods of
         such service after the date of this Agreement, even though the
         Indemnitee may have ceased to occupy such positions(s).

13.      NOTICE OF PROCEEDINGS BY INDEMNITEE

13.1     Indemnitee agrees promptly to notify the Company in writing upon being
         served with any summons, citation, subpoena, complaint, indictment,
         information or other document relating to any Proceeding which may be
         subject to indemnification hereunder, provided,

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         however, that the failure to so notify the Company will not relieve the
         Company from any liability it may have to Indemnitee except to the
         extent that such failure materially prejudices the Company's ability to
         defend such claim. With respect to any such Proceeding as to which
         Indemnitee notifies the Company of the commencement thereof:

         13.1.1   the Company will be entitled to participate therein at its own
                  expense; and

         13.1.2   except as otherwise provided below, to the extent that it may
                  wish, the Company jointly with any other indemnifying party
                  similarly notified will be entitled to assume the defense
                  thereof, with counsel reasonably satisfactory to Indemnitee.
                  After notice from the Company to Indemnitee of its election so
                  to assume the defense thereof, the Company will not be liable
                  to Indemnitee under this Agreement for any legal or other
                  expenses subsequently incurred by Indemnitee in connection
                  with the defense thereof other than reasonable costs of
                  investigation or as otherwise provided below. Indemnitee shall
                  have the right to employ Indemnitee's own counsel in such
                  Proceeding, but the fees and expenses of such counsel incurred
                  after notice from the Company of its assumption of the defense
                  thereof shall be at the expense of Indemnitee and not subject
                  to indemnification hereunder unless (a) the employment of
                  counsel by Indemnitee has been authorized by the Company; (b)
                  in the reasonable opinion of counsel to Indemnitee there is or
                  may be a conflict of interest between the Company and
                  Indemnitee in the conduct of the defense of such Proceeding;
                  or (c) the Company shall not in fact have employed counsel to
                  assume the defense of such action, in each of which cases,
                  subject to clause 10, the fees and expenses of counsel shall
                  be at the expense of the Company.

13.2     Neither the Company nor the Indemnitee shall settle any claim without
         the prior written consent of the other (which shall not be unreasonably
         withheld).

14.      NOTICES

         Any notice required to be given hereunder shall be in writing in the
         English language and shall be served by sending the same by prepaid
         recorded post, facsimile or by delivering the same by hand to the
         address of the Party or Parties in question as set out below (or such
         other address as such Party or Parties shall notify the other Parties
         of in accordance with this clause). Any notice sent by post as provided
         in this clause shall be deemed to have been served five Business Days
         after despatch and any notice sent by facsimile as provided in this
         clause shall be deemed to have been served at the time of despatch and
         in proving the service of the same it will be sufficient to prove in
         the case of a letter that such letter was properly stamped, addressed
         and placed in the post; and in the case of a facsimile that such
         facsimile was duly despatched to a current facsimile number of the
         addressee.

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         Company -

         Weatherford International Ltd.

         515 Post Oak Park, Suite 600
         Houston, Texas  77027-3415
         Attn:  Secretary

         Fax:              713-693-4484

         Indemnitee -

         Name:             Andrew P. Becnel
         Address:          515 Post Oak Boulevard, Suite 600
                           Houston, Texas 77027
         Fax:              (713) 693-4136

15.      MISCELLANEOUS

15.1     Notwithstanding the expiration or termination of this Agreement
         howsoever arising, such expiration or termination shall not operate to
         affect such of the provisions hereof as are expressed or intended to
         remain in full force and effect.

15.2     If any of the clauses, conditions, covenants or restrictions of this
         Agreement or any deed or document emanating from it shall be found to
         be void but would be valid if some part thereof were deleted or
         modified, then such clause, condition, covenant or restriction shall
         apply with such deletion or modification as may be necessary to make it
         valid and effective so as to give effect as nearly as possible to the
         intent manifested by such clause, condition, covenant or restriction.

15.3     This Agreement shall be binding upon the Company and its successors and
         assigns (including any transferee of all or substantially all of its
         assets and any successor or resulting company by merger, amalgamation
         or operation of law) and shall inure to the benefit of Indemnitee and
         Indemnitee's spouse, assigns, heirs, estate, devises, executors,
         administrators or other legal representatives.

15.4.    This Agreement (together with any documents referred to herein)
         constitutes the whole agreement between the Parties relating to its
         subject matter and supersedes any prior indemnification arrangement
         between the Company (or its predecessor) and Indemnitee (except as
         specifically set forth in clause 8).

15.5     No provision in this Agreement may be amended unless such amendment is
         agreed to in writing, signed by the Indemnitee and by a duly authorised
         officer of the Company. No waiver by either Party of any breach by the
         other Party of any condition or provision of

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         this Agreement to be performed by such other Party shall be deemed a
         waiver of a similar or dissimilar condition or provision at the same or
         any prior or subsequent time. Any waiver must be in writing and signed
         by the Indemnitee or a duly authorised officer of the Company, as the
         case may be.

15.6     The headings in this Agreement are inserted for convenience only and
         shall not affect the construction of this Agreement.

15.7     This Agreement may be executed in counterparts each of which when
         executed and delivered shall constitute an original but all such
         counterparts together shall constitute one and the same instrument.

15.8     The terms and conditions of this Agreement and the rights of the
         parties hereunder shall be governed by and construed in all respects in
         accordance with the laws of the Islands of Bermuda. The parties to this
         Agreement hereby irrevocably agree that the courts of Bermuda shall
         have non-exclusive jurisdiction in respect of any dispute, suit,
         action, arbitration or proceedings ("Agreement Proceedings") which may
         arise out of or in connection with this Agreement and waive any
         objection to Agreement Proceedings in the courts of Bermuda on the
         grounds of venue or on the basis that the Agreement Proceedings have
         been brought in an inconvenient forum.

15.9     All payments made by the Company to Indemnitee hereunder shall be
         deemed to have been made in the ordinary course of business of the
         Company, and shall not be deemed to be extraordinary payments.

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IN WITNESS WHEREOF, the undersigned, intending to be bound hereby, have duly
executed this Agreement as of the date first written above.

SIGNED by and on behalf of          )          /s/ Burt M. Martin
THE COMPANY                         )          ----------------------------
in the presence of:                 )          Name: Burt M. Martin
                                               Title: Sr. VP and General Counsel

Witness:  /s/ Kathleen Marino
          ----------------------

Name:     Kathleen Marino
          ----------------------

SIGNED by                           )          /s/ Andrew P. Becnel
THE INDEMNITEE                      )          -----------------------------
in the presence of:                 )          Name:  Andrew P. Becnel

Witness:  /s/  Joseph C. Henry
          ----------------------

Name:     Joseph C. Henry
          ----------------------

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                                                                    EXHIBIT 10.4

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (this "Agreement") is entered into as of
September 29, 2005 (the "Effective Date"), by and between Weatherford
International Ltd., a Bermuda exempted company (the "Company"), and Andrew P.
Becnel (the "Executive").

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, the Board has previously determined that it is in the best
interests of the Company and its shareholders to retain the Executive and 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;

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

         1.       Certain Definitions.

                  (a)      "Affiliate" shall have the meaning set forth in Rule
12b-2 promulgated under Section 12 of the Exchange Act.

                  (b)      "Beneficial Owner" shall have the meaning set forth
in Rule 13d-3 under the Exchange Act

                  (c)      "Board" shall mean the Board of Directors of the
Company.

                  (d)      "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 Termination 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 which
specifically identifies the manner in which the Executive has not substantially
performed the Executive's duties, or

                           (ii)     the willful engaging by the Executive 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 of a more
senior officer of the Company or based upon the advice of counsel for the
Company (which may be the General Counsel or other counsel employed by the
Company or its subsidiaries) 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

<PAGE>

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
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.

                  (e)      "Change of Control" shall be deemed to have occurred
if the 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 20 percent or more of either (A) the
         then outstanding common shares of the Company (the "Outstanding Company
         Common Stock") 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 date hereof,
         constitute the Board (the "Incumbent Board") cease for any reason to
         constitute at least two-thirds of the Board; provided, however, that
         any individual becoming a director subsequent to the date hereof whose
         election, or nomination for election by the Company's shareholders, was
         approved by a vote of at least two-thirds 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 other actual or threatened solicitation of proxies or
         consents by or on behalf of a Person other than the Board; or

                           (iii)    the consummation of a reorganization,
         merger, amalgamation, consolidation 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 (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 (which, for purposes of this
         Agreement, shall include, without limitation, any corporation,
         partnership, association, joint-stock company, limited liability
         company, trust, unincorporated organization or other business entity)
         who were the beneficial owners, respectively, of the Outstanding
         Company Common Stock and Outstanding Company Voting Securities
         immediately prior to such Corporate Transaction beneficially own,
         directly or indirectly, more than 66 2/3 percent of, respectively, the
         then outstanding common shares and the combined voting power of the
         then outstanding 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 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 or more subsidiaries or entities) in
         substantially the same proportions as their ownership, immediately
         prior to such Corporate Transaction, of the Outstanding Company Common
         Stock 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, 20 percent 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 of the members of the board of directors
         (or other governing body) of the entity resulting from such

                                       2
<PAGE>

         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 of
         Directors 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.

                  (f)      "Company's Assets" shall mean the assets (of any
kind) owned by the Company, including, without limitation, the securities of the
Company's direct and indirect subsidiaries and any of the assets owned by such
subsidiaries

                  (g)      "Disability" shall mean the absence of the Executive
from performance of the Executive's duties with the Company on a substantial
basis for 120 calendar days as a result of incapacity due to mental or physical
illness.

                  (h)      "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 date one year after the Effective
Date, and on each annual anniversary of such date (such date and each annual
anniversary thereof shall be hereinafter referred to as the "Renewal Date"),
unless previously terminated, the Employment Period shall be automatically
extended so as to terminate three years after such Renewal Date, unless at least
60 days prior to the Renewal Date the Company shall give notice to the Executive
that the Employment Period shall not be so extended.

                  (i)      "Exchange Act" shall mean the Securities Exchange Act
of 1934, as amended from time to time.

                  (j)      "Good Reason" shall mean the occurrence of any of the
following:

                           (i)      the assignment to the Executive of any
         position, authority, duties or responsibilities that are not materially
         consistent with the Executive's position (including status, offices and
         titles), authority, duties or responsibilities as contemplated by
         Section 3(a) of this Agreement, or any other action by the Company
         which results in a diminution in such position, authority, duties or
         responsibilities, excluding for this purpose any action not taken in
         bad faith and which is remedied by the Company after receipt of notice
         thereof given by the Executive;

                           (ii)     any failure by the Company to comply with
         any of the provisions of this Agreement (including, without limitation,
         its obligations under Section 3(a)), other than any failure not
         occurring in bad faith and which is remedied by the Company after
         receipt of notice thereof given by the Executive;

                           (iii)    any failure by the Company to continue to
         provide the Executive with benefits currently enjoyed by the Executive
         under any of the Company's compensation, bonus, retirement, pension,
         savings, life insurance, medical, health and accident, or disability
         plans, or the taking of any other action by the Company which would
         directly or indirectly reduce any of such benefits or deprive the
         Executive of any fringe benefits or perquisites currently enjoyed by
         the Executive;

                           (iv)     the Company's requiring the Executive to be
         based at any office or location other than as provided in Section
         3(a)(i) hereof or the Company's requiring the Executive to travel on
         Company business to a substantially greater extent than required
         immediately prior to the date hereof;

                                       3
<PAGE>

                           (v)      any purported termination by the Company of
         the Executive's employment;

                           (vi)     any failure by the Company to comply with
         and satisfy Section 10(b) of this Agreement; or

                           (vii)    following a Change of Control, the giving of
         notice by the Company to the Executive that the Employment Period shall
         not be extended.

         In the event of a Change of Control or other Corporate Transaction in
which the Company's common shares cease to be publicly traded, "Good Reason"
shall be deemed to exist upon the occurrence of any of the events listed in
clauses (i) - (vii) above and also in the event Executive is assigned to any
position (including status, offices, titles and reporting requirements),
authority, duties or responsibilities that are (A) not at or with the
publicly-traded ultimate parent company of the successor to the Company or the
corporation or other entity surviving or resulting from such Corporate
Transaction or (B) inconsistent with the Executive's position (including status,
offices, titles and reporting requirements), authority, duties or
responsibilities as contemplated by Section 3(a).

         For purposes of this Agreement, any good faith determination of "Good
Reason" made by the Executive shall be conclusive.

                  (k)      "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 an
employee benefit plan of the Company or any of its Affiliates, (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 common shares of the Company.

                  2.       Employment Period. The Company hereby agrees that the
Company will continue the Executive in its employ, and the Executive hereby
agrees to remain in the employ of 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 entity) (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 his/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, (A) the
         Executive's position (including status, offices, titles, authority,
         duties and responsibilities) shall be Vice President - Finance of the
         Company and (B) the Executive's services shall be performed at the
         Company's executive office in Houston, Texas or other locations less
         than 35 miles from such location.

                                       4
<PAGE>

                           (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 equal to the current
         base salary being received by the Executive ("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 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.
         Annual Base Salary shall not be reduced after any such increase. The
         term Annual Base Salary as utilized in this Agreement shall refer to
         Annual Base Salary as so increased.

                           (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 executive officers under
         the Company's executive officer annual incentive program. Each such
         Annual Bonus shall be paid no later than the end of the third month of
         the fiscal year next following 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 applicable generally to all executive officers of
         the Company and its affiliated companies, but in no event shall such
         plans, practices, policies and programs provide the Executive with
         incentive opportunities (measured with respect to both regular and
         special incentive opportunities, to the extent, if any, that such
         distinction is applicable), savings opportunities and retirement
         benefit opportunities, in each case, less favorable, in the aggregate,
         than the most favorable of those provided by the Company and its
         affiliated companies for the Executive under such plans, practices,
         policies and programs as in effect on the date hereof. As used in this
         Agreement, the term "affiliated companies" shall include any company
         controlled by, controlling or under common control with the Company.

                           (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 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

                                       5
<PAGE>

         plans and programs) to the extent applicable generally to all executive
         officers of the Company and its affiliated companies, but in no event
         shall such plans, practices, policies and programs provide the
         Executive with benefits which are less favorable, in the aggregate,
         than the most favorable of those provided by the Company and its
         affiliated companies for the Executive under than such plans,
         practices, policies and programs of the Company and its affiliated
         companies in effect for the Executive on the date hereof.

                           (v)      Fringe Benefits. During the Employment
         Period, the Executive shall be entitled to (A) a monthly car allowance
         and (B) such other fringe benefits (including, without limitation,
         payment of club dues, financial planning services, cellular telephone,
         mobile email, annual physical examinations, payment of professional
         fees and professional taxes and payment of related expenses, as
         appropriate) in accordance with the most favorable plans, practices,
         programs and policies of the Company and its affiliated companies in
         effect for the Executive on the date hereof.

                           (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 three weeks paid vacation or
         such greater amount of paid vacation as may be applicable to the
         executive officers of the Company and its affiliated companies.

                           (viii)   Deferred Compensation Plan. During the
         Employment Period, the Executive shall be entitled to continue to
         participate in any deferred compensation or similar plans in which
         executive officers of the Company and its affiliated companies
         participate.

                  (c)      Termination of Prior Agreements. The Executive
acknowledges and agrees that this Agreement is being executed in replacement of
any and all Employment Agreements existing between the Executive and Weatherford
International, Inc. or its affiliates (the "Prior Agreements"). As a result, the
Executive and the Company agree that any and all Prior Agreements are hereby
terminated and of no further force and effect.

         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 11(b) of this Agreement of its intention to
terminate the Executive's employment. In such event, the Executive's employment
with the Company shall terminate effective 30 days after receipt of such notice
by the Executive (the "Disability Effective Date"), provided that within the
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 his representative) may provide the Company with
written notice in accordance with Section 11(b) of this Agreement of the
Executive's intention to terminate his employment. In such event, the Disability
Effective Date shall be 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.

                                       6
<PAGE>

                  (c)      Good Reason. The Executive's employment may be
terminated by the Executive at any time during the Employment Period for Good
Reason.

                  (d)      Notice of Termination. Any termination during the
Employment Period by the Company for Cause, or by the Executive for Good Reason,
shall be communicated by Notice of Termination to the other party hereto given
in accordance with Section 11(b) of the Agreement. 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 30 days after the giving of such notice). The failure by the
Executive or the Company to set forth in the Notice of Termination 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.

                  (e)      Date of Termination. "Date of Termination" shall
mean:

                           (i)      if the Executive's employment is terminated
         by the Company for Cause, or by the Executive for Good Reason, the date
         of receipt of the Notice of Termination or any later date specified
         therein, as the case may be;

                           (ii)     if the Executive's employment is terminated
         by the Company other than for Cause, the Date of Termination shall be
         the date on which the Executive receives notice of such termination;
         and

                           (iii)    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)      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 to the Executive (or
         Executive's heirs, beneficiaries or representatives as applicable) in a
         lump sum in cash within 30 days after the Date of Termination the
         aggregate of the following amounts:

                                    (A)      the sum of (1) the Executive's
                  Annual Base Salary through the Date of Termination to the
                  extent not theretofore paid, (2) the product of (x) the higher
                  of (I) the highest Annual Bonus received by the Executive in
                  the preceding five calendar years and (II) the Annual Bonus
                  that would be payable in respect of the current fiscal year
                  (and annualized for any fiscal year consisting of less than 12
                  months) (such higher amount being referred to as the "Highest
                  Annual Bonus") and (y) 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 365, and (3)
                  any compensation previously deferred by the Executive under
                  any deferred compensation plan sponsored by the Company
                  (together with any accrued interest or earnings thereon), and
                  any accrued vacation pay, in each case to the extent not
                  theretofore paid (the

                                       7
<PAGE>

                  sum of the amounts described in clauses (1), (2) and (3) shall
                  be hereinafter referred to as the "Accrued Obligations");

                                    (B)      an amount equal to two times the
                  sum of (i) the highest Annual Base Salary received by the
                  Executive in the last five years ended prior to the
                  Termination Date and (ii) the Highest Annual Bonus;

                                    (C)      an amount equal to the total of the
                  employer basic and matching contributions credited to the
                  Executive under the Company's 401(k) Savings Plan (the "401(k)
                  Plan") and any other deferred compensation plan (excluding the
                  Company's ERP (as defined below)) during the 12-month period
                  immediately preceding the month of the Executive's Date of
                  Termination multiplied by two, such amount to be grossed up so
                  that the amount the Executive actually receives after payment
                  of any federal or state taxes payable thereon equals the
                  amount first described above; and

                                    (D)      the total value of all fringe
                  benefits received by the Executive on an annualized basis
                  multiplied by two.

                           (ii)     For a period of two years 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 benefits to the Executive and the
         Executive's family equal to those which would have been provided to
         them in accordance with the plans, programs, practices and policies
         described in Section 3(b)(iv) of this Agreement if the Executive's
         employment had not been terminated; provided, however, that with
         respect to any of such 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
         medical or other welfare benefits under another employer provided plan,
         the medical and other welfare benefits described herein shall be
         secondary to those provided under such other plan during such
         applicable period of eligibility. To the extent that the Executive or
         the Executive's family is precluded from continuing participation in
         any of the foregoing plans, programs, practices or policies for any
         portion of such two year period, the Executive shall be provided with
         the after-tax economic equivalent of the benefits that would have been
         provided under such plans, programs, practices and policies for the
         portion of such two year period in which the Executive or Executive's
         family is unable to participate for the full period of three years.

                           (iii)    All benefits and amounts under the Company's
         deferred compensation plan and all other benefit plans (except as
         specifically provided for in Section 6(b) below), including all stock
         options, restricted stock or other stock-based awards held by the
         Executive, not already vested shall become immediately 100% vested and
         fully exercisable as of the Date of Termination.

                           (iv)     To the extent not theretofore paid or
         provided, the Company shall timely pay or provide to the Executive any
         other amounts or benefits required to be paid or provided or which the
         Executive is eligible to receive under any plan, program, policy or
         practice or contract or agreement of the Company and its affiliated
         companies (collectively, the "Other Benefits").

                           (v)      If the Executive's employment is terminated
         by reason of the Executive's death, then Other Benefits (as defined in
         this Section) shall also include, without limitation, and the
         Executive's estate and/or beneficiaries shall be entitled to receive,
         benefits at least equal to the most favorable benefits provided by the
         Company and its affiliated companies to the estates and beneficiaries
         of the executive officers of the Company and such affiliated companies
         under such plans,

                                       8
<PAGE>

         programs, practices and policies relating to death benefits, if any, in
         effect on the date hereof or, if more favorable, those in effect on the
         date of the Executive's death.

                           (vi)     If the Executive's employment is terminated
         by reason of the Executive's Disability, then Other Benefits (as
         defined in this Section) shall also include, without limitation, and
         the Executive shall be entitled after the Disability Effective Date to
         receive, disability and other benefits at least equal to the most
         favorable benefits generally provided by the Company and its affiliated
         companies to the Executive's disabled peer executive officers and/or
         their families in accordance with such plans, programs, practices and
         policies relating to disability, if any, in effect generally on the
         date hereof or, if more favorable, those in effect at the time of the
         Disability

                  (b)      Cause. If the Executive's employment is terminated
for Cause during the Employment Period, this Agreement shall terminate without
further obligations to the Executive, other than the obligation to pay to the
Executive (x) his Annual Base Salary through the Date of Termination, (y) the
amount of any compensation previously deferred by the Executive and (z) Other
Benefits, in each case to the extent theretofore unpaid.

                  (c)      Termination by Executive Other Than for Good Reason.
If the Executive voluntarily terminates his employment during 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 for
payment of Accrued Obligations and Other Benefits and the rights provided in
Section 6. In such case, all Accrued Obligations shall be paid to the Executive
in a lump sum in cash within 30 days after the Date of Termination subject to
such other options or restrictions as provided by law.

         6.       Other Rights.

                  (a)      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
contract or agreement with the Company or any of its affiliated companies.
Except as otherwise 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 plan, policy, practice or program of or
any contract or agreement with the Company or any of its affiliated companies at
or subsequent to the Date of Termination shall be payable in accordance with
such plan, policy, practice or program or contract or agreement. If the
Executive has any other employment or similar agreement with the Company at the
Date of Termination, the Executive agrees that he shall have the right to
receive all of the benefits provided under this Agreement or such other
agreement, whichever one, in its entirety, the Executive chooses, but not both
agreements, and when the Executive has made such election, the other agreement
shall be superseded in its entirety and shall be of no further force and effect.
The Executive also agrees that to the extent he may be eligible for any
severance pay or similar benefit under any laws providing for severance or
termination benefits, such other severance pay or similar benefit shall be
coordinated with the benefits owed hereunder, such that the Executive shall not
receive duplicate benefits.

                  (b)      With respect solely to the Company's Nonqualified
Executive Retirement Plan ("ERP"), if the Executive's employment is terminated
for any reason whatsoever, with or without Cause, and no Change of Control has
occurred or is pending, any ERP benefits payable shall only be those that are
payable, if any, under the terms of the ERP as of the Date of Termination.

                                       9
<PAGE>

         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, 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 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 (regardless of the
outcome thereof) 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), plus in
each case interest on any delayed payment at the applicable Federal rate
provided for in Section 7872(f)(2)(A) of the Internal Revenue Code of 1986, as
amended (the "Code").

         8.       Certain Additional Payments by the Company.

                  (a)      Anything in this Agreement to the contrary
notwithstanding, if it shall be determined that any payment or distribution by
the Company to or for the benefit of the Executive (whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or
otherwise, but determined without regard to any additional payments required
under this Section 8) (a "Payment") would be subject to the excise tax or other
tax imposed by Section 4999 of the Code (and any successor provisions or
sections to Section 4999) or any interest or penalties are incurred by the
Executive with respect to such excise tax (such excise tax, together with any
such interest and penalties, are hereinafter collectively referred to as the
"Excise Tax"), then the Executive shall be entitled to receive an additional
payment (a "Gross-Up Payment") in an amount such that after payment by the
Executive of all taxes (including any interest or penalties imposed with respect
to such taxes), including without limitation, any income taxes (and any interest
and penalties imposed with respect thereto) and Excise Tax imposed upon the
Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal
to the Excise Tax imposed upon the Payments.

                  (b)      Subject to the provisions of Section 8(c), all
determinations required to be made under this Section 8, including whether and
when a Gross-Up Payment is required and the amount of such Gross-Up Payment and
the assumptions to be utilized in arriving at such determination shall be made
by PricewaterhouseCoopers or, as provided below, such other certified public
accounting firm as may be designated by the Executive (the "Accounting Firm")
which shall provide detailed supporting calculations both to the Company and the
Executive within 15 business days after the receipt of notice from the Executive
that there has been a Payment, or such earlier time as is requested by the
Company. In the event that the Accounting Firm is serving as accountant or
auditor for the individual, entity or group effecting the Change of Control, the
Executive shall appoint another nationally recognized accounting firm to make
the determinations required hereunder (which accounting firm shall then be
referred to as the Accounting Firm hereunder). All fees and expenses of the
Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as
determined pursuant to this Section 8, shall be paid by the Company to the
Executive within five days after the receipt of the Accounting Firm's
determination. Any determination by the Accounting Firm, absent manifest error,
shall be binding upon the Company and the Executive. As a result of the
uncertainty in the application

                                       10
<PAGE>

of Section 4999 of the Code at the time of the initial determination by the
Accounting Firm hereunder, it is possible that Gross-Up Payments which will not
have been made by the Company should have been made ("Underpayment"), consistent
with the calculations required to be made hereunder. In the event that the
Company exhausts its remedies pursuant to Section 8(c) and the Executive
thereafter is required to make a payment of any Excise Tax, the Accounting Firm
shall determine the amount of the Underpayment that has occurred and any such
Underpayment shall be promptly paid by the Company to or for the benefit of the
Executive.

                  (c)      The Executive shall notify the Company in writing of
any claim by the Internal Revenue Service (the "IRS") that, if successful, would
require the payment by the Company of the Gross-Up Payment (or an additional
Gross-Up Payment) in the event the IRS seeks higher payment. Such notification
shall be given as soon as practicable, but no later than ten business days after
the Executive is informed in writing of such claim, and shall apprise the
Company of the nature of such claim and the date on which such claim is
requested to be paid. The Executive shall not pay such claim prior to the
expiration of the 30-day period following the date on which he gives such notice
to the Company (or such shorter period ending on the date that any payment of
taxes with respect to such claim is due). If the Company notifies the Executive
in writing prior to the expiration of such period that it desires to contest
such claim, the Executive shall:

                           (i)      give the Company any information reasonably
         requested by the Company relating to such claim,

                           (ii)     take such action in connection with
         contesting such claim as the Company shall reasonably request in
         writing from time to time, including without limitation, accepting
         legal representation with respect to such claim by an attorney
         reasonably selected by the Company,

                           (iii)    cooperate with the Company in good faith in
         order to effectively contest such claim, and

                           (iv)     permit the Company to participate in any
         proceedings relating to such claims;

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such costs and shall indemnify and hold the Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 8(c), the Company shall control all proceedings taken in connection
with such contest and, at its sole option, may pursue or forego any and all
administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct
the Executive to pay the tax claimed and sue for a refund or contest the claim
in any permissible manner, and the Executive agrees to prosecute such contest to
determination before any administrative tribunal, in a court of initial
jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that if the Company directs the Executive to pay
such claim and sue for a refund, the Company shall advance the amount of such
payment to the Executive, on an interest-free basis and shall indemnify and hold
the Executive harmless, on an after-tax basis, from any Excise Tax or income tax
(including interest or penalties with respect thereto) imposed with respect to
such advance or with respect to any imputed income with respect to such advance;
and further provided that any extension of the statute of limitations relating
to payment of taxes for the taxable year of the Executive with respect to which
such contested amount is claimed to be due is limited solely to such contested
amount. Furthermore, the Company's control of the contest shall be limited to
issues with respect to which a Gross-Up Payment would be payable hereunder and
the Executive shall be entitled to settle or contest, as the case may be, any
other issues raised by the IRS or any other taxing authority.

                                       11
<PAGE>

                  (d)      If, after the receipt by the Executive of an amount
advanced by the Company pursuant to Section 8(c), the Executive becomes entitled
to receive any refund with respect to such claim, the Executive shall (subject
to the Company's complying with the requirements of Section 8(c)) promptly pay
to the Company the amount of such refund (together with any interest paid or
credited thereon after taxes applicable thereto). If, after the receipt by the
Executive of an amount advanced by the Company pursuant to Section 8(c), a
determination is made that the Executive shall not be entitled to any refund
with respect to such claim and the Company does not notify the Executive in
writing of its intent to contest such denial of refund prior to the expiration
of 30 days after such determination, then such advance shall be forgiven and
shall not be required to be repaid and the amount of such advance shall offset,
to the extent thereof, the amount of Gross-Up Payment required to be paid.

                  (e)      Any provision in this Agreement or any other plan or
agreement to the contrary notwithstanding, if the Company is required to pay a
Gross-Up Payment pursuant to the provisions of this Agreement and pursuant to
the provisions of another plan or agreement, then the Company shall pay the
greater of the amount determined pursuant to this Agreement or the amount
determined pursuant to the provisions of such other plan or agreement, but in no
event shall the Company pay amounts pursuant to both provisions.

         9.       Confidential Information. 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.      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)      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, 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 the 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. Failure of the
Company to obtain such assumption and agreement 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, for purposes of implementing the foregoing, the date on which any
such succession becomes effective shall be deemed the Date of Termination. As
used in this Agreement,

                                       12
<PAGE>

"Company" shall mean the Company as hereinbefore defined and any successor to
its business and/or assets as provided above.

         11.      Miscellaneous.

                  (a)      THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE 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. 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 as follows:

                  If to the Executive:          Andrew P. Becnel
                                                515 Post Oak Blvd., Suite 600
                                                Houston, Texas 77027

                  If to the Company:            Weatherford International Ltd.
                                                515 Post Oak Blvd., Suite 600
                                                Houston, Texas 77027
                                                Attention: General Counsel

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. 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 to 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 constitutes the entire agreement and
understanding between the parties relating to the subject matter hereof and
supersedes all prior agreements between the parties relating to the subject
matter hereof, including, without limitation, the Prior Agreements.

                                       13
<PAGE>

         IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand
and, pursuant to the authorization from its Board of Directors, the Company has
caused these presents to be executed in its name and on its behalf, all as of
the day and year first above written.

                                            /s/ Andrew P. Becnel
                           -------------------------------------------------
                                              Andrew P. Becnel

                           WEATHERFORD INTERNATIONAL LTD.

                           By:          /s/ Bernard J. Duroc-Danner
                              -----------------------------------------------
                                           Bernard J. Duroc-Danner
                                Chairman, President & Chief Executive Officer

                                       14

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