Document:

exv10w45

 

Exhibit 10.45

WEATHERFORD INTERNATIONAL LTD.

FORM OF RESTRICTED SHARE UNIT AWARD

AGREEMENT

This Restricted Share Unit Award Agreement (this “Agreement”) is made and entered
into by and between Weatherford International Ltd., a Bermuda exempted company (the “Company”), and
_________ (the “Holder”) effective as of the ___ day
of _________, 200___, pursuant to the
Weatherford International Ltd. 2006 Omnibus Incentive Plan (the “Plan”), which is incorporated by
reference herein in its entirety.

Whereas, the Company desires
to grant to the Holder _____________ of the Company’s restricted
share units (the “Units”), subject to the terms and conditions of this Agreement; and

Whereas, the Holder desires to have the opportunity to hold the Units subject to the terms
and conditions of this Agreement;

Now, therefore, in consideration of the premises, mutual covenants and agreements
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows:

	1.	 	Definitions. For purposes of this Agreement, “Forfeiture Restrictions” shall mean
any prohibitions and restrictions set forth herein or in the Plan with respect to the sale or
other disposition of the Units and the obligation to forfeit such Units to the Company.

Capitalized terms not otherwise defined in this Agreement shall have the meanings given to
such terms in the Plan.

	2.	 	Grant of Units. Effective as of the date of this Agreement, the Company grants to
the Holder ____________ Units. The Company and the Holder agree that this Agreement, together
with the Plan and the Employment Agreement between the Company and the Holder dated
____________ (the “Employment Agreement”), sets forth the complete terms of the Award and
that the Award shall be subject to the terms of the Employment Agreement.

	3.	 	Transfer Restrictions. Except as specified herein or in the Plan, the Units may not
be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or
disposed of. Any such attempted sale, assignment, pledge, exchange, hypothecation, transfer,
encumbrance or disposition in violation of this Agreement or the Plan shall be void, and the
Company shall not be bound thereby.

	4.	 	Vesting.  (a)  Except as otherwise specified in this Section 4, the Units shall be subject to
Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Units that are
granted hereby in accordance with the following schedule provided that the Units have not
been forfeited to the Company prior to such date:

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	 	 	Number of
	 	 	Units as to
	 	 	Which Forfeiture
	Lapse Date	 	Restrictions Lapse
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 

	 	(b)	 	Notwithstanding the foregoing, (i) if the Holder’s employment or affiliation
relationship with the Company and its Affiliates is terminated prior to the ___
anniversary of the date hereof (A) due to the death or Disability of the Holder, (B)
by the Holder for Good Reason (applicable only if such term and manner of termination
is specifically provided for in the Employment Agreement) or (C) by the Company for
any reason other than Cause (as defined in the Employment Agreement), then, in any
such event, all Forfeiture Restrictions shall lapse with respect to all Units subject
to Forfeiture Restrictions on the date of termination of the Holder’s employment or
affiliation relationship, or (ii) if there is a Corporate Change, then all Forfeiture
Restrictions shall immediately lapse with respect to all Units subject to Forfeiture
Restrictions.
	 
	 	(c)	 	If, prior to the ___anniversary of the date hereof, the Holder’s
employment or affiliation relationship with the Company and its Affiliates terminates
for any reason other than the Holder’s death or Disability, or is terminated by the
Holder for any reason other than Good Reason or by the Company for Cause, any
Forfeiture Restrictions that have not previously lapsed pursuant to the provisions of
this Section 4 shall not lapse, and any Units with respect to which the Forfeiture
Restrictions have not lapsed shall be forfeited to the Company on the date of
termination of the Holder’s employment of affiliation relationship with the Company
and its Affiliates.
	 
	 	(d)	 	In the event any Units are forfeited to the Company pursuant to this
Agreement, the Company will not be obligated to pay the Holder any consideration
whatsoever for the forfeited Units.

	5.	 	Dividend Equivalents. If during the period the Holder holds any Units awarded
hereby the Company pays a dividend in cash, shares or otherwise with respect to the
outstanding shares of Company’s common shares, U.S. $1.00 par value per share (the “Shares”),
the Holder shall receive no dividend equivalent payment with respect to the Holder’s Units.

	6.	 	Delivery of Share Certificates. Upon the lapse of the Forfeiture Restrictions under
Section 4 hereof and the satisfaction by the Holder of any liability arising under Section 8
of this Agreement, the Company shall deliver or cause to be delivered a share certificate
representing a number of Shares equal to the number of Units with respect to which the
Forfeiture Restrictions have lapsed.

	7.	 	Capital Adjustments and Reorganizations. The existence of the Units shall not affect
in any way the right or power of the Company or its shareholders to make or authorize any or
all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business, any merger, amalgamation or consolidation

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	 	 	of the Company, any issue of debt or equity securities, including, without limitation,
preferred or prior preference shares ahead of or affecting the Shares, the dissolution or
liquidation of the Company, or any sale, lease, exchange or other disposition of all or any
part of its assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

	8.	 	Tax Withholding. To the extent that the receipt or holding of the Units or the lapse
of any Forfeiture Restrictions results in income, wages or compensation to the Holder for any
federal, state or local income, social insurance, employment or other tax purposes with
respect to which the Company or any of its Affiliates has a withholding obligation, the Holder
shall deliver to the Company or such Affiliate at the time of such receipt or lapse, as the
case may be, such minimum amount of money as the Company or such Affiliate may require to meet
its obligation under applicable tax laws or regulations, and, if the Holder fails to do so,
the Company is authorized to withhold from the Shares to be delivered to the Holder pursuant
to Section 6 of this Agreement or from any cash or share remuneration then or thereafter
payable to the Holder any minimum amount of tax required to be withheld by reason of such
resulting income.

	9.	 	Joint election to transfer Secondary Class 1 National Insurance Contributions and
provisions for collection of Primary and Secondary Class 1 National Insurance
Contributions.

The employing corporation (“the Employer”) has authorized the Company to enter into the
following election with the Holder:

(a) The Holder acknowledges that Relevant Employment Income (being any gain that is
treated as remuneration derived from the Holder’s employment by virtue of section
4(4)(a) of the UK Social Security Contributions and Benefits Act 1992 (“SSCBA 1992”))
may arise in connection with the vesting, assignment or release of the Units. The
Holder shall be liable to pay the employee’s primary Class 1 National Insurance
Contributions (“the Primary Contributions”), if any, on such Relevant Employment Income.

(b) Subject to an election to the contrary, the Employer may be liable to pay secondary
Class 1 National Insurance Contributions (“the Secondary Contributions”) on any such
Relevant Employment Income as is referred to in paragraph (a) of this Section 9. The
Holder and the Company (on behalf of the Employer) hereby jointly elect that the entire
liability (if any) to pay Secondary Contributions is hereby transferred to the Holder on
the terms set out in this Section 9 (“the Election”). This joint election is made in
accordance with Paragraph 3B(1) of Schedule 1 of SSCBA 1992.

(c) The Holder hereby authorizes the Company and the Employer to make arrangements to
collect Primary and Secondary Contributions in respect of any such Relevant Employment
Income as referred to in paragraph (a) of this Section 9 from the Holder by deduction
from any sums owing to the Holder (including in particular but not by way of limitation
any installment of salary, bonus, commission or otherwise) where in the opinion of the
Employer this is reasonably practicable. In respect of circumstances where it is not so
reasonably practicable, the Holder hereby authorizes the Company to collect Primary and
Secondary Contributions by requiring the Holder:

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	 	(i)	 	to deliver cash, banker’s draft or check to the Employer
sufficient to pay the Primary and Secondary Contributions due; or
	 
	 	(ii)	 	in the case of an acquisition of Shares as a result of the
lapse of the Forfeiture Restrictions, to authorize the Company to reduce the
number of Shares made available for delivery to the Holder such that the Fair
Market Value of the Shares withheld is sufficient to realize the Primary and
Secondary Contributions; or
	 
	 	(ii)	 	in the case of an assignment or release of Units (to the
extent permitted under the terms of this Agreement or the Plan) where the
payment is to be made to the Holder from a third party, to authorize such
third party to withhold an amount sufficient to cover the Primary and
Secondary Contributions due and to transfer such amount to the Company.

The Holder will ensure that in the case of paragraph (c)(i) of this Section 9
either cleared funds will be provided to the Employer prior to the acquisition of
Shares, assignment of Units or release of Units (as the case maybe), or in the case
of paragraph (c)(ii) where the Company will transfer an amount sufficient to cover
the Primary and Secondary Contributions due to the Employer and paragraph (c)(iii)
of this Section 9 such funds shall be provided in time for their transfer from the
Company to the Employer within 30 days of the acquisitions of Shares, assignment of
Units or release (as the case may be) of the Units or, if earlier, within 14 days
of the end of the tax month during which the acquisition of Shares, assignment of
Units or release of Units (as the case may be) occurred.

Whether or not Primary and/or Secondary Contributions are to be accounted for and
if so the amount due shall be determined by the Employer having regard to the
prevailing legislation and practice and the National Insurance rates in force at
the time. The Employer’s determination of the amount due shall be final and
binding on the Holder.

(d) The Holder and the Company on behalf of the Employer agree to be bound by the terms
of this Election.

(e) The Inland Revenue has approved the form of this Election and the arrangements for
securing that the liability transferred by this Election will be met. This Election
shall continue in effect until the fulfillment of all of the obligations contained in
this Section 9, or it is revoked jointly by the Company on behalf of the Employer and
the Company, or notice is given to the Holder by the Company on behalf of the Employer
terminating the effect of this Election, whichever shall first occur. In the event that
the Inland Revenue notifies the Employer that their approval has been withdrawn in
relation to this Election the Employer will notify the Holder within 14 days of receipt
of the notice of withdrawal.

(f) The Company will provide the Employer with sufficient information to enable the
Employer to comply with its UK National Insurance Contributions reporting and payment
obligations.

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(g) The Employer agrees to pay the Primary and/or Secondary Contributions to the Inland
Revenue within 14 days after the end of the tax month during which the liability arose.

(h) Before the ___of ___, after the end of the UK tax year in which a liability to
pay Primary and/or Secondary Contributions arises, the Employer will report to the
Inland Revenue:

	 	(i)	 	details of the amount of National Insurance Contributions
arising;
	 
	 	(ii)	 	the amount of the Secondary Contributions liability which was
transferred by way of this Election; and
	 
	 	(iii)	 	the date on which the transferred Secondary Contributions
liability was paid to the Collector of Taxes.

(i) The arrangements for the payment of Primary and Secondary Contributions (where due)
by the Holder shall apply whether or not the Employee has ceased employment or has left
the UK.

(j) This joint election will not apply to the extent that it relates to
Relevant Employment Income which is employment income of the Holder by virtue of
Chapter 3A of Part 7 of Income Tax Earnings and Pension Act 2003.

	10.	 	Employment or Affiliation Relationship. For purposes of this Agreement, the Holder
shall be considered to be in the employment of, or affiliated with, the Company or its
Affiliates as long as the Holder has an employment or affiliation relationship with the
Company or its Affiliates. The Committee shall determine any questions as to whether and when
there has been a termination of such employment or affiliation relationship, and the cause of
such termination, under the Plan and the Committee’s determination shall be final and binding
on all persons.

	11.	 	Voting and Other Rights. The Holder shall have no rights as a shareholder of the
Company in respect of the Units, including the right to vote and to receive dividends and
other distributions, until delivery of certificates representing Shares in satisfaction of
such Units.

	12.	 	Not an Employment or Affiliation Agreement. This Agreement is not an employment or
affiliation agreement, and no provision of this Agreement shall be construed or interpreted to
create an employment relationship between the Holder and the Company or any of its Affiliates
or guarantee the right to remain employed by or affiliated with the Company or any of its
Affiliates for any specified term.

	13.	 	Termination of Plan; Discretionary Grant. The Holder acknowledges that the Committee
may unilaterally amend, terminate or suspend the Plan at any time. The Holders waives any
rights to receive future awards under the Plan if the Plan is terminated or if the Holder’s
employment or affiliation relationship with the Company and its Affiliates terminates for any
reason. The Holder acknowledges and agrees that the award of the Units pursuant to this
Agreement is not an element of the Holder’s compensation and has been awarded at the Company’s
sole discretion, and that the award
of the Units pursuant to this Agreement does not entitle the Holder to any future awards
under the Plan.

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	14.	 	Data Privacy. By signing below, the Holder voluntarily acknowledges and consents to
the collection, use, processing and transfer of personal data as described in this Section.
The Holder is not obliged to consent to such collection, use, processing and transfer of
personal data. However, failure to provide the consent may affect the Holder’s ability to
participate in the Plan. The Company and its Affiliates hold certain personal information
about the Holder, including the Holder’s name, home address and telephone number, date of
birth, social security number or other employee identification number, salary, nationality,
job title, any shares of stock or directorships held in the Company and details of all Units
or any other entitlement to shares of stock awarded, cancelled, purchased, vested, unvested or
outstanding in the Holder’s favor, for the purpose of managing and administering the Plan
(“Data”). The Company and its Affiliates will transfer Data amongst themselves as necessary
for the purpose of implementation, administration and management of the Holder’s participation
in the Plan, and the Company and its Affiliates may each further transfer Data to any third
parties assisting the Company in the implementation, administration and management of the
Plan. These recipients may be located in the European Economic Area or elsewhere throughout
the world, such as the United States. The Holder authorizes them to receive, possess, use,
retain and transfer the Data, in electronic or other form, for the purposes of implementing,
administering and managing the Holder’s participation in the Plan, including any requisite
transfer of such Data as may be required for the administration of the Plan and the subsequent
holding of Shares on the Holder’s behalf by a broker or other third party with whom the Holder
may elect to deposit any Shares acquired pursuant to the Plan. The Holder may, at any time,
review Data, require any necessary amendments to it or withdraw the consents herein in writing
by contacting the Company; however, withdrawing consent may affect the Holder’s ability to
participate in the Plan.

	15.	 	Notices. Any notice, instruction, authorization, request or demand required
hereunder shall be in writing, and shall be delivered either by personal delivery, by
facsimile, by certified or registered mail, return receipt requested, or by courier or
delivery service, addressed to the Company at the address indicated beneath its signature on
the execution page of this Agreement, and to the Holder at the Holder’s address indicated
beneath his signature on the execution page of this Agreement, or at such other address and
number as a party shall have previously designated by written notice given to the other party
in the manner hereinabove set forth. Notices shall be deemed given when received, if sent by
facsimile (confirmation of such receipt by confirmed facsimile transmission being deemed
receipt of communications sent by facsimile means); and when delivered and receipted for (or
upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by
express courier or delivery service, or sent by certified or registered mail, return receipt
requested.

	16.	 	Amendment and Waiver. This Agreement may be amended, modified or superseded only by
written instrument executed by the Company and the Holder. Only a written instrument executed
and delivered by the party waiving compliance hereof shall make any waiver of the terms or
conditions effective. Any waiver granted by the Company shall be effective only if executed
and delivered by a duly authorized executive officer of the Company other than the Holder.
The failure of any party at any time or times to require performance of any provisions hereof
shall in no manner effect the right to enforce the same. No waiver by any party of any term
or condition, or the breach of any
term or condition contained in this Agreement, in one or more instances, shall be construed
as a continuing waiver of any such condition or breach, a waiver of any other condition, or
the breach of any other term or condition.

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	17.	 	Governing Law and Severability. This Agreement shall be governed by the laws of the
State of Texas without regard to its conflicts of law provisions. The invalidity of any
provision of this Agreement shall not affect any other provision of this Agreement, which
shall remain in full force and effect.

	18.	 	Successors and Assigns. Subject to the limitations which this Agreement and the Plan
impose upon the transferability of the Units, this Agreement shall bind, be enforceable by and
inure to the benefit of the Company and its successors and assigns, and to the Holder, his
permitted assigns and, upon the Holder’s death, the Holder’s estate and beneficiaries thereof
(whether by will or the laws of descent and distribution), executors, administrators, agents,
and legal and personal representatives.

	19.	 	Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be an original for all purposes but all of which taken together shall constitute
but one and the same instrument.

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in witness whereof, the Company has caused this Agreement to be duly executed by an
officer thereunto duly authorized, and the Holder has executed this Agreement, all as of the date
first above written.

	 	 	 	 	 
	 	COMPANY:

weatherford international ltd.

 	 
	 	By:  	 	 
	 	 	 	 
	 	  	 	 
	 	 	 	 
	 	 	515 Post Oak Blvd., Ste. 600

Houston, TX 77027

Attn:  General Counsel

Facsimile:  (713) 693-4484
 	 
	 
	 	HOLDER:

—————————————————————

Address:

————————————————

————————————————

————————————————

 	 
	 	 	 
	 	 	 
	 	 	 
	 

8exv10w46

 

Exhibit 10.46

WEATHERFORD INTERNATIONAL LTD.

2006 OMNIBUS INCENTIVE PLAN

FORM OF STOCK OPTION AGREEMENT

     Under the terms and conditions of the Weatherford International Ltd. 2006 Omnibus Incentive
Plan (the “Plan”), a copy of which is attached hereto and incorporated in this Agreement by
reference, Weatherford International Ltd.. (the “Company”) grants to ___(the
“Optionee”) the option to purchase ___common shares, par value U.S.$1.00 per share,
(“Common Shares”) of the Company at the price of U.S.$  per share, subject to adjustment
as provided in the Plan (the “Option”), as follows:

     1. Grant. (a) The Company hereby grants to the Optionee the Option effective as of
___, 200___(the “Date of Grant”). The Company and the Optionee agree that the Option shall
be subject to the terms of this Agreement and the Plan. The Company and Optionee further agree
that this Agreement, together with the Plan and the Employment Agreement with between the Optionee
and the Company dated ___(the “Employment Agreement”), sets forth the complete
terms of the Option as in effect on the date hereof. To the extent the terms of this Agreement and
the Option vary with the terms of the Plan, the terms of this Agreement and the Option shall
prevail to the extent necessary to permit the grant of the Option.

     (b) Subject to the terms and conditions of this Agreement and the Plan, the Option provides
the Optionee with the option to purchase ___Common Shares (the “Option Shares”) at a price
of U.S.$___ per share (the “Option Price”).

     (c) The Option is subject to the terms and provisions of the Plan, which are incorporated
herein by reference. The Option shall also be subject to the terms of the Employment Agreement.
Capitalized terms used in this Agreement but not defined herein shall have the respective meanings
ascribed to them in the Plan.

     (d) The Option is considered to be a non-statutory option and is not intended to be an
incentive stock option within the meaning of Section 422 of the United States Internal Revenue Code
of 1986, as amended from time to time (the “Code”).

     (e) The Option shall become fully vested and exercisable as follows: ___; provided,
however, the Option is subject to earlier vesting in the event of termination of employment within
___years from the Date of Grant (i) by the Optionee for Good Reason (applicable only if such
term and manner of termination is specifically provided for in the Employment Agreement), (ii) by
the Company for any reason other than Cause (as defined in the Employment Agreement) or (iii) due
to death, Disability or retirement, each as provided for in Section 5 hereof. No Option however
shall be exercisable after the date which is 10 years from the Date of Grant.

 

 

     2. Changes in the Company’s Capital Structure. (a) The existence of the Option shall not
affect in any way the right or power of the Company or its shareholders to make or authorize any or
all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital
structure or its business, or any acquisition, merger, amalgamation or consolidation of the
Company, or any issue of bonds, debentures, preferred or prior preference shares ahead of or
affecting the Common Shares or the rights thereof, or the winding up, dissolution or liquidation of
the Company, or any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise, including a Corporate
Change (as defined in the Plan).

     (b) The number of Common Shares subject to the Option, the Option Price and the securities
issuable and other property payable upon exercise of the Option shall be adjusted as provided in
the Plan.

     3. Exercise of Options. The Option may be exercised from time to time as to the total number
of shares that may then be issuable upon the exercise thereof or any portion thereof in the manner
and subject to the limitations provided for in the Plan and in Section 1 hereof.

     4. Requirements of Law. The Company shall not be required to sell or issue any Option Shares
if issuing those shares would constitute or result in a violation by the Optionee or the Company of
any provision of any law, statute or regulation of any governmental authority. Specifically, in
connection with any applicable statute or regulation relating to the registration of securities,
upon exercise of the Option, the Company shall not be required to issue any Option Shares unless
the Committee has received evidence satisfactory to it to the effect that the Optionee will not
transfer the Option Shares except in accordance with applicable law, including receipt of an
opinion of counsel satisfactory to the Company to the effect that any proposed transfer complies
with applicable law. The determination by the Committee on this matter shall be final, binding and
conclusive. The Company may, but shall in no event be obligated to, register the Option Shares
pursuant to applicable securities laws of any country or any political subdivision. In the event
the Common Shares issuable upon exercise of the Option are not registered, the Company may imprint
on the certificate evidencing the Option Shares any legend that counsel for the Company considers
necessary or advisable to comply with applicable law, or, should the Option Shares be represented
by book or electronic entry, rather than a certificate, the Company may take such steps to restrict
transfer of the Option Shares as counsel for the Company considers necessary or advisable to comply
with applicable law. The Company shall not be obligated to take any other affirmative action in
order to cause or enable the exercise of the Option, or the issuance of the Option Shares, to
comply with any law or regulation of any governmental authority.

     5. Termination/Forfeiture. The Option, to the extent it shall not previously have been
exercised, shall terminate or be forfeited as follows:

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     (a) Severance of Employment. If the employment of the Optionee with the Company and its
Affiliates is terminated prior to ___years from the Date of Grant (i) by the Company for any
reason other than Cause (as defined in the Employment Agreement), or (ii) by the Optionee for Good
Reason (applicable only if such term and manner of termination is specifically provided for in the
Employment Agreement) or (iii) as a result of death, Disability or retirement under the then
established rules of the Company, any unvested portion of the Option shall become fully vested and
exercisable on the date of termination of employment and continue in effect until the date which is
ten years following the Date of Grant. However, if the employment of the Optionee is terminated by
the Company for Cause or if the Optionee’s employment is terminated for any other reason (other
than those described in the preceding sentence) prior to ___years from the Date of Grant, all
unvested portions of the Option shall immediately terminate, be forfeited and not be exercisable.
Notwithstanding the foregoing, severance of employment by the Company or its Affiliate, as
applicable, or by the Optionee for any reason shall not affect the exercisability or duration of
any vested portion of the Option.

     (b) Death. If the Optionee dies prior to ___years from the Date of Grant, any unvested
portion of the Option shall become fully vested and exercisable and continue in effect until the
date which is 10 years following the Date of Grant. After the death of the Optionee, the
Optionee’s executors, administrators or any persons to whom his Option may be transferred by will
or by the laws of descent and distribution shall have the right, at any time prior to the Option’s
expiration, to exercise it.

     (c) Retirement. If the Optionee shall be retired in good standing from the employ of the
Company and its Affiliates under the then established rules of the Company and its Affiliates,
prior to ___years from the Date of Grant, the Optionee shall vest in the number of unvested
Options determined by multiplying the number of unvested Options granted to the Optionee by a
fraction, the numerator of which is the Optionee’s total whole months of service since the Date of
Grant and the denominator of which is ___. Such vested portion of the Option shall be
exercisable until the date which is 10 years following the Date of Grant.

     (d) Disability. If the Optionee shall be severed from the employ of the Company and its
Affiliates for Disability prior to ___years from the Date of Grant, the Options shall become
fully vested and exercisable and continue in effect until 10 years following the Date of Grant.

	 	(e)	 	Forfeiture.
	 
	 	(i)	 	Notwithstanding any other provision of the Plan or this Agreement, if the
Committee finds by a majority vote that the Optionee, before or after the termination
of his/her employment relationship with the Company and all Affiliates (A) committed
fraud, embezzlement, theft, felony or an act of dishonesty in the course of his/her
employment by the Company or an Affiliate which conduct damaged the Company or an
Affiliate or (B) disclosed trade secrets of the Company or an Affiliate, then as of the
date the Committee makes its finding, any portion of the Option that has not been
exercised by the Optionee

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	 	 	 	will be forfeited to the Company. The findings and decision of the Committee with
respect to such matter, including those regarding the acts of the Optionee and the
damage done to the Company, will be final for all purposes.

	 	(ii)	 	Notwithstanding any other provision of the Plan or this Agreement, if the
Committee finds by a majority vote that the Optionee, before or after the termination
of his/her employment relationship with the Company and all Affiliates (A) violated any
material policies of the Company and its Affiliates, (B) breached any noncompetition,
confidentiality, or other restrictive covenants applicable to the Optionee, or (C)
engaged in other conduct that is detrimental to the business or reputation of the
Company and its Affiliates, then as of the date the Committee makes its finding, any
portion of the Option that has not been exercised by the Optionee will be forfeited to
the Company. The findings and decision of the Committee with respect to such matter,
including those regarding the acts of the Optionee and the damage done to the Company,
will be final for all purposes.

     6. Amendment. This Agreement and the Option may be amended from time to time by the Committee
in its discretion in any manner that it deems appropriate and that is consistent with the terms of
the Plan. However, no such amendment shall adversely affect in a material manner any right of the
Optionee without his/her written consent.

     7. No Rights as a Shareholder. The Optionee shall not have any rights as a shareholder with
respect to any Common Shares issuable upon the exercise of the Option until the date of entry of
the Optionee in the Company’s share register in respect of such shares, following the Optionee’s
exercise of the Option pursuant to its terms and conditions and payment for such shares. Except as
otherwise provided in the Plan, no adjustment shall be made for dividends or other distributions
made with respect to the Common Shares the record date for the payment of which is prior to the
date of issuance of the Common Shares to the Optionee following the Optionee’s exercise of the
Option.

     8. Governing Law. The validity, construction and performance of this Agreement shall be
governed by the laws of the State of Texas. Any invalidity of any provision of this Agreement
shall not affect the validity of any other provision.

     9. Notices. All notices, demands, requests or other communications hereunder shall be in
writing and shall be deemed to have been duly made or given if mailed by registered or certified
mail, return receipt requested. Any such notice mailed to the Company shall be addressed to its
office at 515 Post Oak Blvd., Suite 600, Houston, Texas 77027, Attn: Corporate Secretary, and any
notice mailed to the Optionee shall be addressed to the Optionee’s residence address as it appears
on the books and records of the Company or to such other address as either party may hereafter
designate in writing to the other.

     10. Employment Obligation. The granting of the Option by the Company to the Optionee shall
not impose upon the Company or its Affiliates any obligation to employ or

4

 

continue to employ the Optionee; and the right of the Company and its Affiliates to terminate the
employment of the Optionee with the Company or its Affiliates shall not be diminished or affected
by reason of the grant of the Option to the Optionee pursuant to this Agreement.

     11. Taxes and Governmental Charges. The Company or any Affiliate shall be entitled to deduct
from other compensation payable to the Optionee any sums required by federal, state or local tax
law to be withheld with respect to the vesting or exercise of the Option. In the alternative, the
Company may require the Optionee (or other person validly exercising the Option) to pay such sums
for taxes directly to the Company or any Affiliate in cash or by check within one day after the
date of vesting or exercise. In the discretion of the Committee and subject to the terms of the
Plan, the Company may reduce the number of Option Shares issued to the Optionee upon his/her
exercise of the Option to satisfy the tax withholding obligations of the Company or an Affiliate.
The Optionee hereby consents to the Company reducing such Option Shares issued to the Optionee upon
his/her exercise of the Option to satisfy the tax withholding obligations of the Company or an
Affiliate.

     12. Binding Effect. This Agreement shall, except as otherwise provided to the contrary in
this Agreement or in the Plan, inure to the benefit of and bind the successors and assigns of the
Company. This Agreement shall, except as otherwise provided to the contrary in this Agreement,
inure to the benefit of and bind the heirs, executors, administrators and legal representatives of
the Optionee.

     13. Termination of Plan; Discretionary Grant. The Optionee acknowledges that the Committee
may unilaterally amend, terminate or suspend the Plan at any time. The Optionee waives any rights
to receive future awards under the Plan if the Plan is terminated or if the Optionee’s employment
or affiliation with the Company and its Affiliates terminates for any reason. The Optionee
acknowledges and agrees that the award of the Options pursuant to this Agreement is not an element
of the Optionee’s compensation, including, but not limited to, with respect to the determination of
any severance, redundancy or resignation payments or benefits, and has been awarded at the
Company’s sole discretion, and that the award of the Options pursuant to this Agreement does not
entitle the Optionee to any future awards under the Plan.

     14. Data Privacy. By signing below, the Optionee voluntarily acknowledges and consents to the
collection, use, processing and transfer of personal data as described in this Section. The
Optionee is not obliged to consent to such collection, use, processing and transfer of personal
data. However, failure to provide the consent may affect the Optionee’s ability to participate in
the Plan. The Company and its Affiliates hold certain personal information about the Optionee,
including the Optionee’s name, home address and telephone number, date of birth, social security
number or other employee identification number, salary, nationality, job title, any shares or
directorships held in the Company and details of the Option or any other entitlement to Common
Shares awarded, cancelled, purchased, vested, unvested or outstanding in the Optionee’s favor, for
the purpose of managing and administering the Plan (“Data”). The Company and its Affiliates will
transfer Data amongst themselves as necessary for the purpose of implementation, administration and
management of the Optionee’s participation in the Plan, and the Company and its Affiliates may each
further transfer Data to any third parties assisting

5

 

the Company in the implementation, administration and management of the Plan. These recipients
may be located in the European Economic Area or elsewhere throughout the world, such as the United
States. The Optionee authorizes them to receive, possess, use, retain and transfer the Data, in
electronic or other form, for the purposes of implementing, administering and managing the
Optionee’s participation in the Plan, including any requisite transfer of such Data as may be
required for the administration of the Plan and the subsequent holding of Common Shares on the
Optionee’s behalf by a broker or other third party with whom the Optionee may elect to deposit any
Common Shares acquired pursuant to the Plan. The Optionee may, at any time, review Data, require
any necessary amendments to it or withdraw the consents herein in writing by contacting the
Company; however, withdrawing consent may affect the Optionee’s ability to participate in the Plan.

     15. Assignability; Successors and Assigns. Except as specified in applicable domestic
relations court orders, the Option and this Agreement shall not be transferable by the Optionee
other than by will or under the laws of descent and distribution and shall be exercisable, during
the Optionee’s lifetime, only by the Optionee. Subject to the limitations which this Agreement and
the Plan impose upon the transferability of the Option, this Agreement shall bind, be enforceable
by and inure to the benefit of the Company and its successors and assigns, and to the Holder,
his/her permitted assigns and, upon the Holder’s death, the Holder’s estate and beneficiaries
thereof (whether by will or the laws of descent and distribution), executors, administrators,
agents, and legal and personal representatives.

     16. Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be an original for all purposes but all of which taken together shall constitute but one and
the same instrument.

6

 

     IN WITNESS WHEREOF, this Agreement has been duly executed and delivered as of the day and year
first above mentioned.

	 	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 

	 	Optionee:	 	 
	 

	 	 	 	 
	 

	 	 	 	Optionee
	 

	 	 	 	Social Security No.                                        

7

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