Document:

EX-10.30

Exhibit No. 10.30

AGREEMENT & RELEASE

     This Agreement and Release (this “Agreement”), by and between Datascope Corp. (the
“Company”), Getinge AB (“Getinge”) and Lawrence Saper (“Executive”), is
entered into on December 31, 2008 (the “Effective Date”).

     WHEREAS, the Company and Getinge have entered into an Agreement and Plan of Merger, dated as
of September 15, 2008 (the “Merger Agreement”), pursuant to which Getinge has agreed to
acquire the Company (the “Merger”);

     WHEREAS. the closing of the Merger will constitute a change in ownership of the Company for
purposes of Section 409A of the Internal Revenue Code of 1986 (the “Code”);

     WHEREAS, Executive currently serves as Chairman and Chief Executive Officer of the Company
pursuant to an Amended and Restated Employment Agreement, dated as of December 31, 2008 ( the
“Employment Agreement”); and

     WHEREAS, the Company, Getinge and Executive intend for a lump sum payment to be made to
Executive upon the closing of the Merger, and desire that the terms and conditions of Executive’s
payment shall be governed by this Agreement.

     NOW, THEREFORE, the Company, Getinge and Executive agree as follows:

     1. Employment Status. Executive will continue his employment with the Company under
the terms of the Employment Agreement through the closing of the Merger (the “Merger
Date”). Accordingly, Executive will maintain his current salary and benefits through the
Merger Date and will continue perform his duties as provided for under the Employment Agreement.

     2. Agreement Payment; Release. Subject to the closing of the Merger and Executive’s
execution of a release, within 35 days after the Merger Date, in substantially the form of
Exhibit A (the “Release”), Executive shall receive a lump sum payment of
$26,475,000 (the “Agreement Payment”), payable within 10 days following execution of the
Release, (provided that if such tenth day is not a business day, the next business day and in no
event later than 45 days following the Merger Date). Such payment is subject to applicable tax
withholding. The parties acknowledge and agree that the primary source of funds for the Agreement
Payment shall be the trust created by that certain Grantor Trust Agreement, dated as of September
4, 2001, by and between the Company and Wachovia Bank, N.A, as trustee, to the extent sufficient
funds are held in trust in order to make such payment and to satisfy the Company’s other continuing
trust obligations.

     3. Executive’s Rights and Company’s Obligations. Except as provided in subparagraphs
(a) through (e) below, the Agreement Payment shall be in full satisfaction of, and shall replace
and supersede, all of the Company’s obligations to Executive in connection with and following
Executive’s subsequent termination of employment, including, but not limited to: (i) Retirement
Benefits as defined in Section 5(c) of the Employment Agreement, (ii) any severance payments
pursuant to Section 9(b) of the Employment Agreement, (iii) any continuation of employee benefit
plans and arrangements pursuant to Section 9(c) of the Employment Agreement and (iv) that certain
Split-Dollar Agreement, dated July 25,

 

 

1994, between Executive and the Company. This Agreement shall not affect, modify or amend
Executive’s rights with respect to the following:

     (a) Pension and 401(k) Benefits. Executive is a participant in the Datascope
Corp. Define Benefit Pension Plan and the Datascope Corp. 401(k) Savings and Supplemental
Retirement Plan. Executive shall continue to be entitled to his retirement benefits under
both plans and such benefits are not affected by this Agreement.

     (b) Medical Benefits. Upon termination of Executive’s employment, Executive
and his spouse (provided that she is at the time covered by the Company’s medical benefit
plan) shall receive 18 months of COBRA continuation of benefits at the same cost as a
similarly situated active employee would pay for such coverage. After the end of each
consecutive six-month period within such 18-month period, upon application by Executive with
proof of payment, the Company shall reimburse Executive for the cost paid by him for such
COBRA continuation and also for such additional cost for medical care for himself and his
spouse as he may have incurred during such six-month period.

Following the end of the 18-month period of COBRA continuation, the Company shall reimburse
the Executive for medical benefits coverage on the following basis:

     (i) Executive shall apply for and maintain a Medicare Supplement policy of his
choice and shall be responsible for paying the full cost of such coverage. After
the end of each quarterly coverage period, upon application by him with proof of
payment, the Company shall reimburse Executive for the full amount paid by him for
such quarterly coverage and also for such out-of-pocket costs not covered by
Medicare or the Medicare Supplement policy as he may have incurred on behalf of
himself during such three-month period.

     (ii) While Executive’s spouse (to whom he was married at the time of his
termination of employment) is under age 65, she shall apply for an individual pre-65
guaranteed-issue health insurance policy, in New York or New Jersey as applicable,
and Executive shall pay for the cost of such coverage. After the end of each
quarterly coverage period, upon application by Executive with proof of payment, the
Company shall reimburse Executive for the full amount paid by him for such quarterly
coverage, and also for such out-of-pocket costs not covered by such policy as he may
have incurred on behalf of his spouse during such three-month period.

     (iii) Upon Executive’s spouse (to whom he was married at the time of his
termination of employment) reaching Medicare entitlement age, such spouse shall
maintain a Medicare Supplement policy, and Executive shall be responsible for paying
the full cost of such coverage for such spouse. After the end of each quarterly
coverage period, upon application by him with proof of payment, the Corporation
shall reimburse Executive for the full amount paid by him for such quarterly
coverage and also for such out-of-pocket costs not covered by Medicare or such
Medicare Supplement policy as he may have incurred on behalf of his spouse during
such three-month period.

     (iv) In the event that Executive predeceases his spouse (to whom he was married
at the time of his termination), she may maintain for herself for her lifetime the
medical benefits coverage referred to in paragraphs (ii) and (iii) above, as either
may be applicable at any time. If she does maintain such coverage, after the end of
each quarterly coverage period, upon application by her with proof of payment, the
Company shall reimburse her for the full amount paid by her for such quarterly
coverage and also

2

 

for such out-of-pocket costs not covered by Medicare or such Medicare
Supplement policy as she may have incurred on behalf of herself during such
three-month period.

Notwithstanding anything contained herein to the contrary, all reimbursements pursuant to
this Section 3(b) shall be made as soon as administratively practicable after application
and proof of payment has been received by the Company, but in no event more than 30 days
after application and proof of payment have been received by the Company nor after the last
day of the calendar year following the calendar year in which such expenses were incurred.

     (c) Pro rata Bonus. The Company shall pay to Executive at the same time it
pays the Agreement Payment an amount, as approved by the Company’s compensation committee,
equal to the product of his target bonus for the fiscal year in which the Merger occurs
multiplied by a fraction, the numerator of which is the number of days in the fiscal year up
to the Merger Date and the denominator of which is 365.

     (d) Accrued Benefits. Upon a termination of Executive’s employment, the
Company shall pay to Executive his salary and unused vacation accrued through the date of
such termination, and shall reimburse Executive in accordance with the Company’s
reimbursement policy for any expenses he properly incurred prior to such termination of
employment. Accrued salary and vacation shall be paid within 30 days of the termination of
employment. The expense reimbursement shall be paid as soon as administratively
practicable, but in no event more than 45 days after submission of required documentation
nor after the last day of the calendar year following the calendar year in which such
expenses were incurred.

     (e) Indemnification and D&O Policy Coverage. Executive rights shall continue
under (i) the respective certificates of incorporation, bylaws or other organizational
documents of the Company or of any of its subsidiaries or affiliates, (ii) the
Indemnification Agreement, dated August 26, 2003, between the Company and Executive and/or
(iii) Section 5.8 of the Merger Agreement, in each case, in accordance with and subject to
the terms and provisions of such documents and agreements. Executive shall also be entitled
to coverage under the Company’s officers’ and directors’ liability insurance policy as
provided under Section 5.8 of the Merger Agreement.

     4. Exercise of Stock Options. All of Executive’s outstanding options to purchase
shares of Company common stock (“Options”) are fully vested and exercisable as of the
Effective Date. Executive hereby agrees to exercise, on or before December 31, 2008, Options to
acquire 169,000 shares of Common Stock of the Company.

     5. Non-Disparagement. Except as may be required by law or subpoena, Executive agrees
that he will not directly or indirectly publish, communicate, make or cause to be made any
statements or opinions that disparage, criticize or that would be derogatory to or otherwise harm
the business or reputation of the Company, its parents, subsidiaries, affiliates, or related
entities, and their respective past and present predecessors, successors, assigns, representatives,
directors, and officers to anyone, including but not limited to the media, internet blogs, public
interest groups and publishing companies. The non-disparagement prohibition in the immediately
preceding sentence with respect to representatives, directors and officers shall apply to such
persons only in their capacity as representatives, directors and officers of the Company, its
parents, subsidiaries, affiliates, or related entities. The Company agrees that the Company, its
parents, subsidiaries, affiliates or related entities, and their respective past and present
predecessors, successors, assigns, representatives, directors and officers will not directly or
indirectly publish, communicate, make or cause to be made any statements or opinions that
disparage, criticize or

3

 

that would be derogatory to or otherwise harm Executive’s business or reputation to anyone,
including but not limited to the media, internet blogs, public interest groups and publishing
companies. If the Company or any of its parents, subsidiaries, affiliates or related entities, or
any of their respective past and present predecessors, successors, assigns, representatives,
directors or officers directly or indirectly publish, communicate, make or cause to be made any
statements or opinions that disparage, criticize or that would be derogatory to or otherwise harm
Executive’s business or reputation, Executive may appropriately respond to such statements and
opinions without being in violation of this Section 5.

     6. Return of Materials. Executive hereby agrees that he will deliver within 30 days of
the termination of his employment, all memoranda, notes, records, manuals, or other documents,
whether made or compiled by Executive or furnished to him from any source by virtue of his
employment with the Company. In addition, Executive agrees to return, within such 30-day period,
all property of the Company, including all credit or charge cards, keys and Company-owned computer
or telecommunications equipment.

     7. Severability of Provisions. In the event that any provision in this Agreement is
determined to be legally invalid or unenforceable by any court of competent jurisdiction, and
cannot be modified to be enforceable, the affected provision shall be stricken from the Agreement,
and the remaining terms of the Agreement and its enforceability shall remain unaffected.

     8. Code Section 409A. The Company makes no representation or warranty to Executive or
other person regarding compliance with, or exemption from, Section 409A of the Internal Revenue
Code with respect to any payment or benefit provided by this Agreement. Executive agrees that he
shall bear sole and exclusive responsibility for any and all federal, state, local or other tax
consequences (including, without limitation, any and all tax liability under Section 409A) of this
Agreement. Executive should consult with his own tax advisor in connection with this Agreement and
its tax consequences.

It is the intention of the parties hereto that payments and benefits under this Agreement be
interpreted to be exempt from or in compliance with Section 409A and accordingly, to the maximum
extent permitted, this Agreement shall be interpreted to be exempt from or in compliance with
Section 409A. Notwithstanding anything herein to the contrary, if (i) at the time of Executive’s
“separation from service” (as defined in Treas. Reg. Section 1.409A-1(h)) with the Company other
than as a result of his death, (ii) Executive is a “specified employee” (as defined in Section
409A(a)(2)(B)(i)), (iii) one or more of the payments or benefits received or to be received by
Executive pursuant to this Agreement would constitute deferred compensation subject to Section
409A, and (iv) the deferral of the commencement of any such payments or benefits otherwise payable
hereunder as a result of such separation of service is necessary in order to prevent any
accelerated or additional tax under Section 409A, then the Company will defer the commencement of
the payment of any such payments or benefits hereunder to the extent necessary (without any
reduction in such payments or benefits ultimately paid or provided to Executive) until the date
that is six months following Executive’s separation from service with the Company (or the earliest
date as is permitted under Section 409A of the Code). Any payment deferred during such six-month
period shall be paid in a lump sum on the day following such six-month period. Any remaining
payments or benefits shall be made as otherwise scheduled under this Agreement. Each payment made
under this Agreement shall be designated as a “separate payment” within the meaning of Section
409A.

     9. Successors of the Company. This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns. The Company will require any successor to
all or substantially all of the business and/or assets of the Company (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to assume expressly 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. As used in this Agreement, “the Company” shall mean the
Company as hereinbefore

4

 

defined and any successor to its business and/or assets as aforesaid which assumes and agrees
to perform this Agreement by operation of law or otherwise.

     10. Successors of Executive. This Agreement shall inure to the benefit of and be
binding upon Executive and his personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees.

     11. Guarantee of Getinge. Getinge agrees to guarantee the performance of the Company
(or it successors) under this Agreement. Upon any failure of the Company (or its successor) to
timely pay to Executive (or his successors) any amount payable under this Agreement or, to timely
pay to the insurance company the premiums referred to in Section 3(c) hereof, Getinge shall pay to
the appropriate person such amount within 30 days of the receipt of written notice from Executive
(or his successors) if, at the time Getinge is required to make the payment, the amount had not
been paid by the Company (or its successor).

     12. Legal Fees. The Company shall reimburse Executive for all legal fees and expenses
incurred by him in connection with enforcing his rights under this Agreement. Such reimbursement
to occur as soon as administratively practicable, but in no event after the last day of the
calendar year following the calendar year in which such expenses were incurred

     13. Entire Agreement. This Agreement, together with those agreements referred to
herein, constitutes the entire understanding between the parties. The parties have not relied on
any oral statements that are not included in this Agreement. Any modifications to this Agreement
must be in writing and signed by the Company and Executive.

     14. Governing Law. This Agreement shall be construed, interpreted and applied in
accordance with the law of the State of New York, without giving effect to the choice of law
provisions thereof. Executive and the Company hereby irrevocably submit any dispute arising out of
or relating to this Agreement to the exclusive concurrent jurisdiction of the state and federal
courts located in New York. Executive and the Company also both irrevocably waive, to the fullest
extent permitted by applicable law, any objection either may now or hereafter have to the laying of
venue of any such dispute brought in such court or any defense of inconvenient forum for the
maintenance of such dispute, and both parties agree to accept service of legal process from the
courts of New York.

     15. Expiration of Agreement. This Agreement shall expire on the earlier to occur of
(i) June 15, 2009, if the Merger is not closed by such date, or (ii) the termination of the Merger
Agreement in accordance with its terms and provisions.

     16. Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original and said counterparts when taken together
shall constitute but one and the same instrument and may be sufficiently evidenced by one set of
counterparts.

(signatures on the following page)

5

 

          Executive understands and acknowledges the significance and consequences of this Agreement,
that the consideration provided herein is fair
and adequate, and represents that the terms of this Agreement are fully

understood and voluntarily accepted.

	 	 	 	 	 	 	 	 	 	 	 
	DATASCOPE CORP.	 	EXECUTIVE
	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Henry M. Scaramelli
 

	 	 	 	By:
	 	/s/ Lawrence Saper
 

	 	 
	Name:

	 	Henry M. Scaramelli
	 	 	 	 	 	Lawrence Saper	 	 
	Title:

	 	Vice President, Finance and
	 	 	 	 	 	President and Chief Executive Officer of	 	 
	 

	 	Chief Financial Officer
	 	 	 	 	 	the Company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date Signed: 12/31/2008	 	 	 	 	 	Date Signed: 12/30/2008	 	 

GETINGE AB

	 	 	 	 	 
	By: 

Name:

	 	/s/ John Malmquist
 

John Malmquist
	 	 
	Title:

	 	President and Chief Executive Officer	 	 

Date Signed: 12/31/2008

 

 

EXHIBIT A

RELEASE OF CLAIMS

     This Release of Claims is executed by Lawrence Saper (the “Executive”) in
consideration for certain promises by Parent, Getinge AB, as successor to Datascope Corp. (the
“Company”) contained in the Agreement and Release, dated December 31, 2008 (the
“Agreement”).

     WHEREAS, as a condition to receiving the Agreement Payment as provided in the Agreement, the
Company and Executive agree that Executive will execute this Release of Claims for each and every
claim, action or right of any sort, known or unknown, that Executive may have against Company; and,

     WHEREAS, Executive acknowledges that he has been given a reasonable period of time, up to and
including twenty-one (21) days, to consider the terms of this Release of Claims; and

     WHEREAS, Company advises Executive to consult with a lawyer before signing this Release of
Claims; and

     WHEREAS, Executive acknowledges that the consideration provided for this Release of Claims is
sufficient to support the release of claims; and

     WHEREAS, Executive represents that he has not filed any charges, claims or lawsuits against
Company involving any aspect of his employment which have not been terminated as of the date of
this Release of Claims.

NOW, THEREFORE, Executive agrees as follows:

     1. Release of Claims. Executive and his heirs, assigns, and agents release, waive and
discharge Company and its past and present directors, officers, employees, parents, subsidiaries,
affiliates, related entities, and agents from each and every claim, action or right of any sort,
known or unknown, arising on or before the Merger Date that relates to his employment with the
Company and the termination of such employment, if applicable.

	 	(a)	 	The foregoing release includes, but is not limited to, any claim of
discrimination on the basis of race, sex, religion, sexual orientation, national
origin, disability, age, or citizenship status; any other claim based on any local,
state, or federal prohibition, including but not limited to claims under Title VII of
the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of
1967, as amended (“ADEA”), or the Americans With Disabilities Act; any claim
arising out of or related to any alleged express or implied employment contract, any
other alleged contract affecting terms and conditions of employment, or an alleged
covenant of good faith and fair dealing; or any claim for severance pay, bonus, salary,
sick leave, stocks, attorneys’ fees, holiday pay, vacation pay, life insurance, health
or medical insurance or any other employee or fringe benefit, workers’ compensation or
disability.
	 
	 	(b)	 	Executive represents that he understands the foregoing release, that rights and
claims under ADEA are among the rights and claims against Company that he is releasing,
and that he understands that he is not presently releasing any future rights or claims
that might arise after the Merger Date.
	 
	 	(c)	 	Executive further agrees never to sue Company or its past and present
directors, officers, employees, parents, subsidiaries, affiliates, related entities,
and agents or cause Company or

 

 

	 	 	 	its past and present directors, officers, employees, parents, subsidiaries, affiliates,
related entities, and agents to be sued regarding any matter within the scope of the
above release. If Executive violates this Paragraph 1, Company may recover all damages
as allowed by law, including all costs and expenses, including reasonable attorneys’
fees, incurred in defending against the suit.

	 	(d)	 	Nothing herein is intended to or shall in any manner release, diminish or
impair Executive’s rights (i) under the Agreement, (ii) to exculpation,
indemnification, advancement of expenses and other rights existing in favor of
Executive as provided in (x) the respective certificates of incorporation, bylaws or
other organizational documents of the Company or of any of its subsidiaries or
affiliates, (y) the Indemnification Agreement, dated August 26, 2003, between the
Company and Executive and/or (z) Section 5.8 of the Merger Agreement and (iii) to
coverage under the Company’s officers’ and directors’ liability insurance policy as
provided under Section 5.8 of the Merger Agreement.

     2. Executive may revoke this Release of Claims in writing within seven (7) days of signing it
by sending written notice of revocation to the Company. This Release of Claims will not take
effect until eighth day after it is delivered to Company, and only if the release is not revoked by
Executive during the revocation period.

     3. Executive represents and warrants that, as of the date of this Release of Claims, he has
not assigned or transferred, or purported to assign or transfer, to any person, firm, corporation,
association or entity whatsoever any released claim. Executive hereby agrees to indemnify and hold
Company harmless against, without any limitation, any and all rights, claims, warranties, demands,
debts, obligations, liabilities, costs, court costs, expenses, including attorneys’ fees, causes of
action or judgments based on or arising out of any such assignment or transfer.

	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 
	 

	 	 

Lawrence Saper
	 	 	 	 

Date Signedexv4w1

Exhibit 4.1

 

WEATHERFORD INTERNATIONAL LTD.,

as Issuer

WEATHERFORD INTERNATIONAL, INC.,

as Guarantor

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

SECOND SUPPLEMENTAL INDENTURE

Dated as of January 8, 2009

To

INDENTURE

Dated as of October 1, 2003

9.625% SENIOR NOTES DUE 2019

9.875% SENIOR NOTES DUE 2039

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1 Relation to Indenture; Definitions
	 	 	1
	 
	 	 	 	 
	SECTION 1.01. Relation to Indenture
	 	 	1
	SECTION 1.02. Definitions
	 	 	1
	SECTION 1.03. General References
	 	 	1
	 
	 	 	 	 
	ARTICLE 2 The Series of Securities
	 	 	1
	 
	 	 	 	 
	SECTION 2.01. The Form and Title of the Securities
	 	 	1
	SECTION 2.02. Amount
	 	 	2
	SECTION 2.03. Stated Maturity and Denominations
	 	 	2
	SECTION 2.04. Interest and Interest Rates
	 	 	2
	SECTION 2.05. Place of Payment
	 	 	2
	SECTION 2.06. Optional Redemption
	 	 	2
	SECTION 2.07. Unconditional Guarantee
	 	 	2
	 
	 	 	 	 
	ARTICLE 3 Other Amendments to Indenture
	 	 	3
	 
	 	 	 	 
	SECTION 3.01. Amendments to Indenture
	 	 	3
	 
	 	 	 	 
	ARTICLE 4 Miscellaneous
	 	 	6
	 
	 	 	 	 
	SECTION 4.01. Certain Trustee Matters
	 	 	6
	SECTION 4.02. Continued Effect
	 	 	6
	SECTION 4.03. Governing Law
	 	 	6
	SECTION 4.04. Counterparts
	 	 	7

	 	 	 
	EXHIBIT
	 	 
	Exhibit A:

	 	Form of 2019 Note
	 

	 	Form of 2039 Note
	Exhibit B:

	 	Form of Guarantee Notation

Second Supplemental Indenture

 

 

     SECOND SUPPLEMENTAL INDENTURE dated as of January 8, 2009 (this “Second Supplemental
Indenture”), among Weatherford International Ltd., a Bermuda exempted company (the
“Company”), Weatherford International, Inc., a corporation duly organized and existing
under the laws of the State of Delaware (the “Guarantor”), and Deutsche Bank Trust Company
Americas, a New York banking corporation, as trustee under the Indenture referred to below (in
such capacity, the “Trustee”).

RECITALS OF THE COMPANY

     WHEREAS, the Company, the Guarantor and the Trustee are parties to an Indenture dated as of
October 1, 2003 (the “Original Indenture”) (the Original Indenture, as supplemented from time to
time, including without limitation pursuant to this Second Supplemental Indenture being referred to
herein as the “Indenture”); and

     WHEREAS, under the Original Indenture, a new series of Securities may at any time be
established in accordance with the provisions of the Original Indenture, and the terms of such
series may be established by a supplemental indenture executed by the Company, the Guarantor and
the Trustee; and

     WHEREAS, the Company and the Guarantor propose to create under the Indenture two new series of
Securities, which will be guaranteed by the Guarantor pursuant to its Guarantees as set forth in
Article Fourteen of the Original Indenture (as made applicable to the Notes, defined herein,
pursuant to this Second Supplemental Indenture); and

     WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee as provided in the Original Indenture and this Second
Supplemental Indenture, the valid and binding obligations of the Company, to make the Guarantees of
such Notes by the Guarantor the valid and binding obligation of the Guarantor, and to make this
Second Supplemental Indenture a valid and binding agreement in accordance with the Original
Indenture, have been done or performed;

     NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all
Holders of the Notes, as follows:

ARTICLE 1

Relation to Indenture; Definitions

     SECTION 1.01. Relation to Indenture.

     With respect to the Notes and the Guarantees thereof by the Guarantor, this Second
Supplemental Indenture constitutes an integral part of the Indenture.

     SECTION 1.02. Definitions.

     For all purposes of this Second Supplemental Indenture, capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned thereto in the Original Indenture.

     SECTION 1.03. General References.

     All references in this Second Supplemental Indenture to Articles and Sections, unless
otherwise specified, refer to the corresponding Articles and Sections of this Second Supplemental
Indenture; and the terms “herein”, “hereof”, “hereunder” and any other word of similar import
refers to this Second Supplemental Indenture.

ARTICLE 2

The Series of Securities

     SECTION 2.01. The Form and Title of the Securities.

     There is hereby established two new series of Securities to be issued under the Indenture and
to be designated as the Company’s 9.625% Senior Notes due 2019 (the “2019 Notes”) and the Company’s
9.875% Senior Notes due 2039 (the “2039 Notes” and together with the 2019 Notes, the “Notes”). The
Notes shall be substantially

Second Supplemental Indenture

 

 

in the forms attached as Exhibit A hereto, in each case, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by the
Indenture, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as the Company may deem appropriate or as may be required or
appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of
any securities exchange or automated quotation system on which the Notes may be listed or traded,
or to conform to general usage, or as may, consistently with the Indenture, be determined by the
officers executing such Notes, as evidenced by their execution thereof.

     The Notes shall be executed, authenticated and delivered in accordance with the provisions of,
and shall in all respects be subject to, the terms, conditions and covenants of the Original
Indenture as supplemented by this Second Supplemental Indenture (including the forms of Note set
forth as Exhibit A hereto (the terms of which are incorporated in and made a part of this
Second Supplemental Indenture for all intents and purposes)).

     SECTION 2.02. Amount.

     The aggregate principal amount of the Notes which may be authenticated and delivered pursuant
hereto is unlimited. The Trustee shall initially authenticate and deliver Notes for original issue
in initial aggregate principal amounts of up to $1,000,000,000 of the 2019 Notes and up to
$250,000,000 of the 2039 Notes upon delivery to the Trustee of a Company Order for the
authentication and delivery of such Notes. The Company may, from time to time, without notice to
or the consent of the Holders of the Notes, increase the principal amount of the Notes under the
Indenture and issue such increased principal amount (or any portion thereof), in which case any
additional Notes so issued will have the same form and terms (other than the date of issuance and,
under certain circumstances, the date from which interest thereon will begin to accrue), and will
carry the same right to receive accrued and unpaid interest, as the Notes previously issued, and
such additional Notes will form a single series with the Notes previously issued.

     SECTION 2.03. Stated Maturity and Denominations.

     The Stated Maturity of the 2019 Notes shall be March 1, 2019, and the Stated Maturity of the
2039 Notes shall be March 1, 2039. The Notes are issuable only in registered form without coupons
in denominations of U.S. $2,000 and any integral multiple of $1,000 in excess thereof.

     SECTION 2.04. Interest and Interest Rates.

     The rate or rates at which the Notes shall bear interest, the date or dates from which such
interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and
the Regular Record Date for any interest payable on any Interest Payment Date, in each case, shall
be as set forth in the form of applicable Note set forth as Exhibit A hereto.

     SECTION 2.05. Place of Payment.

     As long as any Notes are outstanding, the Company shall maintain an office or agency in the
Borough of Manhattan, The City of New York, where Notes may be presented for payment.

     SECTION 2.06. Optional Redemption.

     At its option, the Company may redeem either series of the Notes, in whole or in part, in
principal amounts of $2,000 or an integral multiple of $1,000 in excess thereof, at any time or
from time to time, at the applicable redemption price determined as set forth in the form of
applicable Note attached hereto as Exhibit A, in accordance with the terms set forth in the
Note and in accordance with Article Eleven of the Original Indenture.

     SECTION 2.07. Unconditional Guarantee.

     Article Fourteen of the Original Indenture (as amended and supplemented by this Second
Supplemental Indenture) shall be applicable to the Notes, and accordingly, as more fully set forth
in such Article Fourteen, the Guarantor fully, irrevocably, unconditionally and absolutely
guarantees to the Holders of Notes and to the Trustee the due and punctual payment of the principal
of, and premium, if any, and interest on the Notes, and all other

Second Supplemental Indenture

2

 

Indenture Obligations, when and as the same shall become due and payable, whether at the
Stated Maturity, upon redemption or by declaration of acceleration or otherwise.

     To further evidence the Guarantees of the Notes, the Guarantor hereby agrees that a notation
of such Guarantees in substantially in the form attached as Exhibit B hereto, in each case,
with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by the Indenture, shall be endorsed on each Note authenticated and delivered by the
Trustee and executed by either manual or facsimile signature of an officer of the Guarantor. The
Guarantor hereby agrees that its Guarantees of the Notes shall remain in full force and effect
notwithstanding any failure to endorse on any such Note a notation relating to the Guarantee
thereof.

ARTICLE 3

Other Amendments to Indenture

     SECTION 3.01. Amendments to Indenture

     The amendments contained in this Section 3.01 shall apply to the Notes only and not to any
other series of Securities issued under the Indenture. Such amendments shall be effective only for
so long as there remain outstanding any Notes. The Original Indenture is hereby amended, subject
to the preamble of this Section 3.01 and with respect to the Notes only, by adding the following as
a new Section 10.10 thereto:

     Section 10.10 Change of Control Repurchase at the Option of Holders

     (a) Upon the occurrence of a Change of Control Triggering Event, Holders of
Securities will have the right to require the Company to make an offer (the “Change
of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof) of their Securities at a purchase price in
cash equal to 101% of the aggregate principal amount of Securities repurchased plus
accrued and unpaid interest, if any, on the Securities repurchased, to the date of
purchase (the “Change of Control Payment”). Within 30 days following any Change of
Control Triggering Event, the Company will mail a notice to each Holder of
Securities describing the transaction or transactions that constitute the Change of
Control Triggering Event and stating:

     (1) that the Change of Control Offer is being made pursuant to this
Section 10.10 and that all Securities tendered will be accepted for payment;

     (2) the purchase price and the purchase date, which shall be no earlier
than 30 days and no later than 60 days from the date such notice is mailed
(the “Change of Control Payment Date”);

     (3) that any Securities not tendered will continue to accrue interest;

     (4) that, unless the Company defaults in the payment of the Change of
Control Payment, all Securities accepted for payment pursuant to the Change
of Control Offer will cease to accrue interest after the Change of Control
Payment Date;

     (5) that Holders electing to have any Securities repurchased pursuant
to a Change of Control Offer will be required to surrender the Securities,
with the form entitled “Option of Holder to Elect Purchase” attached to the
Securities completed, or transfer by book-entry transfer, to the Paying
Agent at the address specified in the notice prior to the close of business
on the third Business Day preceding the Change of Control Payment Date;

     (6) that Holders will be entitled to withdraw their election if the
Paying Agent receives, not later than the close of business on the second
Business Day preceding the Change of Control Payment Date, a telegram,
telex, facsimile, transmission or letter setting forth the name of the
Holder, the principal amount of Securities delivered for purchase, and a
statement that such Holder is withdrawing his election to have the
Securities purchased; and

Second Supplemental Indenture

3

 

     (7) that Holders whose Securities are being purchased only in part will
be issued new Securities equal in principal amount to the unpurchased
portion of the Securities surrendered, which unpurchased portion must be
equal to $2,000 in principal amount or in any integral multiple of $1,000 in
excess thereof.

     The Company will comply with the requirements of Rule 14e-1 under the Exchange
Act, and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the
Securities as a result of a Change of Control Triggering Event. To the extent that
the provisions of any securities laws or regulations conflict with the provisions of
this Section 10.10 (or compliance with this Section 10.10 would constitute a
violation of any such laws or regulations), the Company will comply with the
applicable securities laws and regulations and will not be deemed to have breached
its obligations under this Section 10.10 by virtue of such conflicts.

     (b) On or before the Change of Control Payment Date, the Company will be
required, to the extent lawful, to:

     (1) accept for payment all Securities or portions of Securities
properly tendered pursuant to the Change of Control Offer;

     (2) deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Securities or portions of Securities
properly tendered; and

     (3) deliver or cause to be delivered to the Trustee the Securities
properly accepted.

     The Paying Agent will promptly (but in any case not later than five days after
the Change of Control Payment Date) mail to each Holder of Securities properly
tendered the Change of Control Payment for such Securities, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to each
Holder a new Security equal in principal amount to any unpurchased portion of the
Securities surrendered, if any; provided that each new Security will be in a
principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The
Company will publicly announce the results of the Change of Control Offer on or as
soon as practicable after the Change of Control Payment Date.

     If Holders of not less than 95% in aggregate principal amount of a series of
outstanding Securities validly tender and do not withdraw such Securities in a
Change of Control Offer and the Company, or any third party making a Change of
Control Offer in lieu of the Company as described below, purchases all of such
Securities validly tendered and not withdrawn by such Holders, the Company will have
the right, upon not less than 30 nor more than 60 days’ prior notice, given not more
than 30 days following such purchase pursuant to the Change of Control Offer
described above, to redeem such Securities that remain outstanding following such
purchase at a redemption price in cash equal to the applicable Change of Control
Payment plus, to the extent not included in the Change of Control Payment, accrued
and unpaid interest, if any, to the date of redemption.

     (d) Notwithstanding anything to the contrary in this Section 10.10, the Company
will not be required to make a Change of Control Offer with respect to a series of
Securities upon a Change of Control Triggering Event if (1) a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with
the requirements set forth in this Section 10.10 and purchases all Securities
properly tendered and not withdrawn under the Change of Control Offer, or (2) notice
of redemption has been given pursuant to Section 11.4 with respect to a redemption
of all such Securities then outstanding pursuant to Article Eleven, unless and until
there is a default in payment of the applicable redemption price.

     (e) For purposes of this Section 10.10, the following definitions shall be
applicable:

Second Supplemental Indenture

4

 

     (1) “Below Investment Grade Rating Event” means, with respect to a
series of Securities, the Securities are rated below an Investment Grade
Rating by each of the Rating Agencies on any date from the date of the
public notice of an arrangement that could result in a Change of Control
until the end of the 60-day period following public notice of the occurrence
of the Change of Control (which 60-day period shall be extended so long as
the rating of the Securities is under publicly announced consideration for
possible downgrade by either of the Rating Agencies).

     (2) “Change of Control” means the occurrence of any of the following:
(1) the direct or indirect sale, transfer, conveyance or other disposition
(other than by way of merger, amalgamation or consolidation of the Company),
in one or a series of related transactions, of all or substantially all of
the properties or assets of the Company and its Subsidiaries taken as a
whole to any person (as such term is used in Section 13(d) of the Exchange
Act) other than the Company or one of its Subsidiaries or a Person
controlled by the Company or one of its Subsidiaries; (2) the consummation
of any transaction (including, without limitation, any merger, amalgamation
or consolidation) the result of which is that any person (as such term is
used in Section 13(d) of the Exchange Act) becomes the beneficial owner,
directly or indirectly, of more than 50% of the then outstanding number of
the Company’s voting shares (excluding a Redomestication of the Company); or
(3) the first day on which a majority of the members of the Company’s Board
of Directors are not Continuing Directors.

     (3) “Change of Control Triggering Event” means the occurrence of both a
Change of Control and a Below Investment Grade Rating Event.

     (4) “Continuing Directors” means, as of any date of determination, any
member of the Board of Directors of the Company who (1) was a member of such
Board of Directors on the date of the issuance of the Securities; or (2) was
nominated for election or appointed or elected to such Board of Directors
with the approval of a majority of the Continuing Directors who were members
of such Board of Directors at the time of such nomination, appointment or
election (either by a specific vote or by approval of the Company’s proxy
statement in which such member was named as a nominee for election as a
director, without objection to such nomination).

     (5) “Investment Grade Rating” means a rating equal to or higher than
Baa3 (or the equivalent under any successor ratings categories of Moody’s)
by Moody’s and BBB- (or the equivalent under any successor ratings
categories of S&P) by S&P.

     (6) “Moody’s” means Moody’s Investors Service, Inc.

     (7) “Rating Agencies” means (1) each of Moody’s and S&P; and (2) if
either of Moody’s or S&P ceases to rate the Securities or fails to make a
rating of the Securities publicly available for reasons outside of the
Company’s control, a “nationally recognized statistical rating organization”
within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act,
selected by the Company (as certified by a resolution of the Company’s Board
of Directors) as a replacement agency for Moody’s or S&P, or both of them,
as the case may be.

     (8) “Redomestication” means:

     (a) any amalgamation, merger, conversion or consolidation of the Company with
or into any other person (as such term is used in Section 13(d) of the Exchange
Act), or of any other person (as such term is used in Section 13(d) of the Exchange
Act) with or into the Company, or the sale or other disposition (other than by
lease) of all or substantially all of the properties or assets of the Company and
its Subsidiaries taken as a whole to any other person (as such term is used in
Section 13(d) of the Exchange Act),

Second Supplemental Indenture

5

 

     (b) any continuation, discontinuation, amalgamation, merger, conversion,
consolidation or domestication or similar action with respect to the Company
pursuant to the law of the jurisdiction of its organization and of any other
jurisdiction, or

     (c) the formation of a Person that becomes, as part of the transaction, the
owner of 100% of the voting shares of the Company (the “New Parent”),

if as a result thereof

     (x) in the case of any action specified in clause (a), the entity that
is the surviving, resulting or continuing Person in such merger,
amalgamation, conversion or consolidation, or the transferee in such sale or
other disposition,

     (y) in the case of any action specified in clause (b), the entity that
constituted the Company immediately prior thereto (but disregarding for this
purpose any change in its jurisdiction of organization), or

     (z) in the case of any action specified in clause (c), the New
Parent
(in any such case, the “Surviving Person”) is a corporation or other entity,
validly incorporated or formed and existing in good standing (to the extent
the concept of good standing is applicable) under the laws of Delaware or
another State of the United States or under the laws of the United Kingdom,
The Kingdom of the Netherlands or under the laws of any other jurisdiction,
whose voting shares of each class of capital stock issued and outstanding
immediately following such action, and giving effect thereto, shall be
beneficially owned by the same Persons, in the same percentages, as was such
capital stock or shares of the entity constituting the Company immediately
prior thereto and, if the Surviving Person is the New Parent, the Surviving
Person continues to be owned, directly or indirectly, 100% by Persons who
were shareholders of the Company immediately prior to such transaction.

     (9) “S&P” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc.

ARTICLE 4

Miscellaneous

     SECTION 4.01. Certain Trustee Matters.

     The recitals contained herein shall be taken as the statements of the Company and the
Guarantor, and the Trustee assumes no responsibility for their correctness.

     The Trustee makes no representations as to the validity or sufficiency of this Second
Supplemental Indenture or the Notes or the proper authorization or the due execution hereof or
thereof by the Company.

     SECTION 4.02. Continued Effect.

     Except as expressly supplemented and amended by this Second Supplemental Indenture, the
Original Indenture shall continue in full force and effect in accordance with the provisions
thereof, and the Original Indenture is in all respects hereby ratified and confirmed. This Second
Supplemental Indenture and all of its provisions shall be deemed a part of the Original Indenture
in the manner and to the extent herein and therein provided.

     SECTION 4.03. Governing Law.

     This Second Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York.

Second Supplemental Indenture

6

 

     SECTION 4.04. Counterparts.

     This instrument may be executed in any number of counterparts, each of which shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same
instrument.

(Signature Pages Follow)

Second Supplemental Indenture

7

 

     IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed and delivered, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Andrew P. Becnel
 

	 	 
	 

	 	Name:
	 	Andrew P. Becnel	 	 
	 

	 	Title:
	 	Senior Vice President and Chief Financial
Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL, INC.,	 	 
	 	 	as Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Andrew P. Becnel
 

	 	 
	 

	 	Name:
	 	Andrew P. Becnel	 	 
	 

	 	Title:
	 	Senior Vice President and Chief Financial
Officer	 	 

Second Supplemental Indenture 

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,	 	 
	 	 	by Deutsche Bank National Trust Company,	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Irina Golovashchuk
 

Irina Golovashchuk
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Contino
 

David Contino
	 	 
	 

	 	Title:
	 	Vice President	 	 

Second Supplemental Indenture 

 

EXHIBIT A

Form of 2019 Note

[FORM OF FACE OF NOTE]

[If a Global Security, insert—THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES
REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]

[If a Global Security, insert—EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF
TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO
THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]

[If a Global Security, insert—UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

Second Supplemental Indenture

A-1-1

 

WEATHERFORD INTERNATIONAL LTD.

9.625% Senior Note due 2019

	 	 	 	 	 
	Rate of Interest	 	Maturity Date	 	Original Issue Date
	9.625%
	 	March 1, 2019
	 	January 8, 2009

			
	 	 	 
	No. ___
	 	U.S.$                    

CUSIP No. 947075 AF4

     Weatherford International Ltd., a Bermuda exempted company (herein called the “Company”), for
value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
                     United States Dollars on the maturity date shown above, and to pay interest thereon, at
the annual rate of interest shown above, from the original issue date shown above or from the most
recent Interest Payment Date (as hereinafter defined) to which interest has been paid or duly
provided for, payable semi-annually on March 1 and September 1 of each year (each, an “Interest
Payment Date”) and at such maturity date, commencing on the first such date after the original
issue date hereof, except that if such original issue date is on or after a Regular Record Date (as
defined below) but before the next Interest Payment Date, interest payments will commence on the
second Interest Payment Date following the original issue date.

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the person in whose name this Note is
registered at the close of business on the “Regular Record Date” for any such Interest Payment
Date, which shall be the fourteenth calendar day (whether or not a Business Day) preceding the
applicable Interest Payment Date. Any such interest not so punctually paid or duly provided for,
and any interest payable on such defaulted interest (to the extent lawful), will forthwith cease to
be payable to the Holder on such Regular Record Date and shall be paid to the person in whose name
this Note is registered at the close of business on a special record date for the payment of such
defaulted interest to be fixed by the Company, notice of which shall be given to Holders of Notes
not less than 14 days prior to such special record date. Payment of the principal of and interest
on this Note will be made at the agency of the Company maintained for that purpose in New York, New
York and at any other office or agency maintained by the Company for such purpose, in United States
dollars; provided, however, that, at the option of the Company, payment of interest, other than
interest due on the maturity date shown above, may be made by check mailed to the address of the
person entitled thereto as such address shall appear in the Security Register.

     Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

(Signature Page Follows)

Second Supplemental Indenture

A-1-2

 

     IN WITNESS WHEREOF, Weatherford International Ltd. has caused this instrument to be executed
in its corporate name by the signature of its duly authorized officer.

	 	 	 	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL LTD.	 	 
	 	 	 	 	 	 	 
	 
	 	By:	 	 	 	 
	 
	 	Name:
	 	 

	 	 
	 
	 	Title:
	 	 

	 	 
	 
	 	 	 	 

	 	 

     DATED: January 8, 2009

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the 9.625% Senior Notes due 2019 referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,	 	 
	 	 	by Deutsche Bank National Trust Company,	 	 
	 	 	      as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

Second Supplemental Indenture

A-1-3

 

[REVERSE OF NOTE]

WEATHERFORD INTERNATIONAL LTD.

9.625% Senior Note due 2019

     This Note is one of a duly authorized issue of Securities of the Company (which term includes
any successor corporation under the Indenture hereinafter referred to) designated as its 9.625%
Senior Notes due 2019 (the “Notes”), issued or to be issued pursuant to an Indenture dated as of
October 1, 2003, between the Company and Deutsche Bank Trust Company Americas, a New York banking
corporation, as Trustee (the “Trustee,” which term includes any successor trustee under such
Indenture), as amended and supplemented by the Second Supplemental Indenture thereto dated as of
January 8, 2009 (such Indenture, as so amended and supplemented being referred to herein as the
“Indenture”). The terms of this Note include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended. Reference is hereby
made to the Indenture and all further supplemental indentures thereto for a statement of the
respective rights, limitation of rights, duties and immunities thereunder of the Company, the
Guarantor, the Trustee and the Holders and of the terms upon which the Notes are, and are to be,
authenticated and delivered.

     As provided in the Indenture, Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may
bear interest, if any, at different rates, may be subject to different redemption provisions, if
any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to
different covenants and Events of Default and may otherwise vary as in the Indenture provided or
permitted. This Note is one of the series designated on the face hereof.

     This Note is the general, unsecured, senior obligation of the Company and is guaranteed
pursuant to a guarantee (the “Guarantee”) by Weatherford International, Inc., a Delaware
corporation (the “Guarantor”).

     The Notes are subject to redemption upon not less than 30 nor more than 60 days’ notice by
mail, at any time, as a whole or in part, at the election of the Company at a Redemption Price
equal to the greater of: (a) 100% of the principal amount of Securities then outstanding to be
redeemed, plus accrued and unpaid interest thereon to the redemption date; or (b) the sum of the
present values of the remaining scheduled payments of principal and interest on the Securities then
outstanding to be redeemed (not including any portion of such payments of interest accrued as of
the redemption date), discounted to the redemption date on a semi-annual basis (computed based on a
360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis
points (0.50%), as calculated by an Independent Investment Banker, plus accrued and unpaid interest
thereon to the redemption date; but interest installments whose Stated Maturity is on or prior to
such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture.

     “Adjusted Treasury Rate” means, with respect to any redemption date: (a) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the remaining life, as defined below,
yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such
yields on a straight-line basis, rounding to the nearest month); or (b) if such release (or any
successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date. The Adjusted Treasury Rate will be calculated on the third business day preceding the
redemption date.

     “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the
Securities to be redeemed that would be used, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Securities.

Second Supplemental Indenture

A-1-4

 

     “Comparable Treasury Price” means (1) the average of five Reference Treasury Dealer Quotations
for the redemption date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (2) if an Independent Investment Banker obtains fewer than five such Reference
Treasury Dealer Quotations, the average of all such quotations.

     “Independent Investment Banker” means Banc of America Securities LLC, Barclays Capital Inc.,
Deutsche Bank Securities Inc., Goldman, Sachs & Co. or UBS Securities LLC or any of their
respective successors, as designated by us, or if all such firms are unwilling or unable to serve
as such, an independent investment and banking institution of national standing appointed by the
Company.

     “Reference Treasury Dealer” means: (a) Banc of America Securities LLC, Barclays Capital Inc.,
Deutsche Bank Securities Inc., Goldman, Sachs & Co. and UBS Securities LLC and each of their
respective successors; provided that, if any such Reference Treasury Dealer ceases to be a primary
U.S. Government securities dealer in the United States (Primary Treasury Dealer), the Company will
substitute another Primary Treasury Dealer; and (b) up to two other Primary Treasury Dealer
selected by the Company.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by an Independent Investment Banker, of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to an Independent Investment Banker at 3:00 p.m., New York City
time, on the third business day preceding such redemption date.

     In the event of redemption of this Note in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the Guarantor and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the
Company and the Guarantor and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company and the Guarantor with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Security issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of (and premium, if any) and interest on this Note at the times, place(s) and rate, and
in the coin or currency, herein prescribed.

     This Global Security or portion hereof may not be exchanged for Definitive Securities of this
series except in the limited circumstances provided in the Indenture. The holders of beneficial
interests in this Global Security will not be entitled to receive physical delivery of Definitive
Securities except as described in the Indenture and will not be considered the Holders thereof for
any purpose under the Indenture.

     The Notes are issuable only in registered form without coupons in denominations of U.S. $2,000
and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this
Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
none of the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to
the contrary.

Second Supplemental Indenture

A-1-5

 

     No recourse under or upon any obligation, covenant or agreement of or contained in the
Indenture or of or contained in any Note, or the Guarantee endorsed thereon, or for any claim based
thereon or otherwise in respect thereof, or in any Security or in the Guarantee, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator,
shareholder, member, officer, manager or director, as such, past, present or future, of the Company
or the Guarantor or of any successor Person, either directly or through the Company or the
Guarantor or any successor Person, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment, penalty or otherwise; it being expressly understood that
all such liability is hereby expressly waived and released by the acceptance hereof and as a
condition of, and as part of the consideration for, the Notes and the execution of the Indenture.

     The Indenture provides that the Company and the Guarantor (a) will be discharged from any and
all obligations in respect of the Notes (except for certain obligations described in the
Indenture), or (b) need not comply with certain restrictive covenants of the Indenture, in each
case if the Company or the Guarantor deposits, in trust, with the Trustee money or U.S. Government
Obligations (or a combination thereof) which through the payment of interest thereon and principal
thereof in accordance with their terms will provide money, in an amount sufficient to pay all the
principal of and interest on the Notes, but such money need not be segregated from other funds
except to the extent required by law.

     As more fully provided in the Indenture, no Holder may pursue any remedy under the Indenture
unless the Trustee shall have failed to act after notice of an Event of Default and written request
by Holders of at least 25% in principal amount of a series of the Securities and the offer to the
Trustee of indemnity satisfactory to it; however, such provision does not affect the right to sue
for enforcement of any overdue payment on any Security.

     Except as otherwise defined herein, all terms used in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

     Customary abbreviations may be used in the name of a Holder or any assignee, such as: TEN COM
( = tenants in common), TEN ENT ( = tenants by the entireties), JT TEN ( = joint tenants with right
of survivorship and not as tenants in common), CUST ( = Custodian) and U/G/M/A ( = Uniform Gifts to
Minors Act).

     The Company will furnish to any holder of record of this Note, upon written request, without
charge, a copy of the Indenture. Requests may be made to: Weatherford International Ltd., 515 Post
Oak Blvd., Suite 600, Houston, Texas 77027, Attention: Corporate Secretary.

     This Note shall be governed by and construed in accordance with the laws of the State of New
York without regard to principles of conflicts of law.

Second Supplemental Indenture

A-1-6

 

ASSIGNMENT FORM

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
                                                             (Please Print or Typewrite Name and Address of Assignee) the
within instrument of WEATHERFORD INTERNATIONAL LTD. and does hereby irrevocably constitute and
appoint                                                              Attorney to transfer said instrument on the books of the
within-named Company, with full power of substitution in the premises.

Please Insert Social Security or

Other Identifying Number of Assignee:

	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 

	 	 

(Signature)
	 	 

	 	 	 	 	 
	Signature Guarantee:
	 	 	 	 
	 

	 	 

(Participant in a Recognized Signature
	 	 
	 

	 	Guaranty Medallion Program)	 	 

     NOTICE: The signature to this assignment must correspond with the name as written upon the
face of the within instrument in every particular, without alteration or enlargement or any change
whatever.

Second Supplemental Indenture

A-1-7

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to Section 10.10 or
11.6 of the Indenture, check the appropriate box below:

	 	 	 
	o Section 10.10
	 	o Section 11.6

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 10.10 or Section 11.6 of the Indenture, state the amount you elect to have purchased:

$                                        

	 	 	 	 	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Your Signature:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	(Sign exactly as your name appears on the face of this Note)
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Tax Identification No.:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 

	 	 	 	 	 
	Signature Guarantee*:
	 	 	 	 
	 

	 	 

	 	 

 

			
	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

Second Supplemental Indenture

A-1-8

 

     [If a Global Security, insert as a separate page—

SCHEDULE OF INCREASES OR DECREASES

IN GLOBAL SECURITY

     The following increases or decreases in this Global Security have been made:

	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	 	Principal Amount of	 	 
	 	 	Decrease in	 	Amount of Increase	 	this Global Security	 	Signature of
	 	 	Principal	 	in Principal Amount	 	following such	 	authorized signatory
	 	 	Amount of this	 	of this	 	decrease	 	of Trustee or
	Date of Exchange	 	Global Security	 	Global Security	 	(or increase)	 	Depositary
	 	 	 	 	 	 	 	 	 

Second Supplemental Indenture

A-1-9

 

EXHIBIT A

Form of 2039 Note

[FORM OF FACE OF NOTE]

[If a Global Security, insert—THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES
REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]

[If a Global Security, insert—EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF
TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO
THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]

[If a Global Security, insert—UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

Second Supplemental Indenture

A-1-10

 

WEATHERFORD INTERNATIONAL LTD.

9.875% Senior Note due 2039

	 	 	 	 	 
	Rate of Interest	 	Maturity Date	 	Original Issue Date
	9.875%
	 	March 1, 2039
	 	January 8, 2009

			
	 	 	 
	No. ___
	 	U.S.$                    

CUSIP No. 947075 AG2

     Weatherford International Ltd., a Bermuda exempted company (herein called the “Company”), for
value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
                     United States Dollars on the maturity date shown above, and to pay interest thereon, at
the annual rate of interest shown above, from the original issue date shown above or from the most
recent Interest Payment Date (as hereinafter defined) to which interest has been paid or duly
provided for, payable semi-annually on March 1 and September 1 of each year (each, an “Interest
Payment Date”) and at such maturity date, commencing on the first such date after the original
issue date hereof, except that if such original issue date is on or after a Regular Record Date (as
defined below) but before the next Interest Payment Date, interest payments will commence on the
second Interest Payment Date following the original issue date.

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the person in whose name this Note is
registered at the close of business on the “Regular Record Date” for any such Interest Payment
Date, which shall be the fourteenth calendar day (whether or not a Business Day) preceding the
applicable Interest Payment Date. Any such interest not so punctually paid or duly provided for,
and any interest payable on such defaulted interest (to the extent lawful), will forthwith cease to
be payable to the Holder on such Regular Record Date and shall be paid to the person in whose name
this Note is registered at the close of business on a special record date for the payment of such
defaulted interest to be fixed by the Company, notice of which shall be given to Holders of Notes
not less than 14 days prior to such special record date. Payment of the principal of and interest
on this Note will be made at the agency of the Company maintained for that purpose in New York, New
York and at any other office or agency maintained by the Company for such purpose, in United States
dollars; provided, however, that, at the option of the Company, payment of interest, other than
interest due on the maturity date shown above, may be made by check mailed to the address of the
person entitled thereto as such address shall appear in the Security Register.

     Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

(Signature Page Follows)

 Second Supplemental Indenture

A-1-11

 

     IN WITNESS WHEREOF, Weatherford International Ltd. has caused this instrument to be executed
in its corporate name by the signature of its duly authorized officer.

	 	 	 	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

     DATED: January 8, 2009

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the 9.875% Senior Notes due 2039 referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

by Deutsche Bank National Trust Company,

     as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Signatory	 	 

Second Supplemental Indenture

A-1-12

 

[REVERSE OF NOTE]

WEATHERFORD INTERNATIONAL LTD.

9.875% Senior Note due 2039

     This Note is one of a duly authorized issue of Securities of the Company (which term includes
any successor corporation under the Indenture hereinafter referred to) designated as its 9.875%
Senior Notes due 2039 (the “Notes”), issued or to be issued pursuant to an Indenture dated as of
October 1, 2003, between the Company and Deutsche Bank Trust Company Americas, a New York banking
corporation, as Trustee (the “Trustee,” which term includes any successor trustee under such
Indenture), as amended and supplemented by the Second Supplemental Indenture thereto dated as of
January 8, 2009 (such Indenture, as so amended and supplemented being referred to herein as the
“Indenture”). The terms of this Note include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended. Reference is hereby
made to the Indenture and all further supplemental indentures thereto for a statement of the
respective rights, limitation of rights, duties and immunities thereunder of the Company, the
Guarantor, the Trustee and the Holders and of the terms upon which the Notes are, and are to be,
authenticated and delivered.

     As provided in the Indenture, Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may
bear interest, if any, at different rates, may be subject to different redemption provisions, if
any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to
different covenants and Events of Default and may otherwise vary as in the Indenture provided or
permitted. This Note is one of the series designated on the face hereof.

     This Note is the general, unsecured, senior obligation of the Company and is guaranteed
pursuant to a guarantee (the “Guarantee”) by Weatherford International, Inc., a Delaware
corporation (the “Guarantor”).

     The Notes are subject to redemption upon not less than 30 nor more than 60 days’ notice by
mail, at any time, as a whole or in part, at the election of the Company at a Redemption Price
equal to the greater of: (a) 100% of the principal amount of Securities then outstanding to be
redeemed, plus accrued and unpaid interest thereon to the redemption date; or (b) the sum of the
present values of the remaining scheduled payments of principal and interest on the Securities then
outstanding to be redeemed (not including any portion of such payments of interest accrued as of
the redemption date), discounted to the redemption date on a semi-annual basis (computed based on a
360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis
points (0.50%), as calculated by an Independent Investment Banker, plus accrued and unpaid interest
thereon to the redemption date; but interest installments whose Stated Maturity is on or prior to
such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture.

     “Adjusted Treasury Rate” means, with respect to any redemption date: (a) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the remaining life, as defined below,
yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such
yields on a straight-line basis, rounding to the nearest month); or (b) if such release (or any
successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date. The Adjusted Treasury Rate will be calculated on the third business day preceding the
redemption date.

     “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the
Securities to be redeemed that would be used, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Securities.

Second Supplemental Indenture

A-1-13

 

     “Comparable Treasury Price” means (1) the average of five Reference Treasury Dealer Quotations
for the redemption date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (2) if an Independent Investment Banker obtains fewer than five such Reference
Treasury Dealer Quotations, the average of all such quotations.

     “Independent Investment Banker” means Banc of America Securities LLC, Barclays Capital Inc.,
Deutsche Bank Securities Inc., Goldman, Sachs & Co. or UBS Securities LLC or any of their
respective successors, as designated by us, or if all such firms are unwilling or unable to serve
as such, an independent investment and banking institution of national standing appointed by the
Company.

     “Reference Treasury Dealer” means: (a) Banc of America Securities LLC, Barclays Capital Inc.,
Deutsche Bank Securities Inc., Goldman, Sachs & Co. and UBS Securities LLC and each of their
respective successors; provided that, if any such Reference Treasury Dealer ceases to be a primary
U.S. Government securities dealer in the United States (Primary Treasury Dealer), the Company will
substitute another Primary Treasury Dealer; and (b) up to two other Primary Treasury Dealer
selected by the Company.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by an Independent Investment Banker, of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to an Independent Investment Banker at 3:00 p.m., New York City
time, on the third business day preceding such redemption date.

     In the event of redemption of this Note in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the Guarantor and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the
Company and the Guarantor and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company and the Guarantor with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Security issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of (and premium, if any) and interest on this Note at the times, place(s) and rate, and
in the coin or currency, herein prescribed.

     This Global Security or portion hereof may not be exchanged for Definitive Securities of this
series except in the limited circumstances provided in the Indenture. The holders of beneficial
interests in this Global Security will not be entitled to receive physical delivery of Definitive
Securities except as described in the Indenture and will not be considered the Holders thereof for
any purpose under the Indenture.

     The Notes are issuable only in registered form without coupons in denominations of U.S. $2,000
and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this
Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
none of the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to
the contrary.

Second Supplemental Indenture

A-1-14

 

     No recourse under or upon any obligation, covenant or agreement of or contained in the
Indenture or of or contained in any Note, or the Guarantee endorsed thereon, or for any claim based
thereon or otherwise in respect thereof, or in any Security or in the Guarantee, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator,
shareholder, member, officer, manager or director, as such, past, present or future, of the Company
or the Guarantor or of any successor Person, either directly or through the Company or the
Guarantor or any successor Person, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment, penalty or otherwise; it being expressly understood that
all such liability is hereby expressly waived and released by the acceptance hereof and as a
condition of, and as part of the consideration for, the Notes and the execution of the Indenture.

     The Indenture provides that the Company and the Guarantor (a) will be discharged from any and
all obligations in respect of the Notes (except for certain obligations described in the
Indenture), or (b) need not comply with certain restrictive covenants of the Indenture, in each
case if the Company or the Guarantor deposits, in trust, with the Trustee money or U.S. Government
Obligations (or a combination thereof) which through the payment of interest thereon and principal
thereof in accordance with their terms will provide money, in an amount sufficient to pay all the
principal of and interest on the Notes, but such money need not be segregated from other funds
except to the extent required by law.

     As more fully provided in the Indenture, no Holder may pursue any remedy under the Indenture
unless the Trustee shall have failed to act after notice of an Event of Default and written request
by Holders of at least 25% in principal amount of a series of the Securities and the offer to the
Trustee of indemnity satisfactory to it; however, such provision does not affect the right to sue
for enforcement of any overdue payment on any Security.

     Except as otherwise defined herein, all terms used in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

     Customary abbreviations may be used in the name of a Holder or any assignee, such as: TEN COM
( = tenants in common), TEN ENT ( = tenants by the entireties), JT TEN ( = joint tenants with right
of survivorship and not as tenants in common), CUST ( = Custodian) and U/G/M/A ( = Uniform Gifts to
Minors Act).

     The Company will furnish to any holder of record of this Note, upon written request, without
charge, a copy of the Indenture. Requests may be made to: Weatherford International Ltd., 515 Post
Oak Blvd., Suite 600, Houston, Texas 77027, Attention: Corporate Secretary.

     This Note shall be governed by and construed in accordance with the laws of the State of New
York without regard to principles of conflicts of law.

Second Supplemental Indenture

A-1-15

 

ASSIGNMENT FORM

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
                                         (Please Print or Typewrite Name and Address of Assignee) the within
instrument of WEATHERFORD INTERNATIONAL LTD. and does hereby irrevocably constitute and appoint
                                         Attorney to transfer said instrument on the books of the within-named
Company, with full power of substitution in the premises.

Please Insert Social Security or

Other Identifying Number of Assignee:

	 	 	 	 	 	 	 
	 
	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	(Signature)

Signature Guarantee: _______________________________________________________________________________

(Participant in a Recognized Signature

Guaranty Medallion Program)

     NOTICE: The signature to this assignment must correspond with the name as written upon the
face of the within instrument in every particular, without alteration or enlargement or any change
whatever.

Second Supplemental Indenture

A-1-16

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to Section 10.10 or
11.6 of the Indenture, check the appropriate box below:

o   Section 10.10                     o   Section 11.6

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 10.10 or Section 11.6 of the Indenture, state the amount you elect to have purchased:

$_______________

Date:____________________

	 	 	 	 	 
	 

	 	Your Signature:	 	 
	 

	 	
 

	 	 	(Sign exactly as your name appears on the face of this Note)
	 
	 	 	 	 
	 

	 	Tax Identification No.:	 	 
	 

	 	 

Signature Guarantee*:___________

 

* Participant in a recognized Signature Guarantee Medallion Program (or other signature
guarantor acceptable to the Trustee).

Second Supplemental Indenture

A-1-17

 

     [If a Global Security, insert as a separate page—

SCHEDULE OF INCREASES OR DECREASES

IN GLOBAL SECURITY

     The following increases or decreases in this Global Security have been made:

	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	 	Principal Amount of	 	 
	 	 	Decrease in	 	Amount of Increase	 	this Global Security	 	Signature of
	 	 	Principal	 	in Principal Amount	 	following such	 	authorized signatory
	 	 	Amount of this	 	of this	 	decrease	 	of Trustee or
	Date of Exchange	 	Global Security	 	Global Security	 	(or increase)	 	Depositary
	  	 	 	 	 	 	 	 	 

Second Supplemental Indenture

A-1-18

 

EXHIBIT B

[FORM OF GUARANTEE NOTATION]

     The Guarantor (which term includes any successor Person in such capacity under the Indenture),
has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and
subject to the provisions in the Indenture, the due and punctual payment of the principal of, and
premium, if any, and interest on the Securities of this series and all other amounts due and
payable under the Indenture and such Securities by the Company.

     The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to
the Guarantee and the Indenture are expressly set forth in Article Fourteen of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Guarantee.

	 	 	 	 	 
	 	 	Guarantor:
	 
	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

Second Supplemental Indenture

B-1

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