Document:

exv10w1

Exhibit 10.1

EMPLOYMENT AGREEMENT

     This
EMPLOYMENT AGREEMENT (the “Agreement”) is made and
entered into this 18th day of February,
2009 (the “Effective Date”) by and between Repros Therapeutics Inc., a Delaware corporation (the
“Company”), and Paul Lammers, MD, MSc (the “Employee”).

WITNESSETH

     WHEREAS, the Company desires to employ the Employee as its President on the terms and subject
to the conditions set forth herein, and the Employee desires to accept such employment;

     NOW, THEREFORE, in consideration of the mutual covenants, promises and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

     1. Employment.

     (a) The Company hereby employs the Employee and the Employee hereby accepts employment
as the President of the Company, subject to the direction of the Chief Executive Officer and
the Board of Directors of the Company. Employee agrees that he shall perform and discharge
well and faithfully the duties and responsibilities that are assigned to him by the Chief
Executive Officer and the Board of Directors of the Company, which shall include, but are
not limited to, the management of investor relations, supervision and responsibility for
regulatory affairs relating to the Company’s clinical trials, and the preparation of all
aspects relating to the commercial introduction of the Company’s products to market. The
Employee agrees to devote such of his time, attention and energy to the business of the
Company, and any of its subsidiaries or affiliates, as may be required to perform the duties
and responsibilities assigned to him by the Chief Executive Officer and the Board of
Directors of the Company to the best of his ability and with requisite diligence.

     (b) The Employee agrees to comply in all material respects, at all times during the
Term (as defined in Section 2 hereof), with all applicable policies, rules and regulations
of the Company.

     2. Term. Subject to the terms hereof, this Agreement shall commence on the Effective
Date hereof and shall terminate on the first anniversary of the Effective Date (the “Initial
Term”); provided, that this Agreement will automatically renew for successive one-year periods
after the Initial Term (each an “Additional Term”) unless terminated in accordance with Section 6.
The Initial Term together with any Additional Term shall be referred to herein as the “Term.”

     3. Compensation.

 

 

     (a) The Company agrees to pay to Employee during the Initial Term a base monthly salary
of $30,833.33, payable in equal semi-monthly installments or on any other periodic basis
consistent with the Company’s payroll procedures, subject only to such payroll and
withholding deductions as are required by applicable federal and state laws. Unless
otherwise agreed by the Board of Directors of the Company, the Employee acknowledges that he
shall not be eligible for an annual bonus as the Employee’s base salary has already been
increased to include amounts that might have otherwise been paid as a bonus. The base
monthly salary for such Additional Term shall be reviewed on an annual basis by the Board of
Directors and recommendations for a salary adjustment shall be made based on both individual
and corporate performance; provided, however, that there is no assurance that the base
monthly salary will be increased for any subsequent Additional Term, such decision to be
within the discretion of the Board of Directors.

     (b) The Company has issued, to Employee, an incentive stock option (the “Option”) to
purchase 300,000 shares of the Company’s Common Stock under the Company’s Stock Option Plan,
at an exercise price equal to the closing price of the Company’s Common Stock on the Nasdaq
Global Market on the date of approval by the Company’s Board of Directors (February 18,
2009), subject to commencement of employment. Such shares shall vest and be exercisable at
a rate of 1/72th of the total thereof for each month of Employee’s employment
following the Effective Date, provided that all shares shall vest and be exercisable in the
event of a Change of Control (as defined below).

     4. Fringe Benefits; Expenses.

     (a) So long as the Employee is employed by the Company, the Employee shall participate
in all employee benefit plans sponsored by the Company for its executive employees,
including, but not limited to, vacation policy, health insurance, dental insurance and
retirement plans; provided, however, that the nature, amount and limitations of such plans
shall be determined from time to time by the Board of Directors of the Company.

     (b) The Company agrees to reimburse the Employee for all reasonable out-of-pocket
expenses incurred by him in the performance of his duties, subject to the submission of
appropriate documentation in accordance with the Company’s expense reimbursement policy as
in existence from time to time.

     (c) Upon the Employee’s change of residence to The Woodlands, Texas area, the Company
agrees that it will pay to Employee a relocation related bonus payment in the amount of
$100,000. Additionally, the Company will pay the moving company charges for the movement of
Employee’s household items from Massachusetts to Texas.

     5. Confidential Information and Non-Competition. The Employee has executed and agrees
to comply with the Confidentiality, Proprietary Information and Inventions and Non-Competition
Agreement, a copy of which is attached as Exhibit A hereto and incorporated herein by
reference.

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     6. Termination.

     (a) At any time during the Term, the Company may, at its sole discretion, discharge the
Employee, with or without “Cause”. Such termination shall be effective on delivery of
written notice to the Employee of the Company’s election to terminate this Agreement under
this Section 6. For purposes of this Agreement, the following events shall constitute
“Cause”: (i) the conviction of the Employee by a court of competent jurisdiction of a crime
involving moral turpitude; (ii) the commission, or attempted commission, by the Employee of
an act of fraud on the Company; (iii) the misappropriation, or attempted misappropriation,
by the Employee of any funds or property of the Company; (iv) the continued and unreasonable
failure by the Employee to perform in any material respect his obligations under the terms
of this Agreement; (v) the knowing engagement by the Employee, without the written approval
of the Board of Directors, in any direct, material conflict of interest with the Company
without compliance with the Company’s conflict of interest policy; (vi) the knowing
engagement by the Employee, without the written approval of the Board of Directors, in any
activity which competes with the business of the Company or which would result in a material
injury to the Company; or (vii) the knowing engagement by the Employee in any activity that
would constitute a material violation of the provisions of the Company’s Insider Trading
Policy or Business Ethics Policy, if any, then in effect.

     If the Company terminates the Employee’s employment under this Agreement for reasons other
than Cause or if Employee terminates his employment for Good Reason (as defined below), then
the Company shall, subject to the terms of this Section 6, pay to the Employee (or his
estate or representative, as appropriate) an amount equal to twelve (12) months compensation
at his then current salary, payable bi-monthly or in accordance with the Company’s payroll
procedures, and shall continue to provide benefits in the kind and amounts provided up
through the date of termination for the twelve (12) month period, including, without
limitation, continuation of any Company-paid benefits as described in Section 4 of this
Agreement for the Employee and his family. Under no circumstances shall the Employee be
entitled to any compensation or continuation of benefits for any period of time following
his termination if his termination is for Cause. If the Company terminates the Employee’s
employment under this Agreement for reasons other than Cause, the Employee agrees to accept,
in full settlement of any and all claims, losses, damages and other demands that the
Employee may have arising out of such termination as liquidated damages and not as a
penalty, the twelve (12) month salary payments and continuation of Company-paid benefits as
set forth above. The Employee hereby waives any and all rights that he may have to bring
any cause of action or proceeding, as a result of such termination, except to enforce the
Company’s obligation to pay amounts owing pursuant to this Section 6.

     (b) This Agreement will terminate automatically on the earliest to occur of: (i) the
death or disability of the Employee; or (ii) the voluntary retirement of the Employee.

     (c) If at any time during the Term of this Agreement, the Employee is unable to perform
effectively his duties hereunder because of physical or mental

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     disability, the Company shall continue payment of compensation as provided in Section 3
hereof during the first twelve (12) month period of such disability to the extent not
covered by the Company’s disability insurance policies. On the expiration of such twelve
(12) month period, the Company, at its sole discretion, may continue payment of the
Employee’s salary for such additional periods as the Company elects or may terminate this
Agreement without any further obligations thereunder. If the Employee should die during the
Term of this Agreement, the Employee’s employment and the Company’s obligations hereunder
shall terminate as of the last day of the month in which the Employee’s death occurs.

     (d) As used in this Agreement, “Good Reason” shall mean a material diminution in the
title, powers, duties, responsibilities or functions of the Employee as described in Section
1 above within one year following the occurrence of a Change of Control.

     As used in this Agreement, a “Change of Control” shall mean:

     (i) the acquisition after the Effective Date by any individual, entity
or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended) (a “Person”) of beneficial
ownership of 30% or more of either (x) the then outstanding shares of common
stock of the Company (the “Outstanding Common Stock”) or (y) the combined
voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the “Outstanding
Voting Securities”), provided that for purposes of this subsection (i), the
following acquisitions shall not constitute a Change of Control: (A) any
acquisition directly from the Company, (B) any acquisition by the Company,
(C) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the
Company, or (D) any acquisition by any corporation pursuant to a transaction
which complies with clauses (A), (B) and (C) of subsection (ii) hereof; or

     (ii) consummation after the Effective Date of a reorganization, merger
or consolidation or sale or other disposition of all or substantially all of
the assets of the Company (a “Corporate Transaction”) in each case, unless,
following such Corporate Transaction, (A) (1) all or substantially all of
the persons who were the beneficial owners of the Outstanding Common Stock
immediately prior to such Corporate Transaction beneficially own, directly
or indirectly, more than 30% of the then outstanding shares of common stock
of the corporation resulting from such Corporate Transaction, and (2) all or
substantially all of the persons who were the beneficial owners of the
Outstanding Voting Securities immediately prior to such Corporate
Transaction beneficially own, directly or indirectly, more than 30% of the
combined voting power of the then outstanding voting securities entitled to
vote generally in the election of directors of the corporation resulting
from such Corporate Transaction

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     (including, without limitation, a corporation which as a result of such
transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership of the Outstanding Common Stock and
the Outstanding Voting Securities immediately prior to such Corporate
Transaction, as the case may be, (B) no Person (excluding (1) any
corporation resulting from such Corporate Transaction or any employee
benefit plan (or related trust) of the Company or such corporation resulting
from such Corporate Transaction and (2) any Person approved by the members
of the Board in office immediately prior to such Corporate Transaction)
beneficially owns, directly or indirectly, 30% or more of the then
outstanding shares of common stock of the corporation resulting from such
Corporate Transaction or the combined voting power of the then outstanding
voting securities of such corporation except to the extent that such
ownership existed prior to such Corporate Transaction and (C) at least a
majority of the members of the board of directors of the corporation
resulting from such Corporate Transaction were members of the Board at the
time of the execution of the initial agreement or of the action of the Board
providing for such Corporate Transaction.

     (e) At any time during the Term of this Agreement, the Employee may terminate this
Agreement by giving at least thirty (30) days written notice to the Company of his intent to
terminate this Agreement, with the date of termination to be specified in such notice.

     (f) If this Agreement is terminated by the Employee pursuant to Section 6(e) hereof,
then the Company will have no obligation to pay any amount to the Employee other than
amounts earned or accrued pursuant to Section 3 hereof, but which have not yet been paid, as
of the date of termination.

     7. Assignment by Employee. Except as otherwise expressly provided herein, the
Employee agrees for himself, and on behalf of his executors and administrators, heirs, legatees,
distributees and any other person or persons claiming any benefits under him by virtue of this
Agreement, that this Agreement and the rights, interests and benefits hereunder shall not be
assigned, transferred, pledged or hypothecated in any way by the Employee or any executor,
administrator, heir, legatee, distributee or person claiming under the Employee by virtue of this
Agreement and shall not be subject to execution, attachment or similar process. Any attempt at
assignment, transfer, pledge or hypothecation or other disposition of this Agreement or of such
rights, interests and benefits contrary to the foregoing provision, or the levy of any attachment
or similar process thereupon, shall be null and void and without effect.

     8. Successors of the Company. This Agreement shall be binding on and inure to the
benefit of any Successor (as hereinafter defined) of the Company and any such Successor shall be
deemed substituted for the Company under the terms of this Agreement. As used in this Agreement,
the term “Successor” shall include any person, firm, corporation or other business entity which at
any time, whether by merger, purchase or otherwise, acquires all or substantially all of the assets
or businesses of the Company; but no such substitution shall relieve such

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companies of their original obligations hereunder. This Agreement may not otherwise be
assigned by the Company without the Employee’s consent to any person, firm, corporation, limited
liability company, trust or other entity.

     9. Notices. All notices or other communications that are required or may be given
under this Agreement shall be in writing and shall be deemed to have been duly given when delivered
in person, transmitted by telecopier or mailed by registered or certified first class mail, postage
prepaid, return receipt requested, to the parties hereto at the address set forth below (as the
same may be changed from time to time by notice similarly given) or the last known business or
residence address of such other person as may be designated by either party hereto in writing.

If to the Company:

Repros Therapeutics Inc.

2408 Timberloch Place, Suite B-7

The Woodlands, Texas 77380

Attn: Joseph S. Podolski

If to the Employee:

Paul Lammers, MD, MSc

4
Cape Cod Lane

Kingham,
Massachusetts 02043

     10. Waiver of Breach. A waiver by the Company or the Employee of a breach of any
provision of this Agreement by the other party shall not operate or be construed as a waiver of any
other breach by the other party.

     11. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Texas.

     12. Severability. If any provision of this Agreement shall, for any reason, be held
to violate any applicable law, and so much of said Agreement is held to be unenforceable, then the
invalidity of such specific provision herein shall not be held to invalidate any other provision
herein which shall remain in full force and effect.

     13. Amendment. This Agreement constitutes and contains the entire agreement of the
parties and supersedes any and all prior negotiations, correspondence, understandings and
agreements between the parties respecting the subject matter hereof. This Agreement may be
modified only by an agreement in writing executed by all the parties hereto.

     14. Headings. The section and subsection headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement.

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     15. Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, and all of which together shall constitute one instrument.

     16. Cumulative Remedies. All rights and remedies hereunder are cumulative and are in
addition to all other rights and remedies provided by law, agreement or otherwise.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above.

	 	 	 	 	 
	 	COMPANY:

REPROS THERAPEUTICS INC.

 	 
	 	By:  	/s/ Mark Lappe
 	 
	 	 	Mark Lappe, Chairman 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	EMPLOYEE:

 	 
	 	By:  	/s/ Paul Lammers
 	 
	 	 	Paul Lammers, MD, MSc 	 
	 	 	 	 
	 

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Exhibit A

Proprietary Information and Inventions and Non-Competition Agreement between the Company

and Employee

(See attached)exv10w39

Exhibit 10.39

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

     This Amended and Restated Employment Agreement (this “Agreement”) is entered into as of
December 31, 2008, by and between Weatherford International Ltd., a Bermuda exempted company (the
“Company”), and Carel W. Hoyer (the “Executive”).

WITNESSETH:

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

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

     WHEREAS, the Company and the Executive previously entered into a change of control agreement
(the “Employment Agreement”) dated and effective as of May 24, 2007 (“the Effective Date”);

     WHEREAS, the Company and the Executive desire to amend and restate the Employment Agreement as
set forth in this Agreement to comply with Section 409A of the Internal Revenue Code of 1986, as
amended and the final Department of Treasury regulations issued thereunder; and

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the parties hereto do hereby agree that effective as of December 31, 2008 the
Employment Agreement is hereby amended and restated to provide as follows:

1. Certain Definitions.

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

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

     (c) “Board” shall mean the Board of Directors of the Company.

     (d) “Cause” shall mean:

          (i) the willful and continued failure of the Executive to substantially perform the
Executive’s duties with the Company (other than any such failure resulting from incapacity
due to physical or mental illness or anticipated failure after the issuance of a Notice of
Termination for Good Reason by the Executive pursuant to Section 4(c)), after a written demand for
substantial performance is delivered to the Executive by the Board which specifically

 

 

identifies the manner in which the Executive has not substantially performed the Executive’s duties, or

          (ii) the willful engaging by the Executive in illegal conduct or gross misconduct which is
materially and demonstrably injurious to the Company.

     No act, or failure to act, on the part of the Executive shall be considered “willful” unless
it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that
the Executive’s action or omission was in the best interests of the Company. Any act, or failure
to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the
instructions of the Chief Executive Officer or of a more senior officer of the Company or based
upon the advice of counsel for the Company (which may be the General Counsel or other counsel
employed by the Company or its subsidiaries) shall be conclusively presumed to be done, or omitted
to be done, by the Executive in good faith and in the best interests of the Company. The cessation
of employment of the Executive shall not be deemed to be for Cause unless and until there shall
have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of
not less than three-quarters of the entire membership of the Board at a meeting of the Board called
and held for such purpose (after reasonable notice is provided to the Executive, and the Executive
is given an opportunity, together with counsel, to be heard before the Board), finding that, in the
good faith opinion of the Board, the Executive is guilty of the conduct described in subparagraph
(i) or (ii) above, and specifying the particulars thereof in detail.

     (e) “Change of Control” shall be deemed to have occurred if any event set forth in any one of
the following paragraphs shall have occurred:

          (i) any Person is or becomes the Beneficial Owner, directly or indirectly, of twenty percent
(20%) or more of either (A) the then outstanding common shares of the Company (the “Outstanding
Company Common Shares”) or (B) the combined voting power of the then outstanding voting securities
of the Company entitled to vote generally in the election of directors (the “Outstanding Company
Voting Securities”), excluding any Person who becomes such a Beneficial Owner in connection with a
transaction that complies with clauses (A), (B) and (C) of paragraph (iii) below;

          (ii) individuals, who, as of the date hereof, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least two-thirds (2/3) of the Board; provided, however, that
any individual becoming a director subsequent to the date hereof whose election, or nomination for
election by the Company’s shareholders, was approved by a vote of at least two-thirds (2/3) of the
Incumbent Board shall be considered as though such individual was a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election or removal of
directors or any other actual or threatened solicitation of proxies or consents by or on behalf of
a Person other than the Board; or

          (iii) the consummation of a reorganization, merger, amalgamation, consolidation, scheme of
arrangement, exchange offer or similar transaction of the Company or any of its subsidiaries or the
sale, transfer or other disposition of all or substantially all of the

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Company’s Assets (any of which a “Corporate Transaction”), unless, following such Corporate Transaction
or series of related
Corporate Transactions, as the case may be, (A) all of the individuals and entities (which, for
purposes of this Agreement, shall include, without limitation, any corporation, partnership,
association, joint-stock company, limited liability company, trust, unincorporated organization or
other business entity) who were the beneficial owners, respectively, of the Outstanding Company
Common Shares and Outstanding Company Voting Securities immediately prior to such Corporate
Transaction beneficially own, directly or indirectly, more than sixty-six and two-thirds percent
(66-2/3%) of, respectively, the then outstanding common shares and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors (or
other governing body), as the case may be, of the entity resulting from such Corporate Transaction
(including, without limitation, an entity which as a result of such transaction owns the Company or
all or substantially all of the Company’s Assets either directly or through one (1) or more
subsidiaries or entities) in substantially the same proportions as their ownership, immediately
prior to such Corporate Transaction, of the Outstanding Company Common Shares and the Outstanding
Company Voting Securities, as the case may be, (B) no Person (excluding any entity resulting from
such Corporate Transaction or any employee benefit plan (or related trust) of the Company or such
entity resulting from such Corporate Transaction) beneficially owns, directly or indirectly, twenty
percent (20%) or more of, respectively, the then outstanding shares of common stock of the entity
resulting from such Corporate Transaction or the combined voting power of the then outstanding
voting securities of such entity except to the extent that such ownership existed prior to the
Corporate Transaction and (C) at least two-thirds (2/3) of the members of the board of directors
(or other governing body) of the entity resulting from such Corporate Transaction were members of
the Incumbent Board at the time of the approval of such Corporate Transaction; or

          (iv) Approval or adoption by the Board of Directors or the shareholders of the Company of a
plan or proposal which could result directly or indirectly in the liquidation, transfer, sale or
other disposal of all or substantially all of the Company’s Assets or the dissolution of the
Company.

     (f) “Company” shall mean Weatherford International Ltd. or any successor to Weatherford
International Ltd., including but not limited to any Entity into which Weatherford International
Ltd. is merged, consolidated or amalgamated, or any Entity otherwise resulting from a Corporate
Transaction.

     (g) “Company’s Assets” shall mean the assets (of any kind) owned by the Company, including,
without limitation, the securities of the Company’s Subsidiaries and any of the assets owned by the
Company’s Subsidiaries.

     (h) “Disability” shall mean the absence of the Executive from performance of the Executive’s
duties with the Company on a substantial basis for one hundred twenty (120) calendar days as a
result of incapacity due to mental or physical illness.

     (i) “Employment Period” shall mean the period commencing on the Effective Date and ending on
the third anniversary of the Effective Date; provided, however, that commencing on the date one
year after the Effective Date, and on each annual anniversary of such date (such

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date and each
annual anniversary thereof shall be hereinafter referred to as the “Renewal Date”), unless
previously terminated, the Employment Period shall be automatically extended so as to terminate
three (3) years after such Renewal Date, unless at least sixty (60) days prior to the Renewal Date
the Company shall give notice to the Executive that the Employment Period shall not be so extended.

     (j) “Entity” shall mean means any corporation, partnership, association, joint-stock company,
limited liability company, trust, unincorporated organization or other business entity.

     (k) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time.

     (l) “Good Reason” shall mean the occurrence of any of the following:

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

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

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

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

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

          (vi) any failure by the Company to comply with and satisfy Section 9(b) of this Agreement;

          (vii) failure of the Company (including any successor) to agree, execute and enter into a new
employment agreement and a new executive retirement plan with the Executive

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prior to the termination or expiration of this Agreement, with such employment agreement and executive
retirement plan having the same terms and conditions as existed in agreements and plans between the
Company and the Executive prior to December 30, 2008, and incorporating such terms and conditions
that are more favorable to the Executive from all agreements and retirement plans existing on
January 1, 2009; or

          (viii) in connection with, as a result of, or following a Change of Control, the giving of
notice to the Executive that the Employment Period shall not be extended.

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

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

     (m) “Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified
and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the
Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or any of its Affiliates, (iii) an underwriter temporarily
holding securities pursuant to an offering by the Company of such securities, or (iv) a corporation
or other entity owned, directly or indirectly, by the shareholders of the Company in the same
proportions as their ownership of common shares of the Company.

     (n) “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended and the
final Department of Treasury regulations issued thereunder.

     (o) “Section 409A Amounts” means those amounts that are deferred compensation subject to
Section 409A.

     (p) “Separation From Service” shall have the meaning ascribed to such term in Section 409A.

2. Employment Period. The Company hereby agrees that the Company will continue the Executive in
its employ, and the Executive hereby agrees to remain in the employ of the Company subject to the
terms and conditions of this Agreement during the Employment Period. During the Employment Period,
the Executive may be seconded to the employment of Weatherford U.S., L.P. (or such other affiliated
entity) (the “Seconded Affiliate Company”), but
without prejudice to the Company’s obligations or the Executive’s rights under this Agreement. The
Executive shall carry out his/her duties as if they were duties to be performed on behalf of

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the Company. Each Seconded Affiliate Company shall be subject to all of the obligations and agreements
of the Company under this Agreement and the Company shall be responsible for actions and inactions
of the Seconded Affiliate Company. Any breach or failure to abide by the terms and conditions of
this Agreement by a Seconded Affiliate Company shall be deemed to constitute a breach or failure to
abide by the Company.

3. Terms of Employment.

     (a) Position and Duties.

          (i) During the Employment Period, the Executive’s position (including status, offices, titles,
authority, duties and responsibilities) shall be Group Vice President — Drilling Hazard Mitigation
of the Company.

          (ii) During the Employment Period, and excluding any periods of vacation and sick leave to
which the Executive is entitled, the Executive agrees to devote reasonable attention and time
during normal business hours to the business and affairs of the Company and, to the extent
necessary to discharge the responsibilities assigned to the Executive hereunder, to use the
Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities.
During the Employment Period it shall not be a violation of this Agreement for the Executive to (A)
serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill
speaking engagements or teach at educational institutions and (C) manage personal investments, so
long as such activities in clause (A), (B), and (C) together do not significantly interfere with
the performance of the Executive’s responsibilities as an employee of the Company in accordance
with this Agreement. It is expressly understood and agreed that to the extent that such activities
have been conducted by the Executive prior to the date hereof, the continued conduct of such
activities (or the conduct of activities similar in nature and scope thereto) subsequent to the
date hereof shall not thereafter be deemed to interfere with the performance of the Executive’s
responsibilities to the Company.

     (b) Compensation.

          (i) Base Salary. During the Employment Period, the Executive shall receive an annual base
salary equal to the current base salary being received by the Executive (“Annual Base Salary”),
which shall be paid at a monthly rate. During the Employment Period, the Annual Base Salary shall
be reviewed no more than twelve (12) months after the last salary increase awarded to the Executive
prior to the date hereof and thereafter at least annually; provided, however, that a salary
increase shall not necessarily be awarded as a result of such review. Any increase in Annual Base
Salary may not serve to limit or reduce any other obligation to the Executive under this Agreement.
Annual Base Salary shall not be reduced after any such increase. The term Annual Base Salary as
utilized in this Agreement shall refer to Annual Base Salary as so increased.

          (ii) Annual Bonus. The Executive shall be eligible for an annual bonus for each fiscal year
ending during the Employment Period on the same basis as other executive
officers under the Company’s executive officer annual incentive program. Each such Annual

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Bonus shall be paid no later than 2-1/2 months after the fiscal year for which the Annual Bonus is
awarded.

          (iii) Incentive, Savings and Retirement Plans. During the Employment Period, the Executive
shall be entitled to participate in all incentive, savings and retirement plans, practices,
policies and programs applicable generally to all executive officers of the Company and its
affiliated companies, but in no event shall such plans, practices, policies and programs provide
the Executive with incentive opportunities (measured with respect to both regular and special
incentive opportunities, to the extent, if any, that such distinction is applicable), savings
opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate,
than the most favorable of those provided by the Company and its affiliated companies for the
Executive under such plans, practices, policies and programs as in effect on the date hereof. As
used in this Agreement, the term “affiliated companies” shall include any company controlled by,
controlling or under common control with the Company.

          (iv) Welfare Benefit Plans. During the Employment Period, the Executive and/or the
Executive’s family, as the case may be, shall be eligible to participate in and shall receive all
benefits under welfare benefit and retirement plans, practices, policies and programs provided by
the Company and its affiliated companies (including, without limitation, medical, prescription,
dental, disability, salary continuance, employee life, group life, accidental death and travel
accident insurance plans and programs) to the extent applicable generally to all executive officers
of the Company and its affiliated companies, but in no event shall such plans, practices, policies
and programs provide the Executive with benefits which are less favorable, in the aggregate, than
the most favorable of those provided by the Company and its affiliated companies for the Executive
under than such plans, practices, policies and programs of the Company and its affiliated companies
in effect for the Executive on the date hereof.

          (v) Fringe Benefits. During the Employment Period, the Executive shall be entitled to (A) a
monthly car allowance and (B) such other fringe benefits (including, without limitation, payment of
club dues, financial planning services, cellular telephone, mobile email, annual physical
examinations, payment of professional fees and professional taxes and payment of related expenses,
as appropriate) in accordance with the most favorable plans, practices, programs and policies of
the Company and its affiliated companies in effect for the Executive on the date hereof.
Notwithstanding the foregoing, effective December 31, 2008, no amounts shall be payable under this
Section 3(b)(v) to the extent that such amounts are Section 409A Amounts.

          (vi) Expenses. During the Employment Period, the Executive shall be entitled to receive
prompt reimbursement for all reasonable expenses incurred by the Executive in accordance with the
most favorable policies, practices and procedures of the Company and its affiliated companies in
effect for the Executive on the date hereof. Notwithstanding the foregoing, effective December 31,
2008, no amounts shall be payable under this Section 3(b)(vi) to the extent that such amounts are
Section 409A Amounts.

          (vii) Vacation. During the Employment Period, the Executive shall be entitled to at least
three (3) weeks paid vacation or such greater amount of paid vacation as may be applicable to the
executive officers of the Company and its affiliated companies.

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

4. Termination of Employment.

     (a) Death or Disability. The Executive’s employment shall terminate automatically upon the
Executive’s death during the Employment Period. If the Company determines in good faith that the
Disability of the Executive has occurred during the Employment Period, it may provide the Executive
with written notice in accordance with Section 10(b) of this Agreement of its intention to
terminate the Executive’s employment. In such event, the Executive’s employment with the Company
shall terminate effective thirty (30) days after receipt of such notice by the Executive (the
“Disability Effective Date”), provided that within the thirty (30)-day period after such receipt,
the Executive shall not have returned to full-time performance of the Executive’s duties. In
addition, if a physician selected by the Executive determines that the Disability of the Executive
has occurred, the Executive (or his representative) may provide the Company with written notice in
accordance with Section 10(b) of this Agreement of the Executive’s intention to terminate his
employment. In such event, the Disability Effective Date shall be thirty (30) days after receipt
of such notice by the Company.

     (b) Cause. The Company may terminate the Executive’s employment during the Employment Period
for Cause.

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

     (d) Notice of Termination. Any termination during the Employment Period by the Company for
Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the
other party hereto given in accordance with Section 10(b) of the Agreement. For purposes of this
Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as
defined below) is other than the date of receipt of such notice, specifies the termination date
(which date, in the case of a notice by the Company, shall be not more than 30 days after the
giving of such notice). The failure by the Executive or the Company to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall
not waive any right of the Executive or the Company, respectively, from asserting such fact or
circumstance in enforcing the Executive’s or the Company’s rights hereunder.

     (e) Date of Termination. “Date of Termination” shall mean:

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

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

          (iii) if the Executive’s employment is terminated by reason of death or Disability, the Date
of Termination shall be the date of death of the Executive or the Disability Effective Date, as the
case may be.

5. Obligations of the Company Upon Termination.

     (a) Benefit Obligation and Accrued Obligation Defined. For purposes of this Agreement,
Benefit Obligation shall mean all benefits to which the Executive (or his designated beneficiary or
legal representative, as applicable) is entitled or vested (or becomes entitled or vested as a
result of termination) under the terms of all employee benefit and compensation plans, agreements
and arrangements (collectively, “Benefit Plans”) in which the Executive is a participant as of the
Date of Termination. Accrued Obligation means the sum of (1) the Executive’s Annual Base Salary
through the Date of Termination for periods through but not following his Separation From Service
and (2) any accrued vacation pay earned by the Executive, in each case, to the extent not
theretofore paid.

     (b) Death, Disability, Good Reason or Other than For Cause. If, during the Employment Period,
the Executive’s employment is terminated by reason of the Executive’s death or Disability, by the
Company for any reason other than for Cause or by the Executive for Good Reason:

          (i) The Company shall pay to the Executive (or Executive’s heirs, beneficiaries or
representatives as applicable) in a lump sum in cash within thirty (30) days after the Date of
Termination the Accrued Obligation; and

          (ii) The Company shall pay or cause the Executive to be paid the Benefit Obligation at the
times specified in and in accordance with the terms of the applicable Benefit Plans.

     (c) Cause. If the Executive’s employment is terminated for Cause during the Employment
Period, this Agreement shall terminate without further obligations to the Executive, other than the
obligation to pay to the Executive (x) the Accrued Obligation and (y) the Benefit Obligation in
accordance with the terms of the applicable Benefit Plans.

     (d) Termination by Executive Other Than for Good Reason. If the Executive voluntarily
terminates his employment during the Employment Period for any reason other than for Good Reason,
the Executive’s employment shall terminate without further obligations to the Executive, other than
for payment of the Accrued Obligation and the Benefit Obligation and the rights provided in Section
6. In such case, the Accrued Obligation shall be paid to the Executive in a lump sum in cash
within thirty (30) days after the Date of Termination and the Benefit Obligation shall be paid in
accordance with the terms of the applicable Benefit Plans.

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6. Other Rights.

     (a) Except as provided herein, nothing in this Agreement shall prevent or limit the
Executive’s continuing or future participation in any plan, program, policy or practice provided by
the Company or any of its affiliated companies and for which the Executive may qualify, nor shall
anything herein limit or otherwise affect such rights as the Executive may have under any contract
or agreement with the Company or any of its affiliated companies. Except as otherwise provided
herein, amounts which are vested benefits, which vest according to the terms of this Agreement or
which the Executive is otherwise entitled to receive under any of the Benefit Plans or any other
plan, policy, practice or program of or any contract or agreement with the Company or any of its
affiliated companies at or subsequent to the Date of Termination shall be payable in accordance
with such plan, policy, practice or program or contract or agreement.

7. Full Settlement.

     (a) No Rights of Offset. The Company’s obligation to make the payments provided for in this
Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off,
counterclaim, recoupment, defense or other claim, right or action which the Company may have
against the Executive or others.

     (b) No Mitigation Required. The Company agrees that, if the Executive’s employment with the
Company terminates, the Executive is not required to seek other employment or to attempt in any way
to reduce any amounts payable to the Executive by the Company pursuant to this Agreement. Further,
the amount of any payment or benefit provided for in this Agreement shall not be reduced by any
compensation earned by the Executive as the result of employment by another employer, by retirement
benefits, by offset against any amount claimed to be owed by the Executive to the Company, or
otherwise.

8. Confidential Information. The Executive shall hold in a fiduciary capacity for the benefit of
the Company all secret or confidential information, knowledge or data relating to the Company or
any of its affiliated companies, and their respective businesses, which shall have been obtained by
the Executive during the Executive’s employment by the Company or any of its affiliated companies,
provided that it shall not apply to information which is or shall become public knowledge (other
than by acts by the Executive or representatives of the Executive in violation of this Agreement),
information that is developed by the Executive independently of such information, or knowledge or
data or information that is disclosed to the Executive by a third party under no obligation of
confidentiality to the Company. After termination of the Executive’s employment with the Company,
the Executive shall not, without the prior written consent of the Company or as may otherwise be
required by law or legal process, communicate or divulge any such information, knowledge or data to
anyone other than the Company and those designated by it. In no event shall an asserted violation
of the provision of this Section 8 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement.

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9. Successors.

     (a) This Agreement is personal to the Executive and shall not be assignable by the Executive
otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the
benefit of and be enforceable by the Executive’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.

     (b) In addition to any obligations imposed by law upon any successor to the Company, the
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation,
amalgamation, scheme of arrangement, exchange offer, operation of law or otherwise (including any
purchase, merger, amalgamation, Corporate Transaction or other transaction involving the Company or
any subsidiary or Affiliate of the Company), to all or substantially all of the Company’s business
and/or Company’s Assets to expressly assume and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform it if no such succession had
taken place. Failure of the Company to obtain such assumption and agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and shall entitle the
Executive to compensation from the Company in the same amount and on the same terms as the
Executive would be entitled to hereunder if the Executive were to terminate the Executive’s
employment for Good Reason after a Change of Control, except that, for purposes of implementing the
foregoing, the date on which any such succession becomes effective shall be deemed the Date of
Termination. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined
and any successor to its business and/or assets as provided above.

10. Miscellaneous.

     (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF TEXAS, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect. This Agreement may not be
amended or modified otherwise than by a written agreement executed by the parties hereto or their
respective successors and legal representatives.

     (b) All notices and other communications hereunder shall be in writing and shall be given by
hand delivery to the other party or by registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

	 	 	 	 	 	 	 
	 

	 	If to the Executive:
	 	Carel W. Hoyer
	 	 
	 

	 	 	 	515 Post Oak Boulevard	 	 
	 

	 	 	 	Houston, Texas 77027	 	 
	 
	 	 	 	 	 	 
	 

	 	If to the Company:
	 	Weatherford International Ltd.	 	 
	 

	 	 	 	515 Post Oak Boulevard	 	 
	 

	 	 	 	Houston, Texas 77027	 	 
	 

	 	 	 	Attention: General Counsel	 	 

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or to such other address as either party shall have furnished to the other in writing in accordance
herewith. Notices and communications shall be effective when actually received by the addressee.

     (c) The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement.

     (d) The Company may withhold from any amounts payable under this Agreement such Federal,
state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or
regulation.

     (e) The Executive’s or the Company’s failure to insist upon strict compliance with any
provision of this Agreement or the failure to assert any right to the Executive or the Company may
have hereunder, including without limitation, the right of the Executive to terminate employment
for Good Reason shall not be deemed to be a waiver of such provision or right or any other
provision or right of this Agreement.

     (f) This Agreement constitutes the entire agreement and understanding between the parties
relating to the subject matter hereof and supersedes all prior agreements between the parties
relating to the subject matter hereof, including, without limitation, the Prior Agreements.

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

	 	 	 	 	 
	 	 	 
	 	                                                /s/ CAREL W. HOYER
 	 
	 	Carel W. Hoyer 	 
	 	 	 
	 	WEATHERFORD INTERNATIONAL LTD.

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

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