Document:

Wdesk | Exhibit

Exhibit 4.1

WEATHERFORD INTERNATIONAL PUBLIC LIMITED COMPANY
DESCRIPTION OF SECURITIES

Our ordinary shares were traded on the New York Stock Exchange under the symbol “WFT” until trading was suspended in May 2019 (which suspension remains in place). During bankruptcy, our old ordinary shares were traded on the OTC Pink marketplace. Subsequent to emergence, our new ordinary shares began quotation on the OTC Pink marketplace.

DESCRIPTION OF OUR ORDINARY SHARES

The following description of our ordinary shares is a summary. The complete text of our Amended and Restated Memorandum and Articles of Association have been filed as exhibits to our periodic reports filed with the SEC, and each are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this exhibit is a part.

Our share capital is US$ 1,356,000 divided into 1,356,000,000 ordinary shares of US $0.001 each. 

Voting Rights.

Each holder of our ordinary shares is entitled to one vote for each share registered in his or her name in the register of members. A person must be entered on the register by the record date specified for a general meeting in order to vote, and any change to an entry on the register after such record date shall be disregarded in determining the right of any person to attend and vote at the meeting.

We are not authorized to issue non-voting capital stock or share capital of any class, series or other designation to the extent prohibited by Section 1123(a)(6) of Chapter 11, Title 11 of the United States Code (the “Bankruptcy Code”); provided, however, that the foregoing restriction shall (i) have no further force and effect beyond that required under Section 1123(a)(6) of the Bankruptcy Code and (ii) only have such force and effect to the extent and for so long as such Section 1123(a)(6) of the Bankruptcy Code is in effect.

Every member entitled to attend, speak and vote at a general meeting may appoint a proxy to attend, speak and vote on his or her behalf and may appoint more than one proxy to attend, speak and vote at the same meeting.

General Meetings.

We are required to hold an annual general meeting, which may be held outside of Ireland. No business shall be transacted at any general meeting unless a quorum is present, which requires representation of more than 50% of the total issued voting rights of our ordinary shares.

Director Elections.

Each director shall be elected by ordinary resolution during a general meeting, provided that if the number of director nominees exceeds the number of directors to be elected (a “contested election”), each of those nominees shall be voted upon as a separate resolution, and the directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at any such meeting and entitled to vote on the election of directors. 

Any nominee for election to the board of directors who is then serving as a director and, in an uncontested election, receives a greater number of “against” votes than “for” votes shall promptly tender his or her resignation following certification of the vote. The board of directors shall then consider the resignation offer and decide whether to accept or reject the resignation, or whether other action should be taken; provided, however, that any director whose resignation is under consideration shall not participate in such consideration.

Preemption Rights, Share Warrants and Options.

As permitted by Irish law, we have opted out of certain statutory preemption rights which apply automatically in favor of shareholders when shares are to be issued for cash. This opt-out must be renewed every five years by a special resolution of shareholders, which requires the approval of at least 75% of the votes cast at a general meeting.

Dividends.

Holders of ordinary shares are entitled to receive such dividends (whether as either interim dividends or final dividends) as may be declared by the board of directors and as appear to be justified by our profits, subject to section 117 and Chapter 6 of Part 17 of the Companies Act 2014.

Liquidation.

Subject to the provisions of the Companies Act 2014 as to preferential payments, upon winding up, our property shall be distributed among the members according to their rights and interests.Wdesk | Exhibit

Exhibit 10.3

PERSONAL AND CONFIDENTIAL

[REDACTED]

Mr. Christian Garcia                             
Via email:[REDACTED]
USA

Dear Christian,

We are pleased to offer you the position of  Executive Vice President and Chief Financial Officer of Weatherford International plc, reporting to the President and Chief Executive Officer. 

Compensation

Your annual base salary will be $675,000.  Your expected start date will be on or around January 6, 2020 or as otherwise mutually agreed.

You will be eligible to participate in Weatherford’s then current executive non-equity incentive compensation plan, subject to terms and conditions of the plan, as may be amended from time to time. Your Threshold, Target and Superior payouts for the annual bonus are set at 50%, 100% and 200% of base salary. 

For joining the Company, you will be awarded, subject to the approval by the Board of Directors, a long-term incentive award equal to $2,000,000, in the form of restricted stock units (RSUs). These awards will vest in equal installments over three years and will be granted on the later of your start date or the date on which Weatherford emerges from bankruptcy, using the closing share price of the trading day immediately prior to the grant.  

In addition to the RSUs above, you will participate in the Company’s annual LTI program and be eligible to receive long-term incentive awards the same as similarly situated officers; subject to approval by the Board of Directors of Weatherford International plc and subject always to the terms and conditions of the then current Weatherford International Omnibus Incentive Plan.  

Additionally, upon your start date you will receive the then current Change in Control Agreement (the “CIC Agreement”), with a 3x multiple. 

Sign-on Bonus

Within 30 days of your written acceptance of this offer, Weatherford will pay you a sign-on bonus of $500,000, which will be reflected on a Form 1099.  

This sign-on bonus is subject to repayment if (1) you do not begin your employment with Weatherford on or around January 6, 2020 or (2) you leave Weatherford’s employment without Good Reason or are terminated for Cause (both as defined in the CIC Agreement) before October 31, 2022. 

Weatherford
______________________________________________________________________________________________________
                         www.weatherford.com

The repayment schedule for the sign-on bonus is as follows: (1) 100% repayment if you do not begin your employment or leave Weatherford’s employment without Good Reason on or before October 31, 2020; (2) 66% repayment if you leave Weatherford’s employment between November 1, 2020 and October 31, 2021; and (3) 33% repayment if you leave Weatherford’s employment between November 1, 2021 and October 31, 2022.  

Relocation Allowance

Within 30 days of your written acceptance of this offer, Weatherford will pay you a relocation allowance of $150,000, which will be reflected on a Form 1099.  

This relocation allowance is subject to repayment if (1) you do not begin your employment with Weatherford on or around January 6, 2020 or (2) you leave Weatherford’s employment without Good Reason or are terminated for Cause (both as defined in the CIC Agreement) before October 31, 2021.  

The repayment schedule for the relocation allowance is as follows: (1) 100% repayment if you do not begin your employment or leave Weatherford’s employment without good reason on or before October 31, 2020; and (2) 50% repayment if you leave Weatherford’s employment between November 1, 2020 and October 31, 2021.

Benefits

In addition to the foregoing, your offer also includes:
		
	•
	Participation in Weatherford’s medical, dental, vision, life, disability and savings plans

		
	•
	Eligibility for ten (10) Weatherford- designated holidays and your vacation benefits will accrue at the rate of at least 6 weeks of vacation per year; and

Conditions

This offer of employment and your subsequent employment with Weatherford is contingent upon the following conditions:

		
	•
	You must take and successfully pass a pre-employment physical examination; 

		
	•
	You must take and successfully pass a drug screen; and

		
	•
	You must confirm in writing and provide written evidence thereof to the undersigned prior to your start date that you have provided a notice of resignation to your current employer and no non-compete obligations to your current employer are in effect.

[REDACTED]

[REDACTED]

Weatherford’s policies and practices

Weatherford is committed to pursuing the highest standards of excellence in everything we do, particularly in all our business processes.  It is the policy of the Company to (1) comply with all applicable laws and regulations in these areas within which we operate or exceed compliance where our stated expectations require; (2) conduct all operations in a manner that promotes safe work practices and minimizes risk to our employees, our communities and environment; (3) implement the programs, training, and internal controls necessary to achieve our goals. 

Weatherford
______________________________________________________________________________________________________
                         www.weatherford.com

Your legal obligations on joining Weatherford

If you accept Weatherford's offer of employment, you will have several legal obligations, including obligations regarding confidentiality, intellectual property, non-solicitation, and dispute resolution.  Please review the enclosed document and links for further details.    

We are excited about having you join us, and look forward to working together to make Weatherford a leader in the oilfield service market place. 

Sincerely,

/s/ Mark McCollum

Mark McCollum
President, Chief Executive Officer

Accepted:

By: /s/ Christian Garcia_________________

Christian Garcia

Date: [Redacted]______________

Weatherford
______________________________________________________________________________________________________
                         www.weatherford.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]