Document:

Document

    Exhibit 10.36

8 July 2020

PERSONAL AND CONFIDENTIAL

Mr. Scott Weatherholt

Dear Scott,

At Weatherford, we have an exceptional team of people working together in more than 100 countries around the world to solve the toughest energy challenges through a unique portfolio of technologies and safe, efficient processes.

We are delighted to extend the following job offer to join us at Weatherford.

We look forward to working with you and believe that you can make a very significant, positive contribution to the success of Weatherford. Our company offers you an opportunity to put your experience, abilities, dedication, energy and creativity to excellent use. Welcome to the Team!

We appreciate your careful consideration of the terms and conditions included in this offer letter. 
A summary of your benefits can be found on the following pages. 

This offer is contingent upon you successfully providing the necessary pre-hire documentation (including evidence of your right to work) and completion of any pre-hire testing relevant to your employment location. 

Please review the enclosed information and contact Ellen Chin or me if you have any questions or concerns. I would appreciate your acceptance of this new opportunity by signing below and returning your signed copy as soon as possible. The offer will remain open for 5 business days, after which time it will automatically expire.

We look forward to welcoming you to Weatherford.

Sincerely,

/s/ Karl Blanchard

Karl Blanchard
On and behalf of Weatherford 
												
	Weatherford
				
	www.weatherford.com	

                   
	

PERSONAL INFORMATION

						
	Name	Scott Weatherholt
	Position Title	Executive Vice President, General Counsel, and Chief Compliance Officer
	Location	2000 St. James Place
Houston, TX 77056
USA

POINT OF CONTACT 

						
	Manager	Karl Blanchard

	HR	Ellen Chin

EMPLOYMENT PACKAGE INFORMATION

BASE SALARY
US $425,000 ANNUALLY
Your base salary will be paid semi-monthly via the normal payroll cycle.

EXECUTIVE NON-EQUITY INCENTIVE COMPENSATION PLAN (EICP)
90% OF ANNUAL BASE SALARY AT “TARGET” REWARD OPPORTUNITY
You are eligible to participate in the Weatherford Executive Non-Equity Incentive Compensation Plan (EICP), subject to terms and conditions of the plan, as amended from time to time. Any incentive payout from the EICP will be prorated for your period of employment, calculated from your hire date. 

2020 LONG TERM CASH INCENTIVE PLAN (LTCIP)
235% OF ANNUAL BASE SALARY
Upon joining the Company, you will be awarded a long-term cash incentive award equal to 235% of base salary which will vest in accordance with the LTCIP vesting schedule (with the time-based portion of the award vesting in equal installments on each of December 31, 2020, 2021 and 2022) and is subject to approval by the Board of Directors and subject to acceptance of the award agreement and the terms and conditions of the 2020 LTCIP. Any incentive payout from the LTCIP will be prorated for your period of employment, calculated from your hire date.

LONG TERM INCENTIVE (LTI)
For 2021 and subsequent years, you are eligible for consideration under Weatherford’s Annual Equity Incentive Plan (EIP). Your eligibility to receive Awards under the EIP is subject to approval by the Chairman of the Board of Directors of Weatherford International and subject always to the terms and conditions of Weatherford International plc 2019 Equity Incentive Plan, as may be amended from time to time by Weatherford International.  

 
Any future grants, annual and otherwise, will be at the discretion of the Board and subject to the terms and conditions of the current or future Long-Term Incentive Program in place. The award of any incentive is discretionary, and subject to approval of Management and to the Terms and Conditions of the Award Agreement. 

SIGN-ON BONUS
US $200,000
Your sign on bonus will be paid via the next payroll cycle after commencement of your employment. Should you voluntarily resign your employment with Weatherford or if you are involuntarily terminated for cause within twelve (12) months of the payment, you agree to immediately repay the full amount without proration. Should you voluntarily resign your employment with Weatherford or if you are involuntarily terminated for cause between twelve (12) months and twenty-four (24) months of the payment, you agree to immediately repay fifty percent (50%) of the amount.

CHANGE IN CONTROL AGREEMENT
MULTIPLE  2X
In connection with your employment, you will receive a Change in Control Agreement (the “CIC Agreement”), with a 2x multiple.

SEVERANCE BENEFITS
You will be eligible to receive Executive severance benefits in the event of a termination without cause and without a Change in Control in the amount of twelve (12) months of annual base salary plus your EICP target reward opportunity, except if such termination occurs during the “protected period”. The “protected period” is defined as the period within six (6) months of the hire of the company’s Chief Executive Officer. If termination without cause and without a Change in Control occurs during the protected period, you will be eligible to receive an additional six (6) months of annual base salary and an additional 50% of the EICP target reward opportunity. Any such severance benefits will be subject to your execution of the Company’s release of claims. 

ANNUAL LEAVE
30 DAYS PER YEAR
You will be eligible for ten (10) Company designated holidays. Entitlement to annual leave will accrue on a calendar year basis and will be pro-rated in the first year of employment in line with your employment start date. 

BENEFITS PROGRAM
We are pleased to offer you participation in Weatherford’s benefits program on your first day of employment. Please see enclosed Weatherford Benefits Summary.

You will receive a Welcome Letter from our Benefits Department within 2 to 3 weeks of your start date, providing you with your access ID and instructions to complete your enrollment online. You will have 31 days from date of hire to enroll otherwise your plan will default to the basic single coverage.

START DATE
Your expected start date will be on or around August 1, 2020 and will be confirmed following successful completion of all pre-employment testing and, if applicable, on the obtaining of any necessary immigration documentation required to allow you to work.

PRE-EMPLOYMENT REQUIREMENTS

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

•Proof of your right to work.  You will be required to produce evidence that you have the legal right to work on your first day.  
•Satisfactory completion of a company medical examination/ drug and alcohol test.  You will be required to pass a drug and alcohol test and / or medical prior to commencing employment.  
•Receipt of background / reference check.  You must complete the necessary background check and / or provide the names of referees (one of whom should be your most recent employer);
•Verification of your qualifications by Weatherford.  This will either form part of your background check or you will be required to produce evidence of your educational/professional qualifications to the company before or on the first day of your employment. 
•Satisfactory completion of any probationary period.  

By accepting this offer of employment, you certify that:

•You will abide by the terms of any enforceable non-competition agreement you have with your current employer and confirm the fact that you will not bring with you to Weatherford, nor at any time attempt to use, any confidential, non-public information of your current or past employers in the performance of your work for Weatherford. 

This letter does not represent an offer of employment for any specified term. Your employment will be at will, which means that either you or Weatherford may terminate your employment at any time for any reason or no reason whatsoever.

Please confirm your acceptance of this offer by electronically signing this offer letter below. Upon your acceptance of this offer, you will be contacted to schedule a convenient time and location for the company medical / drug and alcohol test.

We are excited to have you join us and look forward to working together to make Weatherford a leader in the oilfield service marketplace.

						
	Printed Name	Scott C. Weatherholt
	Signature	/s/ Scott C. Weatherholt
	Date	7/8/2020Document

Exhibit 10.37

Amended Award Agreement to
Weatherford International plc
2020 Long-Term Cash Incentive Plan
									
	Participant:  [●]		
	Award Date:  [●]		
	Cash Award Value:  $[●]
Pro-rated Cash Award Value:  $[●]
		

Section 1 – Grant of Cash Award.  This Amended Award Agreement (the “Award Agreement”) amends and restates in its entirety the Participant’s prior Award Agreement (the “Prior Award Agreement”), dated as of [●], under the Weatherford International plc 2020 Long-Term Cash Incentive Plan (as amended, restated, or otherwise modified from time to time, the “Plan”).  Upon and subject to the terms and conditions set forth in this Award Agreement and in the Plan, Weatherford International plc, an Irish public limited company, and its successors (“Weatherford” or the “Company”), granted to the Participant whose name is set forth above a Cash Award under the Plan on the Award Date, as set forth above.

Section 2 – Effect of Plan.  Except as specifically amended below, the Cash Award granted pursuant to this Award Agreement to the Participant is subject to all of the provisions of the Plan and this Award Agreement, which are incorporated herein by reference, together with all rules and determinations from time to time issued by the Committee pursuant to the Plan. Capitalized terms used in this Award Agreement and not defined herein shall have the meanings assigned to such terms in the Plan.  

Notwithstanding the foregoing and solely with respect to the Cash Award granted pursuant to this Award Agreement:

•The definition of “Performance Criteria” in the Plan shall be deleted and replaced in its entirety with the following:

“Performance Criteria” shall mean, (i) for the portion of the Performance Period during the 2020 calendar year, Return on Capital Employed and Free Cash Flow and (ii) for the portion of the Performance Period during the 2021 and 2022 calendar years, EBITDA Percentage and Operating Cash Flow Conversion Percentage, each as defined in Exhibit A attached hereto. 

•Section 5.2 of the Plan shall be deleted and replaced in its entirety with the following:

5.2 Cash Award Vesting

Each Cash Award will vest as follows: 

(i)    30% of the Cash Award Value will be time-based and shall vest in substantially equal installments on each of: (a) December 31, 2020; (b) December 31, 2021, and (c) December 31, 2022 (the “Time-Vested Award”); provided, however, that the first installment due on December 31, 2020 shall be pro-rated for the Participant’s period of employment during the calendar year, calculated from the Participant’s hire date through December 31, 2020 (i.e., [●] on December 31, 2020 following such pro-ration 
#103771

and $[●] on each of December 31, 2021 and December 31, 2022); provided, further, that in the event of a termination of the Participant’s employment due to a Covered Termination, subject to the Release Requirement, the unvested portion of the Time-Vested Award shall vest as of the date of termination and shall be paid in accordance with Section 7.2 of the Plan, subject to the terms thereof;

(ii)    35% of the Cash Award Value will be contingent on the achievement of the Performance Goals for Return on Capital Employed for the 2020 calendar year and EBITDA Percentage for the 2021 and 2022 calendar years and shall vest at the conclusion of the Performance Period, pro-rated for the Participant’s period of employment during the Performance Period, calculated from the Participant’s hire date through the end of the Performance Period (i.e., $[●] following such pro-ration, allocated evenly over the 2020, 2021 and 2021 calendar years); and 

(iii)    35% of the Cash Award Value will be contingent on the achievement of Performance Goals for Free Cash Flow for the 2020 calendar year and Operating Cash Flow Conversion Percentage for the 2021 and 2022 calendar years and shall vest at the conclusion of the Performance Period, pro-rated for the Participant’s period of employment during the Performance Period, calculated from the Participant’s hire date through the end of the Performance Period (i.e., $[●] following such pro-ration, allocated evenly over the 2020, 2021 and 2021 calendar years).

For purposes of this Section 5.2, and notwithstanding any other definition contained in the Plan or in the Participant’s Offer Letter from the Company, “Covered Termination” shall mean termination of the Participant’s employment by any member of the Weatherford Group without Cause (including due to death or Disability) or by the Participant for Good Reason each, as defined in the Company’s Change in Control Severance Plan.  

•The second paragraph of Section 5.3 of the Plan shall be amended to delete “for Free Cash Flow” from the first sentence and to delete the second sentence in its entirety.

•The vesting acceleration provisions contained in Sections 7.1 and 7.2 of the Plan shall not apply to the Cash Award.

•Exhibit A of the Plan shall be deleted and replaced in its entirety with Exhibit A, attached hereto.

Section 3 – Notices.  Any notice hereunder shall be in writing, and shall be delivered either by personal delivery, by facsimile, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to the Company at the address indicated below on the execution page of this Award Agreement, and to the Participant at the Participant’s physical address or to such number most recently on file with the Company, or at such other address and number as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if sent by facsimile (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered and receipted for (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested.

Section 4 – Clawback.  The Participant shall be subject to the Company’s clawback, forfeiture or other similar policies in accordance with Section 10.5 of the Plan.  By accepting this Cash Award, the Participant is deemed to have acknowledged and consented to the Company’s application, implementation and enforcement of any such policy adopted by the Company, whether adopted prior to or following the Award Date (and any provision of applicable law relating to reduction, cancellation, forfeiture or recoupment), and to have agreed that the Company may take such actions as may be necessary to effectuate any such policy or applicable law, without further consideration or action by the Participant.

Section 5 – Governing Law.  This Award Agreement shall be governed by the laws of the State of Texas, without giving effect to the principles of conflicts of law thereof.

Section 6 – Binding Effect; Amendment.  The Committee has the right to amend, alter, suspend, discontinue or cancel the Cash Award, prospectively or retroactively; provided that no such amendment shall materially and adversely affect the Participant’s rights under this Award Agreement without the Participant’s consent.

Section 7 – No Right to Continued Service.  Neither the Plan nor this Award Agreement shall confer upon the Participant any right to continued employment or service. Further, nothing in the Plan or this Award Agreement shall be construed to limit the discretion of the Company to terminate the Participant’s employment at any time for any reason.

Section 8 – Severability.  The provisions of this Award Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
Section 9 – Waiver.  The Participant acknowledges that a waiver by the Company of breach of any provision of this Award Agreement shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach by the Participant or any other participant in the Plan.

Section 10 – Acknowledgement.  The Participant acknowledges receipt of a copy of the Plan, represents that the Participant is familiar with the terms and provisions thereof, and hereby accepts this Award Agreement subject to all of the terms and provisions hereof and thereof.  The Participant further acknowledges and agrees that the Participant has reviewed this Award Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of tax and legal counsel prior to executing this Award Agreement, and fully understands all provisions of this Award Agreement and the Plan.
Section 11 – Entire Agreement.  The Plan, this Agreement, and the Confidentiality Agreement constitute the entire agreement of the Company and the Participant with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the parties with respect to the subject matter hereof, including the Prior Award Agreement.  If there is any inconsistency between the provisions of this Award Agreement and of the Plan, the provisions of the Plan shall govern.  Nothing in the Plan and this Award Agreement (except as expressly provided therein or herein) is intended to confer any rights or remedies on any person other than the Company and the Participant.  
Section 12 – Counterparts. This Award Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Award Agreement transmitted by facsimile transmission, by 

electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.

[signature pages follow]

Weatherford International plc

By:                                
Name:    [●]
Title:    Senior Vice President & Chief Human Resources Officer

Address: 2000 St. James Place, Houston, TX 77056

DATED:    March [●], 2021        SIGNED:        
                                [●]

Signature Page to LTCIP Amended Award Agreement

Exhibit A

[Intentionally Omitted]
Exhibit A – 2020 Long Term Cash Incentive Plan

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