Document:

Wdesk | Exhibit 10.1 Amendment 1 to the Weatherford International, Inc. Executive Deferred Compensation Stock Ownership Plan

Exhibit 10.1

FIRST AMENDMENT 
TO THE 
WEATHERFORD INTERNATIONAL, INC.
EXECUTIVE DEFERRED COMPENSATION STOCK OWNERSHIP PLAN

This First Amendment (this “Amendment”) to the Weatherford International, Inc. Executive Deferred Compensation Stock Ownership Plan (the “Plan”), effective as of the Approval Date (defined below), is adopted by Weatherford International, LLC, a Delaware limited liability company (formerly known as Weatherford International, Inc.)(the “Company”).  Any capitalized term not otherwise defined herein shall have the meaning given to such term under the Plan.

RECITALS

WHEREAS, Section 9.1 of the Plan allows the Board of Directors of the Company to amend the Plan; 

WHEREAS, as a limited liability company, the Company is managed by its sole member, Weatherford U.S. Holdings, L.L.C. (the “Sole Member”) in lieu of a board of directors;
WHEREAS, the Sole Member of the Company now desires to amend the Plan as set forth herein to allow (i) benefits under the Plan to be settled in cash; and (ii) the Committee to make equitable adjustments to Participant’s Accounts upon the occurrence of certain corporate events; 
WHEREAS, the Board of Directors of Weatherford International Ltd., a Swiss joint-stock corporation and ultimate parent of the Company (the “Parent”), has approved the calling of a meeting of the shareholders of the Parent (the “Shareholders”) to be held on or about June 16, 2014 (the “Special Meeting”), to vote upon the adoption of  a merger agreement with its subsidiary, Weatherford International Limited, and Irish company (the “Merger Agreement”); and
WHEREAS, if the Merger Agreement is adopted at the Special Meeting, the Company desires this Amendment to be effective immediately following the Special Meeting (such date of approval, the “Approval Date”).
NOW, THEREFORE, the Plan is hereby amended, effective as of the Approval Date, as follows:

		
	1.
	By revising the name of the Plan in its entirety to read as follows:

“Weatherford International, LLC Executive Deferred Compensation Stock Ownership Plan”;

		
	2.
	By adding the following new language immediately preceding Section 1.1:

"Any reference in this Plan to Weatherford International, Inc. shall be replaced with Weatherford International, LLC (formerly Weatherford International, Inc.)";
 
		
	3.
	By amending and restating Section 1.5 as follows:

“1.5 ‘Board of Directors’ means the Board of Directors, sole member, managing member, manager,  or other governing body, as applicable,  of the Sponsor.”

		
	4.
	By deleting Section 1.9, adding the following new definition, renumbering the definitions in Section 1, and replacing all Plan references to "Common Shares" with "Shares" and any cross-references to the Article I definition section numbers accordingly:

" 'Shares' means the ordinary or the registered shares of the Parent, as required by the context.";

		
	5.
	By adding the following new Section 4.7:

“4.7 Adjustment for Certain Corporate Events:  In the event of any change in the outstanding Shares by reason of any share dividend or split, reverse split, recapitalization, reorganization, reincorporation, redomestication, merger, amalgamation, consolidation, plan or scheme of arrangement, exchange offer, business combination or similar transaction of the Company, or exchange of Shares or other corporate exchange, or any distribution to shareholders of Shares (whether in the form of cash, Shares, other securities, or other property), or any transaction similar to the foregoing then the Committee shall make such substitution or adjustment to a Participant's Account and the amounts credited thereunder, if any, as it deems to be equitable or appropriate in its sole discretion and without liability to any Person.”
 
		
	6.
	By adding the following new Section 6.9:

“6.9  Form of Distribution.  Notwithstanding anything to the contrary hereunder, for purposes of all distributions described under the Plan, the Committee may in its sole discretion make a distribution either in cash or Shares.” 

		
	7.
	In all other respects the Plan remains unchanged.

*****

IN WITNESS WHEREOF, the Company has caused this Amendment to be executed on its behalf as set for below on April 2, 2014, effective as of the Approval Date. For the avoidance of doubt, this Amendment shall be void and of no force or effect on the earliest to occur of (a) the failure of the Shareholders to adopt the Merger Agreement at the Special Meeting and (b) December 31, 2014, if the Special Meeting is not held by such date.

                        

            
WEATHERFORD INTERNATIONAL, LLC

By: WEATHERFORD U.S. HOLDINGS, L.L.C., 
as Sole Member
                        

            
By: __/s/ Alejandro Cestero________
Name: Alejandro Cestero
Title: Vice Presidenthpev_ex1042.htm

EXHIBIT 10.42*

 

 

HPEV, INC.

27420 Breakers Drive

Wesley Chapel, FL 33544

Contract With Independent Contractor

1. This agreement is between HPEV, Inc., (Client) located at 27420 Breakers Drive, Wesley Chapel, FL, 33544 and Bibb Productions & Consulting, (contractor) located at 10908 Carrollwood Drive, Tampa, Florida 33618.

2. Contractor agrees to perform the following services for Client:

 

	
·

	
Performance of the duties of Secretary of HPEV, Inc., preparation of promotional materials, submissions to the SEC, and other duties as required for performance of the contract.

3. This contract will be an evergreen contract starting on May 1, 2012 and will remain in effect unless notified fifteen days in advance the contract is being terminated.

4. Client will pay Contractor a standard consulting fee of $6,000 per month with the understanding that Client may be limited by financial constraints in compensating Contractor this amount each month and at the sole discretion of client may or may not accrue the fee for future payment.

5. Any intellectual property developed during this assignment or subsequently as a result of technical information or other information obtained during this assignment will become the property of HPEV, Inc.

6. Client will not:

 

(a) withhold Social Security and Medicare taxes from Contractor's payments or make such tax payments on Contractor's behalf, or

 

(b) withhold state or federal income tax from Contractor's payments or make state or federal unemployment contributions on Contractor's behalf.

 

Contractor will pay all applicable taxes related to the performance of services under this contract. This includes income, Social Security, Medicare, and self-employment taxes. Contractor will also pay any unemployment contributions related to the performance of services under this contract. Contractor will reimburse Client if Client is required to pay such taxes or unemployment contributions. Neither Contractor nor Contractor's employees are eligible to participate in any employee pension, health, vacation pay, sick pay, or other fringe benefit plan of Client.

7. Independent Contractor Status. The parties intend Contractor to be an independent contractor in the performance of the services. Contractor will have the right to control and determine the methods and means of performing the contractual services within the contractual agreement with Client.

8. Other Clients. Contractor retains the right to perform services for other clients but is required to keep the Client informed as to services to other clients.

 

		
Contract With Independent Contractor

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9. Assistants. Contractor, at Contractor's expense, may employ assistants as Contractor deems appropriate to perform the contractual services. Contractor will be responsible for paying these assistants as well as any expense attributable to them, including income, Social Security, and Medicare taxes, and unemployment contributions. Contractor will maintain workers' compensation insurance for all of its employees.

10. Equipment and Supplies. Contractor, at Contractor's expense, will provide all equipment, tools, and supplies necessary to perform the contractual services, except for the required reasonable and proper travel expenses in the performance of the contractual assignment. These travel expenses will be reimbursed upon submission of an expenses report along with documentations for the expenses. Contractor may request from Client an advance to cover unusual travel expenses.

11. Disputes. If a dispute arises the parties will try in good faith to settle the dispute through mediation under the rules as established by the American Mediation Association. However, either party reserves the right to take the matter to court.

13. Governing Law. This agreement will be governed by and construed in accordance with the laws of the state of Florida.

14. Modification. This agreement may be modified only by a written agreement signed by all the parties.

15. Waiver. If one party waives any term or provision of this agreement at any time, that waiver will only be effective for the specific instance and specific purpose for which the waiver was given. If either party fails to exercise or delays exercising any of its rights or remedies under this agreement, that party retains the right to enforce that term or provision at a later time.

16. Severability. If any court determines that any provision of this agreement is invalid or unenforceable, any invalidity or unenforceability will affect only that provision and will not make any other provision of this agreement invalid or unenforceable and such provision shall be modified, amended, or limited only to the extent necessary to render it valid and enforceable.

Client

_______________________________

Quentin D. Ponder

Vice-Chairman of the Board and Chief Financial Officer

Contractor

_______________________________

Judson Bibb

Dated: May 1, 2012

 

		
Contract With Independent Contractor

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