SEC Contract Filing

Filing Date: 2018-02-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>5
<FILENAME>ex1035severanceagreementwa.htm
<DESCRIPTION>EXHIBIT 10.35 SEVERANCE AGREEMENT
<TEXT>
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<div><a name="s7ec7cfec1fc64b78b87f7c45af383948"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:right;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.35</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">SEVERANCE AGREEMENT, WAIVER, AND RELEASE OF CLAIMS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">This Severance Agreement, Waiver and Release of Claims (&#8220;Agreement&#8221;) is made between Mario Ruscev (&#8220;Executive&#8221;) and Weatherford International plc (&#8220;Employer&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Employer has employed Executive to perform strategic, executive-level services for Employer; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Employer and Executive have agreed to terminate their employment relationship and desire to set forth the circumstances under which they have agreed to the termination of Executive&#8217;s employment;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the mutual promises contained herein, the receipt and adequacy of which is hereby acknowledged, the Employer and Executive hereby agree as follows:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Termination of Employment</font><font style="font-family:inherit;font-size:12pt;">. Effective August 10, 2017, Executive will be released from his duties as EVP, President Product Lines and Chief Technology Officer, including but not limited to his role as an officer of the Employer (&#8220;Termination Date&#8221;) and his employment relationship and all other relationships with the Employer shall end. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Benefits</font><font style="font-family:inherit;font-size:12pt;">. Unless otherwise expressly specified by the terms of any employee benefit plan or program maintained by the Employer (collectively &#8220;Benefit Plans&#8221;), Executive&#8217;s coverage under all of the Employer&#8217;s Benefit Plans will terminate on the Termination Date.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Consideration for the Execution of this Agreement</font><font style="font-family:inherit;font-size:12pt;">. Executive acknowledges and agrees that he is not entitled to any severance benefits solely as a result of the termination of his employment under any plan, program, policy or arrangement, whether formal or informal, written or unwritten. However, in consideration for the release and waiver of claims set forth herein, as well as the other covenants and promises set forth herein, the Employer shall (a) pay Executive the total gross sum of One million, one hundred twenty-five thousand and 00/100 Dollars ($1,125,000.00), less applicable taxes and withholdings and (b) accelerate and vest 179,600 outstanding restricted share units under that Restricted Share Units Award Agreement granted by the Employer on November 6, 2015 (&#8220;Severance Payment&#8221;), 14 days after the receipt of this Agreement signed by Executive. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Waiver and Release</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">a.</font><font style="font-family:inherit;font-size:10pt;">