SEC Contract Filing

Filing Date: 2019-02-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.46
<SEQUENCE>2
<FILENAME>ex1046letteragreementkuwai.htm
<DESCRIPTION>EXHIBIT 10.46 LETTER AGREEMENT KUWAIT
<TEXT>
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<div><a name="s9D9F39ACD8EDCD4C3C28C9C1918CAE9B"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.46</font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">October 31, 2018</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">ADES International Holding Ltd.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Unit 517, Floor 5, Index Tower</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">DIFC, UAE, Dubai &#8211; PO Box: 507118</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Attention: &#160;&#160;&#160;&#160;Dr. Mohamed Farouk</font></div><div style="line-height:120%;text-align:left;text-indent:65px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Morcos William</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Reference is made to that certain Sale and Purchase Agreement, dated as of July 11, 2018, by and between Weatherford Worldwide Holdings GmbH, a Swiss company with limited liability (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Seller</font><font style="font-family:inherit;font-size:11pt;">&#8221;), and ADES International Holding Ltd., a Dubai International Financial Centre entity (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Purchaser</font><font style="font-family:inherit;font-size:11pt;">&#8221;), pertaining to the purchase by Purchaser of certain land drilling rig assets and operations of Seller and its Affiliates in the People&#8217;s Democratic Republic of Algeria and the State of Kuwait (as amended, supplemented or modified from time to time, the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Purchase Agreement</font><font style="font-family:inherit;font-size:11pt;">&#8221;). Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Purchase Agreement (as defined below).</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In consideration of the mutual agreements, provisions and covenants contained in this letter agreement and the Purchase Agreement, pursuant to </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Sections 11.2</font><font style="font-family:inherit;font-size:11pt;">&#32;and </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">11.3</font><font style="font-family:inherit;font-size:11pt;">&#32;of the Purchase Agreement, Seller and Purchaser hereby agree as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Section 1.1(ss)(ii)(C)</font><font style="font-family:inherit;font-size:11pt;">&#32;of the Purchase Agreement is hereby amended and restated as follows:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;(C) (1) the Management Systems and all other equipment, inventories, including raw materials, works in process, semifinished and finished products, replacement and spare parts, packaging and labelling materials, operating supplies (including all broached and unbroached provisions) and inventory in transit or deposited in a warehouse, in each case related to the Rigs to the extent used in the Business in the State of Kuwait; (2) the Business Intellectual Property and Records relating to the Business in Kuwait (save to the extent the same is already vested in the Joint Venture