Amendment to Stock Option Agreements by Weatherford International Ltd.

WEATHERFORD INTERNATIONAL LTD.

/s/ Bernard J. Duroc-Danner

Bernard J. Duroc-Danner

Chairman, CEO and President

Summary

Weatherford International Ltd. amends its previous stock option agreements with certain directors to ensure compliance with section 409A of the Internal Revenue Code. Effective January 1, 2009, the amendment specifies that the exercisability of stock options will not be extended if such an extension would result in additional taxes under section 409A. This change is intended to prevent adverse tax consequences for the option holders and aligns the agreements with current tax law requirements.

EX-10.12 13 h65325exv10w12.htm EX-10.12 exv10w12

Exhibit 10.12

AMENDMENT TO
STOCK OPTION AGREEMENTS

THIS AGREEMENT by Weatherford International Ltd. (the “Company”),

W I T N E S S E T H:

WHEREAS, on September 8, 1998, July 5, 2000, and September 26, 2001, the Company entered into stock option agreements (collectively, the “Agreements”) with certain directors;

WHEREAS, the Company reserved the right to amend the Agreements; and

WHEREAS, the Company has determined to amend the Agreements to bring the Agreements into documentary compliance with section 409A of the Internal Revenue Code of 1986, as amended;

NOW, THEREFORE, the Company agrees that, effective January 1, 2009, the Agreements are hereby amended by adding the following new Section:

Compliance With Section 409A. The exercisability of the Option shall not be extended to the extent that such extension would subject the holder to additional taxes under section 409A of the Internal Revenue Code of 1986, as amended.

IN WITNESS WHEREOF, the Company has caused this Amendment to be executed on the 31st day of December, 2008.