This Employment Agreement (this Agreement) is entered into as of March 30, 2009 (the
Effective Date), by and between Weatherford International Ltd., a corporation incorporated under
the laws of Switzerland (the Company), and William B. Jacobson (the Executive).
W I T N E S S E T H:
WHEREAS, the Board has previously determined that it is in the best interests of the Company
and its shareholders to retain the Executive and to induce the employment of the Executive for the
long-term benefit of the Company;
WHEREAS, the Company desires to employ the Executive on the terms set forth below to provide
services to the Company and its affiliated companies, and the Executive is willing to accept such
employment and provide such services on the terms set forth in this Agreement; and
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the parties hereto do hereby agree as follows:
1. Certain Definitions.
(a) Affiliate shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of
the Exchange Act.
(b) Beneficial Owner shall have the meaning set forth in Rule 13d-3 under the Exchange Act
(c) Board shall mean the Board of Directors of the Company.
(d) Cause shall mean:
(i) the willful and continued failure of the Executive to substantially perform the
Executives duties with the Company (other than any such failure resulting from incapacity due to
physical or mental illness or anticipated failure after the issuance of a Notice of Termination for
Good Reason by the Executive pursuant to Section 4(c)), after a written demand for substantial
performance is delivered to the Executive by the Board which specifically identifies the manner in
which the Executive has not substantially performed the Executives duties,
(ii) the willful engaging by the Executive in illegal conduct or gross misconduct which is
materially and demonstrably injurious to the Company, or
(iii) the Executives refusal to resign from the Company on the first anniversary of the
Effective Date following the Boards good faith written determination (provided to the Executive no
later than thirty (30) days before such anniversary) that Executive is unable to devote sufficient
time to the Company due to his remaining a partner of Fulbright & Jaworski L.L.P. (Fulbright).
No act, or failure to act, on the part of the Executive shall be considered willful unless
it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that
the Executives action or omission was in the best interests of the Company. Any act, or failure
to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the
instructions of the Chief Executive Officer or of a more senior officer of the Company or based
upon the advice of counsel for the
Company (which may be the General Counsel or other counsel employed by the Company or its
subsidiaries) shall be conclusively presumed to be done, or omitted to be done, by the Executive in
good faith and in the best interests of the Company. The cessation of employment of the Executive
shall not be deemed to be for Cause unless and until there shall have been delivered to the
Executive a copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the entire membership of the Board at a meeting of the Board called and held for
such purpose (after reasonable notice is provided to the Executive, and the Executive is given an
opportunity, together with counsel, to be heard before the Board), finding that, in the good faith
opinion of the Board, the Executive is guilty of the conduct described in subparagraph (i) or (ii)
above, or that subparagraph (iii) applies, and specifying the particulars thereof in detail.
(e) Change of Control shall be deemed to have occurred if any event set forth in any one of
the following paragraphs shall have occurred: