AMENDMENT TO WEATHERFORD INTERNATIONAL, INC. 1998 EMPLOYEE STOCK OPTION PLAN
Exhibit 10.11
THIS AGREEMENT by Xxxxxxxxxxx International, Inc. (the “Company”),
W I T N E S S E T H:
WHEREAS, the Company previously established the Xxxxxxxxxxx International, Inc. 1998 Employee
Stock Option Plan (the “Plan”);
WHEREAS, the Company reserved the right in Article VII to amend the Plan; and
WHEREAS, the Company has determined to amend the Plan to bring the Plan 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, Article VIII of the Plan
is hereby amended by adding thereto the following new Section 8.11:
8.11 COMPLIANCE WITH SECTION 409A. The exercisability of an Option shall not
be extended to the extent that such extension would subject the holder to additional
taxes under Section 409A. This Section 8.11 is effective for Options that become
earned and vested on or after January 1, 2005.
IN WITNESS WHEREOF, the Company has caused this Amendment to be executed on the 31st day of
December, 2008.
XXXXXXXXXXX INTERNATIONAL LTD. | ||||||
By: | /s/ Xxxxxxx X. Duroc-Xxxxxx | |||||
Name: | ||||||
Title: | Chairman, CEO and President |