EXHIBIT 10.2
DATED 1 March 2002
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As Amended on April 19, 2002
SHELL TECHNOLOGY VENTURES LIMITED
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XXXXXXXXXXX INTERNATIONAL, INC.
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FRAMEWORK AGREEMENT
relating to the grant of certain Shell Intellectual Property Rights in relation
to Expanded Tube Technology and an option to acquire the share capital of e(2)
Tech Limited
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XXXXXX XXXXXXX XXXXXXX
Xxxxxxxxx
00 Xxxxxxxx Xxxxxxxxxx
Xxxxxxxxxxx
Xxxxxx XX0X 0XX
Tel No: 000 0000 0000
Fax No: 000 0000 0000
Ref: AZC / DJG
THIS AGREEMENT is dated the 1st day of March 2002 and is effective as of 28
February 2002
BETWEEN
(1) SHELL TECHNOLOGY VENTURES LIMITED (Company Number 03710941) whose
registered office is at Xxxxx Xxxxxx, Xxxxxx XX0 0XX ("Shell"); and
(2) XXXXXXXXXXX INTERNATIONAL, INC. a Delaware Corporation, whose
registered office is at 000 Xxxx Xxx Xxxxxxxxx, Xxxxx 000, Xxxxxxx,
Xxxxx 00000, Xxxxxx Xxxxxx of America ("Weatherford").
INTRODUCTION
Subject to the terms and conditions of this agreement, Shell is willing to grant
an option to Weatherford to acquire the entire issued share capital of e2 Tech
Limited (the "Company") and to procure the grant to Xxxxxxxxxxx/Xxxx, Inc.
("Weatherford/Lamb") of a licence of certain intellectual property rights, and
Weatherford wishes to purchase the aforesaid option in respect of the entire
issued share capital of the Company and to accept a licence of certain
intellectual property rights, in each case, as further provided under the terms
of this agreement.
AGREED TERMS
1. DEFINITIONS AND INTERPRETATION
1.1 In this agreement:
"AFFILIATE" shall have the meaning ascribed to it in the Licence;
"AGREEMENTS" means this agreement, the Licence, the STV Hive Out
Agreement, the SPCo Hive Out Agreement and any share sale and purchase
agreement and tax deed constituting the terms and conditions of the
sale and purchase of the Option Shares (and "AGREEMENT" means any one
of them);
"COMPANY" means e2 Tech Limited, company number 3683453, whose
registered office is at Xxxxx Xxxxxx, Xxxxxx XX0 0XX;
"COMPLETION" means completion of the parties' respective obligations
under Clause 6;
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"COMPLETION DATE" means the date of Completion as set out in Clause
6.1;
"LICENCE" means the licence in the agreed form of certain intellectual
property rights to be made between STV Inc, Weatherford/Lamb, and
Weatherford, effective as of 28 February 2002 and to be executed on
Completion;
"OPTION" shall have the meaning ascribed thereto in Clause 4;
"OPTION NOTICE" shall have the meaning ascribed thereto in Clause 4;
"OPTION PERIOD" shall have the meaning ascribed thereto in Clause 4;
"OPTION PRICE" shall have the meaning ascribed thereto in Clause 4;
"OPTION SHARES" shall have the same meaning as ascribed thereto in
Clause 4;
"PROMISSORY NOTE" means the promissory note in the agreed form in the
sum of US$20 million due and payable on 31 December 2002 to be issued
by Weatherford;
"SHELL INTELLECTUAL PROPERTY" shall have the meaning ascribed to it in
the Licence;
"SHELL PARTIES" means Shell, SPCo and STV Inc (and "SHELL PARTY" means
any one of them);
"SPCO HIVE OUT AGREEMENT" means the hive out agreement dated 21
February 2002 and made between the Company and The Shell Petroleum
Company Limited ("SPCo");
"STV HIVE OUT AGREEMENT" means the hive out agreement in the agreed
form proposed to be made between the Company and Shell prior to any
sale to Weatherford of the Option Shares;
"STV INC" means Shell Technology Ventures Inc., a Delaware corporation;
"WARRANTS" means the warrants in the agreed form to be issued by
Weatherford in favour of STV Inc; and
"WEATHERFORD PARTIES" means Weatherford and Weatherford/Xxxx.
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1.2 In this agreement references to:
(a) an enactment includes a reference to:
(i) that enactment as amended, extended or applied by or
under any other enactment before the date of this
agreement;
(ii) any enactment which that enactment re-enacts (with or
without modification); and
(iii) any subordinate legislation made before the date of
this agreement under any enactment, including an
enactment referred to in Clause 1.2(a)(i) or (ii)
above;
(b) the singular includes a reference to the plural and vice
versa;
(c) any Clause or Schedule is to a clause or schedule (as the case
may be) of or to this agreement;
(d) any gender includes a reference to all other genders;
(e) persons include all forms of legal entity including
individuals, companies, bodies corporate (wherever
incorporated or established or carrying on business),
unincorporated associations, governmental entities and
partnerships and, in relation to any party who is an
individual, his legal personal representative(s);
(f) the words "including", "include" and "in particular" shall be
construed as being by way of illustration only and shall not
be construed as limiting the generality of any foregoing
words;
(g) documents "in the agreed form" are to documents in the form of
the draft agreed between the parties to this agreement and
initialled by the parties for the purposes of identification.
1.3 The introduction and schedules form part of this agreement and shall
have the same force and effect as if expressly set out in the body of
this agreement. Accordingly, any reference to this agreement shall
include the introduction and schedules.
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2. UNDERTAKING
Shell hereby undertakes to Weatherford:
(a) to procure the grant to Weatherford/Xxxx of a licence under
the Shell Intellectual Property on and subject to the terms of
the Licence; and
(b) in the event that Weatherford exercises the Option in
accordance with the terms of Clause 4, to sell to Weatherford
the entire issued share capital of the Company on terms to be
agreed.
3. CONSIDERATION
3.1 In consideration of the undertakings of Shell in Clause 2, Weatherford
agrees to pay to Shell or, as the case may be, STV Inc the aggregate
sum of US$150,000,000 (the "Consideration") exclusive of Value Added
Tax and Sales Tax (or any other turnover taxes similar, or
corresponding, to the foregoing) and which shall be paid in addition to
the Consideration.
3.2 The Consideration shall be satisfied as follows:
(a) as to US$65,000,000 on Completion by transfer to the account
of STV Inc at XX Xxxxxx Xxxxx Bank New York, ABA number
000000000, account number 323055907;
(b) as to US$20,00,000 by the issue of the Promissory Note to STV
Inc on Completion;
(c) as to US$60,000,000 by the issue of the Warrants to STV Inc on
Completion; and
(d) as to US$5,000,000 for the purchase of the Option to acquire
the share capital of the Company by transfer to the account of
Shell at XX Xxxxxx Chase Bank, New York, Swift Code XXXXXX00,
favour XX Xxxxxx Xxxxx Bank, London, swift code XXXXXX0X for
credit to account number 00000000 of Shell Technology Ventures
Limited.
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4. OPTION
4.1 Subject to and conditional upon Completion, in consideration of the sum
of US$ 5,000,000 ("Option Price") paid by Weatherford to Shell, Shell
hereby grants to Weatherford or an Affiliate of Weatherford an
irrevocable right to acquire the entire issued share capital of the
Company ("Option") at any time during the period of 120 days following
Completion ("Option Period").
4.2 Weatherford shall be entitled to exercise the Option at any time during
the Option Period by giving 21 days' notice in writing ("Option
Notice") to Shell and it is hereby declared that if such an Option
Notice is served or deemed to have been served within the Option
Period, then notwithstanding that such notice period is to expire or
that completion of the transfer of the Option Shares may take place (in
either case) on a date outside the Option Period, the service of such
Option Notice by Weatherford shall constitute a valid exercise of the
Option and the provisions of Clause 4.4 shall apply accordingly.
4.3 The acquisition of the entire issued share capital of the Company
following an exercise of the Option pursuant to this Clause 4 shall be
made by Weatherford or an Affiliate of Weatherford on the terms and
conditions of a share sale and purchase agreement and tax deed of
covenant to be agreed between Shell and Weatherford within 90 days of
the date of this agreement or such other period as Shell and
Weatherford shall agree.
4.4 On the twenty first day following the day on which the Option Notice is
served under Clause 4.2 (or on such earlier date as Shell and
Weatherford shall agree) completion of the sale and purchase of the
Option Shares shall take place at the offices of Shell in The Hague or
at such other address as the parties shall agree whereupon:
(a) Weatherford shall deliver to Shell:
(i) a duly executed counterpart of the sale and purchase
agreement constituting the terms of the sale and
purchase of the Option Shares and any other
document(s) contemplated therein; and
(ii) a duly executed counterpart of a tax deed of covenant
in relation to such sale and purchase; and
(b) Shell shall deliver to Weatherford or an Affiliate of
Weatherford:
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(i) the sale and purchase agreement duly executed by
Shell constituting the terms of the sale and purchase
of the Option Shares and any other document(s)
contemplated therein;
(ii) a tax deed of covenant in relation to such sale and
purchase duly executed by Shell;
(iii) an executed copy of the STV Hive Out Agreement; and
(iv) a duly executed stock transfer form in respect of the
Option Shares.
5. WARRANTIES
Each party represents and warrants to the other that it has or will
have at the date of execution full power and authority (including all
necessary corporate approvals) to execute and deliver this agreement
and to perform its obligations hereunder and that this agreement is a
legal, valid and binding obligation and no further corporate approvals
(including all necessary approvals from Affiliates) are necessary for
the execution and delivery of this agreement and performance of its
obligations hereunder and under each of the other documents to be
entered into by it pursuant to or in connection with this agreement.
6. COMPLETION
6.1 Completion shall take place at the offices of Shell in The Hague at
2.00 pm on 1 March 2002 (or at such other time or place as the parties
shall agree).
6.2 On Completion Shell shall deliver or cause to be delivered to
Weatherford:
(a) the Licence duly executed by STV Inc; and
(b) a certified copy of the minutes of the board of directors of
Shell authorising the execution and performance by Shell of
its obligations under this agreement and a certified copy of
the minutes of the board of directors of STV Inc authorising
the execution and performance by STV Inc of its obligations
under the Warrants and the Licence.
6.3 On Completion Weatherford shall deliver or cause to be delivered to STV
Inc at the request of Shell:
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(a) the Promissory Note in favour of STV Inc;
(b) the Warrants in favour of STV Inc;
(c) a counterpart of the Licence duly executed by Weatherford/Xxxx
and Weatherford; and
(d) a certified copy of the minutes of the board of directors of
Weatherford and Weatherford/Xxxx authorising the execution and
performance by Weatherford of its obligations under this
agreement, the Promissory Note, the Warrants and
Weatherford/Xxxx and Weatherford in relation to their
respective obligations under the Licence.
6.4 On Completion Weatherford shall:
(a) on account of its obligation under Clause 3.2(a) cause the sum
of US$65,000,000 to be paid by electronic funds transfer to
the bank account of STV Inc at XX Xxxxxx Xxxxx Bank, New York,
ABA number 000000000, account number 323055907; and
(b) on account of its obligation under Clause 3.2(d) cause the sum
of US$5,000,000 to be paid by electronic funds transfer to the
bank account of Shell at XX Xxxxxx Chase Bank, New York, Swift
Code XXXXXX00, favour XX Xxxxxx Xxxxx Bank, London, swift code
HASGB2L for credit to account number 00000000 of Shell
Technology Ventures Limited; and
payments made in accordance with Clauses 3.2(a) and 3.2(d) as aforesaid
shall constitute a good discharge for Weatherford of its obligations
under Clauses 3.2(a) and 3.2(d) respectively (in each case to the
extent of the payment so made).
7. POST-COMPLETION
7.1 Shell shall and shall procure that any other necessary party shall
execute and do all such documents acts and things as may be reasonably
required on or subsequent to Completion by Weatherford for securing the
obligations of Shell to Weatherford under this agreement.
7.2 Weatherford shall and shall procure that any other necessary party
shall execute and do all such documents acts and things as may be
reasonably required on or subsequent to
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Completion by Shell for securing the obligations of Weatherford to
Shell under this agreement.
8. CLAIMS AGAINST A SHELL PARTY
8.1 Neither Weatherford nor any of its Affiliates shall be entitled to
recover from any Shell Party under any claim in respect of a breach or
breaches of any of the warranties contained in or to be given pursuant
to clauses 7.2(a) or (b) of the Licence (whether for breach of
contract, tort (including negligence), breach of statutory obligation
or otherwise, except fraud or fraudulent misrepresentation), a sum in
excess of one hundred and fifty million US Dollars (US$150 million) in
aggregate, less any amounts recovered under Clause 8.2 (which sum shall
include claims for reasonable legal, professional and other costs and
expenses incurred by Weatherford or its Affiliates in connection with
such claims). Neither the Company nor Weatherford shall be entitled to
bring any claims whatsoever in respect of a breach or breaches of the
warranties contained in or to be given pursuant to clauses 7.2(a) or
(b) of the Licence after the expiry of the period of seventeen years
from the Effective Date.
8.2 Neither Weatherford nor any of its Affiliates shall be entitled to
recover from any Shell Party under any claim in respect of the
Agreements (whether for breach of contract, tort (including
negligence), breach of statutory obligation or otherwise, except fraud,
fraudulent misrepresentation or any claim for breach of any of the
warranties contained in or to be given pursuant to clauses 7.2(a) and
(b) of the Licence) a sum in excess of X in aggregate (which sum shall
include claims for reasonable legal, professional and other costs and
expenses incurred by Weatherford or its Affiliates in connection with
such claims). In this Clause 8.2, X shall be interpreted as follows:
(a) during the period from the Effective Date (as defined in the
Licence) to the day prior to the first anniversary of the
Effective Date (the "First Year"), X = one hundred and fifty
million US Dollars (US$150 million) less any amounts recovered
under Clause 8.1;
(b) during the period from the first anniversary of the Effective
Date to the day prior to second anniversary of the Effective
Date (the "Second Year"), X = one hundred and twenty million
US Dollars (US$120 million) less any amounts recovered during
the First Year and any amounts recovered under Clause 8.1;
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(c) during the period from the second anniversary of the Effective
Date to the day prior to the third anniversary of the
Effective Date (the "Third Year"), X = ninety million US
Dollars (US$90 million) less any amounts recovered during the
First Year and the Second Year and any amounts recovered under
Clause 8.1;
(d) during the period from the third anniversary of the Effective
Date to the day prior to the fourth anniversary of the
Effective Date (the "Fourth Year"), X = sixty million US
Dollars (US$60 million) less any amounts recovered during the
First Year, the Second Year and the Third Years and any
amounts recovered under Clause 8.1;
(e) during the period from the fourth anniversary of the Effective
Date to the day prior to the seventeenth anniversary of the
Effective Date, X = thirty million US Dollars (US$30 million)
in aggregate less any amounts recovered during the First Year,
the Second Year, the Third Year, the Fourth Year and in any of
the years falling between the fourth and seventeenth
anniversaries of the Effective Date and any amounts recovered
under Clause 8.1; and
(f) after the expiry of the period of seventeen years from the
Effective Date X shall be zero and the amount referred to in
Clause 8.1 shall also be zero,
save that where X pursuant to these calculations is a sum less than
zero, X shall be deemed to be zero. Any claim made in accordance with
Clause 8.1 or this Clause 8.2 that is made against a Shell party in one
(1) period identified in subclauses (a) to (f) of this Clause 8.2 and
resolved in another period shall be limited only by the calculation of
X corresponding to the period in which such claim was commenced.
8.3 The Weatherford Parties shall not be entitled to recover from the Shell
Parties under the Agreements more than once in respect of the same
damage suffered, and accordingly the Shell Parties shall not be liable
in respect of any breach of any of the Agreements if and to the extent
that the loss is or has been included in a claim under any other
Agreement.
8.4 The Shell Parties shall not be entitled to recover from the Weatherford
Parties under the Agreements more than once in respect of the same
damage suffered, and accordingly the Weatherford Parties shall not be
liable in respect of any breach of any
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of the Agreements if and to the extent that the loss is or has been
included in a claim under any other Agreement.
8.5 In no event shall any party be liable in respect of a breach or
breaches of any warranties or any other claim (whether for breach,
indemnity or otherwise, except fraud and except for the avoidance of
doubt, claims for infringement of Patent Rights) under this agreement
or the Licence or any act or omission in connection with this agreement
for any loss of profit or any indirect or consequential loss or damage
suffered by any of the parties or any of the their Affiliates or
exemplary or punitive damages. The provisions of this Clause may be
enforced by any Shell Party or any Weatherford Party subject to and in
accordance with the provisions of the Contracts (Rights of Third
Parties) Xxx 0000.
9. ASSIGNMENT
This agreement shall not be assignable by either party without the
consent of the other party save that:
(a) Shell may assign the benefit of this agreement to any of its
Affiliates; and
(b) Weatherford may only assign the benefit of this agreement to a
successor parent entity with the prior written consent of
Shell (such consent not to be unreasonably withheld).
10. CONFIDENTIALITY
10.1 Subject to Clause 10.2 and Clause 11, Shell undertakes to Weatherford
and Weatherford undertakes to Shell, for itself and as agent and
trustee for Shell and each of its Affiliates, that it shall treat as
confidential all information received or obtained as a result of
entering into or performing this agreement which relates to:
(a) the other party including, where that other party is Shell or
any Affiliate of Shell and where that other party is
Weatherford or Weatherford/Xxxx, any of Xxxxxxxxxxx'x
Affiliates;
(b) the provisions or the subject matter of this agreement or any
document referred to herein; or
(c) the negotiations relating to this agreement or any documents
referred to herein.
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10.2 Clause 10.1 does not apply to disclosure of any such information as is
referred to in Clause 10.1:
(a) which is required to be disclosed by law, by a rule of a stock
exchange to which either party is subject or submits or by a
governmental authority or other authority with relevant powers
to which either party is subject or submits, whether or not
the requirement has the force of law provided that the
disclosure shall, so far as is practicable, be made after
consultation with the other party and after taking into
account the other party's reasonable requirement as to its
timing, content and manner of making or despatch;
(b) to an adviser for the purposes of advising in connection with
the transactions contemplated by this agreement provided that
such disclosure is essential for these purposes and is on the
basis that Clause 10.1 applies to the disclosure by the
adviser;
(c) to a director, officer or employee of Shell or any Affiliates
of Shell or Weatherford or any of Xxxxxxxxxxx'x Affiliates
whose function requires him to have the relevant confidential
information;
(d) to the extent that the information has been made public by, or
with the consent of, the other party; or
(e) which is now or shall hereafter have entered the public domain
(other than as a consequence of unauthorised disclosure by the
disclosing party or any third party).
11. ANNOUNCEMENTS
11.1 Subject to Clause 11.2, no party may, before or after Completion, make
or send an announcement, communication, circular or other disclosure to
any third party concerning the transactions referred to in this
agreement unless it has first obtained the other party's written
consent, which may not be unreasonably withheld or delayed.
11.2 Clause 11.1 does not apply to an announcement, communication or other
disclosure:
(a) required by law, by a rule of a stock exchange to which either
party is subject or submits or by a governmental authority or
other authority with relevant powers to which any party is
subject or submits, whether or not the requirement
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has the force of law provided that the announcement,
communication, circular or other disclosure shall, so far as
is practicable, be made after consultation with the other
party and after taking into account the other party's
reasonable requirements as to its timing, content and manner
of making or despatch; or
(b) which the other party has given its prior written approval to,
such approval not to be unreasonably withheld or delayed.
11.3 The restrictions contained in this Clause shall continue to apply after
Completion without limit in time.
12. NOTICES AND OTHER COMMUNICATIONS
12.1 Where this agreement provides for the giving of notice or the making of
any other communication, such notice or communication shall not (unless
otherwise expressly provided) be effective unless given or made in
writing in accordance with the following provisions of this Clause.
12.2 Any notice or communication to be given or made under or in connection
with this agreement may be:
(a) delivered or sent by post to:
Shell Shell Technology Ventures Limited
P. O. Xxx 00
0000 XX Xxxxxxxx - XX
Xxx Xxxxxxxxxxx
Weatherford Xxxxxxxxxxx International, Inc.
000 Xxxx Xxx Xxxxxxxxx
Xxxxx 000
Xxxxxxx, Xxxxx 00000
Xxxxxx Xxxxxx of America
(such addresses being referred to below as the "Postal
Address" of the relevant party); or
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(b) sent by fax, email or other electronic communication, to:
Shell Fax number: x00 00 0000000
Email address: xxx.xxxxxx@xxxxx.xxx
Weatherford Fax number: x0 000 0000000
Email address: xxxx.xxxxxx@xxxxxxxxxxx.xxx
and shall be marked in the case of Shell for the attention of Xxx
Xxxxxx and in the case of Weatherford for the attention of Xxxx Xxxxxx.
12.3 Any notice or other communication so delivered or sent shall be deemed
to have been served when received except that if it is received between
5.30 p.m. on a Relevant Day and 9.00 a.m. on the next Relevant Day it
shall be deemed to have been served at 9.00 a.m. on the second of such
Relevant Days;
12.4 Where either party has given notice to the other of any different
address or number to be used for the purposes of this Clause then such
different address or number shall be substituted for that shown above.
For the purposes of this Clause:
(a) "Relevant Day" means any day other than a Saturday, Sunday or
a day which is a public holiday at the Postal Address of the
receiving party;
(b) any reference to a time is to the time at the Postal Address
of the receiving party;
(c) reference to an electronic communication being received shall,
in the case of a party which is a corporate body or
partnership, mean receipt at a server located in any office of
the corporate body or partnership; and
(d) "electronic communication" has the same meaning as in the
Electronic Communications Xxx 0000.
13. MISCELLANEOUS
13.1 Each party shall bear its own costs incurred in the negotiations
leading up to and in the preparation of this agreement and of matters
incidental to this agreement.
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13.2 This agreement shall so far as it remains to be performed after
execution continue in full force and effect notwithstanding Completion
and shall not be affected by Completion.
13.3 No term or provision of this agreement shall be varied or modified by
any prior or subsequent statement, conduct or act of any party, except
that the parties may amend this agreement but only by letter or written
instrument signed by all of the parties.
13.4 No waiver by either of the parties to this agreement of any
requirements of this agreement or of any of such party's rights under
this agreement shall be valid unless such waiver is in writing and
signed by or on behalf of each of the parties to this agreement.
13.5 No failure to exercise, and no delay in exercising, on the part of
either party any right or remedy under this agreement shall operate as
a waiver of such right or remedy nor shall any single or partial
exercise of any right or remedy preclude the exercise of any other
right or remedy.
13.6 Either party may release or compromise the liability of the other party
under this agreement or grant to the other party time or other
indulgence, at its absolute discretion, without in any way prejudicing
its rights against any other party.
13.7 Save as otherwise expressly provided in this agreement, no term of this
agreement is enforceable under the Contracts (Rights of Third Parties)
Xxx 0000 by a person who is not a party to this agreement and the
parties shall be entitled to amend or vary the terms of this agreement
without the consent of any Person who is not a party to this agreement.
13.8 The headings to the Clauses in this agreement and in the schedules are
for ease of reference only and shall not form any part of this
agreement for the purposes of construction.
13.9 This agreement and the documents to be delivered on Completion as set
out in Clause 6:
(a) set out the entire agreement and understanding between the
parties in respect of the subject matter hereof; and
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(b) (in relation to such subject matter) supersede all prior
discussions, understandings, undertakings, promises,
conditions, covenants, undertakings and agreements between the
parties and their agents (or any of them) and all prior
representations, warranties and expressions of opinion by any
party (or its agent) to any other party (or its agent).
13.10 Weatherford warrants to each Shell Party that:
(a) it is not aware as at the date of this agreement of any fact,
matter or circumstance amounting to a breach of warranty by
any Shell Party under this agreement or any of the Agreements;
(b) it has not entered into this agreement or any of the
Agreements in reliance on any representation, statement,
assurance, covenant, undertaking, indemnity, guarantee or
commitment of any kind whatsoever other than as set out herein
or therein as the case may be and it will have no remedy
against any Shell Party in respect of any representation,
statement, assurance, covenant, undertaking, indemnity,
guarantee or commitment of any kind whatsoever made on or
prior to the date of this agreement provided that nothing in
this sub-clause shall have the effect of limiting or
restricting any liability of any Shell Party arising as a
result of any fraud or fraudulent misrepresentation.
13.11 This agreement may be entered into in any number of counterparts and by
the parties to it on separate counterparts, each of which when so
executed and delivered shall be an original, but all the counterparts
shall together constitute one and the same instrument.
13.12 If at any time any term or provision in this agreement shall be held to
be illegal, invalid or unenforceable, in whole or in part, under any
rule of law or enactment, such term or provision or part shall to that
extent be deemed not to form part of this agreement, but the
enforceability of the remainder of this agreement shall not be
affected.
13.13 This agreement shall be binding on and shall enure for the benefit of
the personal representatives and successors of the parties.
14. LAW AND JURISDICTION
14.1 This agreement shall be governed by and construed in accordance with
English law and each party to this agreement submits to the exclusive
jurisdiction of the English courts.
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14.2 The parties agree that any legal action or proceeding arising out of or
in connection with this agreement may be brought in the High Court of
Justice in England, and the parties hereby irrevocably submit to the
exclusive jurisdiction of such court in connection with any such legal
action or proceedings.
14.3 Weatherford irrevocably appoints Xxxxxxx Xxxxx WS of Royal London
House, 00-00 Xxxxxxxx Xxxxxx, Xxxxxx XX0X 0XX as its agent to accept
service of legal proceedings in connection with all matters arising out
of this agreement and the transactions contemplated by this agreement
and agree that any claim form, judgment or other notice of legal
process in connection with any such legal action or proceedings shall
be sufficiently served if delivered to Xxxxxxx Xxxxx WS at such
address.
The parties to this agreement have signed and entered into this agreement on the
date and year first written above and agreed that it shall be effective as of 28
February 2002.
SHELL TECHNOLOGY VENTURES LIMITED
By: /s/ Xxxx Van Der Xxxx
Name: Xxxx Van Der Xxxx
Title: Attorney
XXXXXXXXXXX INTERNATIONAL, INC.
By: /s/ Xxxx X. Xxxxxx
Name: Xxxx X. Xxxxxx
Title: Vice President - Law
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