Form 4: ChampionX Executive's Equity Holdings Convert to Schlumberger Shares Post-Merger

Deric D. Bryant, Chief Operating Officer and President of Chemical Technologies at ChampionX, converted all his ChampionX common stock, restricted stock units, and stock options into Schlumberger Limited (SLB) equity awards as a result of the recent merger.

Summary

• Deric D. Bryant, Chief Operating Officer and President, Chemical Technologies, of ChampionX Corp, reported changes in his beneficial ownership due to the merger of ChampionX with Schlumberger Limited (SLB).
• Effective July 16, 2025, each outstanding share of ChampionX common stock was cancelled and converted into the right to receive 0.735 shares of SLB common stock.
• Mr. Bryant disposed of 386,340 shares of ChampionX common stock, resulting in zero beneficial ownership of ChampionX common stock post-merger.
• All outstanding ChampionX restricted stock units (RSUs) were assumed and converted into SLB RSU awards, with the number of SLB shares adjusted by the 0.735 exchange ratio.
• All outstanding ChampionX stock options were terminated and cancelled, exchanged for options to acquire SLB common stock, with the number of shares and exercise price adjusted by the 0.735 exchange ratio.
• Mr. Bryant disposed of a total of 723,776 ChampionX stock options across various tranches with exercise prices ranging from $5.60 to $7.54.

Sentiment

Score: 5

Explanation: The filing reports a mandatory conversion of equity holdings as a result of a corporate merger, which is a neutral event from the perspective of the reporting person's discretionary action or sentiment towards the stock.

Positives

• The merger provides ChampionX shareholders, including executives, with shares in a larger, potentially more diversified entity (Schlumberger Limited).
• Equity awards (RSUs and stock options) were preserved and converted into equivalent SLB awards, maintaining the executive's long-term incentives.

Future Outlook

NA

Industry Context

This transaction reflects a significant consolidation event within the energy services sector, where ChampionX, a provider of production chemicals and artificial lift technologies, has been acquired by Schlumberger Limited, a global technology company in the energy industry. This merger is part of a broader trend of strategic acquisitions aimed at expanding service portfolios and market reach in the evolving energy landscape.

Stakeholder Impact

• Shareholders: ChampionX shareholders had their shares converted into SLB shares, impacting their ownership structure and future investment exposure.
• Employees: Employees holding ChampionX equity awards (RSUs, stock options) had their awards converted into SLB equivalents, maintaining their incentive structures within the new combined entity.

Key Dates

Keywords

ChampionX Corp, CHX, Schlumberger Limited, SLB, Merger, Stock Option, Restricted Stock Unit, Common Stock, Beneficial Ownership, SEC Form 4, Executive Compensation, Equity Conversion, Corporate Acquisition