Form 4: NOV Inc. Executive Craig L. Weinstock Reports Changes in Beneficial Ownership

Craig L. Weinstock, Sr. VP & General Counsel of NOV Inc., reports acquisition and disposal of common stock and stock options.

Summary

• On February 19, 2025, Craig L. Weinstock, Sr. VP & General Counsel of NOV Inc., reported changes in his beneficial ownership of NOV Inc. securities.
• He acquired 44,503 shares of common stock through an equity award of time-based restricted stock units, which will vest in three equal annual installments starting on the first anniversary of the grant date.
• He also acquired 37,981 shares of common stock that vested from performance share awards granted on February 15, 2022.
• Additionally, 14,947 shares were withheld to cover tax liabilities related to the vesting of these performance share awards at a price of $15.28 per share.
• Weinstock was also granted a non-qualified stock option to purchase 25,449 shares of common stock at an exercise price of $15.28, which will become exercisable in three equal annual installments beginning on February 19, 2026.
• Following these transactions, Weinstock beneficially owns 276,936 shares of common stock and holds options for 25,449 shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reflects standard executive compensation practices and routine disclosures. There are no overtly positive or negative implications.

Positives

• The acquisition of restricted stock units and vesting of performance shares indicate confidence in the company's future performance.
• The granting of stock options aligns Weinstock's interests with those of shareholders.

Negatives

• The withholding of shares to cover tax liabilities reduces the immediate increase in Weinstock's holdings.

Future Outlook

The restricted stock units will vest in three equal annual installments commencing on the first anniversary of the date of the grant. The stock options will become exercisable in three equal annual installments beginning on February 19, 2026.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership by a company executive, which is common in publicly traded companies. It reflects standard compensation practices using equity-based awards.

Comparison to Industry Standards

• Equity compensation is a standard practice among publicly traded companies to align executive interests with shareholder value.
• Companies like Schlumberger (SLB) and Halliburton (HAL) also utilize similar long-term incentive plans including restricted stock units and stock options.
• The vesting schedules and terms of these awards are generally comparable across the oilfield services industry.

Stakeholder Impact

• The equity awards align management's interests with shareholders, potentially driving long-term value creation.
• Employees may view the equity awards as a positive sign of the company's commitment to its leadership.

Key Dates

Keywords

beneficial ownership, Form 4, stock options, restricted stock units, performance shares, NOV Inc., Weinstock, equity award