Form 4: Schlumberger EVP & CFO Biguet Reports Share Transactions Following PSU Vesting
SEC Form 4 Filing
Stephane Biguet, EVP & CFO of Schlumberger, reports acquisition and disposal of company shares related to the vesting of performance share units (PSUs).
Summary
- On March 1, 2024, Stephane Biguet, EVP & CFO of Schlumberger, reported transactions involving Schlumberger Limited/NV [SLB] common stock.
- Biguet acquired 16,805 shares of common stock at $0.00 per share related to performance share units (PSUs) that vested.
- Biguet disposed of 6,613 shares of common stock at $49.26 per share to cover tax obligations related to the vesting of the PSUs.
- Following these transactions, Biguet directly owns 253,124 shares of Schlumberger common stock.
- Biguet also indirectly owns 1,773 shares through his children.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The vesting of PSUs suggests the company met performance targets. The sale of shares for tax purposes is a normal occurrence.
Positives
- The vesting of PSUs indicates that the company met certain performance targets, which is a positive sign.
Negatives
- The disposal of shares to cover tax obligations, while normal, slightly reduces Biguet's direct holdings in the company.
Risks
- There are no specific risks mentioned in this document.
Industry Context
This filing is a routine disclosure related to executive compensation and share ownership, common in publicly traded companies. It reflects the alignment of executive incentives with company performance.
Comparison to Industry Standards
- Executive compensation packages including PSUs are common practice among large, publicly traded companies like Schlumberger, Halliburton, and Baker Hughes.
- The vesting of PSUs based on performance relative to key competitors is a standard approach to incentivize executives to outperform industry peers.
- Form 4 filings are a standard regulatory requirement for reporting changes in beneficial ownership by company insiders.
Stakeholder Impact
- The vesting of PSUs aligns executive interests with shareholder value.
- The transactions have a minimal direct impact on other stakeholders.
Key Dates
| Date | Description |
|---|---|
| January 20, 2021 | Date the Company granted performance share units ('PSUs') to the reporting person. |
| January 2024 | Company's compensation committee met to certify performance under the PSUs and approved the issuance of 80% of the shares. |
| March 01, 2024 | Date of the reported transactions: acquisition and disposal of shares. |
| March 05, 2024 | Date of signature for the Form 4 filing. |
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