Form 4: Weatherford International CEO Girish Saligram Vests Performance Share Units
SEC Form 4 Filing
Girish Saligram, CEO of Weatherford International, reports the vesting of performance share units and a related tax withholding transaction.
Summary
- Girish Saligram, President and CEO of Weatherford International plc, reported the vesting of 237,529 performance share units (PSUs) on January 2, 2025.
- The PSUs vested at 100% based on the achievement of performance metrics during the three-year performance period ending December 31, 2024, under the 2021 Weatherford Accelerating Growth & Efficiency (WAGE) Program.
- A portion of the vested PSUs, totaling 93,594 shares, were withheld to satisfy the reporting person's tax obligations at a price of $72.29 per share.
- Following the transactions, Saligram directly owns 144,741 ordinary shares and indirectly owns 804,820 shares through a trust and 52,105 shares through a spousal trust.
Sentiment
Score: 6
Explanation: The document is neutral in tone, reporting routine transactions related to executive compensation. The vesting of PSUs suggests performance targets were met, which is mildly positive.
Positives
- The vesting of performance share units indicates that performance metrics were met, which could be viewed positively by investors.
Future Outlook
There are no specific forward-looking statements in this document.
Industry Context
This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies within the oilfield services industry.
Comparison to Industry Standards
- Vesting of performance share units is a common practice in executive compensation packages within the oil and gas industry, aligning executive incentives with company performance.
- Companies like Schlumberger, Halliburton, and Baker Hughes also utilize similar equity-based compensation plans for their executives.
Stakeholder Impact
- The vesting of PSUs could have a minor positive impact on shareholder sentiment, as it indicates that performance targets were achieved.
Key Dates
| Date | Description |
|---|---|
| 2021-11-01 | Date of grant for the performance share units under the 2021 Weatherford Accelerating Growth & Efficiency (WAGE) Program. |
| 2024-04-09 | Date of Power of Attorney execution. |
| 2024-12-31 | End date of the three-year performance period for the vested PSUs. |
| 2025-01-02 | Date of the transaction involving the vesting of performance share units and tax withholding. |
| 2025-01-03 | Date of signature for the SEC filing. |
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