Form 4: Weatherford International EVP Scott C. Weatherholt Reports Share Vesting and Tax Withholding
SEC Form 4 Filing
Scott C. Weatherholt, EVP, GC & CCO of Weatherford International plc, reported the vesting of performance share units and subsequent tax withholding on January 2, 2025.
Summary
- On January 2, 2025, Scott C. Weatherholt, EVP, GC & CCO of Weatherford International plc, reported transactions related to performance share units (PSUs).
- 60,570 performance share units vested under the 2021 Weatherford Accelerating Growth & Efficiency (WAGE) Program.
- The PSUs vested at 100% based on the achievement of performance metrics during the three-year performance period ending December 31, 2024.
- 23,961 shares were withheld to satisfy tax obligations upon vesting at a price of $72.29 per share.
- Following the transactions, Weatherholt directly owns 161,628 ordinary shares.
Sentiment
Score: 6
Explanation: The document reflects a routine transaction related to executive compensation. The vesting of PSUs suggests the achievement of performance goals, which is mildly positive. However, the document itself is neutral in tone.
Positives
- The vesting of performance share units indicates the achievement of performance metrics under the WAGE program.
Industry Context
This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency into the equity holdings and transactions of company insiders.
Comparison to Industry Standards
- Vesting schedules and performance metrics for executive compensation are common across the oilfield services industry.
- Companies like Schlumberger, Halliburton, and Baker Hughes also utilize equity-based compensation plans with performance-based vesting.
- The specific metrics and vesting percentages vary based on company-specific goals and industry benchmarks.
Stakeholder Impact
- Shareholders may view the vesting of PSUs as a sign that performance goals are being met.
- Employees may be motivated by the potential for similar equity-based compensation.
Key Dates
| Date | Description |
|---|---|
| 2021-11-01 | Date of grant for the performance share units under the 2021 WAGE Program. |
| 2024-04-08 | Date of Power of Attorney execution. |
| 2024-12-31 | End of the three-year performance period for the PSUs. |
| 2025-01-02 | Date of PSU vesting and tax withholding. |
| 2025-01-03 | Date of signature for the Form 4 filing. |
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