Form 4: Weatherford International EVP Scott Weatherholt Reports Share Transactions Following PSU Vesting
SEC Form 4 Filing
Scott Weatherholt, EVP, GC & CCO of Weatherford International plc, reports the vesting of performance share units and subsequent tax withholding.
Summary
- On February 6, 2025, Scott Weatherholt, EVP, GC & CCO of Weatherford International plc, reported transactions involving ordinary shares.
- 39,478 performance share units (PSUs) granted on January 18, 2022, vested at 182% based on performance metrics achieved during the three-year performance period ending December 31, 2024.
- A portion of the vested PSUs, totaling 15,535 shares, were withheld to satisfy tax obligations at a price of $65.36 per share.
- Following these transactions, Weatherholt directly owns 148,962 ordinary shares.
Sentiment
Score: 7
Explanation: The sentiment is moderately positive as the vesting of PSUs at above target levels suggests the company performed well during the performance period. The transactions themselves are routine.
Positives
- The vesting of PSUs indicates that performance metrics were achieved, suggesting positive performance for Weatherford International plc during the performance period.
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-based compensation of key executives.
Comparison to Industry Standards
- Performance-based equity compensation is a common practice among publicly traded companies to align executive interests with shareholder value.
- The vesting of PSUs at 182% suggests that Weatherford's performance exceeded the initial targets set in the 2019 Equity Incentive Plan.
- Companies like Schlumberger (SLB) and Halliburton (HAL) also utilize similar equity compensation plans for their executives.
Stakeholder Impact
- Shareholders may view the vesting of PSUs positively, as it indicates that the company achieved its performance goals.
- Employees may be motivated by the successful achievement of performance metrics, as it reflects positively on their contributions.
Key Dates
| Date | Description |
|---|---|
| January 18, 2022 | Date of grant for the performance share units (PSUs) under the 2019 Equity Incentive Plan. |
| December 31, 2024 | End date of the three-year performance period for the PSUs. |
| February 06, 2025 | Date of the reported transactions: vesting of PSUs and tax withholding. |
| February 10, 2025 | Date of signature on the Form 4 filing. |
Keywords
Weatherford International, WFRD, Scott Weatherholt, Performance Share Units, PSUs, Vesting, Tax Withholding, Form 4, SEC, Equity Incentive Plan
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