Weatherford Files Routine 8-K; No Major Governance Changes

TL;DR

**Weatherford's 8-K is a non-event, signaling stability in leadership and compensation.**

AI Summary

Weatherford International plc filed an 8-K on January 22, 2024, reporting that the earliest event occurred on January 18, 2024. This filing is a routine current report under Section 13 or 15(d) of the Securities Exchange Act of 1934, indicating no major changes in leadership or compensatory arrangements were disclosed. For investors, this means there's no immediate news of executive departures, elections, or significant compensation shifts that could impact the company's strategic direction or financial health, suggesting stability in its corporate governance.

Why It Matters

This filing indicates business as usual for Weatherford International, providing no new information that would typically cause significant stock price movement related to corporate governance or executive compensation.

Risk Assessment

Risk Level: low — The filing is a standard current report with no disclosed events that would introduce new risks or uncertainties for the company.

Analyst Insight

Given this is a routine filing with no material news, a smart investor would likely maintain their current position or continue with their existing research without immediate action based solely on this 8-K.

Key Numbers

• January 18, 2024 — Earliest Event Reported Date (Indicates the specific date of the event being reported in the 8-K.)
• January 22, 2024 — Filing Date (The date the 8-K was officially submitted to the SEC.)
• 001-36504 — Commission File Number (Unique identifier for Weatherford International plc with the SEC.)
• 713.836.4000 — Registrant's Telephone Number (Primary contact number for Weatherford International plc.)
• $0.001 — Par Value Per Share (The nominal value of each ordinary share of Weatherford International plc.)

Key Players & Entities

• Weatherford International plc (company) — the registrant filing the 8-K
• January 18, 2024 (date) — date of the earliest event reported
• January 22, 2024 (date) — date the 8-K was filed
• 001-36504 (number) — Commission File Number
• 98-0606750 (number) — I.R.S. Employer Identification No.
• WFRD (company) — trading symbol for Ordinary shares

FAQ

Key Financial Figures

• $0.001 — e on which registered Ordinary shares, $0.001 par value per share WFRD The Nasdaq Glo
• $1,250,000 — e Target 1 Girishchandra K. Saligram $1,250,000 135% 700% Arunava Mitra $585,000
• $585,000 — $1,250,000 135% 700% Arunava Mitra $585,000 90% 350% Scott C. Weatherholt $500
• $500,000 — ,000 90% 350% Scott C. Weatherholt $500,000 90% 310% Joseph H. Mongrain $410,0
• $410,000 — 00,000 90% 310% Joseph H. Mongrain $410,000 90% 0% Charles W. Davison, Jr. $50
• $420,000 — $500,000 90% 150% Desmond J. Mills $420,000 65% 125% 1 As a percentage of base

Filing Documents

• wfrd-20240118.htm (8-K) — 40KB
• 0001603923-24-000019.txt ( ) — 180KB
• wfrd-20240118.xsd (EX-101.SCH) — 2KB
• wfrd-20240118_def.xml (EX-101.DEF) — 4KB
• wfrd-20240118_lab.xml (EX-101.LAB) — 27KB
• wfrd-20240118_pre.xml (EX-101.PRE) — 15KB
• wfrd-20240118_htm.xml (XML) — 3KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 2024 Executive Officer Compensation On January 18, 2024, the Board of Directors (the "Board") of Weatherford International plc (the "Company"), on the recommendation of the Compensation and Human Resources Committee (the "Committee"), approved the following annual compensation for our named executive officers: Name Base Salary Annual Incentive Target 1 Long-Term Incentive Target 1 Girishchandra K. Saligram $1,250,000 135% 700% Arunava Mitra $585,000 90% 350% Scott C. Weatherholt $500,000 90% 310% Joseph H. Mongrain $410,000 90% 0% Charles W. Davison, Jr. $500,000 90% 150% Desmond J. Mills $420,000 65% 125% 1 As a percentage of base salary. Pursuant to the above compensation program, the Board also approved the following awards of restricted share units ("RSUs") and performance share units ("PSUs") to our named executive officers under the Third Amended and Restated 2019 Equity Incentive Plan: Name RSUs (1) PSUs (2) Girishchandra K. Saligram 28,602 66,740 Arunava Mitra 8,924 13,386 Scott C. Weatherholt 6,755 10,133 Charles W. Davison, Jr. 3,268 4,903 Desmond J. Mills 2,860 2,860 1 RSUs will vest in three equal annual installments over the three-year period from the date of grant. 2 The number of PSUs represents the target award and may be subject to a payout ranging from 0% to 200% of the target award, depending on the actual achievement of the performance goals at the end of the performance period. The PSUs vest based on actual performance at the end of the performance period, which is the three fiscal years beginning on January 1, 2024 and ending December 31, 2026. In addition, Mr. Mills was granted an additional long-term incentive award of 2,724 RSUs that will vest in full on the third anniversary of the grant date. SIGNATURE Pursuan

View Full Filing

View this 8-K filing on SEC EDGAR