Summary
This 8-K filing from SLB LIMITED/NV (SLB) on January 24, 2006, primarily discloses material changes in executive compensation for its named officers. The Compensation Committee of the Board of Directors approved the annual salaries for 2006, cash bonuses for 2005 performance, and stock option grants for key executives. These changes are important for investors to understand the company's commitment to its leadership and its approach to incentivizing performance through compensation packages. The filing details specific salary increases for the Chairman and CEO, A. Gould, and Executive Vice President, C. Sbiti, along with the cash bonuses and stock options awarded to these and other named executive officers. The options granted have an exercise price reflecting the fair market value at the time of grant and a ten-year expiration period, indicating a long-term incentive structure.
Key Highlights
- 1Disclosed executive compensation details for named officers of SLB for the 2005 performance and 2006 fiscal year.
- 2The Compensation Committee of the Board of Directors approved annual salaries, cash bonuses, and stock option grants.
- 3A. Gould, Chairman and CEO, received a salary increase to $2,500,000 for 2006 and a cash bonus of $2,175,000 for 2005 performance.
- 4C. Sbiti, Executive Vice President, saw a salary increase to €600,000 for 2006 and a cash bonus of €725,000 for 2005 performance.
- 5A total of 680,000 stock options were granted to the named executive officers.
- 6Stock options were granted with an exercise price of $108.47 per share, representing the fair market value at the grant date.
- 7All stock options have a ten-year expiration period from the date of grant.