8-KLeadership Changes

SLB LIMITED/NV 8-K Report, Executive Changes (Jun 17, 2013)

Filed June 17, 2013For Securities:SLB

Summary

This 8-K filing from SLB LIMITED/NV (SLB) details an employment agreement with Satish Pai, effective July 1, 2013, through June 30, 2015. Mr. Pai transitioned from Executive Vice President, Operations to Advisor to the Chief Executive Officer in May 2013. The agreement outlines specific financial compensation and benefits for his new role, including a lump-sum payment, pension plan benefits, unused vacation payout, and expense reimbursement. Key for investors, the agreement specifies the terms of compensation and stock option vesting for Mr. Pai during his tenure as Advisor. It also includes standard provisions such as confidentiality, return of property, and non-competition covenants. The filing provides transparency on executive compensation arrangements and contractual obligations related to executive transitions within the company.

Key Highlights

  • 1Satish Pai, former Executive Vice President, Operations, has transitioned to Advisor to the Chief Executive Officer.
  • 2A new employment agreement for Mr. Pai is effective from July 1, 2013, to June 30, 2015.
  • 3Mr. Pai will receive a payment of €400,000 by January 31, 2014.
  • 4He will also receive €308,180 related to his Supplementary French Defined Benefit Pension Plan by January 1, 2017.
  • 5Accrued and unused vacation time will be paid out as of June 30, 2013.
  • 6The agreement allows Mr. Pai to continue vesting in previously granted stock options under existing plan terms.
  • 7The agreement includes confidentiality, return of property, and non-competition clauses.

Frequently Asked Questions

This 8-K filing serves to disclose the details of an employment agreement between SLB LIMITED/NV (SLB) and its executive, Satish Pai, following his transition to a new role as Advisor to the Chief Executive Officer.

Under the agreement, Satish Pai will receive a payment of €400,000 by January 31, 2014, and €308,180 related to his French Defined Benefit Pension Plan by January 1, 2017. He will also be paid for accrued and unused vacation time and reimbursed for reasonable business expenses.

The agreement states that Mr. Pai will generally continue to vest in stock options previously granted to him under SLB's stock option plans. Specific provisions for exercising these options upon termination (other than for cause or competition) are also outlined.

Satish Pai will serve as Advisor to the Chief Executive Officer from July 1, 2013, through June 30, 2015. The agreement includes standard provisions regarding confidentiality, return of company property, and non-competition.