What protections do the new indemnification agreements offer to SLB's directors?

The new agreements offer broad protection by indemnifying directors against a wide range of expenses that may arise from their service to SLB or its subsidiaries. This includes covering legal costs and the company's commitment to maintaining directors' liability insurance.

Are these new agreements retroactive?

The agreements are effective for directors on or after October 16, 2013, and they supersede any prior indemnification agreements that existing directors may have had with the company. The intent is to standardize and strengthen protections moving forward.

What does 'advancement of expenses' mean in this context?

Advancement of expenses means that SLB will cover the legal fees and other costs associated with a director facing a claim or lawsuit related to their service, typically before the final resolution of the matter. These expenses would be subject to reimbursement if it's later determined the director is not entitled to indemnification.

SLB 8-K: Material Agreements

Q: What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to report that SLB Limited/NV has entered into new, standardized indemnification agreements with its current board of directors. These agreements are designed to enhance director protection and replace previous arrangements.

Summary

SLB Limited/NV (SLB) filed an 8-K report on October 21, 2013, detailing the entry into new indemnification agreements with its current board of directors. These agreements, effective October 16, 2013, supersede any prior arrangements and are designed to provide comprehensive protection to directors. The new agreements aim to indemnify directors against expenses incurred due to their service to SLB or its subsidiaries, or at the company's request for other entities. This includes provisions for the advancement of legal expenses and the maintenance of directors' liability insurance, ensuring directors are protected to the fullest extent permitted by law and the company's articles of incorporation.

Key Highlights

1Entry into new indemnification agreements with all current board members, effective October 16, 2013.
2These new agreements replace and supersede any prior indemnification agreements for existing directors.
3The agreements provide comprehensive indemnification for expenses related to directors' service to SLB and its subsidiaries.
4Includes provisions for the advancement of legal expenses incurred by directors.
5Requires SLB to maintain directors' liability insurance for covered individuals.
6Indemnification is extended to the fullest extent permitted by law and the company's Articles of Incorporation.
7The report also notes the termination and superseding of prior indemnification agreements.

SLB LIMITED/NV 8-K Report, Material Agreement (Oct 21, 2013)

Summary

Key Highlights

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