Summary
This 8-K filing from SLB LIMITED/NV (SLB), dated April 20, 2015, reports on amendments made by the Compensation Committee of the Board of Directors to existing stock incentive plans. These changes primarily affect the vesting of stock options, restricted stock units (RSUs), and performance share units (PSUs) upon retirement. The amendments introduce more flexible retirement criteria for continued vesting. Specifically, participants can now have their awards continue to vest if they retire at age 60 or older with 25 years of service, or if they have approved retirement at age 55 or older with 20 years of service. This aims to retain valuable talent and provide clearer incentives for long-term commitment. Investors should note that while stock options and RSUs will see pro-rated vesting adjustments based on active employment, performance share units will also be pro-rated based on the active employment period within the award's performance cycle.
Key Highlights
- 1Amendments to Schlumberger's 2010 and 2013 Omnibus Stock Incentive Plans approved by the Compensation Committee.
- 2Changes impact vesting of stock options, restricted stock units (RSUs), and performance share units (PSUs) upon retirement.
- 3New retirement criteria for continued vesting: age 60+ with 25 years of service, or approved retirement at age 55+ with 20 years of service.
- 4Vesting for stock options and RSUs will continue, subject to pro-rating based on active employment during the award period.
- 5Vesting for PSUs will also continue but will be pro-rated based on active employment within the award's performance period.
- 6Amendments apply to future awards, including those granted to named executive officers.
- 7Effective dates: April 16, 2015 for stock options and RSUs, and January 1, 2016 for PSUs.