Summary
SLB LIMITED/NV (SLB) filed an 8-K on March 28, 2019, to report a change in a key executive role. Aaron Gatt Floridia, formerly Executive Vice President of the Western Hemisphere, has transitioned to a Senior Advisor to the Chief Operating Officer position. This change is effective immediately, with a new employment agreement commencing April 1, 2019, and concluding on March 31, 2021. This filing details the terms of Mr. Gatt Floridia's new role, including his compensation package which comprises an annual base salary of $840,000, continued eligibility for employee benefits, vacation pay, a prorated incentive award, and other provisions like repatriation assistance and business expense reimbursement. Importantly, his previously granted stock options and equity awards will generally continue to vest under the terms of the existing plans, providing continuity for his equity holdings. The agreement also includes standard clauses such as confidentiality, non-competition, and non-disparagement.
Key Highlights
- 1Aaron Gatt Floridia transitioned from Executive Vice President, Western Hemisphere to Senior Advisor to the Chief Operating Officer.
- 2A new employment agreement for Mr. Gatt Floridia is effective from April 1, 2019, through March 31, 2021.
- 3Mr. Gatt Floridia's annual base salary in the new role will be $840,000.
- 4He will continue to receive medical, pension, and profit-sharing benefits.
- 5Previously granted stock options, performance share units, and restricted stock units will generally continue to vest.
- 6The agreement includes standard restrictive covenants: confidentiality, return of property, non-competition, and non-disparagement.
- 7Mr. Gatt Floridia will receive a prorated cash incentive award based on his service from January 1, 2019, to March 31, 2019.