Summary
SLB Limited/NV (SLB) has filed an 8-K report detailing significant changes in its executive team and associated compensation arrangements. Specifically, the company announces the stepping down of Mr. Belani and Ms. Gharbi from their principal officer roles. To ensure a smooth transition and retain valuable expertise, both executives have entered into new agreements with SLB. Mr. Belani will serve as Senior Strategic Advisor to the CEO through March 31, 2024, focusing on technology and innovation projects. His compensation includes his current base salary for two years, continued participation in health and welfare plans, pension and profit-sharing benefits, and a prorated 2022 cash incentive award. Ms. Gharbi has also agreed to restrictive covenants and will receive continued accrual of pension and profit-sharing benefits based on her 2022 salary for three years, alongside a prorated 2022 cash incentive award. Both agreements include strict non-competition, non-solicitation, confidentiality, and non-disparagement clauses, with provisions for compensation cessation and clawbacks upon breach.
Key Highlights
- 1Mr. Belani steps down from his principal officer role and will transition to Senior Strategic Advisor to the CEO until March 31, 2024.
- 2Ms. Gharbi has also entered into an agreement following her departure from her principal officer role.
- 3Both Mr. Belani and Ms. Gharbi have agreed to significant restrictive covenants, including three-year non-competition and non-solicitation undertakings.
- 4Mr. Belani will receive his current base salary for two years, continued benefits, and a prorated 2022 cash incentive award.
- 5Ms. Gharbi will receive continued accrual of pension and profit-sharing benefits for three years and a prorated 2022 cash incentive award.
- 6Outstanding long-term equity incentives for Mr. Belani will continue to vest as per original terms, given his retirement eligibility.
- 7The agreements include provisions for stopping payments and cancelling equity awards if restrictive covenants are breached.