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WEATHERFORD INTERNATIONAL PLC

(WFTLF)
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WEATHERFORD INTERNATIONAL PLC : Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits (form 8-K)

04/16/2021 | 04:33pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

                   Appointment of Certain Officers; Compensatory 

Arrangements of Certain

                   Officers.


Appointment of Chief Accounting Officer


Weatherford International plc (the "Company") announced the appointment of Mr.
Desmond Mills as Vice President and Chief Accounting Officer ("CAO"), and
principal accounting officer, effective April 15, 2021. Prior to joining the
Company, Mr. Mills, 48, was with Caterpillar Inc. where he most recently served
as Segment Compliance Manager of Construction Industries and previously served
in roles of increasing responsibility including, Finance Director of Caterpillar
Brazil and Division Chief Financial Officer of the Integrated Components
Services Division.

In connection with Mr. Mills' appointment as Vice President and CAO, he will receive the following compensation:


1.annual base salary of $325,000;
2.eligibility to participate in the Company's Short-Term Incentive Plan with a
target bonus of 60% of his annual base salary;
3.a long-term cash incentive award with a grant date of April 15, 2021, subject
to the terms and conditions of the Company's Amended and Restated 2019 Equity
Incentive Plan and the award agreements thereunder, as set forth below:
(i)22,648 in Phantom RSUs vesting in two equal annual installments from the date
of grant and subject to a maximum cash payout of $260,000 in the event of a cash
settlement under the terms of the award agreement; and
(ii)30,879 in RSUs vesting in two equal annual installments from the date of
grant; and
(iii)15,439 in PSUs; awards may be earned between 0% and 200% of the target
award based on achievement of performance goals and will vest following the
completion of a two-year performance period.

Mr. Mills will be covered under the Company's Change of Control Policy which
provides that, upon a qualifying termination of employment following a change in
control transaction, he would receive, subject to a release of claims, severance
benefits equal to one times base salary and bonus, continued health care
benefits, outplacement services and certain other benefits.

Absent a change in control transaction, Mr. Mills will be eligible to receive
severance benefits in the event of a termination without cause within 12 months
of commencement of his employment in the amount of 12 months of his annual base
salary. After the first anniversary of Mr. Mills' commencement of employment, he
will be eligible to receive severance benefits in the event of a termination
without cause in the amount of 6 months of his annual base salary.

Mr. Mills will be eligible for relocation and other benefits in accordance with
the Company's standard plans and polices. In addition, the Company and one of
its primary subsidiaries will enter into customary officer indemnification
agreements (deeds of indemnity) with Mr. Mills.

There are no arrangements or understandings between Mr. Mills and any other
persons pursuant to which Mr. Mills was selected to act as the Chief Accounting
Officer of the Company. Mr. Mills does not have any family relationships subject
to disclosure under Item 401(d) of Regulation S-K or any direct or indirect
material interest in any transaction required to be disclosed pursuant to Item
404(a) of Regulation S-K.


--------------------------------------------------------------------------------

Item 8.01   Other Events.


Reclassification of Departure of Christina Ibrahim


The Company previously reported on June 8, 2020 that Christina M. Ibrahim, its
former Executive Vice President, General Counsel, Chief Compliance Officer and
Corporate Secretary, had left the Company and was entitled to certain
termination "without cause" benefits and compensation under the Company's
pre-existing compensation plans and applicable policies and related agreements.
On December 15, 2020, the Company reported that it had determined that Ms.
Ibrahim's termination (reported on June 8, 2020) was a "for cause" termination.
Ms. Ibrahim disputed this determination.

The Company and Ms. Ibrahim have settled all of their disputed matters and, as
part of their settlement, the Company has decided to reclassify Ms. Ibrahim's
separation as "without cause" under the terms of her May 4, 2015 Change in
Control Agreement and the Company's pre-existing compensation plans and
applicable policies and related agreements.


                 Item 9.01      Financial Statements and Exhibits.

                     (d)        Exhibits


    Exhibit Number           Exhibit Description
         104                 Cover Page Interactive Data File - the cover page XBRL tags are embedded
                             within the Inline XBRL document.


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© Edgar Online, source Glimpses

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