H. Keith Jennings - Jan 4, 2022 Form 4 Insider Report for Weatherford International plc (WFRD)

Role
EVP and CFO
Signature
Jonathan B. Wolens by Power of Attorney
Stock symbol
WFRD
Transactions as of
Jan 4, 2022
Transactions value $
-$1,142,950
Form type
4
Date filed
1/6/2022, 03:21 PM
Previous filing
Nov 2, 2021
Next filing
Jan 20, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction WFRD Ordinary Shares Options Exercise $0 +57.9K $0.00 57.9K Jan 4, 2022 Direct F1
transaction WFRD Ordinary Shares Tax liability -$493K -17.7K -30.52% $27.90 40.2K Jan 4, 2022 Direct F2
transaction WFRD Ordinary Shares Options Exercise $0 +23.5K +58.38% $0.00 63.7K Jan 4, 2022 Direct F3
transaction WFRD Ordinary Shares Disposed to Issuer -$650K -23.5K -36.86% $27.68 40.2K Jan 4, 2022 Direct F4, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction WFRD Restricted Share Units Options Exercise $0 -57.9K -50% $0.00 57.9K Jan 4, 2022 Ordinary Shares 57.9K Direct F1
transaction WFRD Phantom Restricted Share Units Options Exercise $0 -23.5K -100% $0.00* 0 Jan 4, 2022 Ordinary Shares 23.5K Direct F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents the vesting of the first installment of restricted share units ("RSUs") granted on January 4, 2021 pursuant to Issuer's Second Amended and Restated 2019 Equity Incentive Plan (the "2019 EIP"). The RSUs vest in two equal installments over the two-year period from the date of grant.
F2 Transaction was a withholding of a portion of vested RSUs to satisfy the reporting person's tax withholding obligations upon vesting, pursuant to the award agreement and the 2019 EIP under which the award was granted.
F3 Represents the deemed acquisition of the ordinary shares underlying the vested portion of phantom restricted share units ("Phantom RSUs") as a result of the election by the Committee administering the 2019 EIP to settle the 2021 Phantom RSU awards entirely in cash (see footnote 6 below).
F4 Represents the deemed disposition to the issuer of the ordinary shares underlying the vested portion of Phantom RSUs as a result of the election by the Committee administering the 2019 EIP to settle the 2021 Phantom RSU awards entirely in cash (see footnote 6 below).
F5 Price represents the volume weighted price of the Company's ordinary shares averaged for the thirty trading days immediately preceding the vesting date.
F6 Represents the vesting of the Phantom RSUs granted on January 4, 2021 pursuant to the 2019 EIP. These Phantom RSUs vest in two equal installments over the two-year period from the date of grant and may be settled in cash, ordinary shares or any combination of cash and ordinary shares; provided that if settled in cash, the cumulative cash payout may not exceed 200% of the grant date fair value of such units (the "Maximum Cash Payout"). At the election of the Committee administering the 2019 EIP, it was determined that the 2021 Phantom RSU awards would be settled entirely in cash. As a result of the Maximum Cash Payout, the Reporting Person is reporting the vesting, deemed acquisition and deemed disposition of 23,485 ordinary shares. As a result of the Maximum Cash Payout having been satisfied, the remaining 33,135 ordinary shares underlying the 56,620 Phantom RSUs previously reported will not vest and have been cancelled.