H. Keith Jennings - 04 Jan 2022 Form 4 Insider Report for Weatherford International plc (WFRD)

Role: EVP and CFO
Signature: Jonathan B. Wolens by Power of Attorney
Issuer symbol: WFRD
Transactions as of: 04 Jan 2022
Net transactions value: -$1,142,950
Form type: 4
Filing time: 06 Jan 2022, 15:21:52 UTC
Previous filing: 02 Nov 2021
Next filing: 20 Jan 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	WFRD	Ordinary Shares	Options Exercise	$0	+57,898		$0.000000	57,898	04 Jan 2022	Direct	F1
transaction	WFRD	Ordinary Shares	Tax liability	$492,965	-17,669	-31%	$27.90	40,229	04 Jan 2022	Direct	F2
transaction	WFRD	Ordinary Shares	Options Exercise	$0	+23,485	+58%	$0.000000	63,714	04 Jan 2022	Direct	F3
transaction	WFRD	Ordinary Shares	Disposed to Issuer	$649,985	-23,485	-37%	$27.68	40,229	04 Jan 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	-57,898	-50%	$0.000000	57,898	04 Jan 2022	Ordinary Shares	57,898		Direct	F1
transaction	WFRD	Phantom Restricted Share Units	Options Exercise	$0	-23,485	-100%	$0.000000^*	0	04 Jan 2022	Ordinary Shares	23,485		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.