Desmond J. Mills - Apr 15, 2022 Form 4 Insider Report for Weatherford International plc (WFRD)

Role: SVP & Chief Accounting Officer
Signature: Jonathan B. Wolens by Power of Attorney
Stock symbol: WFRD
Transactions as of: Apr 15, 2022
Transactions value $: -$404,370
Form type: 4
Date filed: 4/19/2022, 05:10 PM
Previous filing: Jan 20, 2022
Next filing: Jul 27, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	WFRD	Ordinary Shares	Options Exercise	$0	+15.4K		$0.00	15.4K	Apr 15, 2022	Direct	F1
transaction	WFRD	Ordinary Shares	Tax liability	-$144K	-3.76K	-24.35%	$38.40	11.7K	Apr 15, 2022	Direct	F2
transaction	WFRD	Ordinary Shares	Options Exercise	$0	+7.63K	+65.28%	$0.00	19.3K	Apr 15, 2022	Direct	F3
transaction	WFRD	Ordinary Shares	Disposed to Issuer	-$260K	-7.63K	-39.5%	$34.10	11.7K	Apr 15, 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	-15.4K	-50%	$0.00	15.4K	Apr 15, 2022	Ordinary Shares	15.4K		Direct	F1
transaction	WFRD	Phantom Restricted Share Units	Options Exercise	$0	-7.63K	-100%	$0.00^*	0	Apr 15, 2022	Ordinary Shares	7.63K		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 April 15, 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 April 15, 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 a predetermined amount specified in the Reporting Person's offer letter (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 7,625 ordinary shares. As a result of the Maximum Cash Payout having been satisfied, the remaining 15,023 ordinary shares underlying the 22,648 Phantom RSUs previously reported will not vest and have been cancelled.