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<div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="D2020Q2LTIPDate" name="dei:AmendmentFlag" id="Fact-1E32392AFEBE5952B8558F253641AD61-wk-Fact-1E32392AFEBE5952B8558F253641AD61" format="ixt:booleanfalse">false</ix:nonNumeric><ix:nonNumeric contextRef="D2020Q2LTIPDate" name="dei:EntityCentralIndexKey" id="Fact-FE0A0CFFDE745A8993B5751787B091E1-wk-Fact-FE0A0CFFDE745A8993B5751787B091E1">0001603923</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:href="wft-20200420.xsd" xlink:type="simple"></link:schemaRef></ix:references><ix:resources><xbrli:context id="D2020Q2LTIPDate">
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	</xbrli:context></ix:resources></ix:header></div><div><a id="s6388C9521CD55D21ACBE5861F22FB899"></a></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;padding-top:4px;text-align:center;padding-left:48px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.08429118773945%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:18pt;"><span style="font-family:inherit;font-size:18pt;font-weight:bold;">UNITED STATES</span></div><div style="line-height:120%;text-align:center;font-size:18pt;"><span style="font-family:inherit;font-size:18pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;font-weight:bold;">WASHINGTON, D.C. 20549</span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:18pt;"><span style="font-family:inherit;font-size:18pt;font-weight:bold;">FORM </span><span><ix:nonNumeric id="d15411556e103-wk-Fact-580DCB5138745D00AFEAC515C917696C" name="dei:DocumentType" contextRef="D2020Q2LTIPDate"><span style="font-size:18pt;font-weight:bold;">8-K</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:18pt;font-weight:bold;"> </span></div><div style="line-height:120%;text-align:center;font-size:14pt;"><span style="font-family:inherit;font-size:14pt;font-weight:bold;">&#160;</span></div><div style="line-height:120%;text-align:center;font-size:14pt;"><span style="font-family:inherit;font-size:14pt;font-weight:bold;">CURRENT REPORT</span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;font-weight:bold;">Pursuant to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</span></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"><br/></span></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;font-weight:bold;">Date of Report (Date of earliest event reported): </span><span style="font-family:inherit;font-size:12pt;font-weight:bold;"><span><span style="white-space:nowrap"><ix:nonNumeric id="d15411556e122-wk-Fact-B09A8F309B7C504B9E86BFBA9EA2109A" name="dei:DocumentPeriodEndDate" contextRef="D2020Q2LTIPDate" format="ixt:datemonthdayyearen">April 20, 2020</ix:nonNumeric></span></span></span><span style="font-family:inherit;font-size:12pt;font-weight:bold;"> </span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:inherit;font-size:12pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:22pt;"><span><ix:nonNumeric id="d15411556e130-wk-Fact-A9846E5C002751E68EFD1296E27E307F" name="dei:EntityRegistrantName" contextRef="D2020Q2LTIPDate"><span style="font-size:22pt;font-weight:bold;">Weatherford International plc</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:22pt;font-weight:bold;"> </span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span 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style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(Former Name or Former Address, if Changed Since Last Report)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following 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style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </span></div><div style="line-height:120%;text-align:left;text-indent:432px;font-size:12pt;"><span style="font-family:inherit;font-size:10pt;">              &#160;&#160;&#160;&#160;Emerging growth company          </span><span><ix:nonNumeric id="d15411556e466-wk-Fact-532FF8979204546CBB9861C96EDDA05E" name="dei:EntityEmergingGrowthCompany" contextRef="D2020Q2LTIPDate" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;font-size:12pt;">&#9744;</span></ix:nonNumeric></span><span style="font-family:inherit;font-size:10pt;"> </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="font-family:Wingdings;font-size:10pt;">&#168;</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">______________</span></div><div style="line-height:120%;font-size:8pt;"><span style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt"> 1</sup></span><span style="font-family:inherit;font-size:8pt;"> Since our emergence from bankruptcy, our ordinary shares have been quoted on the OTC Pink Marketplace. </span><span style="font-family:inherit;font-size:8pt;color:#212529;">While our ordinary shares remain registered on the NYSE, the NYSE suspended trading in our ordinary shares in May 2019 and filed a Form 25 (the &#8220;</span><span style="font-family:inherit;font-size:8pt;color:#212529;text-decoration:underline;">Form 25</span><span style="font-family:inherit;font-size:8pt;color:#212529;">&#8221;) with the Securities and Exchange Commission on April 17, 2020.</span></div><div><br/></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><hr style="page-break-after:always"></hr><div><a id="s1929438B222F51228CD5F334A1EE6D1B"></a></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;text-align:center;-sec-extract:summary;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" 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style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">As previously disclosed, on December 13, 2019, the Company emerged from Chapter 11 bankruptcy protection pursuant to a prepackaged plan of reorganization (the &#8220;</span><span style="font-family:inherit;font-size:10pt;text-decoration:underline;">Plan</span><span style="font-family:inherit;font-size:10pt;">&#8221;). Following such emergence, the Board, in conjunction with its Compensation Committee (the &#8220;</span><span style="font-family:inherit;font-size:10pt;text-decoration:underline;">Committee</span><span style="font-family:inherit;font-size:10pt;">&#8221;) and its independent compensation consultants, has been reviewing and evaluating the Company&#8217;s compensation policies and practices. As a result, the Board, upon recommendation of the Committee, has approved the items described below in this Item 5.02.</span></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">2020 Long-Term Cash Incentive Plan</span></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On April 20, 2020, the Company adopted the 2020 Long-Term Cash Incentive Plan (the &#8220;</span><span style="font-family:inherit;font-size:10pt;text-decoration:underline;">CIP</span><span style="font-family:inherit;font-size:10pt;">&#8221;). The CIP provides for performance-based and time-based cash awards to key executives and certain senior management of the Company, as approved by the Committee or the Board, as applicable. The CIP provides specific performance goals for the performance-based awards and the CIP will be administered by the Committee.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The cash award dollar value amount for each executive was determined by the Committee. 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</span></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><span style="font-family:inherit;font-size:10pt;">&#8226;</span></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">35% of the cash award will be contingent on the achievement of performance goals for Free Cash Flow (&#8220;</span><span style="font-family:inherit;font-size:10pt;text-decoration:underline;">FCF</span><span style="font-family:inherit;font-size:10pt;">&#8221;) and shall vest at the conclusion of the Performance Period. </span></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><span style="font-family:inherit;font-size:10pt;">ROCE is defined as adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">less</span><span style="font-family:inherit;font-size:10pt;"> cash taxes divided by the total gross assets </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">less </span><span style="font-family:inherit;font-size:10pt;">non-interest bearing current liabilities and total cash and is a non-GAAP financial measure.&#160;</span><span style="font-family:inherit;font-size:11pt;">Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization expense adjusted for impairment charges, restructuring charges (severance and facility charges), asset write-downs, noncash stock-based compensation, prepetition charges, reorganization items, gain or loss on sales of businesses, and other nonoperating expenses. </span><span style="font-family:inherit;font-size:10pt;">Under the CIP, the payout percentage for ROCE will be determined by the Committee by comparing the ROCE achieved over the Performance Period to the goals set forth below to determine the corresponding payout percentage:</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.1640625%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Payout Level</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Return on Capital Employed Performance Goals over Performance Period</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Payout Percentage</span></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Threshold</span></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">9%</span></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">25%</span></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Target</span></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">12%</span></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">100%</span></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Maximum</span></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">15% or greater</span></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">150%</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">FCF is defined as adjusted EBITDA </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">less</span><span style="font-family:inherit;font-size:10pt;"> cash taxes, capital expenditures, changes in net working capital, cash interest, any amounts paid with respect to severance, and any restructuring costs or expenses and is a non-GAAP financial measure. The payout percentage for FCF performance will be determined by the Committee by comparing the actual cumulative FCF over the Performance Period to the aggregate FCF performance goals set by the Committee (for each calendar year) to determine the corresponding payout percentage at the end of the Performance Period as follows:</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:62.109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Payout Level</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Payout Percentage</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Threshold</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">50%</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Target</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">100%</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Maximum</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">150%</span></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The CIP provides for forfeiture of payments under cash awards granted upon the occurrence of certain events, including the breach of any restrictive covenant, including, but not limited to, any non-competition, non-solicitation, confidentiality, and non-</span></div><div><br/></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><hr style="page-break-after:always"></hr><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">disparagement covenants or upon termination of employment for cause (as defined under the CIP). The CIP also provides for partially accelerated vesting of the time-based portion of cash awards upon the termination of a participants employment by the Company without cause or by the employee for good reason (as defined under the CIP). Cash awards received under the CIP are also subject to the provisions of the Company&#8217;s clawback policy.</span></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Form Award Agreement under the 2020 Long-Term Cash Incentive Plan</span></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On April 20, 2020, the Company also adopted a form of Award Agreement (the &#8220;</span><span style="font-family:inherit;font-size:10pt;text-decoration:underline;">Award Agreement</span><span style="font-family:inherit;font-size:10pt;">&#8221;) for grant of awards under the CIP. Under the Award Agreement, as a condition to receiving a cash award under the CIP, the executive is required to execute a Confidentiality and Restrictive Covenant Agreement and acknowledge and accept the applicability of the Company&#8217;s clawback policy to the cash award granted.</span></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">2020 Long-Term Cash Incentive Awards</span></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">On April 20, 2020, the Company also approved the grant of cash awards under the CIP, or a substantially similar plan, to certain key employees, including the named executive officers, and entered in to an Award Agreement with each of the below named executive officers. The cash award amounts for the named executive officers are set forth in the table below and will vest as provided in the CIP and described above: </span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:94.921875%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:23%;"></td><td style="width:26%;"></td><td style="width:30%;"></td><td style="width:21%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Named Executive Officer</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Time-based</span></div><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Cash Award Amount (30%)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Performance-based Cash </span><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Award Amount at Target (70%)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Total</span></div><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Cash Award Amount</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Mark McCollum</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$2,340,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$5,460,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$7,800,000</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Christian Garcia</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$690,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$1,610,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$2,300,000</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Christina Ibrahim</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$540,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$1,260,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$1,800,000</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Karl Blanchard</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$900,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$2,100,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$3,000,000</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Stuart Fraser</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$165,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$385,000</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">$550,000</span></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:12px;padding-top:16px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The foregoing description of the CIP, Award Agreement and grants made under the CIP does not purport to be complete and is qualified in its entirety by reference to the full text of the CIP and the Award Agreement, which are attached hereto as Exhibits 10.1 and 10.2 and are incorporated by reference herein.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:13%;"></td><td style="width:1%;"></td><td style="width:86%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Financial Statements and Exhibits.</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">(d)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Exhibits</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:13%;"></td><td style="width:1%;"></td><td style="width:86%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit Number</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit Description</span></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">10.1</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit101-weatherford.htm"><span style="font-family:inherit;font-size:10pt;">Weatherford International plc 2020 Long-Term Cash Incentive Plan</span></a></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">10.2</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit102-awardagreem.htm"><span style="font-family:inherit;font-size:10pt;">Award Agreement (Weatherford International plc 2020 Long-Term Cash Incentive Plan)</span></a></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">104</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.</span></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div><br/></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><hr style="page-break-after:always"></hr><div><a id="s1097F216227D512D84DE78414FC11C42"></a></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURE</span></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:97.8515625%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:45%;"></td><td style="width:55%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Weatherford International plc</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Date: April 24, 2020</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">/s/ Christina M. Ibrahim</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Christina M. Ibrahim</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Executive Vice President, General Counsel,</span></div><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Chief Compliance Officer and Corporate Secretary</span></div><div style="text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div><br/></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Signature Page to Form 8-K (2020 Long-Term Cash Incentive Plan)</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div>	</div></body>
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Wdesk | Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 20, 2020
Weatherford International plc
(Exact name of registrant as specified in its charter)
Ireland
001-36504
98-0606750
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
2000 St. James Place
,
Houston
,
Texas
77056
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
713
.
836.4000
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
(1)
Name of each exchange on which registered
Ordinary shares, par value $0.001 per share
WFTLF
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
______________
1
Since our emergence from bankruptcy, our ordinary shares have been quoted on the OTC Pink Marketplace.
While our ordinary shares remain registered on the NYSE, the NYSE suspended trading in our ordinary shares in May 2019 and filed a Form 25 (the "
Form 25
") with the Securities and Exchange Commission on April 17, 2020.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, on December 13, 2019, the Company emerged from Chapter 11 bankruptcy protection pursuant to a prepackaged plan of reorganization (the "
Plan
"). Following such emergence, the Board, in conjunction with its Compensation Committee (the "
Committee
") and its independent compensation consultants, has been reviewing and evaluating the Company's compensation policies and practices. As a result, the Board, upon recommendation of the Committee, has approved the items described below in this Item 5.02.
2020 Long-Term Cash Incentive Plan
On April 20, 2020, the Company adopted the 2020 Long-Term Cash Incentive Plan (the "
CIP
"). The CIP provides for performance-based and time-based cash awards to key executives and certain senior management of the Company, as approved by the Committee or the Board, as applicable. The CIP provides specific performance goals for the performance-based awards and the CIP will be administered by the Committee.
The cash award dollar value amount for each executive was determined by the Committee. Payout under the CIP will be based on the below:
•
30% of the cash award will be time-based and shall vest in substantially equal installments on each of: (i) the award date as set forth in the applicable award agreement; (ii) January 1, 2021; and (iii) January 1, 2022;
•
35% of the cash award will be contingent on the achievement of certain performance goals over a three-year period starting January 1, 2020 and ending December 31, 2022 (the "
Performance Period
") for Return on Capital Employed ("
ROCE
") and shall vest at the conclusion of the Performance Period; and
•
35% of the cash award will be contingent on the achievement of performance goals for Free Cash Flow ("
FCF
") and shall vest at the conclusion of the Performance Period.
ROCE is defined as adjusted EBITDA (earnings before interest, taxes, depreciation and amortization)
less
cash taxes divided by the total gross assets
less
non-interest bearing current liabilities and total cash and is a non-GAAP financial measure.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization expense adjusted for impairment charges, restructuring charges (severance and facility charges), asset write-downs, noncash stock-based compensation, prepetition charges, reorganization items, gain or loss on sales of businesses, and other nonoperating expenses.
Under the CIP, the payout percentage for ROCE will be determined by the Committee by comparing the ROCE achieved over the Performance Period to the goals set forth below to determine the corresponding payout percentage:
Payout Level
Return on Capital Employed Performance Goals over Performance Period
Payout Percentage
Threshold
9%
25%
Target
12%
100%
Maximum
15% or greater
150%
FCF is defined as adjusted EBITDA
less
cash taxes, capital expenditures, changes in net working capital, cash interest, any amounts paid with respect to severance, and any restructuring costs or expenses and is a non-GAAP financial measure. The payout percentage for FCF performance will be determined by the Committee by comparing the actual cumulative FCF over the Performance Period to the aggregate FCF performance goals set by the Committee (for each calendar year) to determine the corresponding payout percentage at the end of the Performance Period as follows:
Payout Level
Payout Percentage
Threshold
50%
Target
100%
Maximum
150%
The CIP provides for forfeiture of payments under cash awards granted upon the occurrence of certain events, including the breach of any restrictive covenant, including, but not limited to, any non-competition, non-solicitation, confidentiality, and non-
disparagement covenants or upon termination of employment for cause (as defined under the CIP). The CIP also provides for partially accelerated vesting of the time-based portion of cash awards upon the termination of a participants employment by the Company without cause or by the employee for good reason (as defined under the CIP). Cash awards received under the CIP are also subject to the provisions of the Company's clawback policy.
Form Award Agreement under the 2020 Long-Term Cash Incentive Plan
On April 20, 2020, the Company also adopted a form of Award Agreement (the "
Award Agreement
") for grant of awards under the CIP. Under the Award Agreement, as a condition to receiving a cash award under the CIP, the executive is required to execute a Confidentiality and Restrictive Covenant Agreement and acknowledge and accept the applicability of the Company's clawback policy to the cash award granted.
2020 Long-Term Cash Incentive Awards
On April 20, 2020, the Company also approved the grant of cash awards under the CIP, or a substantially similar plan, to certain key employees, including the named executive officers, and entered in to an Award Agreement with each of the below named executive officers. The cash award amounts for the named executive officers are set forth in the table below and will vest as provided in the CIP and described above:
Named Executive Officer
Time-based
Cash Award Amount (30%)
Performance-based Cash
Award Amount at Target (70%)
Total
Cash Award Amount
Mark McCollum
$2,340,000
$5,460,000
$7,800,000
Christian Garcia
$690,000
$1,610,000
$2,300,000
Christina Ibrahim
$540,000
$1,260,000
$1,800,000
Karl Blanchard
$900,000
$2,100,000
$3,000,000
Stuart Fraser
$165,000
$385,000
$550,000
The foregoing description of the CIP, Award Agreement and grants made under the CIP does not purport to be complete and is qualified in its entirety by reference to the full text of the CIP and the Award Agreement, which are attached hereto as Exhibits 10.1 and 10.2 and are incorporated by reference herein.
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit Number
Exhibit Description
10.1
Weatherford International plc 2020 Long-Term Cash Incentive Plan
10.2
Award Agreement (Weatherford International plc 2020 Long-Term Cash Incentive Plan)
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Weatherford International plc
Date: April 24, 2020
/s/ Christina M. Ibrahim
Christina M. Ibrahim
Executive Vice President, General Counsel,
Chief Compliance Officer and Corporate Secretary
Signature Page to Form 8-K (2020 Long-Term Cash Incentive Plan)