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National Oilwell Varco Inc – ‘10-Q’ for 3/31/19 – ‘EX-10.14’

On:  Friday, 4/26/19, at 1:27pm ET   ·   For:  3/31/19   ·   Accession #:  1564590-19-13287   ·   File #:  1-12317

Previous ‘10-Q’:  ‘10-Q’ on 10/26/18 for 9/30/18   ·   Next:  ‘10-Q’ on 7/31/19 for 6/30/19   ·   Latest:  ‘10-Q’ on 4/26/24 for 3/31/24   ·   9 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/26/19  National Oilwell Varco Inc        10-Q        3/31/19   80:9.8M                                   ActiveDisclosure/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    629K 
 2: EX-10.13    Material Contract                                   HTML     40K 
 3: EX-10.14    Material Contract                                   HTML     39K 
 4: EX-10.15    Material Contract                                   HTML     48K 
 9: EX-95       Mine-Safety Disclosure                              HTML     46K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     27K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     27K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     24K 
 8: EX-32.2     Certification -- §906 - SOA'02                      HTML     24K 
16: R1          Document and Entity Information                     HTML     48K 
17: R2          Consolidated Balance Sheets (Unaudited)             HTML    129K 
18: R3          Consolidated Balance Sheets (Unaudited)             HTML     33K 
                (Parenthetical)                                                  
19: R4          Consolidated Statements of Income (Loss)            HTML     93K 
                (Unaudited)                                                      
20: R5          Consolidated Statements of Comprehensive Loss       HTML     47K 
                (Unaudited)                                                      
21: R6          Consolidated Statements of Cash Flows (Unaudited)   HTML    107K 
22: R7          Consolidated Statements of Stockholders' Equity     HTML     68K 
23: R8          Consolidated Statements of Stockholders' Equity     HTML     25K 
                (Parenthetical)                                                  
24: R9          Basis of Presentation                               HTML     29K 
25: R10         Inventories, net                                    HTML     45K 
26: R11         Accrued Liabilities                                 HTML     74K 
27: R12         Accumulated Other Comprehensive Loss                HTML    160K 
28: R13         Segments                                            HTML     96K 
29: R14         Revenue                                             HTML    234K 
30: R15         Leases                                              HTML    170K 
31: R16         Debt                                                HTML     46K 
32: R17         Income Taxes                                        HTML     28K 
33: R18         Stock-Based Compensation                            HTML     32K 
34: R19         Derivative Financial Instruments                    HTML    414K 
35: R20         Net Income (Loss) Attributable to Company Per       HTML     72K 
                Share                                                            
36: R21         Cash Dividends                                      HTML     27K 
37: R22         Commitments and Contingencies                       HTML     34K 
38: R23         New Accounting Pronouncements                       HTML     30K 
39: R24         Basis of Presentation (Policies)                    HTML     41K 
40: R25         Inventories, net (Tables)                           HTML     46K 
41: R26         Accrued Liabilities (Tables)                        HTML     74K 
42: R27         Accumulated Other Comprehensive Loss (Tables)       HTML    158K 
43: R28         Segments (Tables)                                   HTML     96K 
44: R29         Revenue (Tables)                                    HTML    230K 
45: R30         Leases (Tables)                                     HTML    172K 
46: R31         Debt (Tables)                                       HTML     46K 
47: R32         Derivative Financial Instruments (Tables)           HTML    414K 
48: R33         Net Income (Loss) Attributable to Company Per       HTML     70K 
                Share (Tables)                                                   
49: R34         Basis of Presentation - Additional Information      HTML     24K 
                (Detail)                                                         
50: R35         Inventories, net - Inventories (Details)            HTML     35K 
51: R36         Accrued Liabilities - Accrued Liabilities (Detail)  HTML     51K 
52: R37         Accrued Liabilities - Changes in Warranty           HTML     29K 
                Provision (Detail)                                               
53: R38         Accumulated Other Comprehensive Loss - Components   HTML     45K 
                of Accumulated Other Comprehensive Loss (Detail)                 
54: R39         Accumulated Other Comprehensive Loss - Components   HTML     44K 
                of Amounts Reclassified from Accumulated Other                   
                Comprehensive Income (Loss) (Detail)                             
55: R40         Accumulated Other Comprehensive Loss - Additional   HTML     34K 
                Information (Detail)                                             
56: R41         Segments - Operating Segments (Detail)              HTML     43K 
57: R42         Segments - Additional Information (Detail)          HTML     24K 
58: R43         Revenue - Summary of Disaggregate Revenue by        HTML     78K 
                Destinations (Detail)                                            
59: R44         Revenue - Additional Information (Detail)           HTML     30K 
60: R45         Revenue - Additional Information (Detail 1)         HTML     32K 
61: R46         Revenue - Summary of Changes in Carrying Amount of  HTML     45K 
                Contract Assets and Contract Liabilities (Detail)                
62: R47         Leases - Additional Information (Detail)            HTML     35K 
63: R48         Leases - Schedule of Components of Leases (Detail)  HTML     45K 
64: R49         Leases - Components of Lease Expense (Detail)       HTML     38K 
65: R50         Leases - Supplemental Information Related to        HTML     46K 
                Leases (Detail)                                                  
66: R51         Leases - Future Minimum Lease Payments (Detail)     HTML     64K 
67: R52         Debt - Debt (Details)                               HTML     33K 
68: R53         Debt - Debt (Parenthetical) (Detail)                HTML     35K 
69: R54         Debt - Additional Information (Detail)              HTML     66K 
70: R55         Income Taxes - Additional Information (Detail)      HTML     26K 
71: R56         Stock-Based Compensation - Additional Information   HTML     86K 
                (Detail)                                                         
72: R57         Derivative Financial Instruments - Outstanding      HTML     31K 
                Foreign Currency Forward Contracts (Detail)                      
73: R58         Derivative Financial Instruments - Derivative       HTML     48K 
                Instruments and their Balance Sheet                              
                Classifications (Detail)                                         
74: R59         Derivative Financial Instruments - Effect of        HTML     51K 
                Derivative Instruments on Consolidated Statements                
                of Income (Loss) (Detail)                                        
75: R60         Net Income (Loss) Attributable to Company Per       HTML     48K 
                Share - Computation of Weighted Average Basic and                
                Diluted Shares Outstanding (Detail)                              
76: R61         Net Income (Loss) Attributable to Company Per       HTML     25K 
                Share - Additional Information (Detail)                          
77: R62         Cash Dividends - Additional Information (Detail)    HTML     34K 
79: XML         IDEA XML File -- Filing Summary                      XML    138K 
78: EXCEL       IDEA Workbook of Financial Reports                  XLSX     65K 
10: EX-101.INS  XBRL Instance -- nov-20190331                        XML   3.06M 
12: EX-101.CAL  XBRL Calculations -- nov-20190331_cal                XML    190K 
13: EX-101.DEF  XBRL Definitions -- nov-20190331_def                 XML    322K 
14: EX-101.LAB  XBRL Labels -- nov-20190331_lab                      XML    998K 
15: EX-101.PRE  XBRL Presentations -- nov-20190331_pre               XML    730K 
11: EX-101.SCH  XBRL Schema -- nov-20190331                          XSD    142K 
80: ZIP         XBRL Zipped Folder -- 0001564590-19-013287-xbrl      Zip    131K 


‘EX-10.14’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



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Exhibit 10.14

 

NATIONAL OILWELL VARCO, INC.

2018 LONG-TERM INCENTIVE PLAN

Restricted Stock Agreement

Grantee:

«Name»

Date of Grant:

February 27, 2019

Number of Restricted  Shares Granted:

«Shares2»

1.TUNotice of GrantUT.  National Oilwell Varco, Inc. (the “Company”) is pleased to notify you that you have been granted the above number of restricted shares of Common Stock (“Restricted Stock”) of the Company pursuant to the National Oilwell Varco, Inc. Long-Term Incentive Plan (the “Plan”), subject to the terms and conditions of the Plan and this Agreement.

2.TUVesting of Restricted StockUT.  Subject to the further provisions of this Agreement, the shares of Restricted Stock shall become vested in accordance with the following schedule:

VESTING DATE

VESTED PERCENTAGE

February 27, 2020

33 1/3%

February 27, 2021

33 1/3%

February 27, 2022

33 1/3%

Distributions on a share of Restricted Stock may be held by the Company without interest until the Restricted Stock with respect to which the distribution was made becomes vested or is forfeited and then paid to you or forfeited, as the case may be.  

Notwithstanding the above vesting schedule, but subject to the further provisions hereof, upon the occurrence of any of the following events the shares of Restricted Stock shall vest as provided below:

(a)TUChange of ControlUT.  The shares of Restricted Stock shall become fully vested upon your Involuntary Termination.  As used in this paragraph, "Involuntary Termination" means your termination from employment with the Company on or within twelve months following a Change of Control that is either (i) initiated by the Company for reasons other than (a) your gross negligence or willful misconduct in the performance of your duties with the Company or (b) your final conviction of a felony or a misdemeanor involving moral turpitude, or (ii) initiated by you after (a) a reduction by the Company of your authority, duties or responsibilities immediately prior to the Change of Control (excluding for this purpose (A) an insubstantial reduction of such authorities, duties or responsibilities or an insubstantial reduction of your offices, titles and reporting

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requirements, or (B) an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by you), (b) a reduction of your base salary or total compensation as in effect immediately prior to the Change of Control (total compensation means for this purpose: base salary, participation in an annual bonus plan, and participation in a long-term incentive plan), or (c) your transfer, without your express written consent, to a location which is outside the general metropolitan area in which your principal place of business immediately prior to the Change of Control may be located or the Company's requiring you to travel on Company business to a substantially greater extent than required immediately prior to the Change of Control.  The term “Change of Control” shall mean:  (i) the Company completes the sale of assets having a gross sales price which exceeds 50% of the consolidated total capitalization of the Company (consolidated total stockholders’ equity plus consolidated total long-term debt as determined in accordance with generally accepted accounting principles) as at the end of the last full fiscal quarter prior to the date such determination is made; or (ii) any corporation, person or group within the meaning of Section 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Act”), becomes the beneficial owner (within the meaning of Rule 13d-3 under the Act) of voting securities of the Company representing more than 30% of the total votes eligible to be cast at any election of directors of the Company.

(b)Disability. If your employment with the Company terminates by reason of a disability that entitles you to benefits under the Company’s long-term disability plan, as determined in the sole discretion of the Company, any shares of Restricted Stock held by you and not already vested shall be 100% vested.

(c)Death.If you die while in the employ of the Company, any shares of Restricted Stock held by you and not already vested shall be 100% vested.

For purposes of this Agreement, “employment with the Company shall include being an employee or a director of, or a consultant to, the Company or Subsidiary.

The provisions of any written employment or severance agreement between you and the Company concerning the vesting of Restricted Stock are incorporated hereby and made a part of this Agreement.

Subject to the terms of any applicable employment agreement or severance agreement, all shares of Restricted Stock that are not vested on your termination of employment for any reason other than as provided in (a), (b) and (c) above shall be automatically cancelled and forfeited without payment upon your termination.

3.TUCustody of Restricted Stock; Ownership RightsUT.  Upon vesting and satisfying all applicable tax withholding obligations, the Company shall cause a book-entry registration or certificate or certificates to be issued without legend (except for any legend required pursuant to applicable securities laws or any other agreement to which you are a party) in your name evidencing the shares of Restricted Stock that have vested.  Prior to the satisfaction of such vesting conditions or the occurrence of such events, the Restricted Stock is not transferable and shall be held in trust by the Secretary of the Company or such other depository as may be

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designated by the Committee as a depository for safekeeping until the forfeiture of such Restricted Stock occurs or the vesting of the shares pursuant to the terms of the Plan and this Agreement.  In the Company’s sole discretion, the Restricted Stock may be evidenced by an electronic book-entry account in your name created by the Company’s stock transfer agent.  No book-entry registration or physical certificates evidencing the Restricted Stock will be issued to you until the satisfaction of all vesting conditions set forth herein and the satisfaction of all applicable tax withholding obligations.  You shall, if required by the Committee, deliver to the Company a stock power, endorsed in blank, relating to the Restricted Stock.  Subject to the restrictions set forth herein, you are entitled to all voting and ownership rights applicable to the Restricted Stock, whether or not vested.

4.UNontransferability of Restricted StockU.  You may not sell, transfer, pledge, exchange, hypothecate or dispose of shares of Restricted Stock in any manner otherwise than by will or by the laws of descent or distribution.  A breach of these terms of this Agreement shall cause a forfeiture of the shares of Restricted Stock.

5.UEntire Agreement; Governing LawU.  These shares of Restricted Stock are granted under and governed by the terms and conditions of the Plan and this Agreement.  In the event of any conflict between the Plan and this Agreement, the terms of the Plan shall control.  Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Agreement.  The Plan is incorporated herein by reference.  The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and you with respect to the subject matter hereof, and may not be modified adversely to your interest except by means of a writing signed by the Company and you.  This Agreement is governed by the internal substantive laws, but not the choice of law rules, of the state of Texas.

6.UWithholding of TaxU.  To the extent that the  vesting of Restricted Stock results in the receipt of compensation by you with respect to which the Company or a Subsidiary has a tax withholding obligation pursuant to applicable law, the Company shall withhold a number of Shares that would otherwise be delivered on vesting that have an aggregate Fair Market Value that does not exceed the amount of taxes to be withheld to meet your tax withholding obligations, unless you, at your option, deliver to the Company or the Subsidiary such amount of money as the Company or the Subsidiary may require to meet its withholding obligations in lieu of the withholding of Shares. No delivery of unrestricted Shares shall be made under this Agreement until the applicable tax withholding requirements of the Company or Subsidiary have been satisfied in full.

7.Forfeiture in Certain Circumstances (“Clawback”). The Committee may, at its sole discretion, terminate this Award if it determines you have violated the Company’s Clawback Policy.

T

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
2/27/22
2/27/21
2/27/204
Filed on:4/26/198-K
For Period end:3/31/194
2/27/194
 List all Filings 


9 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/14/24  NOV Inc.                          10-K       12/31/23  114:21M                                    Donnelley … Solutions/FA
 2/14/23  NOV Inc.                          10-K       12/31/22  117:27M                                    Donnelley … Solutions/FA
 4/29/22  NOV Inc.                          10-Q        3/31/22   73:9.7M                                   Donnelley … Solutions/FA
 2/11/22  NOV Inc.                          10-K       12/31/21  114:27M                                    ActiveDisclosure/FA
10/27/21  NOV Inc.                          10-Q        9/30/21   73:13M                                    ActiveDisclosure/FA
 7/28/21  NOV Inc.                          10-Q        6/30/21   72:12M                                    ActiveDisclosure/FA
 4/28/21  NOV Inc.                          10-Q        3/31/21   73:10M                                    ActiveDisclosure/FA
 2/12/21  NOV Inc.                          10-K       12/31/20  114:26M                                    ActiveDisclosure/FA
10/27/20  NOV Inc.                          10-Q        9/30/20   79:12M                                    ActiveDisclosure/FA
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