SLB Schlumberger Ltd

(b)

On July 17, 2019, Paal Kibsgaard notified the Board of Directors (the “Board”) of Schlumberger Limited (the “Company”) of his retirement as Chief Executive Officer of the Company, effective August 1, 2019. Mr. Kibsgaard will also step down as Chairman of the Board and as a member of the Board as of that date. Mr. Kibsgaard’s retirement follows more than 22 years of service at the Company, including eight years as Chief Executive Officer and four years as Chairman of the Board.

(c)

Effective August 1, 2019, Olivier Le Peuch, 55, will become the Company’s Chief Executive Officer. Mr. Le Peuch joined Schlumberger in 1987 as an electrical engineer and has served as the Company’s Chief Operating Officer since February 2019. In his 32 years with the Company, he has held a variety of global management positions, including Executive Vice President Reservoir & Infrastructure (May 2018 to February 2019); President of the Cameron product lines (February 2017 to May 2018); President of Schlumberger Completions (October 2014 to January 2017); and Vice President of Engineering, Manufacturing and Sustaining (August 2010 to September 2014). Earlier in his career, Mr. Le Peuch was GeoMarket Manager for the North Sea, and President of Software Integrated Solutions. Mr. Le Peuch has a master’s degree in microelectronics from the Bordeaux University of Science.

On July 17, 2019, the Board, upon recommendation of the Compensation Committee of the Board, approved the following changes to Mr. Le Peuch’s compensation in connection with his appointment as Chief Executive Officer:

Mr. Le Peuch has no familial relationships nor related person transactions with the Company that would require disclosure under Items 401(d) or 404(a) of Regulation S-K in connection with his appointment described above.

(d)

On July 17, 2019, upon the recommendation of the Nominating and Governance Committee of the Board, the Board appointed Mr. Le Peuch as a director in accordance with the Company’s Articles of Incorporation. Mr. Le Peuch’s appointment to the Board is effective August 1, 2019.

(e)

In connection with Mr. Kibsgaard’s retirement, the Company and Mr. Kibsgaard entered into an agreement (the “Agreement”), effective as of August 1, 2019, setting forth, among other things, Mr. Kibsgaard’s agreement to provide certain services to the Company through July 31, 2022 (the “Term”) to help foster an orderly transition, and a three-year non-competition covenant.

Under the Agreement, Mr. Kibsgaard will receive payments and benefits during the Term consisting of (1) annual base salary of $2,000,000, to be paid in accordance with the Company’s standard employee payroll practices; (2) medical and pension benefits for which he is eligible as an employee; (3) cash in an amount equal to his accrued and unused vacation as of August 1, 2019; (4) a cash incentive award for 2019, to be paid in early 2020 based on achievement of previously-established personal and financial performance targets; and (5) reimbursement for reasonable business expenses incurred in the normal course of performing his duties under the Agreement.

During the Term, Mr. Kibsgaard will generally continue to vest in stock options and performance share unit awards previously awarded to him, in accordance with the terms of the applicable award agreements and omnibus stock incentive plans.

The Agreement also contains confidentiality, noncompetition and non-disparagement covenants. In connection with the Agreement, Mr. Kibsgaard entered into a release and waiver.

The foregoing description of the Agreement is not complete and is subject to, and qualified in its entirety by reference to, the full text of the Agreement, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2019.