secwatch.observer — SEC 8-K summary
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Issuer:     Civeo Corp (CVEO)
CIK:        0001590584
Form:       8-K
Filed at:   2022-08-01T23:59:59+00:00
Accession:  0001590584-22-000103
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Civeo enters retention agreement with SVP Canada Allan Schoening through June 2024 with enhanced severance
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- Agreement provides lump sum base salary (CAD $510k) through June 30, 2024 if terminated without cause before that date.
- Also includes lump sum target bonuses (70% of base) for remaining periods and pro-rata 2024 bonus, plus accelerated equity vesting.
- Performance-based equity awards remain outstanding and vest based on actual performance over full period.
- If terminated after June 30, 2024, may enter consulting role; termination without cause triggers full equity acceleration.
- Letter cites 'strategic initiatives' and importance of Schoening's contributions in coming months.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1590584/000159058422000103/0001590584-22-000103-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1590584/000159058422000103/cveo-20220726.htm
  HTML page:      https://secwatch.observer/filing/0001590584-22-000103

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer