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    NOV   US62955J1034


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NOV INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

09/28/2021 | 06:07am EST

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Retirement of Scott K. Duff as Vice President, Corporate Controller and Chief Accounting Officer

On September 27, 2021, NOV Inc. (the "Company") issued a press release announcing that Scott K. Duff, Vice President, Corporate Controller and Chief Accounting Officer, notified the Company of his intention to retire. Effective November 1, 2021, Mr. Duff will step down from his current position and transition into a non-executive advisory role, remaining an employee of the Company until February 28, 2022 (the "Retirement Date"). To assist in the transition of Mr. Duff's duties and responsibilities, it is anticipated that Mr. Duff and the Company will enter into a consulting agreement (the "Consulting Agreement") on or about the Retirement Date, pursuant to which he will render consulting advice and services to the Company regarding the organization's accounting functions, ledgers and financial accounts, and other reporting and auditing functions. Under the terms of the Consulting Agreement, Mr. Duff will receive the following compensation and benefits: (1) a monthly retainer fee of $15,833; (2) continued vesting of his outstanding stock options and time-based restricted stock awards during the consulting period; and (3) up to five years of continued coverage under the Company's group health plan. The Consulting Agreement will remain in effect for a term of up to two years.

Mr. Duff's retirement was not as a result of any issues or disagreements with the Company, including on any matters related to the Company's financial disclosures, accounting policies or practices.

Appointment of Christy H. Novak as Vice President, Corporate Controller and Chief Accounting Officer

On September 27, 2021, the Company issued an internal announcement regarding the appointment of Christy Novak, age 49, as Vice President, Corporate Controller and Chief Accounting Officer of the Company, which is effective as of November 1, 2021 (the "Appointment Date"). Since August of 2020 Ms. Novak has served as NOV's Vice President of Accounting Systems, where she has been leading efforts to design, implement, rationalize, and improve efficiencies of the Company's accounting systems and processes. From October 2013 to August 2020, she served as the Vice President of Finance for the Company's Rig Technologies operating segment. During her 16 years with NOV, Ms. Novak has advanced through several positions of increasing responsibility and has successfully led initiatives to strengthen and streamline the accounting function and develop talent within the finance organization. Prior to joining NOV, she spent nearly 10 years in public accounting with Ernst & Young where she served various audit clients in the manufacturing and energy industries. Ms. Novak graduated from Texas A&M University with a BBA in Accounting and is a Certified Public Accountant.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is provided as part of the information furnished under Item 5.02 of this Current Report:

99.1      NOV Inc. press release dated September 27, 2021

104     Cover Page Interactive Data File (embedded within the Inline XBRL document).



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