Van Beckwith
Executive Vice President, Secretary and Chief Legal Officer at HAL
Executive
About Van Beckwith
Executive Vice President, Secretary and Chief Legal Officer of Halliburton since December 2020 (previously Senior Vice President and General Counsel in 2020), following two decades as a partner at Baker Botts L.L.P. . Age 60 as listed among 2024 Named Executive Officers; he also serves as Corporate Secretary and signs Halliburton’s proxy and charter documents . Company performance context under his tenure: 2024 revenue was $22.9B with 6% YoY growth, strong ROCE versus OSX and peers, and robust cash generation ($3.865B CFO; $2.646B free cash flow) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Halliburton Company | Executive Vice President, Secretary & Chief Legal Officer | Dec 2020–Present | Corporate Secretary; executed charter amendments and proxy notices |
| Halliburton Company | Senior Vice President & General Counsel | Jan 2020–Dec 2020 | Chief legal function leadership |
| Baker Botts L.L.P. | Partner | Jan 1999–Dec 2019 | Senior law firm experience prior to Halliburton |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships disclosed in executive officer biographies (10-K) |
Fixed Compensation
Multi-year compensation (Summary Compensation Table amounts):
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 800,000 | 835,000 |
| Stock Awards ($) | 1,960,093 | 1,985,648 |
| Option Awards ($) | — | — |
| Non-Equity Incentive Plan Compensation ($) | 3,034,884 | 2,336,061 |
| Change in Pension Value and NQDC Earnings ($) | — | 655 |
| All Other Compensation ($) | 352,988 | 409,364 |
| Total ($) | 6,147,965 | 5,566,728 |
Compensation structure and target annual bonus opportunity:
- 2024 base salary increased from $800,000 to $835,000 effective Jan 1, 2024 .
- Annual Performance Pay Plan target percentages: Threshold 32%, Target 100%, Maximum 200% of base salary (unchanged vs 2023) .
- Actual annual plan cash paid (2024 year): $421,358 .
Performance Compensation
Halliburton incentive design and Beckwith’s award opportunities:
| Component | Metric | Weighting | Target (2024) | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Performance Pay Plan | NOPAT | 60% | Target 100% of base ($835,000) | $421,358 cash paid for 2024 | Annual (12 months) |
| Annual Performance Pay Plan | Asset Turns | 20% | As above | Included in above payout | Annual |
| Annual Performance Pay Plan | Non-Financial (GHG reduction; Our People) | 10% + 10% | As above | Included in above payout | Annual |
| Long-Term PUP (Cash) | ROCE vs Performance Peer Group + TSR modifier | 70% of LTI in PUP overall; payout matrix applies | Threshold $258,329; Target $1,033,317; Max $2,066,634 | 2024 cycle in progress; 2022 cycle cash paid $1,914,703 (paid in 2024)* | 3-year performance period; TSR modifier ±25% |
| Long-Term PUP (Shares) | ROCE vs Performance Peer Group + TSR modifier | Same | PSUs: Threshold 7,176; Target 28,703; Max 57,406 (1/2/2024 grant) | In progress; dividends accrue and pay only on delivered shares | 3-year performance; TSR modifier matrix |
| Restricted Stock | Time-based | 30% of LTI in RS overall | RSUs granted 24,603 (1/2/2024); grant-date FV $888,660 | Vests; dividends $0.17/qtr in 2024 on RS | Graded vesting 20% per year over five years |
*Note: 2022 PUP cycle payout amounts reflect cash paid in 2024 and are separate from the in-progress 2024 PUP cycle .
Additional design details:
- PUP target set at 55th percentile ROCE; payout capped at target if HAL’s three-year average ROCE is negative; TSR modifier still applies .
- TSR modifier matrix: lower quartile 75%, mid quartiles 100%, upper quartile 125%, applied to unadjusted opportunity .
Equity Ownership & Alignment
Ownership, outstanding awards, and policy alignment:
| Item | Value |
|---|---|
| Beneficial ownership (as of Mar 10, 2025) | 402,476 shares; less than 1% of shares outstanding |
| Options exercisable within 60 days | 54,348 (strike $23.57, exp. 1/15/2030 on legacy 1/15/2020 grant) |
| Unvested restricted stock (12/31/2024) | 86,007 shares; market value $2,338,531 (at $27.19) |
| Unearned performance shares (12/31/2024) | 55,374; market/payout value $1,505,619 |
| Stock vested in 2024 | 117,024 shares; value realized $3,402,476 |
| Stock ownership guidelines | Direct reports to CEO must hold ≥3x base salary; all NEOs met requirements as of 12/31/2024 |
| Hedging & pledging | Prohibited for executives and Directors |
Vesting schedules and dividends:
- Restricted stock vests 20% annually over five years; dividends paid quarterly (e.g., $0.17 per share in each quarter of 2024) and shares cannot be sold/transferred until fully vested .
- Performance shares accrue dividends and pay in cash only to the extent underlying shares are delivered at vesting; three-year performance period .
Employment Terms
Employment agreement and separation economics:
- Employment agreements include substantial non-compete and non-solicitation provisions post separation .
- If terminated by the employee for good reason or by the Company other than for cause or fiduciary violation, all restrictions on restricted stock/units lapse and a lump-sum cash payment equal to two years of base salary is paid (two years × $835,000 = $1,670,000 for Beckwith) .
- Change-in-control is double-trigger; no single-trigger vesting upon a change of control .
Post-termination and change-in-control components (as of 12/31/2024):
| Name | Severance ($) | Restricted Stock ($) | Performance Cash ($) | Performance Shares ($) | Nonqualified Plans ($) | Total ($) |
|---|---|---|---|---|---|---|
| Van H. Beckwith – Term w/o Cause | 1,670,000 | 2,338,530 | — | — | 161,383 | 4,169,913 |
| Van H. Beckwith – CIC w/ Qualifying Termination | 1,670,000 | 2,338,530 | 2,020,667 | 1,505,618 | 161,383 | 7,696,198 |
Deferred compensation and retirement programs:
- SERP and Benefit Restoration Plan balances and 2024 Company allocations: SERP opening $1,066,425; 2024 allocation $233,000; earnings $54,530; year-end $1,353,955. Benefit Restoration opening $119,894; 2024 allocation $34,300; earnings $7,189; year-end $161,383 .
- Above-market earnings in Benefit Restoration Plan for Beckwith were $655 in 2024 (0.55% above AFR) .
Clawbacks and policies:
- SEC/NYSE-mandated clawback for restatements (three-year lookback) and supplementary recoupment policy for fiduciary/legal breaches; no recoupments in 2024 .
- No excise tax gross-ups; no option repricing; no hedging/pledging; majority of compensation is performance-based .
Perquisites and other comp (2024):
- Halliburton Foundation matching $45,000; HALPAC charity match $5,000; Restricted stock dividends $68,413; HRSP employer match $16,751; HRSP basic $6,900; Benefit Restoration $34,300; SERP $233,000; Total other compensation $409,364 .
Investment Implications
- Strong alignment: High share-based and performance-conditioned LTI (PUP + RS) tied to ROCE with TSR modifier; executives required to maintain significant ownership multiples and exercise-and-hold/retain until compliant, reducing near-term sell pressure .
- Scheduled vesting flow: 5-year graded RS vesting and in-progress PSUs suggest periodic vest events; Beckwith realized $3.4M on 117K shares vesting in 2024, and holds 86K unvested RS and 55K unearned PSUs—watch vest dates for incremental supply and Form 4 activity .
- Retention and CoC protection: Double-trigger CIC and 2× base salary severance plus accelerated equity (subject to trigger) provide retention but also defined separation costs; legal non-compete/non-solicit reduces immediate competitor mobility .
- Governance risk shields: Prohibitions on hedging/pledging, robust clawbacks, and no tax gross-ups mitigate governance red flags; pay mix remains predominantly at-risk and performance-based .