Form 4: Cactus, Inc. Executive Joel Bender Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Joel Bender, President of Cactus, Inc., reports transactions involving Class A Common Stock and Restricted Stock Units on March 11, 2024.
Summary
- On March 11, 2024, Joel Bender, President of Cactus, Inc., reported changes in beneficial ownership of the company's Class A Common Stock.
- These changes involve the vesting of restricted stock units and performance share units, as well as the withholding of shares to cover tax obligations.
- Bender acquired shares through the vesting of 7,638, 7,786, and 6,460 restricted stock units.
- He also acquired 46,716 shares earned from performance share units granted in 2021.
- Shares were disposed of to satisfy tax withholding obligations, totaling 3,006, 3,064, 2,543, and 18,383 shares.
- Bender was granted 24,857 restricted stock units on March 11, 2024, vesting in three equal annual installments.
- Following these transactions, Bender directly owns 156,586 shares of Class A Common Stock and 46,592 Restricted Stock Units.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information. The vesting of stock options and performance shares is generally a positive sign, but the sale of shares to cover taxes is neutral.
Positives
- The vesting of restricted stock units and performance share units indicates that the executive is meeting performance goals.
Future Outlook
The reporting person will continue to receive Class A common stock as the restricted stock units vest over the next few years.
Industry Context
This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages including restricted stock units and performance share units are standard practice among publicly traded companies, including competitors in the oil and gas industry such as Schlumberger (SLB), Halliburton (HAL), and Baker Hughes (BKR).
- The vesting schedules and performance metrics associated with these equity grants are typically aligned with the company's long-term strategic goals and shareholder value creation.
- The size and structure of the equity grants are generally benchmarked against peer companies to ensure competitiveness in attracting and retaining top talent.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect changes in insider ownership.
Key Dates
| Date | Description |
|---|---|
| 03/11/2021 | Reporting person was granted 23,358 restricted stock units, vesting in three equal annual installments beginning on the first anniversary of the grant date. |
| 03/11/2022 | Reporting person was granted 19,380 restricted stock units, vesting in three equal annual installments beginning on the first anniversary of the grant date. |
| 03/10/2023 | Reporting person was granted 22,913 restricted stock units, vesting in three equal annual installments beginning on the first anniversary of the grant date. |
| 12/31/2023 | End of the three-year performance period for performance share units granted in 2021. |
| 03/11/2024 | Date of transactions involving Class A Common Stock and Restricted Stock Units. |
| 03/11/2024 | Reporting person was granted 24,857 restricted stock units, vesting in three equal annual installments beginning on the first anniversary of the grant date. |
| 03/13/2024 | Date of signature of the report. |
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