Form 4: Cactus Inc. Executive VP Stephen Tadlock Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Executive VP and Treasurer of Cactus, Inc., Stephen Tadlock, reports transactions involving Class A Common Stock and Restricted Stock Units.
Summary
- Stephen Tadlock, Executive VP and Treasurer of Cactus, Inc., filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
- On March 11, 2024, Tadlock engaged in multiple transactions involving Class A Common Stock, including acquisitions through vesting of restricted stock units and performance share units, as well as disposals to cover tax obligations.
- He acquired 7,978, 3,130, and 2,584 shares of Class A Common Stock through the vesting of restricted stock units.
- He also acquired 18,780 shares of Class A Common Stock related to performance share units granted in 2021.
- Disposals of Class A Common Stock occurred to satisfy tax withholding obligations, with 3,140 shares disposed of at $46.53, 1,232 shares at $46.6, 1,017 shares at $46.6, and 7,390 shares at $46.6.
- Tadlock was granted 14,915 restricted stock units on March 11, 2024, vesting in three equal annual installments.
- Following these transactions, Tadlock directly owns 69,857 shares of Class A Common Stock and 114,920 Restricted Stock Units.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing reflects routine transactions related to executive compensation. There is no indication of unusual activity or cause for concern.
Positives
- The vesting of restricted stock units and performance share units indicates that Tadlock is meeting performance goals and increasing his stake in the company.
Negatives
- The disposal of shares to cover tax obligations, while routine, represents a reduction in Tadlock's holdings.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors for signals about management's confidence in the company's prospects.
Comparison to Industry Standards
- Executive compensation packages, including restricted stock units and performance share units, are common in the oilfield services industry to align management's interests with those of shareholders.
- Vesting schedules and performance metrics are typically designed to incentivize long-term value creation.
- Comparable companies such as Schlumberger, Halliburton, and Baker Hughes also utilize similar equity-based compensation plans for their executives.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they primarily reflect internal compensation adjustments.
- However, transparency in executive compensation practices is important for maintaining investor confidence.
Key Dates
| Date | Description |
|---|---|
| 03/11/2021 | Reporting person was granted 9,390 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 7,752 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 23,932 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; Reporting person was granted 14,915 restricted stock units, vesting in three equal annual installments beginning on the first anniversary of the grant date. |
| 03/13/2024 | Date of Form 4 signature. |
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