Form 4: California Resources Corp Director James N. Chapman Receives Restricted Stock Units

Director James N. Chapman of California Resources Corp. was granted 3,705 restricted stock units (RSUs) on May 3, 2024, which will vest on May 3, 2025.

Summary

• On May 3, 2024, James N. Chapman, a director of California Resources Corp, was granted 3,705 restricted stock units (RSUs).
• These RSUs represent a contingent right to receive one share of Common Stock each.
• The RSUs will vest on May 3, 2025.
• Subject to certain exceptions, the RSUs will be settled in shares of Common Stock three months and one day following Chapman's separation from service.
• Following the transaction, Chapman beneficially owns 41,445 shares of Common Stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The granting of RSUs is a standard practice and aligns the director's interests with shareholders. There are no immediate negative implications.

Positives

• The grant of RSUs aligns the director's interests with those of the shareholders, incentivizing him to work towards the company's success.

Future Outlook

The RSUs will vest on May 3, 2025, and will be settled in shares of Common Stock three months and one day following the Reporting Person's separation from service, subject to certain exceptions.

Industry Context

Grants of restricted stock units are a common form of executive compensation in the oil and gas industry, aligning management's interests with those of shareholders.

Comparison to Industry Standards

• Executive compensation packages, including RSU grants, are common in publicly traded companies like California Resources Corp.
• Companies such as Occidental Petroleum, Chevron, and ExxonMobil also utilize similar equity-based compensation to incentivize their executives.
• The size of the RSU grant is typical for a director-level position in a company of California Resources Corp's size and market capitalization.

Stakeholder Impact

• The RSU grant could have a slightly positive impact on shareholders by aligning the director's interests with the company's long-term performance.

Key Dates