Form 4: Chord Energy CEO Daniel Brown Reports Stock Transactions
SEC Form 4
Daniel Brown, President and CEO of Chord Energy Corp, reports the withholding of common stock to cover tax obligations related to vesting of restricted stock units and performance share units.
Summary
- Daniel Brown, the President and CEO of Chord Energy Corp, filed a Form 4 detailing changes in beneficial ownership.
- On April 13, 2024, 5,414 shares of common stock were withheld at a price of $187.12 to cover tax obligations related to the vesting of restricted stock units.
- On April 15, 2024, 55,287 shares of common stock were withheld at a price of $185.31 to cover tax obligations related to the vesting of performance share units.
- The report also corrects a previous error in the number of target performance units granted on February 20, 2024, which was incorrectly reported as 10,465 and is now accurately reflected as 5,233.
- Following these transactions, Brown directly owns 259,797 shares of Chord Energy Corp common stock.
- The transactions were made pursuant to the Issuer's 2020 Long Term Incentive Plan.
Sentiment
Score: 7
Explanation: The sentiment is neutral as it reflects standard executive compensation practices and regulatory filings. The correction of the performance unit number is a positive sign of transparency.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in the energy industry.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they relate to executive compensation and do not indicate a change in the company's overall financial health.
Key Dates
| Date | Description |
|---|---|
| 02/20/2024 | Date of grant of performance share units (corrected number). |
| 04/12/2024 | Closing price used to determine shares withheld on 04/13/2024. |
| 04/13/2024 | Withholding of common stock for tax obligations related to restricted stock units. |
| 04/15/2024 | Withholding of common stock for tax obligations related to performance share units. |
| 04/16/2024 | Date of Form 4 signature. |
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