Form 4: Clean Energy Fuels CEO Andrew Littlefair Receives Stock and Option Awards

Clean Energy Fuels CEO Andrew Littlefair was granted 250,000 restricted stock units and options to acquire 200,000 shares of common stock on March 4, 2024.

Summary

• On March 4, 2024, Andrew J. Littlefair, CEO and President of Clean Energy Fuels Corp., received an award of 250,000 restricted stock units (RSUs).
• Each RSU represents a contingent right to receive one share of Clean Energy Fuels Corp.'s common stock upon vesting and settlement.
• The RSUs will vest as to 34% on the first anniversary of the grant date, and 33% on each of the second and third anniversaries.
• Littlefair also received options to acquire 200,000 shares of common stock at an exercise price of $2.85.
• These options also vest as to 34% on the first anniversary of the grant date, and 33% on each of the second and third anniversaries.
• Following these transactions, Littlefair directly owns 1,562,550 shares of Clean Energy Fuels Corp. common stock and options to acquire 200,000 shares.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The granting of stock options and RSUs is a standard practice and generally viewed favorably as it aligns management's interests with shareholders. There are no indications of negative news or concerns.

Positives

• The grant of RSUs and stock options to the CEO aligns his interests with those of the shareholders, incentivizing him to improve the company's performance.
• The vesting schedule encourages long-term commitment from the CEO.

Industry Context

This type of equity compensation is common in the industry to attract and retain top executive talent and align their interests with those of shareholders.

Comparison to Industry Standards

• Equity compensation packages for CEOs in the renewable energy sector typically include a mix of salary, bonus, stock options, and restricted stock units.
• The vesting schedules are generally structured to incentivize long-term performance, often over a threeto five-year period.
• Comparable companies like Renewable Energy Group (REGI, now part of Chevron) and Green Plains Inc. (GPRE) also utilize similar equity-based compensation strategies for their executives.

Stakeholder Impact

• Shareholders may view the equity grants positively as they incentivize the CEO to increase shareholder value.
• Employees may see this as a positive sign of the company's commitment to its leadership.

Key Dates