Form 4: Coterra Energy Director Frances M. Vallejo Reports Stock Award and Correction of Previous Filing

Director Frances M. Vallejo reports receiving an annual award of restricted stock units and a correction to a previously filed Form 4 regarding share calculations from the Cimarex-Cabot merger.

Summary

• Frances M. Vallejo, a director of Coterra Energy Inc., reported a transaction on May 7, 2024.
• Vallejo received 7,123 shares of common stock as an annual award of restricted stock units.
• These restricted stock units are compensation for her duties as a director and are subject to service-based vesting.
• The restrictions lapse on the earlier of her service termination (excluding removal) or April 30, 2025.
• The amount of shares beneficially owned has been adjusted from the previously filed Form 4 to correct for a rounding error in calculating the exchange of securities upon the effectiveness of the merger between Cimarex Energy Co. and Cabot Oil & Gas Corporation on October 1, 2021.
• Following the reported transaction, Vallejo beneficially owns 76,068 shares of Coterra Energy Inc. common stock.

Sentiment

Score: 7

Explanation: The document reflects standard compensation practices and a minor correction, suggesting a neutral to slightly positive sentiment due to alignment of director interests with company performance.

Positives

• The stock award reflects compensation for the director's service, aligning her interests with the company's performance.

Future Outlook

The director's restricted stock units will vest on the earlier of service termination or April 30, 2025.

Industry Context

Reporting of stock awards to company directors is a standard practice to disclose compensation and beneficial ownership changes, ensuring transparency for investors.

Stakeholder Impact

• Shareholders are informed about changes in beneficial ownership by a company director.
• The stock award aligns the director's interests with those of the shareholders.

Key Dates