Form 4: Crescent Energy Co Director Erich Bobinsky Reports Stock Award and Subsequent Transfer

Director Erich Bobinsky reports the acquisition of restricted stock units (RSUs) in Crescent Energy Co, followed by a transfer of those shares to Liberty Energy Holdings, LLC.

Summary

• Erich Bobinsky, a director of Crescent Energy Co, filed a Form 4 detailing changes in beneficial ownership.
• On April 1, 2024, Bobinsky acquired 14,311 shares of Class A Common Stock in the form of restricted stock units (RSUs) at a price of $0.
• These RSUs were granted under the Crescent Energy Company 2021 Equity Incentive Plan and will vest on April 1, 2025, contingent upon continued service.
• Bobinsky, also an officer/employee of Liberty Energy Holdings, LLC, transferred 14,311 shares to Liberty.
• Bobinsky serves as a director as a nominee of PT Independence Energy Holdings LLC and has agreed to transfer any director compensation, including Common Stock from RSU settlement, to Liberty.
• Following the reported transactions, Bobinsky beneficially owns 25,739 shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing related to executive compensation and stock transfers. There's no indication of positive or negative implications for the company's performance.

Positives

• The grant of RSUs indicates a continued investment in the company's leadership.

Future Outlook

The vesting of the RSUs on April 1, 2025, is contingent upon Bobinsky's continued service, suggesting an expectation of his ongoing involvement with the company.

Management Comments

• The reporting person has agreed that he will not receive any separate compensation for serving as a director of the Issuer and will transfer to Liberty any director compensation he receives from the Issuer, including any Common Stock received in settlement of the RSUs.
• The reporting person disclaims beneficial ownership of such RSUs, except to the extent of his pecuniary interests therein.

Industry Context

This filing reflects standard executive compensation practices within the energy industry, where stock-based compensation is common to align management interests with shareholder value.

Comparison to Industry Standards

• Stock grants to directors are a common practice in the energy sector, similar to companies like ExxonMobil (XOM) and Chevron (CVX), where directors receive equity as part of their compensation.
• The vesting schedule of the RSUs is typical, aligning with industry norms for retaining key personnel, similar to vesting schedules at ConocoPhillips (COP) and EOG Resources (EOG).

Stakeholder Impact

• The stock transfer to Liberty Energy Holdings, LLC could potentially impact the distribution of voting rights, although the extent of this impact is not specified.

Key Dates