Form 4: Helix Energy EVP & CFO Erik Staffeldt Reports Share Transactions

Erik Staffeldt, EVP & CFO of Helix Energy Solutions Group, reports the vesting of performance share units and related tax obligation fulfillment.

Summary

• On February 27, 2025, Erik Staffeldt, EVP & CFO of Helix Energy Solutions Group, reported transactions involving the company's common stock.
• 172,276 Performance Share Units (PSUs) vested, resulting in the acquisition of an equal number of common stock shares.
• These PSUs were granted on January 4, 2022, under the company's 2005 Long-Term Incentive Plan.
• The number of shares vesting depended on Helix Energy's total shareholder return compared to peers and free cash flow generation compared to benchmarks over a three-year period from January 1, 2022, to December 31, 2024.
• The company's cumulative free cash flow exceeded the highest benchmark, resulting in a 200% payout for that portion of the PSUs.
• 67,791 shares were forfeited to cover tax obligations related to the PSU vesting at a price of $9.32.
• Following these transactions, Staffeldt directly owns 659,969 shares of Helix Energy common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The vesting of PSUs suggests the company met performance targets, but the tax obligation fulfillment resulted in a reduction of shares received.

Positives

• The vesting of the PSUs indicates that the company achieved certain performance targets related to shareholder return and free cash flow generation.
• The company's free cash flow performance exceeded the highest benchmark, leading to a 200% payout for that portion of the PSUs.

Negatives

• 67,791 shares were forfeited to cover tax obligations related to the PSU vesting, which reduces the number of shares ultimately received by the reporting person.

Industry Context

This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies. It reflects the alignment of executive incentives with company performance.

Comparison to Industry Standards

• Performance-based equity compensation is a common practice among publicly traded companies, particularly in the energy sector.
• Companies like Schlumberger, Halliburton, and Baker Hughes also utilize performance share units or similar instruments to incentivize executives and align their interests with those of shareholders.
• The specific metrics used (total shareholder return and free cash flow) are also common performance indicators in the industry.
• The vesting schedule and payout structure (0-200% based on performance) are within the typical range observed in executive compensation plans.

Stakeholder Impact

• The vesting of PSUs aligns executive compensation with shareholder interests, potentially benefiting shareholders.
• The forfeiture of shares to cover tax obligations has a neutral impact on stakeholders.

Key Dates