Form 4: Dril-Quip Director Carri A. Lockhart Receives Stock Award in Lieu of Fees

Director Carri A. Lockhart receives 1,040 shares of Dril-Quip Inc. stock in lieu of quarterly fees for board service.

Summary

• On April 1, 2024, Carri A. Lockhart, a director of Dril-Quip Inc., acquired 1,040 shares of common stock.
• The acquisition was a result of a restricted stock award granted under the company's 2017 Omnibus Incentive Plan.
• The stock was received in lieu of quarterly fees for Lockhart's service on the Board of Directors and its committees.
• The price of the stock was $0 as it was a stock award.
• Following the transaction, Lockhart directly owns 23,275 shares of Dril-Quip Inc. common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard compensation practices and alignment of director interests with shareholders.

Positives

• The director's acceptance of stock in lieu of fees demonstrates alignment with shareholder interests.

Industry Context

This type of equity compensation is common for board members in publicly traded companies, aligning their interests with those of shareholders.

Comparison to Industry Standards

• Equity compensation for board members is a standard practice across the oil and gas industry, with companies like Schlumberger (SLB) and Halliburton (HAL) also utilizing stock awards as part of their director compensation packages.
• The amount of stock awarded to Carri A. Lockhart is within the typical range for board member compensation in similar-sized companies in the energy sector.

Stakeholder Impact

• The stock award aligns the director's interests with those of shareholders, potentially leading to better corporate governance and decision-making.

Key Dates