Form 4: Dril-Quip Director Willis Receives Stock Award in Lieu of Fees

Director Darryl Keith Willis acquired 1,260 shares of Dril-Quip Inc. common stock on July 1, 2024, as a restricted stock award in lieu of quarterly fees.

Summary

• On July 1, 2024, Darryl Keith Willis, a director of Dril-Quip Inc., acquired 1,260 shares of common stock.
• The acquisition was a restricted stock award granted under the company's 2017 Omnibus Incentive Plan.
• The stock was received in lieu of quarterly fees for Willis's service on the Board of Directors and its committees.
• Following the transaction, Willis directly owns 30,814 shares of Dril-Quip Inc. common stock.

Sentiment

Score: 6

Explanation: The document is neutral, simply reporting a transaction. The director receiving stock in lieu of fees is a common practice.

Positives

• The director's increased stake in the company could signal confidence in Dril-Quip's future performance.

Industry Context

This type of stock award is a common practice in corporate governance to align the interests of directors with those of shareholders.

Comparison to Industry Standards

• Stock awards in lieu of fees are a fairly standard practice among publicly traded companies to compensate board members.
• Companies like Schlumberger and Halliburton also utilize stock-based compensation for their directors.
• The amount of stock awarded is generally benchmarked against industry peers and the director's level of involvement.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning the director's interests with theirs.

Key Dates