Form 4: Matador CFO's Stock Activity: Performance Units Settle

Matador Resources Co's EVP and CFO, Robert T. Macalik, reported the settlement of performance stock units and shares withheld for tax obligations.

Summary

• Robert T. Macalik, EVP, Chief Financial Officer of Matador Resources Co (MTDR), reported changes in his beneficial ownership of common stock.
• On January 6, 2026, Macalik acquired 3,480 shares of common stock at a price of $0.00 per share.
• These shares were received as settlement of performance stock units granted on February 16, 2023, which settled at 58% of the target based on the company's relative total shareholder return over a three-year performance period from January 1, 2023, to December 31, 2025.
• On the same date, 1,554 shares were withheld by the Issuer at a price of $41.41 per share to satisfy tax liabilities related to the settlement of the 2023 Performance Stock Grant. No shares were sold by Macalik to cover this tax liability.
• Following these transactions, Macalik directly beneficially owns 111,119 shares of common stock.
• Additionally, 35,039 shares are indirectly held in his Individual Retirement Account.
• His total beneficial ownership is 146,158 shares.
• The reported holdings also include shares acquired through the Employee Stock Purchase Plan and restricted stock grants from February 16, 2023 (2,667 shares) and February 14, 2024 (6,667 shares).

Sentiment

Score: 6

Explanation: The filing reports routine executive compensation events, including the settlement of performance stock units and tax-related share withholding. While the performance units settled below target, the overall activity is standard for an insider and does not indicate significant positive or negative news for the company beyond the compensation structure.

Positives

• Settlement of performance stock units indicates achievement of performance targets, albeit at 58% of target.
• Shares were withheld by the Issuer for tax liability, meaning the reporting person did not sell shares on the open market to cover taxes.

Negatives

• 1,554 shares were disposed of (withheld) to cover tax liabilities, reducing direct beneficial ownership.
• The performance stock units settled at 58% of target, indicating performance was below the maximum possible.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Minor impact as it's a routine compensation event for an executive, reflecting the operation of existing incentive plans.
• Employees: No direct impact beyond the reporting person.

Next Steps

• Vesting of 2,667 restricted stock shares on February 16, 2026.
• First installment vesting of 6,667 restricted stock shares on February 14, 2026.
• Second installment vesting of 6,667 restricted stock shares on February 14, 2027.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation activities, specifically the settlement of performance stock units and associated tax withholding. It does not contain information that would fundamentally alter the investment thesis for Matador Resources Co. While the performance units settled at 58% of target, this is a backward-looking metric related to a specific compensation period. The absence of open market sales for tax purposes is a minor positive. Investors should consider this a standard disclosure and maintain their current position based on broader company fundamentals and market conditions.

Keywords

Matador Resources, MTDR, Form 4, Insider Transaction, Executive Compensation, Performance Stock Units, Restricted Stock, CFO, Stock Ownership, SEC Filing