Form 4: Matador Resources CEO Settles Phantom Units for Cash
SEC Form 4 Filing
Matador Resources CEO Joseph Wm. Foran settled phantom units for cash at $59.21 per unit on June 4, 2024, based on the closing price of the company's common stock.
Summary
- On June 4, 2024, Joseph Wm. Foran, the Chairman and CEO of Matador Resources Co, settled phantom units for cash.
- The settlement was for 20,667 phantom units.
- The cash settlement was based on a rate of $59.21 per unit, which was the closing price of Matador Resources' common stock on June 3, 2024.
- The phantom units vested partially on June 4, 2024, as per the terms of the award granted on June 4, 2021.
- No shares of common stock were issued or sold as part of this transaction.
Sentiment
Score: 5
Explanation: This is a neutral transaction related to executive compensation. It doesn't inherently indicate positive or negative sentiment about the company's performance.
Industry Context
This transaction is a routine executive compensation activity. Phantom units are a common form of equity-based compensation used to align executive interests with shareholder value.
Stakeholder Impact
- The settlement of phantom units has a minimal direct impact on shareholders, as it does not involve the issuance of new shares.
Key Dates
| Date | Description |
|---|---|
| 06/04/2021 | Date of grant for the phantom unit award, vesting in equal annual installments over three years. |
| 06/03/2024 | Closing price of Matador Resources' common stock used to determine the cash settlement rate ($59.21 per unit). |
| 06/04/2024 | Date of the partial vesting and cash settlement of 20,667 phantom units. |
| 06/06/2024 | Date of the SEC filing. |
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