Form 4: Matador Resources Executive Glenn Stetson Reports Share Transactions Following Performance Unit Vesting
SEC Form 4 Filing
Executive Vice President of Production at Matador Resources, Glenn Stetson, reports acquisition of shares from performance stock unit vesting and shares withheld for tax obligations.
Summary
- Glenn Stetson, EVP of Production at Matador Resources, reported acquiring 13,711 shares of common stock on January 7, 2025, as part of the settlement of performance stock units granted in 2022.
- These performance stock units vested at 172% of the target based on the company's total shareholder return over a three-year period from January 1, 2022, to December 31, 2024.
- Additionally, 5,278 shares were withheld by Matador Resources to cover tax liabilities associated with the vesting of the performance stock units.
- The reporting person did not sell any shares to cover the tax liability.
- After these transactions, Glenn Stetson beneficially owns 94,569 shares of Matador Resources common stock.
Sentiment
Score: 7
Explanation: The document indicates positive performance with the vesting of performance stock units at 172% of target, but it is a routine filing and does not contain any major news.
Positives
- The performance stock units vested at 172% of the target, indicating strong performance by the company.
- The executive's increased shareholding demonstrates confidence in the company's future.
Industry Context
This filing is a routine disclosure of insider transactions, which is common in the oil and gas industry where equity-based compensation is frequently used.
Comparison to Industry Standards
- Equity-based compensation, including performance stock units, is a standard practice in the oil and gas industry to align executive interests with shareholder value.
- The vesting of performance stock units at 172% of target suggests that Matador Resources' performance exceeded expectations compared to its peers during the performance period.
- Companies like EOG Resources, Pioneer Natural Resources, and Devon Energy also use similar compensation structures, but the specific vesting percentages and performance metrics vary.
Stakeholder Impact
- Shareholders may view the vesting of performance stock units at 172% of target as a positive sign of the company's performance.
- The executive's increased shareholding may be seen as a sign of confidence in the company's future.
Key Dates
| Date | Description |
|---|---|
| 01/01/2022 | Start of the three-year performance period for the 2022 Performance Stock Grant. |
| 02/17/2022 | Date of the 2022 Performance Stock Grant. |
| 02/16/2023 | Date of restricted stock grant that vests in equal annual installments on the second and third anniversaries of the date of grant. |
| 02/14/2024 | Date of restricted stock grant that vests in equal annual installments on the first, second and third anniversaries of the date of grant. |
| 12/31/2024 | End of the three-year performance period for the 2022 Performance Stock Grant. |
| 01/07/2025 | Date of share acquisition and tax withholding related to the vesting of performance stock units. |
| 01/10/2025 | Date the Form 4 was signed. |
Keywords
Matador Resources, MTDR, Glenn Stetson, performance stock units, share acquisition, executive compensation, Form 4, insider trading, shareholder return
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