Form 4: PEDEVCO Corp Executive Chairman Receives 350,000 Restricted Shares

PEDEVCO Corp's Executive Chairman, Simon G. Kukes, was granted 350,000 restricted shares as part of the company's 2021 Equity Incentive Plan.

Summary

• Simon G. Kukes, the Executive Chairman of PEDEVCO Corp, received 350,000 restricted shares on January 23, 2025.
• These shares were granted under the company's 2021 Equity Incentive Plan and are subject to forfeiture.
• The shares will vest in three equal installments: one-third on the ten-month anniversary of the grant date, one-third on the twenty-two-month anniversary, and one-third on the thirty-four-month anniversary.
• Vesting is contingent upon Mr. Kukes' continued service to the company on those dates.
• The shares were issued in consideration for services rendered and to be rendered to the Issuer as the Executive Chairman.
• Following this transaction, Mr. Kukes directly owns 7,921,950 common shares and indirectly owns 51,791,325 shares through The SGK 2018 Revocable Trust, and 3,000 shares by spouse.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, which is generally viewed positively as it aligns management interests with shareholders. There are no negative implications.

Positives

• The grant of restricted shares aligns the Executive Chairman's interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the Executive Chairman.

Risks

• The restricted shares are subject to forfeiture if the Executive Chairman does not continue his service with the company.

Industry Context

This type of equity grant is a common practice in the corporate world to incentivize and retain key executives, aligning their interests with the company's long-term success.

Comparison to Industry Standards

• Equity grants are a standard form of compensation for executives in the oil and gas industry, similar to companies like Occidental Petroleum and EOG Resources.
• The vesting schedule of these shares is typical, with vesting periods ranging from 3 to 5 years, aligning with industry norms for long-term incentive plans.
• The size of the grant is within the range of what is seen for executive compensation in similar sized companies.

Stakeholder Impact

• Shareholders may view this as a positive sign of aligning management's interests with the company's long-term performance.
• Employees may see this as a sign of the company's commitment to its leadership.

Key Dates

Keywords

restricted shares, equity incentive plan, executive chairman, share ownership, vesting, PEDEVCO Corp, Simon G. Kukes