Form 4: Range Resources CEO Dennis Degner Acquires Shares Following PSU Vesting

Range Resources CEO Dennis Degner acquired 112,421 shares of common stock on February 29, 2024, following the vesting of Performance Share Units (PSUs).

Summary

• On February 29, 2024, Dennis Degner, the CEO and President of Range Resources Corp, acquired 112,421 shares of common stock.
• The acquisition was a result of the vesting of Performance Share Units (PSUs) granted in February 2021.
• The vesting was based on the application of performance criteria, resulting in 160.0% of the target vesting for TSR PSUs and 129.7% of the target vesting for Absolute Measure PSUs.
• The shares were issued net of taxes at a price of $31.62 per share.
• Following the transaction, Degner directly owns 520,377 shares of common stock.
• Degner also indirectly owns 299,154 shares through a Deferred Comp Account and 132,862 unvested shares.
• As of February 29, 2024, Degner holds 247,755 Performance Share Units.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The acquisition of shares by the CEO following PSU vesting suggests confidence in the company's performance and future prospects. The vesting percentages indicate that the company met or exceeded some of its performance targets.

Positives

• The vesting of PSUs indicates that Range Resources met certain performance criteria, which is a positive sign for the company's performance.
• The CEO's acquisition of shares could be interpreted as a sign of confidence in the company's future prospects.

Industry Context

Executive compensation through stock options and PSUs is a common practice in the energy industry to align management's interests with those of shareholders. The vesting of these units is tied to specific performance metrics, such as total shareholder return (TSR) and absolute financial measures, reflecting the company's strategic goals.

Comparison to Industry Standards

• Companies like EQT Corporation and Southwestern Energy also utilize performance-based equity compensation for their executives.
• The specific vesting percentages (160.0% and 129.7%) would need to be compared against industry benchmarks to determine if Range Resources' performance was above or below average relative to its peers.
• A typical vesting schedule for PSUs in the energy sector is 3 years, which aligns with the February 2021 grant date.

Stakeholder Impact

• Shareholders may view the CEO's share acquisition positively, as it aligns management's interests with their own.
• Employees may be motivated by the company's achievement of performance targets, leading to PSU vesting.

Key Dates