Form 4: W&T Offshore EVP William Williford Acquires 168,224 Restricted Stock Units
SEC Form 4
William Williford, EVP & Chief Operating Officer of W&T Offshore, acquired 168,224 restricted stock units on August 8, 2024, according to a Form 4 filing.
Summary
- On August 8, 2024, William J Williford, EVP & Chief Operating Officer of W&T Offshore Inc. (WTI), acquired 168,224 restricted stock units (RSUs).
- Each RSU represents a contingent right to receive one share of WTI common stock or its cash equivalent.
- The RSUs will vest in three equal installments: 1/3 on August 8, 2025, 1/3 on August 8, 2026, and 1/3 on August 8, 2027.
- Following the transaction, Williford directly owns 168,224 derivative securities.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive as it reflects standard executive compensation practices and aligns management interests with shareholders.
Positives
- The acquisition of restricted stock units by a key executive aligns his interests with those of the shareholders.
- The vesting schedule encourages long-term commitment from the executive.
Future Outlook
The vesting schedule of the restricted stock units suggests an expectation of continued service and contribution from the executive over the next three years.
Industry Context
Executive compensation packages often include restricted stock units to align management's interests with those of shareholders, particularly in the oil and gas industry where long-term projects and investments are common.
Comparison to Industry Standards
- Companies like ExxonMobil (XOM), Chevron (CVX), and ConocoPhillips (COP) also use restricted stock units as part of their executive compensation packages.
- The vesting schedules and amounts of RSUs granted to executives are typically benchmarked against peer companies in the industry to ensure competitiveness and alignment with performance goals.
- The specific terms of Williford's RSU grant would need to be compared to those of executives at similar-sized oil and gas companies to determine if they are in line with industry standards.
Stakeholder Impact
- Shareholders: Aligns executive interests with shareholder value.
- Employees: May boost morale by demonstrating confidence in the company's future.
- Executive: Provides incentive for long-term performance.
Key Dates
| Date | Description |
|---|---|
| 08/08/2024 | Date of transaction: William Williford acquired 168,224 restricted stock units. |
| 08/08/2025 | First vesting date: 1/3 of the restricted stock units will vest. |
| 08/08/2026 | Second vesting date: 1/3 of the restricted stock units will vest. |
| 08/08/2027 | Third vesting date: 1/3 of the restricted stock units will vest. |
| 08/12/2024 | Date of filing: Form 4 was signed on this date. |
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