Helix ex-CFO cashes out 612,890 stock units
Former EVP & CFO Erik Staffeldt’s Helix equity awards were cashed out at $10.30 per share in the Hornbeck merger, ending his Section 16 reporting status.
Rhea-AI Filing Summary
HELIX ENERGY SOLUTIONS GROUP INC (symbol: HLX) is the issuer of record for a Form 4 filing submitted to the SEC. Staffeldt Erik reported disposition transactions in this Form 4 filing.
HELIX ENERGY SOLUTIONS GROUP INC (HLX) reports that former EVP & CFO Erik Staffeldt had a total of 612,890 performance and restricted stock units in respect of Parent Common Stock converted in connection with the merger involving Hornbeck Offshore Services, Inc., with each unit cashed out based on a $10.30 per-share price. These awards, granted between 2024 and 2026 under the long-term incentive plan, were earned at Compensation Committee–determined performance levels of 150.0%, 133.5% and 170.0% for the respective PSU grants. Following completion of the transactions under the Merger Agreement, Staffeldt is no longer subject to Section 16 reporting for equity securities of the post-merger Hornbeck Offshore Services, Inc., and no Rule 10b5-1 trading plan is reported for these transactions.
Positive
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Negative
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Insider Trade Summary
612,890 shares exercised/converted
Exercise
6 txns
Insider
Staffeldt Erik
Role
Insider
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Share Units F1, F2 | 94,845 | $0.00 | $0.00 |
| Exercise | Performance Share Units F1, F3 | 105,998 | $0.00 | $0.00 |
| Exercise | Performance Share Units F1, F4 | 212,838 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units F1, F5 | 21,077 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units F1, F6 | 52,933 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units F1, F7 | 125,199 | $0.00 | $0.00 |
Holdings After Transaction:
Performance Share Units — 0 contracts (Direct);
Restricted Stock Units — 0 contracts (Direct)
Footnotes (7)
- F1. Pursuant to the terms of the Agreement and Plan of Merger, dated as of April 22, 2026, by and among Helix Energy Solutions Group, Inc. Odyssey Sub, Inc., Hercules Sub LLC and Hornbeck Offshore Services, Inc. (the "Merger Agreement"), each award of performance share units (a "Parent PSU Award") and each award of restricted stock units (a "Parent RSU Award") owned by the reporting person as of the Effective Time was canceled in exchange for an amount in cash equal to the number of shares of Parent Common Stock subject to such Parent PSU Award or Parent RSU Award multiplied by the closing price of a share of Parent Common Stock on the NYSE on the Trading Day immediately prior to the Closing Date, which was $10.30.
- F2. Each performance share unit subject to the Parent PSU Award granted on January 1, 2024 ("2024 Parent PSU Award") pursuant to the Parent's 2005 Long-Term Incentive Plan (as amended, the "LTIP") represented the contingent right to receive one share of Parent Common Stock subject to the terms of the LTIP and the 2024 Parent PSU Award agreement, subject to the level of achievement with respect to the applicable performance criteria. On August 31, 2026, the Compensation Committee determined that 150.0% of the 2024 Parent PSU Award was earned by the reporting person.
- F3. Each performance share unit subject to the Parent PSU Award granted on January 1, 2025 ("2025 Parent PSU Award") pursuant to the LTIP represented the contingent right to receive one share of Parent Common Stock subject to the terms of the LTIP and the 2025 Parent PSU Award agreement, subject to the level of achievement with respect to the applicable performance criteria. On August 31, 2026, the Compensation Committee determined that 133.5% of the 2025 Parent PSU Award was earned by the reporting person.
- F4. Each performance share unit subject to the Parent PSU Award granted on January 1, 2026 ("2026 Parent PSU Award") pursuant to the LTIP represented the contingent right to receive one share of Parent Common Stock subject to the terms of the LTIP and the 2026 Parent PSU Award agreement, subject to the level of achievement with respect to the applicable performance criteria. On August 31, 2026, the Compensation Committee determined that 170.0% of the 2026 Parent PSU Award was earned by the reporting person.
- F5. Each restricted stock unit subject to the Parent RSU Award granted on January 1, 2024 ("2024 Parent RSU Award") represented the contingent right to receive one share of Parent Common Stock. Forfeiture restrictions lapsed with respect to one-third of the 2024 Parent RSU Award on January 1, 2025, forfeiture restrictions with respect to an additional one-third of the award lapsed on January 1, 2026 and, pursuant to the Merger Agreement, the remaining forfeiture restrictions with respect to the award lapsed on September 1, 2026.
- F6. Each restricted stock unit subject to the Parent RSU Award granted on January 1, 2025 ("2025 Parent RSU Award") represented the contingent right to receive one share of Parent Common Stock. Forfeiture restrictions lapsed with respect to one-third of the 2025 Parent RSU Award on January 1, 2026 and, pursuant to the terms of the Merger Agreement, the remaining forfeiture restrictions with respect to the award lapsed on September 1, 2026.
- F7. Each restricted stock unit subject to the Parent RSU Award granted on January 1, 2026 ("2026 Parent RSU Award") represented the contingent right to receive one share of Parent Common Stock. Pursuant to the terms of the Merger Agreement, all forfeiture restrictions with respect to the 2026 Parent RSU Award lapsed on September 1, 2026.
Key Figures
Total units converted: 612,890 units
Cash-out share price: $10.30 per share
2024 PSU units: 94,845 units
+5 more
8 metrics
Total units converted
612,890 units
Total performance share units and restricted stock units converted on September 1, 2026
Cash-out share price
$10.30 per share
Closing price of Parent Common Stock on NYSE on the trading day before the Closing Date
2024 PSU units
94,845 units
Performance share units from 2024 Parent PSU Award converted into cash
2025 PSU units
105,998 units
Performance share units from 2025 Parent PSU Award converted into cash
2026 PSU units
212,838 units
Performance share units from 2026 Parent PSU Award converted into cash
RSU units 2024–2026
199,209 units
Restricted stock units from 2024, 2025 and 2026 Parent RSU Awards converted into cash
2024 PSU achievement
150.0%
Percentage of 2024 Parent PSU Award determined earned on August 31, 2026
2025 and 2026 PSU achievements
133.5% and 170.0%
Percentages of 2025 and 2026 Parent PSU Awards determined earned on August 31, 2026
Key Terms
Section 16, Agreement and Plan of Merger, Performance Share Units, Restricted Stock Units, +2 more
6 terms
Section 16 regulatory
"the reporting person is no longer subject to Section 16 in connection"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
Agreement and Plan of Merger regulatory
"Pursuant to the terms of the Agreement and Plan of Merger, dated"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Restricted Stock Units financial
"each award of restricted stock units (a "Parent RSU Award")"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Effective Time regulatory
"owned by the reporting person as of the Effective Time was canceled"
The exact clock time when a regulatory filing, approval, or corporate action formally becomes legally active; from that moment the change is binding and can be acted on. Investors care because the effective time marks when ownership, rights, trading rules, or new securities take effect — like a light switch turning on a contract or transaction — which determines when risks, benefits and market reactions begin.
long-term incentive plan financial
"pursuant to the Parent's 2005 Long-Term Incentive Plan (as amended"
A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.
FAQ
What transactions did former EVP & CFO Erik Staffeldt report in this Form 4 for HLX?
He reported the conversion of 612,890 performance share units and restricted stock units into cash on September 1, 2026 in connection with the merger involving Hornbeck Offshore Services, Inc., with each unit tied to one share of Parent Common Stock.
At what price were Erik Staffeldt’s Helix (HLX) equity awards cashed out?
Each unit was cashed out based on $10.30, the closing price of a share of Parent Common Stock on the NYSE on the trading day immediately prior to the merger closing date, multiplied by the number of shares underlying each performance share or restricted stock unit award.
How many restricted stock units of Helix (HLX) did Erik Staffeldt have settled?
He had restricted stock units covering 21,077, 52,933, and 125,199 shares of Parent Common Stock canceled in exchange for cash, tied to RSU awards granted on January 1, 2024, 2025, and 2026, with forfeiture restrictions lapsing under the Merger Agreement.
What performance levels were achieved on Erik Staffeldt’s Helix (HLX) PSU awards?
The Compensation Committee determined on August 31, 2026 that the 2024 PSU award was earned at 150.0%, the 2025 PSU award at 133.5%, and the 2026 PSU award at 170.0%, based on the applicable performance criteria under the long-term incentive plan.
Is Erik Staffeldt still subject to Section 16 reporting for Helix (HLX) or Hornbeck?
No. Following completion of the transactions under the Merger Agreement, the filing states that Erik Staffeldt is no longer subject to Section 16 in connection with transactions in the equity securities of Hornbeck Offshore Services, Inc. (formerly Helix Energy Solutions Group, Inc.).
Were Erik Staffeldt’s HLX transactions made under a Rule 10b5-1 trading plan?
No. The filing indicates no Rule 10b5-1 plan for these transactions; the document-level trading plan checkbox is not marked as being pursuant to a Rule 10b5-1 plan, and no footnote describes a pre-arranged trading plan.
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