MRC (MRC) insider Form 4 reflects DNOW merger equity conversion
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
MRC Global (MRC) reported a Form 4 for its Executive Vice President and CFO reflecting equity changes triggered by the closing of its merger with DNOW. As of November 6, 2025, each share of MRC common stock converted into the right to receive 0.9489 shares of DNOW common stock plus cash for accrued dividend equivalents. Pre‑February 2024 performance share units settled into MRC common stock at deemed performance and then converted. RSUs granted in February 2024 or later and PSUs granted in February 2024 or later were canceled and converted into DNOW equity awards; pre‑February 2024 RSUs became fully vested and converted.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
Youngblood Kelly
Role
See Remarks
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Performance Share Unit | 57,472 | $0.00 | -- |
| Disposition | Performance Share Unit | 120,681 | $0.00 | -- |
| Grant/Award | Common Stock | 241,793 | $0.00 | -- |
| Disposition | Common Stock | 241,793 | $0.00 | -- |
| Disposition | Common Stock | 96,857 | $0.00 | -- |
| Disposition | Common Stock | 183,216 | $0.00 | -- |
Holdings After Transaction:
Performance Share Unit — 0 shares (Direct);
Common Stock — 521,866 shares (Direct)
Footnotes (1)
- On November 6, 2025, pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated June 26, 2025, by and among MRC Global Inc. (the "Issuer"), DNOW Inc. ("DNOW"), Buck Merger Sub, Inc. ("Merger Sub") and Stag Merger Sub, LLC ("LLC Sub"), Merger Sub merged with and into the Issuer (the "First Merger"), with the Issuer continuing as the surviving corporation in the First Merger (the time the First Merger becomes effective, the "Effective Time") and immediately following the First Merger, the Issuer merged with and into LLC Sub (the "Second Merger" and, together with the First Merger, the "Merger"), with LLC Sub continuing as the surviving company. Pursuant to the Merger Agreement, at the Effective Time, each outstanding performance share unit of the Issuer ("Company PSU") that was issued under the stock incentive plans of the Issuer that vests based on the achievement of performance metrics that was granted prior to February 2024 was canceled, (Continued from footnote 1) and the holder of such Company PSU became entitled to receive, in full satisfaction of the rights of such holder with respect thereto, the number of shares of the Issuer's common stock ("Company Common Stock") (rounded to the nearest share) subject to the Company PSU. Each such share of Company Common Stock was converted into the right to receive (i) 0.9489 shares of DNOW common stock per share of Company Common Stock, net any withholding taxes, and (ii) an amount in cash equal to the accrued but unpaid dividend equivalents. The number of shares of Company Common Stock subject to such Company PSU was deemed to be the number of shares subject to the Company PSU with performance deemed achieved. Pursuant to the Merger Agreement, at the Effective Time, each outstanding restricted stock unit of the Issuer issued under the stock incentive plans of the Issuer that vests solely based on the holders continue employment or services ("Company RSU") that was granted in February 2024 or later was canceled and converted into an award of restricted stock units of DNOW common stock. As a result of the Merger, the reporting person disposed of all previously reported Company RSUs that were granted in February 2024 or later. Pursuant to the Merger Agreement, at the Effective Time, each outstanding Company RSU that was granted prior to February 2024 became fully vested. Each share of the Company Common Stock subject to such Company RSU was converted into the right to receive (i) 0.9489 shares of DNOW common stock per share of Company Common Stock, net any withholding taxes, and (ii) an amount in cash equal to the accrued but unpaid dividend equivalents. As a result of the Merger, the reporting person disposed of all previously reported Company RSUs that were granted prior to February 2024. Pursuant to the Merger, each outstanding share of Company Common Stock was converted into the right to receive 0.9489 shares of common stock of DNOW. As a result of the Merger, the reporting person disposed of all shares of Company Common Stock previously reported. Pursuant to the Merger Agreement, at the Effective Time, each outstanding Company PSU that was issued under the stock incentive plans of the Issuer that vests based on the achievement of performance metrics that was granted in February 2024 or later was canceled and converted into an award of restricted stock units in respect of that number of shares of DNOW common stock (rounded to the nearest whole share) equal to the product of (1) the total number of shares of Company Common Stock subject to such Company PSU immediately prior to the Effective Time multiplied by (2) the right to receive 0.9489 shares of common stock of DNOW. The number of shares of Company Common Stock subject to such Company PSU was deemed to be the number of shares subject to the Company PSU with performance deemed achieved.
FAQ
What did MRC Global (MRC) disclose in this Form 4?
It reports the officer’s equity transactions resulting from the merger with DNOW, including conversion of MRC shares and equity awards.
How were pre‑February 2024 PSUs treated for MRC (MRC)?
They were canceled and settled into MRC common stock at deemed performance, which then converted into DNOW shares at 0.9489 per share.
What happened to MRC RSUs granted in February 2024 or later?
They were canceled and converted into awards of DNOW restricted stock units.
What happened to MRC RSUs granted before February 2024?
They became fully vested and the underlying MRC shares converted into DNOW shares at the 0.9489 ratio, plus cash for accrued dividend equivalents.
Does this Form 4 indicate open‑market buying or selling?
No. The reported transactions reflect conversions and disposals due to the merger mechanics, not open‑market trades.