PEDEVCO (PED) grants time- and performance-based RSUs to its Chief Commercial Officer
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Crook Jody D. reported acquisition or exercise transactions in this Form 4 filing.
PEDEVCO CORP granted equity awards to Chief Commercial Officer Jody D. Crook. He received 16,050 time-based Restricted Stock Units (RSUs), each representing one future share of common stock, vesting in three equal installments on the first, second, and third anniversaries of a January 1, 2026 vesting start date, contingent on continued service.
He also received 7,020 performance-based RSUs tied to PEDEVCO’s total shareholder return versus a defined peer group over the fiscal 2026–2028 period. These performance RSUs are scheduled to cliff-vest on December 31, 2028, with an actual payout range of 0% to 200% of the target amount based on performance. Following these awards, Crook directly holds 33,417 shares of common stock, plus the new RSU grants.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Crook Jody D.
Role
Chief Commercial Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Unit | 16,050 | $0.00 | -- |
| Grant/Award | Performance-Based Restricted Stock Unit | 7,020 | $0.00 | -- |
| holding | Common stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Unit — 16,050 shares (Direct, null);
Performance-Based Restricted Stock Unit — 7,020 shares (Direct, null);
Common stock — 33,417 shares (Direct, null)
Footnotes (1)
- Each Restricted Stock Unit represents the contingent right to receive, at vesting and upon settlement, one share of common stock. Each Performance-Based Restricted Stock Unit represents the contingent right to receive, at vesting and upon settlement, shares of common stock of the Issuer. The actual number of shares issuable upon vesting may range from 0% to 200% of the target award based upon the level of achievement of the applicable performance criteria. The Restricted Stock Units (RSUs) vest, if at all, at the rate of (i) 1/3 of the total number of RSUs on the one (1) year anniversary of the January 1, 2026 vesting commencement date (the VCD); (ii) 1/3 of the total number of RSUs on the two (2) year anniversary of the VCD; and (iii) 1/3 of the total number of RSUs on the three (3) year anniversary of the VCD, subject to the Reporting Persons continued service to the Company on such vesting dates, and subject to the terms and conditions of a Restricted Stock Unit Award Grant Agreement entered into between the Company and the Reporting Person. RSUs do not expire; they either vest or are forfeited prior to vesting date. Issued under the Issuers 2021 Equity Incentive Plan. The Performance-Based Restricted Stock Units (PBRSUs), which PBRSUs will be earned based on the performance metrics applicable to the Issuers performance-based equity award program previously approved for management for the fiscal 2026 through fiscal 2028 performance period, which generally provide for the cliff-vesting of 100% of the PBRSUs on December 31, 2028, subject to the Reporting Persons continued service through that date and based on the Issuers total shareholder return (TSR) over the period, with payout ranging from 0% to 200% of target based on relative TSR percentile ranking against a defined peer group, and further subject to the terms and conditions of a Performance-Based Restricted Stock Unit Award Grant Agreement entered into between the Issuer and the Reporting Person. PBRSUs do not expire; they either vest or are forfeited prior to vesting. Issued under the Issuers 2021 Equity Incentive Plan. The Target number of shares is reported. Possible payout ranges from 0% to 200%, based on the level of achievement of the applicable performance criteria during the applicable performance period.
Key Figures
Time-based RSUs granted: 16,050 units
Performance-based RSUs granted (target): 7,020 units
Payout range for performance RSUs: 0%–200% of target
+4 more
7 metrics
Time-based RSUs granted
16,050 units
Restricted Stock Units granted to CCO, each for one share
Performance-based RSUs granted (target)
7,020 units
Target number of PBRSUs tied to TSR performance
Payout range for performance RSUs
0%–200% of target
Based on achievement of performance criteria
Common shares held after transactions
33,417 shares
Direct common stock holdings of Jody D. Crook
Time-based RSU vesting start date
January 1, 2026
Vesting commencement date for time-based RSUs
Performance RSU performance period
Fiscal 2026–2028
Period over which TSR is measured
Performance RSU cliff-vesting date
December 31, 2028
Scheduled vesting date for PBRSUs, subject to conditions
Key Terms
Restricted Stock Unit, Performance-Based Restricted Stock Unit, total shareholder return, 2021 Equity Incentive Plan
4 terms
Restricted Stock Unit financial
"The Restricted Stock Units (RSUs) vest, if at all, at the rate of (i) 1/3 of the total number of RSUs..."
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
Performance-Based Restricted Stock Unit financial
"The Performance-Based Restricted Stock Units (PBRSUs), which PBRSUs will be earned based on the performance metrics..."
A performance-based restricted stock unit is a promise of company shares given to an employee that only becomes actual stock if specific performance targets are met and any required time at the company is completed. For investors, these awards matter because they can dilute existing shares when earned and signal management’s confidence or the company’s expected future performance, much like a bonus cheque that only clears when pre-set goals are reached.
2021 Equity Incentive Plan financial
"Issued under the Issuers 2021 Equity Incentive Plan."
FAQ
What equity awards did PEDEVCO (PED) grant to Jody D. Crook?
PEDEVCO granted Chief Commercial Officer Jody D. Crook 16,050 time-based Restricted Stock Units and 7,020 performance-based RSUs. Each unit represents one share of common stock, subject to vesting, service conditions, and, for performance units, future total shareholder return metrics.
How do the time-based RSUs granted by PEDEVCO to its CCO vest?
The 16,050 Restricted Stock Units vest in three equal installments. One-third vests on each of the first, second, and third anniversaries of the January 1, 2026 vesting commencement date, contingent on Crook’s continued service and the applicable award agreement terms.
How are PEDEVCO performance-based RSUs for Jody Crook earned and paid out?
The 7,020 performance-based RSUs are earned based on PEDEVCO’s total shareholder return versus a peer group for fiscal 2026–2028. They are scheduled to cliff-vest on December 31, 2028, with payout ranging from 0% to 200% of target depending on relative TSR performance.
What does each PEDEVCO Restricted Stock Unit represent for the holder?
Each PEDEVCO Restricted Stock Unit or performance-based RSU represents a contingent right to receive common stock at vesting and settlement. If vesting conditions are not met, units are generally forfeited under the terms of the applicable equity award agreements.
Under which plan were PEDEVCO’s RSU and performance RSU awards issued?
Both the time-based RSUs and performance-based RSUs were issued under PEDEVCO’s 2021 Equity Incentive Plan. The plan governs terms such as vesting schedules, forfeiture conditions, and performance metrics specified in the related award grant agreements.