M. Jason Pigott - Mar 4, 2022 Form 4 Insider Report for Laredo Petroleum, Inc. (VTLE)

Signature
/s/ Mark D. Denny, as attorney-in-fact for M. Jason Pigott
Stock symbol
VTLE
Transactions as of
Mar 4, 2022
Transactions value $
-$667,403
Form type
4
Date filed
3/8/2022, 03:16 PM
Previous filing
Mar 2, 2022
Next filing
Mar 11, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction VTLE Common Stock Tax liability -$667K -8.04K -4.95% $83.00 154K Mar 4, 2022 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding VTLE Performance Units 10K Mar 4, 2022 Performance Units 10K Direct F2
holding VTLE Performance Units 55.3K Mar 4, 2022 Performance Units 55.3K Direct F3
holding VTLE Performance Units 49.3K Mar 4, 2022 Performance Units 49.3K Direct F4
holding VTLE Performance Units 28.8K Mar 4, 2022 Performance Units 28.8K Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of common stock withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person in connection with the vesting of a portion of restricted shares previously granted to the Reporting Person under the Issuer's Omnibus Equity Incentive Plan.
F2 These are outperformance share units that are granted under the Issuer's Omnibus Equity Incentive Plan as part of an offer of employment. Each outperformance share unit represents a share of common stock. The outperformance share units will be payable, if at all, in common stock, based upon the Issuer's highest 50 consecutive trading day average closing stock price that occurs over a three-year performance period ending on June 3, 2022 and will vest in three equal annual installments beginning on June 3, 2022. The final number of shares of common stock earned can range from 0 to 50,000 shares.
F3 These performance units are granted under the Issuer's Omnibus Equity Incentive Plan. The performance units will be payable, if at all, in cash based upon (i) the Issuer's total shareholder return measured against an industry peer group, (ii) on an absolute share return basis and (iii) based on a return on average capital employed metric, over a three-year performance period ending December 31, 2022. The final amount of cash earned is dependent on the performance of the stock price and the factors identified herein with the performance unit multiple having a range of 0% to 200%.
F4 These performance units are granted under the Issuer's Omnibus Equity Incentive Plan. The performance units will be payable, if at all, in cash based upon (i) the Issuer's total shareholder return measured against an industry peer group, (ii) on an absolute share return basis, (iii) earnings before interest, taxes, depreciation, amortization and exploration expense divided by three-year total debt reduction and (iv) growth in inventory, over a three-year performance period ending December 31, 2023. The final amount of cash earned is dependent on the performance of the stock price and the factors identified herein with the performance unit multiple having a range of 0% to 225%.
F5 These performance units are granted under the Issuer's Omnibus Equity Incentive Plan. Each performance unit represents a share of common stock. The performance units will be payable, if at all, in common stock, cash, or a combination of common stock and cash, to be determined in the discretion of the Issuer's Compensation Committee, based upon (i) the Issuer's total shareholder return measured against an industry peer group, (ii) on an absolute share return basis, (iii) earnings before interest, taxes, depreciation, amortization and exploration expense divided by three-year total debt reduction, (iv) growth in inventory and (v) emissions reduction, over a three-year performance period ending December 31, 2024. The final number of shares of common stock or cash earned is dependent on the performance of the stock price and the factors identified herein with the performance unit multiple having a range from 0% to 225%.