M. Jason Pigott - Mar 9, 2022 Form 4 Insider Report for Laredo Petroleum, Inc. (VTLE)

Role: President & CEO, Director
Signature: /s/ Mark D. Denny, as attorney-in-fact for M. Jason Pigott
Stock symbol: VTLE
Transactions as of: Mar 9, 2022
Transactions value $: -$963,280
Form type: 4
Date filed: 3/11/2022, 03:26 PM
Previous filing: Mar 8, 2022
Next filing: Mar 18, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VTLE	Common Stock	Tax liability	-$542K	-7.18K	-4.65%	$75.46	147K	Mar 9, 2022	Direct	F1
transaction	VTLE	Common Stock	Sale	-$422K	-5.53K	-3.76%	$76.23	142K	Mar 10, 2022	Direct	F2

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 9, 2022	Performance Units	10K		Direct	F3
holding	VTLE	Performance Units						55.3K	Mar 9, 2022	Performance Units	55.3K		Direct	F4
holding	VTLE	Performance Units						49.3K	Mar 9, 2022	Performance Units	49.3K		Direct	F5
holding	VTLE	Performance Units						28.8K	Mar 9, 2022	Performance Units	28.8K		Direct	F6

* 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	Shares sold pursuant to a Rule 10b5-1 trading plan.
F3	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.
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 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%.
F5	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%.
F6	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%.