Vallejo Frances M 4

What Happened
Frances M. Vallejo, a director of Coterra Energy (CTRA), reported a disposition to the issuer of 85,361 CTRA shares on 2026-05-07. The Form 4 shows a $0.00 sale price because the shares were converted under a merger agreement rather than sold for cash — each Coterra share was converted into the right to receive 0.7 shares of Devon Energy common stock. This is a conversion/merger disposition (code D), not an open-market sale.

Key Details

• Transaction date: 2026-05-07; Filing date: 2026-05-11 (appears late relative to the usual 2-business-day Form 4 deadline).
• Reported transaction: Disposition to issuer of 85,361 CTRA shares at $0.00 (conversion under merger).
• Conversion terms (footnote): Each Coterra share converted into the right to receive 0.7 Devon (Devon Energy) shares. 85,361 × 0.7 ≈ 59,752.7 Devon shares (fractional-share treatment not specified).
• Shares owned after transaction: The filing shows the CTRA shares were converted under the merger (implying 0 CTRA shares held post-conversion); the Form 4 does not list a separate post-transaction CTRA share total in the provided data.
• Footnote: Transaction governed by Agreement and Plan of Merger dated Feb 1, 2026 (Issuer, Devon Energy, Cubs Merger Sub, Inc.).
• Timing note: Because this was a merger conversion (not a discretionary sale), it should not be interpreted as a routine insider sale signal.

Context
This was a non-cash conversion as part of a corporate merger: insiders’ CTRA shares became rights to Devon shares per the merger terms. Such dispositions in connection with mergers are routine corporate actions and do not necessarily reflect the insider’s view of the combined company.