WATTS MARCUS A 4

What Happened
Marcus A. Watts, a director of Coterra Energy Inc. (CTRA), recorded a disposition-to-issuer on 2026-05-07 of 79,621 CTRA shares. The filing shows $0.00 proceeds because the shares were converted into Devon Energy Corporation stock under the parties’ merger agreement rather than sold for cash. Under the deal each CTRA share converts into 0.7 shares of Devon common stock (79,621 × 0.7 ≈ 55,735 Devon shares). The reported 79,621 shares include 73,937 shares that were deferred vested RSU awards converted into equivalent Devon RSU awards.

Key Details

• Transaction date: 2026-05-07; Form 4 filed: 2026-05-11 (timely filing).
• Transaction code: D (Disposition to issuer); reported price: $0.00; reported cash proceeds: $0.
• Shares affected: 79,621 CTRA shares disposed/converted.
• Conversion ratio: 0.7 Devon shares per CTRA share → ~55,735 Devon shares receivable.
• Footnote: Includes 73,937 CTRA shares subject to deferred vested RSUs that converted into Devon RSU awards on the same terms.
• Post-transaction holdings of Devon stock (or continued holdings of CTRA) are not specified in the Form 4.

Context
This was a merger-related conversion (not an open-market sale), so the entry reflects issuance/conversion mechanics under the merger agreement rather than trading intent. For retail investors, such filings document how insiders' CTRA holdings were treated in the transaction — they were converted into Devon shares/RSUs per the agreed exchange ratio.