Hornbeck (HOS) Former EVP/GC Kenneth Neikirk Converts Awards for Cash

What Happened

• Kenneth Neikirk, former EVP, General Counsel & Secretary of Hornbeck Offshore Services (HOS), converted/exercised a series of parent-company performance share units (PSUs) and restricted stock units (RSUs) in connection with the April 22, 2026 merger. The filing shows six derivative conversion line items totaling 412,805 shares converted/disposed on Sept 1, 2026.
• Per the Merger Agreement, each award was canceled and settled in cash based on the NYSE closing price the trading day before closing ($10.30). The total cash value is approximately $4,251,891.50 (~$4.25M). Transaction code M indicates exercise/conversion of derivative awards.

Key Details

• Transaction date: September 1, 2026 (filed on Sept 2, 2026 — timely filing).
• Shares converted/disposed: 412,805 total (sum of six line items: 69,309; 68,040; 142,344; 15,402; 33,978; 83,732).
• Price used for cash settlement: $10.30 per share (closing price on trading day before closing).
• Total cash received: ~$4.25 million.
• Shares owned after transaction: not specified in the Form 4; filing notes the reporting person is no longer subject to Section 16 for Hornbeck following the merger and will not report further transactions in Hornbeck equity.
• Notable footnotes: PSU earn-out determinations made Aug 31, 2026 (2024 PSU = 150.0% earned; 2025 PSU = 133.5% earned; 2026 PSU = 170.0% earned). Several RSU forfeiture restrictions lapsed on or pursuant to the Merger Agreement on Sept 1, 2026.
• Transaction code: M = exercise/conversion of derivative. The filing reports the conversions as "disposed" because awards were settled for cash under the Merger Agreement.

Context

• This was a cash settlement of equity awards required by the Merger Agreement, not an open-market sale or purchase. Such conversions are typically administrative results of corporate transactions (merger-related payouts), not direct signals of insider buying or selling intent.
• The filer is now outside Section 16 reporting for Hornbeck (formerly Helix), so future Hornbeck transactions by this person will not be reported on Form 4/Form 5.