Stetson Glenn W 4

What Happened

• Glenn W. Stetson, EVP‑Production of Matador Resources (MTDR), had a mix of derivative and withholding transactions in mid‑February 2026. The filing shows a cash settlement of 6,000 phantom units (exercise/conversion) and a new award/acquisition of 27,000 derivative units. The filing also shows 1,312 and 1,050 shares were withheld by the issuer to satisfy tax liabilities on vesting restricted stock (total withheld = 2,362 shares).
• Cash and value details: the phantom units were settled at $47.80 per unit (per the filing), so 6,000 units generated about $286,800 cash (footnote F5). The withheld 2,362 shares equal about $112,904 at $47.80/share. The newly reported 27,000 derivative units were granted/acquired at $0 cost (derivative award).

Key Details

• Transaction dates and prices:
  • 2026-02-14: 6,000 phantom units exercised/converted; cash-settled at $47.80/unit (per footnote F5) ≈ $286,800.
  • 2026-02-14: 1,312 shares withheld @ $47.80 to cover taxes (F1) = $62,714.
  • 2026-02-16: 1,050 shares withheld @ $47.80 to cover taxes (F3) = $50,190.
  • 2026-02-17: Grant/acquisition of 27,000 derivative units @ $0 (award).
• Shares owned after the transactions: not disclosed in the provided filing excerpt.
• Notable footnotes:
  • Withheld shares were used to satisfy tax liabilities on vesting restricted stock; no open‑market sales by the reporting person to cover taxes (F1, F3).
  • Phantom units are the economic equivalent of one share each; they vest in equal annual installments over three years (F5–F8).
  • The 6,000‑unit settlement was cash‑settled per the issuer at $47.80/unit (F5).
  • Some items referenced include acquisitions under the Employee Stock Purchase Plan and prior restricted stock grants (F2, F4).
• Filing timeliness: Form filed 2026-02-18 for transactions through 2026-02-17; the filing shows no indication of a late filing in the excerpt.

Context

• Derivative explanation: "Phantom units" are cash‑settled awards that track share value; in this case, a partial vesting/settlement paid cash rather than issuing stock (so no new common shares were sold into the market for that settlement).
• The withheld shares reflect tax withholding on vesting restricted stock (a routine administrative action), not an open‑market sale by the insider — these actions are generally not treated as a bearish signal.
• The most informative item here is the acquisition/award of 27,000 derivative units (future economic exposure), while the cash settlement and tax withholding are administrative outcomes of vesting.