Durrett Cynthia M. 4
Research Summary
AI-generated summary
Solaris (SEI) CAO Cynthia Durrett Receives Award, Shares Withheld
What Happened
- Cynthia M. Durrett, Chief Administrative Officer and a Director of Solaris Energy Infrastructure, received restricted stock awards and settled vested performance-based awards on March 1, 2026. The filing shows two grant/award acquisitions: 21,444 shares and 28,871 shares (both at $0.00 as awards).
- To satisfy tax withholding on the vesting/settlement, 26,940 shares were withheld/disposed at $49.63 per share, equal to approximately $1,337,032. The awards include both time‑based restricted stock and performance‑based restricted stock units that vested and were settled based on achievement of performance goals.
Key Details
- Transaction date: March 1, 2026; Form 4 filed March 3, 2026 (timely — within the 2-business-day reporting window).
- Awards: 21,444 and 28,871 shares granted (awards shown at $0.00 per share because they are compensation grants).
- Tax withholding: 26,940 shares withheld/disposed at $49.63/share for ~$1,337,032 to satisfy tax obligations upon vesting.
- Footnotes: Awards granted under Solaris’ Long Term Incentive Plan; PSUs from prior grants (3/1/2023, 3/1/2024, 3/1/2025) vested and were settled based on performance. 63,581 Class A shares remain subject to future vesting per the filing.
- Shares owned after the transaction: not specified in the provided excerpt of the filing.
Context
- This action reflects vesting and settlement of compensation awards, not an open‑market investment sale or purchase. The withholding of shares to cover taxes is a common administrative step (cashless/tax‑satisfaction) and does not necessarily indicate a decision to sell for investment reasons.
- PSUs settled here were performance‑based — their final share amount depended on Solaris’ achievement of specified goals.