Cleary Anne M 4

What Happened

• Anne M. Cleary, a director of Fervo Energy Co. (FRVO), was granted a total of 52,423 derivative awards via two zero‑price grants: 43,164 awards on 2026-01-26 and 9,259 awards on 2026-05-14. The filings report these as derivative awards (restricted stock units and/or stock options) with a reported dollar amount of $0. This is an award/grant transaction (not a purchase or sale).

Key Details

• Transaction dates and amounts:
  • 2026-01-26: 43,164 derivative awards @ $0 (reported)
  • 2026-05-14: 9,259 derivative awards @ $0 (reported)
• Shares owned after transaction: Not specified in the provided Form 4 summary.
• Vesting/award notes from filing:
  • F2: A stock option portion (if applicable) vests in 12 substantially equal monthly installments beginning Jan 23, 2026.
  • F3: Each RSU represents a contingent right to one share of Class A common stock.
  • F4: The RSUs vest in full on the earlier of the issuer’s 2027 Annual Meeting or May 14, 2027.
• Pre-IPO reporting: F1 notes the 1/26 grant occurred prior to the company’s securities registration for the IPO; the awards are reported now pursuant to Rule 16a-2(a). The Form 4 was filed on 2026-05-18 to disclose these earlier grants.
• Transaction type explanation: These are derivative awards (RSUs/options). They carry no cash price now; actual value depends on underlying share price when/if converted or exercised.

Context

• For retail investors: RSUs convert to actual shares upon vesting; stock options (if part of the grant) will vest per the stated schedule and may require exercise. Awards granted before IPOs are common for founders, employees and directors and are not the same signal as an open‑market buy or sell. This filing documents compensation‑style grants rather than a purchase indicating immediate bullish conviction.