Riney Stephen J 4

What Happened
Stephen J. Riney, President of APA Corp (APA), had performance-based restricted stock units (RSUs) settled on January 28, 2026. The filing shows: a grant/award of 67,900 RSUs (A), conversion/exercise of 33,950 derivative units (M) and a disposition to the issuer of 33,950 shares at $25.36 each, totaling $860,972 (D). The reported $0.00 exercise price reflects that these were RSU/derivative transactions rather than an option purchase.

Key Details

• Transaction date: 2026-01-28 (Form filed 2026-01-29). Filing appears timely.
• Principal transactions:
  • A: Award/grant of 67,900 RSUs (no cash cost shown).
  • M: Conversion/exercise of 33,950 derivative units (reported $0.00).
  • D: Disposition to issuer of 33,950 shares at $25.36 = $860,972.
• Shares owned after transaction: Not specified in the provided excerpt.
• Relevant footnotes:
  • RSUs are from the 2023 Performance Program under the 2016 Omnibus Compensation Plan and are cash-settled only (F1, F2).
  • There is a tandem tax-withholding right noted (F3).
  • The performance period ended 12/31/2025 and the final RSU count was determined 01/28/2026 (F4).

Context
These entries reflect vested performance RSUs being converted/settled and cashed or withheld rather than an open-market sale for investment purposes. Transaction code M indicates exercise/conversion of a derivative (here RSUs), and D indicates a disposition to the issuer—commonly used to document shares withheld or sold to cover tax obligations. Such transactions are routine compensation settlements and are not a direct bullish purchase signal.