Neikirk Kenneth English 4

What Happened

• Kenneth Neikirk, EVP, General Counsel & Secretary of Helix Energy Solutions Group (HLX), reported the exercise/conversion of 97,188 derivative units on February 26, 2026 (transaction code M). The Form 4 shows a $0.00 per-share price and $0 reported under “Derivatives,” because the company elected to pay the vested Performance Share Units (PSUs) in cash rather than issue shares.
• These units were 2023 PSUs granted Jan 3, 2023; the award vested at 151% of the original grant based on performance metrics. The Compensation Committee chose cash settlement for the vested PSUs. The Form 4 does not disclose the dollar amount paid to Mr. Neikirk or a change in his open-market share holdings.

Key Details

• Transaction date: 2026-02-26; Form 4 filed 2026-02-27 (timely filing).
• Reported units converted/exercised: 97,188 PSUs; reported price $0.00 and reported value $0 on the derivative line (cash settlement per footnote).
• Footnote: 2023 PSUs vests ranged 0–200% based on TSR vs peers and free cash flow; actual payout was 151% and was paid in cash under the 2023 PSU Award Agreement and LTIP.
• Shares owned after transaction: not reported on the provided Form 4 excerpt.
• Transaction type: derivative conversion/settlement (code M) — not an open-market buy/sell.

Context

• PSUs are performance-based long-term awards that can be settled in shares or cash; Helix elected cash settlement for the 2023 PSUs, so this filing reflects a compensation payout rather than a sale or purchase of company stock on the market.
• Such cash-settled conversions are typically routine compensation events and do not necessarily signal insider sentiment about the stock. Purchases/market buys by insiders are generally more informative about personal conviction.