Earnings Feed
Start Free
Ovintiv Inc.·4

Mar 11, 5:11 PM ET

Code Corey Douglas 4

Research Summary

AI-generated summary

Updated

Ovintiv (OVV) CFO Corey Douglas Exercises Awards, Withholds Shares

What Happened

  • Corey Douglas, Executive Vice President & Chief Financial Officer of Ovintiv (OVV), had equity awards (RSUs and performance share units) convert/settle on March 9–10, 2026, resulting in 55,576 shares issued to him.
  • Of those shares, 38,428 were withheld or surrendered to the issuer to satisfy tax withholding and exercise/settlement obligations (9,353 shares at $52.46 and 22,598 shares at $52.46 on Mar 9; 6,477 shares at $52.92 on Mar 10), representing cash-equivalent value of approximately $2,018,912. Net shares retained after withholding: 17,148.
  • These transactions reflect award vesting/settlement and net share withholding rather than open‑market sales.

Key Details

  • Transaction dates and prices: March 9, 2026 (withholding/disposition priced at $52.46); March 10, 2026 (withholding priced at $52.92). Exercises/conversions reported with $0.00 per-share derivative entries reflect the settlement of RSUs/PSUs into common stock.
  • Total shares issued on settlement: 55,576; total shares withheld/surrendered: 38,428; net shares retained: 17,148.
  • Total cash value surrendered/withheld: about $2.02 million.
  • Notable footnotes: RSUs and PSUs convert one-for-one into common stock; PSUs were settled at 84% of target (performance multiplier). Settlements were denominated in CAD (CA$71.21 on Mar 9, CA$71.80 on Mar 10) and converted to USD using the Bank of Canada rate. Company withheld shares to meet tax/payment obligations.
  • Shares owned after the transaction were not specified in the filing.
  • Filing: Form 4 filed March 11, 2026 (covers transactions of Mar 9–10); filing appears within the standard Form 4 reporting window.

Context

  • This was a vesting/settlement event (derivative conversion of RSUs/PSUs) with net-share withholding to cover taxes/exercise — a routine, non–open-market outcome often used to satisfy withholding obligations.
  • Transaction codes: M = exercise/conversion of derivative (RSU/PSU settlement); F = payment of exercise price/tax liability (share withholding); D = disposition to issuer. These entries do not necessarily signal a buy/sell decision in the open market.