Maddox Mark D 4

4 · APA Corp · Filed May 22, 2026

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Updated May 22, 2026

APA (APA) EVP Mark D. Maddox Acquires 15,500 Phantom Units, Sells 9,800

What Happened

Mark D. Maddox, Executive VP — Administration at APA Corp (APA), sold 9,800 shares in an open-market/private sale on 2026-05-20 for a weighted average price of $40.04, generating $392,392. On the same date he acquired 15,500 phantom stock units (derivative) valued at $39.32 each, totaling $609,460. The sale is a disposition (S); the acquisition is reported as a derivative/discretionary transaction (I).

Key Details

Transaction date: 2026-05-20; filing date: 2026-05-22 (filed timely within standard reporting window).
Sale: 9,800 shares at a weighted average price of $40.04; total proceeds $392,392. Footnote F1 notes the sale occurred in multiple trades at prices from $40.00 to $40.16.
Acquisition: 15,500 phantom stock units at $39.32 each; total value $609,460. Footnotes F2–F3 explain these are phantom units (economic equivalent to one share each, payable in stock or cash under the company’s non‑qualified retirement plan) and represent a participant-directed transfer into the APA deemed investment alternative under Rule 16b-3(f).
Shares owned following the reported transactions: not disclosed in the provided filing.

Context

The acquisition was a discretionary transfer within the company’s non‑qualified retirement plan (i.e., moving existing account value into an APA stock option), not an open‑market buy. Phantom stock units track the economic value of APA shares and may be settled in stock or cash per the plan terms. The sale appears to be routine disposition; filings do not state any tax withholding or 10b5-1 trading plan.

Form 4

Period: 2026-05-20

Executive VP - Administration

Transactions

Sale
Common Stock
[F1]
2026-05-20$40.04/sh−9,800$392,392→ 66,810.471 total
Discretionary Transaction
Phantom Stock Units
[F2][F3]
2026-05-20$39.32/sh+15,500$609,460→ 21,796.074 total(indirect: Non-Qualified Retirement Plan)
→ Common Stock (15,500 underlying)

Footnotes (3)

[F1]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.00 to $40.16 per share, inclusive. The Reporting Person undertakes to provide to the staff of the Securities and Exchange Commission, the Issuer, or any security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.
[F2]Each phantom stock unit is the economic equivalent of one share of APA common stock and is payable at the participant's election either in APA common stock or cash, in accordance with and subject to the terms of the company's non-qualified retirement plan.
[F3]The acquisition reported herein represents a discretionary transaction under Rule 16b-3(f), consisting of a participant-directed transfer of existing account value under the company's non-qualified retirement plan from other deemed investment alternatives into the APA common stock deemed investment alternative.

Signature

Kyle W. Funderburk, Attorney-in-Fact for Mark D. Maddox|2026-05-22

1 file