Henderson Tracey K 4

What Happened

• Tracey K. Henderson, Executive Vice President — Exploration at APA Corp, had 18,682 derivative units converted/exercised and immediately disposed to the issuer on 2026-01-28 for $25.36 per share, generating $473,776 in proceeds. At the same time the filing shows a grant of 37,366 restricted stock units (RSUs) tied to the 2023 Performance Program; those RSUs are the economic equivalent of shares but will be settled in cash only.

Key Details

• Transaction date: 2026-01-28; filing date: 2026-01-29 (appears timely).
• Sale/disposition: 18,682 shares to the issuer at $25.36 each = $473,776.
• Awards: 37,366 RSUs granted (to be settled in cash only); each RSU equals the economic equivalent of one share.
• Tax withholding: filing notes a tandem tax‑withholding right (some vested units were used/withheld to cover taxes).
• Shares owned after transaction: not reported in this filing.
• Program/vesting note: these RSUs reflect the 2023 Performance Program under the 2016 Omnibus Compensation Plan; performance period ended 12/31/2025 and final RSU count was determined 01/28/2026.

Context

• This sequence appears to be a routine vesting/conversion and cash settlement rather than a market sale by the insider: derivative units vested/converted and some were disposed to the issuer to satisfy tax withholding or settlement obligations, while the awarded RSUs will be paid in cash. Such transactions typically reflect compensation mechanics (performance RSU settlement), not necessarily an investment view by the insider.