SEC Form 4 · accession 0001609253-15-000091
California Resources Corp · CRC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael L. Preston
Officer — EVP. GC and Corp. Secretary
Period of report
Jul 10, 2015
Accepted (ET)
Jul 14, 2015 · 4:37 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001609253
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Jul 10, 2015 | M | 9,549 | $0.00 | A | 34,582 | D | |
| Common StockF1 | Jul 10, 2015 | D | 4,774 | $5.26 | D | 29,808 | D | |
| Common Stock | Jul 10, 2015 | F | 1,795 | $5.26 | D | 28,013 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Long-Term Incentive Award (Right to Buy)F1 | $0.00 | Jul 10, 2015 | M | 9,549 | D | Jul 10, 2015 | Jul 10, 2015 | Common Stock | 9,549 | 0 | D |
Explanation of responses
- F1Reflects the vesting of 9,549 long-term incentive units originally granted July 11, 2012, which were converted in the spin-off of California Resources Corporation from Occidental Petroleum Corporation in a manner intended to preserve the pre-spin off value of the units. Each unit was the equivalent of one share of CRC's common stock. The award pays out 50% in stock and 50% in cash.
- F2Includes 1,438 shares acquired under CRC's employee stock purchase plan on June 30, 2015.