SEC Form 4 · accession 0001609253-16-000237
California Resources Corp · CRC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Robert A. Barnes
Officer — EVP - Operations
Period of report
May 27, 2016
Accepted (ET)
Jun 1, 2016 · 4:42 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,F3,F4 | May 27, 2016 | A | 273,438 | $0.00 | A | 409,167 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom Stock UnitF5,F6 | — | May 27, 2016 | A | 18,750 | A | — | May 26, 2019 | Common Stock | 18,750 | 18,750 | I |
Explanation of responses
- F1On May 31, 2016, CRC conducted a 1 for 10 reverse stock split. Share amounts reported on this Form 4 do not reflect that split.
- F2Grant of Restricted Stock Units (RSUs) pursuant to California Resources Corporation's Long-Term Incentive Plan.
- F3The RSUs will vest in three (3) equal annual installments on May 26, 2017, 2018 and 2019.
- F4Includes 83.133 shares distributed on March 24, 2016 as a dividend from Occidental Petroleum Corporation and 2,500 shares acquired pursuant to CRC's 2014 Employee Stock Purchase Plan on March 31, 2016. Includes 3.839 shares distributed to Mr. Barnes' wife on March 24, 2016 as a dividend from Occidental Petroleum Corporation and 3,304 aggregate shares acquired to Mr. Barnes' wife pursuant to CRC's 2014 Employee Stock Purchase Plan on September 30, 2015 and December 31, 2015.
- F5Each PSU is the economic equivalent of one share of CRC Common Stock subject to the limits noted in Footnote 4.
- F6The Phantom Stock Units (PSUs) will vest in three (3) equal annual installments on May 26, 2017, 2018, 2019, subject to a minimum payment equal to $0.80 per unit and a maximum payment equal to $3.20 per unit.