SEC Form 4 · accession 0001609253-16-000275

California Resources Corp · CRC

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Officer — EVP - Operations

Period of report

Jul 8, 2016

Accepted (ET)

Jul 12, 2016 · 8:20 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 Stock, $0.01 par value^F1	Jul 8, 2016	M	159	$0.00	A	1,296	I	By wife
Common Stock, $0.01 par value	Jul 8, 2016	D	79	$12.34	D	1,217	I	By wife
Common Stock, $0.01 par value	Jul 8, 2016	F	35	$12.34	D	1,182	I	By wife
Common Stock, $0.01 par value^F2	Jul 9, 2016	M	159	$0.00	A	1,341	I	By wife
Common Stock, $0.01 par value	Jul 9, 2016	D	79	$12.34	D	1,262	I	By wife
Common Stock, $0.01 par value	Jul 9, 2016	F	35	$12.34	D	1,227	I	By wife

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 8, 2016	M	159	D	Jul 8, 2016	Jul 8, 2016	Common Stock	159	159	I
Long-Term Incentive Award (Right to Buy)^F2	$0.00	Jul 9, 2016	M	159	D	Jul 9, 2016	Jul 9, 2016	Common Stock	159	0	I
Phantom Stock Unit^F3	—	Aug 5, 2015	A	953	A	—	Aug 4, 2018	Common Stock	953	953	I

F1Reflects the vesting of one-third of 477 (post-split) long-term incentive units granted July 9, 2014, which were converted in the spin-off of California Resources Corporation (CRC) from Occidental Petroleum Corporation (OXY) 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. Includes 500 shares acquired under CRC's 2014 Employee Stock Purchase Plan on March 31, 2016 and June 30, 2016 (250 shares on each date).
F2Reflects the vesting of remaining one-half of 318 (post-split) long-term incentive units granted July 10, 2013, which were converted in the spin-off CRC from Oxy 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 in 50% in stock and 50% in cash.
F3Each of the Phantom Stock Units (PSUs) is the economic equivalent of one share of CRC Common Stock. The PSUs will vest in three (3) equal annual installments on August 4, 2016, 2017 and 2018.