http://okenergytoday.com/2016/02/devon-leaders-sell-off-thousands-in-shares-while-values-drop-2/
13 replies (most recent on top)
When the executive committee announced that LTI was being delayed I could understand why. After all who wants to give incentive bonuses out to people that are no longer going to be here. But on second glance I am really disappointed. We were told that these cuts were needed and many of the people that will be let go are good preformers that would have been given that LTI grant. To me it seems like the gran should have been given and the stock vested at the time the staff reduction occurred just like any other year. The stock had already been purchased years ago. I think I may have just lost some respect for our leadership. They of course have received millions in LTI this year and at the very least should have waited till the entire company received their LTI. The more I think about it the more I realize there has been a failure to follow the core value "Always do the right thing", of course the right thing can always be justified one way or another depending on how much money is involved. For all you Sunday church goers this one fails the WWJD test. I would have been very proud of our leadership of they had only done the right thing. Awarding the grant could have helped some of our workers weather this down turn while looking for employment. What would have been incredible is if they had taken a large portion of LTI that was given to the leadership and devided it up among the rank and file. If they did that, I would have followed them to hell and back. I still love the company, but I am disappointed that those core values are not worth as much as leadership likes to preach.
Yep business as usual. Regardless everyone in the inner circle was grossly awarded for a job well done. Stock is in the toilet, bad decisions, etc. Why they didn't spread the LTI love for the minions on the sinking ship remains a mystery. Not like it would have cost anything given the award price and the small numbers that are awarded anyways to the minions. It is strictly the principal and the fact that they didn't award it PERIOD. Glad they got theirs. Why isn't the board doing anything about the executive inner circle running this ship into the jetties? Seems like layoffs are warranted at all levels at this point but all I am seeing is promotions at that level. Get the axe sharp already and make the cuts at ALL levels!
Thank you, 1Kjy for the clarification...makes perfect sense!
I'll give the OP a pass since they probably don't know how to read SEC form 4 too well But the the writer of the attached article is an idiot. The sale is AUTOMATIC to pay for taxes. Anyone who works at Devon and receives LTI will know that when your shares vest you lose roughly 1/3 of those shares to taxes. All those form 4 sales listed are shares sold to pay taxes. You can verify this for yourself by going to the Devon page with the SEC filing. Then open the Form 4 statements for any of the executives. Notice the code: F. If you look up the meaning of that code on the SEC site it says:
— Payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3
Stocks 101 - Insiders selling shows lack of confidence in the company...as simple as that! Do your due diligence!
Tax time every year. Write off that loss.
Well that's just #%€?!@&@ depressing!
Then why even mention that they sold their stock?
True. Everything is business as usual. Nothing to worry about. Stay calm.
Yeah do your research. Be smarter. Study it out.
@rov... true. They chose to sell.
Before every earnings call there is buy/sell traffic. Do your research.
hmmmm....not a good sign