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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) | ||
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1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) |
4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| Jacobs Justin 404 VETERANS AIRPARK LANE SUITE 300 MIDLAND, TX 79705 |
X | Chief Executive Officer | ||
| Justin Jacobs | 05/13/2024 | |
| **Signature of Reporting Person | Date |
| * | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
| ** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
| (1) | Represents the exempt vesting of Restricted Stock Units previously granted by the Issuer and subsequent transfer of such vested shares to Mill Road Capital Management, LLC ("Mill Road"). The RSUs were granted as compensation for serving as a member of the Issuer's board of directors. At the time of grant, the Reporting Person ("RP") was an employee of Mill Road and he was serving on the Issuer's Board pursuant to a right of appointment held by Mill Road in connection with a Cooperation Agreement with the Issuer. Pursuant to a pre-existing contractual obligation, Mill Road has the right to receive the economic benefit of the reported vested shares. On January 29, 2024, the RP terminated his employment with Mill Road and on February 12, 2024, began employment as the Issuer's Chief Executive Officer. In connection with the contractual obligation noted above, these shares are in the process of being transferred by the RP to Mill Road for no consideration, |
| (2) | See footnote #1 above, in connection with the Reporting Person's employment with the Issuer and therefore no longer qualifying as an independent director, these shares are deemed to have not vested. |