PEDEVCO CORP. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by PEDEVCO CORP. (PED) on June 22, 2026. The filing discloses the grant of equity awards to officers and employees under the Company's 2021 Equity Incentive Plan, following approval by the Compensation Committee as part of the 2025 annual compensation review.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The report focuses exclusively on executive compensation and equity grant details.
Material Changes and Equity Grants
On June 22, 2026, the Company granted the following equity awards:
- Total Restricted Stock Units (RSUs): 96,630 shares granted.
- Total Performance-Based RSUs (PBRSUs): 38,320 target units granted, with potential settlement of up to 76,640 shares.
Executive Allocations:
- J. Douglas Schick (CEO): 22,830 RSUs (vesting 1/3 annually over 3 years starting Jan 1, 2026) and 15,220 PBRSUs (cliff-vesting Dec 31, 2028, based on Total Shareholder Return).
- Clark Moore (EVP & General Counsel): 18,950 RSUs and 5,270 PBRSUs.
- Jody Crook (Chief Commercial Officer): 16,050 RSUs and 7,020 PBRSUs.
- Other Non-Executive Employees: 38,800 RSUs and 10,810 PBRSUs.
Vesting Conditions:
- RSUs: Vest in three equal tranches on the 1st, 2nd, and 3rd anniversaries of January 1, 2026, subject to continued service.
- PBRSUs: Subject to a performance period covering fiscal years 2026 through 2028. Payout ranges from 0% to 200% of target based on relative Total Shareholder Return (TSR) against a peer group.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. The primary risk disclosed is the forfeiture of awards if recipients do not remain employed by the Company through the respective vesting dates or if performance metrics for PBRSUs are not met.
Key Facts for Investor Verification
- Verify the specific peer group used for the Total Shareholder Return (TSR) calculation in the PBRSU performance matrix.
- Review the full terms of the Restricted Stock Unit and Performance-Based Restricted Stock Unit Award Grant Agreements (Exhibits 10.4 and 10.5) for acceleration clauses or change-in-control provisions.
- Confirm the impact of these grants on the Company's total authorized share count and potential dilution.
- Note that the filing date (June 22, 2026) and signature date (June 23, 2026) indicate this is a forward-looking document relative to the current real-time date.