PEDEVCO Grants 46,770 Equity Units to COO, CFO in 2025 Compensation Review
HOUSTON, July 21. PEDEVCO Corp. (PED) granted a combined 46,770 restricted stock units to its chief operating officer and chief financial officer on July 21, 2026, the company disclosed in a Form 8-K filed with the Securities and Exchange Commission. The awards, issued under PEDEVCO's 2021 Equity Incentive Plan, were approved by the Compensation Committee as part of the company's 2025 annual compensation review.
Key takeaways
- PEDEVCO Corp. granted a combined 46,770 restricted stock units to its COO and CFO on July 21, 2026, disclosed in a Form 8-K filed with the SEC.
- COO Reagan Tuck Dukes received 24,710 units (17,190 time-based RSUs and 7,520 PBRSUs) and CFO Robert J. Long received 22,060 units (18,050 time-based RSUs and 4,010 PBRSUs).
- The awards were issued under PEDEVCO's 2021 Equity Incentive Plan and approved by the Compensation Committee as part of the company's 2025 annual compensation review.
- RSUs vest in equal annual thirds starting one year after a January 1, 2026 vesting commencement date, while PBRSUs are tied to performance metrics covering fiscal 2026 through fiscal 2028.
- PEDEVCO formalized written employment agreements with both executives, setting Dukes' base salary at $300,000 and Long's at $280,000, each with a targeted annual bonus of 50% of base salary.
HOUSTON, July 21. PEDEVCO Corp. (PED) granted a combined 46,770 restricted stock units to its chief operating officer and chief financial officer on July 21, 2026, the company disclosed in a Form 8-K filed with the Securities and Exchange Commission. The awards, issued under PEDEVCO's 2021 Equity Incentive Plan, were approved by the Compensation Committee as part of the company's 2025 annual compensation review.
Grant breakdown by executive
Chief Operating Officer Reagan Tuck Dukes received 17,190 time-based restricted stock units and 7,520 performance-based restricted stock units, for a combined 24,710 units. Chief Financial Officer Robert J. Long received 18,050 time-based units and 4,010 performance-based units, totaling 22,060. Across both executives, the company issued 35,240 RSUs and 11,530 PBRSUs, the filing shows.
The RSUs vest in equal annual thirds beginning on the one-year anniversary of a January 1, 2026 vesting commencement date. The PBRSUs are tied to performance metrics covering the fiscal 2026 through fiscal 2028 period.
Termination and change-in-control terms
If either executive is terminated without cause or resigns for good reason outside a 12-month window following a change in control, the full unvested RSU balance accelerates. PBRSUs in that scenario settle on a pro-rata basis, using actual performance achievement and days elapsed since the vesting commencement date.
A termination within 12 months of a change in control, or a failure by an acquirer to assume the awards, triggers full RSU acceleration and PBRSU vesting at the greater of target or actual performance as of the last trading day before the transaction closes. Death or disability vests all RSUs outright and settles PBRSUs at target. Each acceleration requires the executive to sign a separation agreement with standard releases, and remains subject to the company's clawback policies and Section 4999 of the Internal Revenue Code.
Employment agreements replace prior offer letters
PEDEVCO formalized written employment agreements with both executives in connection with the grants. Long's agreement is dated July 21, 2026; Dukes' is dated July 22, 2026. Both replace offer letters previously in place, according to the filing.
Dukes carries an annual base salary of $300,000 and Long $280,000. Each executive's targeted annual bonus is set at 50% of base salary. The filing describes both agreements as substantially identical in structure, with five weeks of paid time off listed for Dukes.