Form 4: Chevron Director Charles W. Moorman Reports Acquisition of Phantom Stock

Chevron director Charles W. Moorman acquired 279 shares of phantom stock, which will convert to common stock upon termination of service.

Summary

• Charles W. Moorman, a director at Chevron Corp, reported the acquisition of 279 shares of phantom stock on December 2, 2024.
• These phantom stock shares were acquired under the Chevron Non-Employee Directors' Equity Compensation and Deferral Plan.
• The phantom stock will be converted to common stock upon Moorman's termination of service.
• The price of the phantom stock was $162.21 per share.
• Moorman's total holdings now include 17,832 shares of common stock, including 202 dividend equivalent accruals.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed neutrally to slightly positive as it aligns director interests with the company's performance.

Positives

• The acquisition of phantom stock aligns the director's interests with the long-term performance of the company.
• The dividend equivalent accruals further increase the director's stake in the company.

Future Outlook

The phantom stock will convert to common stock upon the director's termination of service.

Industry Context

This is a routine filing related to director compensation and is common practice for publicly traded companies.

Comparison to Industry Standards

• Many large public companies use phantom stock or similar equity-based compensation plans for directors.
• The terms of the Chevron plan appear to be standard for this type of compensation.
• The vesting and conversion of phantom stock upon termination of service is a common practice.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns director interests with the company's long-term performance.

Key Dates

Keywords

Chevron, phantom stock, director, equity compensation, Form 4, insider trading, CVX