Form 4: Chevron Director John Frank Reports Stock Unit Acquisition and Dividend Equivalent Accruals

Director John Frank reported the acquisition of stock units and dividend equivalent accruals under Chevron's Non-Employee Directors' Equity Compensation and Deferral Plan.

Summary

• John Frank, a director of Chevron Corp, filed a Form 4 on May 30, 2024, reporting changes in beneficial ownership.
• On May 29, 2024, Frank acquired 1,477 shares of Chevron common stock at $0.00 per share.
• These shares were issued as stock units under the Chevron Corporation Non-Employee Directors' Equity Compensation and Deferral Plan.
• Frank also acquired 548 shares due to dividend equivalent accruals on existing stock units under the same plan.
• Following these transactions, Frank directly owns 15,882 shares of Chevron common stock.
• Frank also indirectly owns 2,650 shares through the Frank and Kim Living Trust.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard compensation practices and alignment of director interests with shareholders through equity ownership.

Positives

• The acquisition of stock units and dividend equivalents reflects continued participation in Chevron's equity compensation plan for non-employee directors.

Industry Context

This filing is a routine disclosure related to director compensation and equity ownership, common among publicly traded companies like Chevron.

Comparison to Industry Standards

• Equity compensation for non-employee directors is a standard practice among large corporations, including Chevron's peers like ExxonMobil (XOM) and Shell (SHEL).
• The specific terms of Chevron's Non-Employee Directors' Equity Compensation and Deferral Plan would need to be compared to those of similar plans at other companies to assess its relative generosity and effectiveness.

Stakeholder Impact

• The reported transactions have a minor positive impact on shareholders by aligning director interests with company performance.

Key Dates