4/A: Chevron Executive Corrects Address in Amended SEC Filing After Stock Transactions
SEC Form 4/A Amendment
R. Hewitt Pate, VP and General Counsel of Chevron, amended a previous SEC filing to correct his address, with the filing detailing stock transactions including the vesting of restricted stock units and shares held in various trusts and retirement plans.
Summary
- R. Hewitt Pate, VP and General Counsel of Chevron, filed an amendment to a previous Form 4 (Statement of Changes in Beneficial Ownership) with the SEC.
- The amendment, filed on March 6, 2024, corrects the reporting person's address; the original filing was on December 20, 2023.
- The filing details transactions from December 18, 2023, including the vesting of 315 restricted stock units and the withholding of 315 shares for tax obligations.
- Pate's holdings include shares held directly, in a 401(k) plan (7,559 shares), a family trust (8,732 shares), and a spouse's trust (4,532 shares).
- The reporting person disclaims beneficial ownership of shares held by his spouse's trust.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing, indicating standard corporate governance practices. The correction of the address suggests attention to detail. The sentiment is neutral to slightly positive.
Future Outlook
The restricted stock units granted on January 26, 2022, will vest on January 31, 2027, and will be payable in cash.
Management Comments
- The reporting person disclaims beneficial ownership of the shares held by his spouse's trust, and this report should not be deemed an admission that the reporting person is the beneficial owner of the shares held by his spouse's trust for purposes of Section 16 or for any other purpose.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common among publicly traded companies like Chevron. It provides transparency into the financial interests of company insiders.
Comparison to Industry Standards
- Executive compensation practices, including the use of restricted stock units, are common across the oil and gas industry.
- Companies like ExxonMobil (XOM) and Shell (SHEL) also utilize similar long-term incentive plans for their executives.
- The vesting schedules and terms of these plans are generally aligned with industry benchmarks to attract and retain top talent.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and stock ownership.
- The transactions have a minimal direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 01/26/2022 | Restricted stock units granted under the Chevron Corporation Long-Term Incentive Plan. |
| 01/25/2023 | Restricted stock units granted to the reporting person under the Chevron Corporation 2022 Long-Term Incentive Plan. |
| 02/01/2023 | Start date of the period during which the reporting person acquired shares of Chevron Common Stock under the Chevron Employee Savings Investment Plan. |
| 12/18/2023 | Date of the stock transactions reported in the filing, including vesting of restricted stock units and tax withholding. |
| 12/18/2023 | End date of the period during which the reporting person acquired shares of Chevron Common Stock under the Chevron Employee Savings Investment Plan. |
| 12/20/2023 | Date of the original Form 4 filing. |
| 01/31/2027 | Vesting date for restricted stock units granted on January 26, 2022. |
| 03/06/2024 | Date of the amended Form 4/A filing. |
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