4/A: Chevron Executive R. Hewitt Pate Corrects Address in Amended SEC Filing
SEC Filing (Form 4/A)
Chevron's VP and General Counsel, R. Hewitt Pate, files an amended SEC Form 4 to correct his address, with no other changes to the originally reported transactions.
Summary
- R. Hewitt Pate, VP and General Counsel of Chevron, filed an amended Form 4 with the SEC on March 6, 2024, to correct his address.
- The original filing was made on January 27, 2023, and the earliest transaction date reported was January 25, 2023.
- The amendment does not reflect any changes to the transactions reported in the original filing.
- On January 25, 2023, Pate acquired 5,900 shares of Chevron common stock and was granted 23,000 non-qualified stock options with an exercise price of $179.08.
- The stock options vest in three equal installments on January 31, 2024, January 31, 2025, and January 31, 2026, and expire on January 25, 2033.
- Pate also indirectly owns shares through a 401(k) plan (7,053 shares) and family and spouse trusts (8,732 and 4,532 shares respectively).
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The filing is a routine correction, but it also reflects continued investment in the company by a key executive.
Positives
- The filing indicates continued investment in Chevron by a high-ranking executive through stock and stock options.
Future Outlook
The restricted stock units vest in three equal installments on January 31, 2024, January 31, 2025 and January 31, 2026, respectively, and will settle in shares of Chevron common stock on the date of vesting.
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
Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders, allowing investors to track management's sentiment and alignment with shareholder interests.
Comparison to Industry Standards
- Executive compensation packages including stock options and restricted stock units are standard practice among large corporations like Chevron, aligning executive incentives with company performance and shareholder value.
- Companies like ExxonMobil (XOM) and Shell (SHEL) also utilize similar equity-based compensation plans for their executives.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and ownership.
Key Dates
| Date | Description |
|---|---|
| 12/17/2022 | Start date of period during which reporting person acquired 72 shares of Chevron common stock under the Chevron Employee Savings Investment Plan. |
| 01/25/2023 | Earliest transaction date; acquisition of 5,900 shares and grant of 23,000 stock options. |
| 01/27/2023 | Date of original Form 4 filing. |
| 01/31/2024 | First vesting date for one-third of the restricted stock units and stock options. |
| 01/31/2025 | Second vesting date for one-third of the restricted stock units and stock options. |
| 01/31/2026 | Third vesting date for one-third of the restricted stock units and stock options. |
| 03/06/2024 | Date of amended Form 4/A filing. |
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