Form 4: Chevron VP and General Counsel R. Hewitt Pate Reports Stock Transactions

R. Hewitt Pate, VP and General Counsel of Chevron, reports the vesting of restricted stock units and associated tax withholding.

Summary

• R. Hewitt Pate, VP and General Counsel of Chevron, filed a Form 4 on February 12, 2025, reporting changes in beneficial ownership of Chevron stock.
• On February 10, 2025, 2,446 restricted stock units vested, converting into shares of Chevron common stock.
• Also on February 10, 2025, 971 shares were disposed of to cover tax obligations related to the vesting of the restricted stock units at a price of $155.77 per share.
• Following these transactions, Pate directly owns 3,987 shares of Chevron common stock.
• Pate also indirectly owns 8,580 shares through a 401(k) plan and 13,264 shares through a spouse's trust, but disclaims beneficial ownership of the latter.

Sentiment

Score: 5

Explanation: This is a routine filing reflecting standard executive compensation practices. It doesn't indicate any significant positive or negative sentiment.

Future Outlook

One-third of the remaining shares subject to the award will vest on February 10, 2026 and February 10, 2027, respectively, and settle in shares of Chevron common stock on the date of vesting.

Industry Context

This filing is a routine disclosure of stock transactions by a company executive, which is common practice among publicly traded companies. It provides transparency into the executive's holdings and transactions in the company's stock.

Comparison to Industry Standards

• Executive compensation packages often include restricted stock units that vest over time, aligning executive interests with long-term shareholder value.
• The vesting schedule of one-third annually is a typical vesting arrangement.
• Tax withholding through share disposal is a standard practice.

Stakeholder Impact

• The transactions have a minimal direct impact on stakeholders.
• The filing provides transparency to shareholders regarding executive stock ownership.

Key Dates

Keywords

Form 4, Chevron, Stock, Restricted Stock Units, Beneficial Ownership, Pate, CVX