Form 4: PBF Energy SVP Sells Shares for Tax Obligations

PBF Energy's SVP, Head of Refining, Michael Bukowski, disposed of 1,634 shares of Class A Common Stock to cover tax withholding obligations.

Summary

• Michael Bukowski, SVP, Head of Refining at PBF Energy Inc. (PBF), reported a transaction involving Class A Common Stock.
• On March 4, 2026, Bukowski disposed of 1,634 shares of Class A Common Stock.
• The disposition was made to the issuer to satisfy tax withholding obligations, at a price of $44.8 per share.
• Following this transaction, Bukowski beneficially owns 69,432 shares of Class A Common Stock directly.
• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-arranged sale.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral event. The transaction is a non-discretionary sale for tax withholding purposes, executed under a Rule 10b5-1 plan, which is a common occurrence for executives receiving equity compensation and does not reflect a change in sentiment.

Positives

• The transaction was a disposition to satisfy tax withholding obligations, which is a common and non-discretionary event for executives receiving equity compensation.
• The transaction was made pursuant to a Rule 10b5-1 plan, indicating a pre-scheduled, non-discretionary sale and not a discretionary market sale based on new information.

Negatives

• A reduction in direct beneficial ownership by an insider, even if for tax purposes, slightly decreases their direct stake in the company.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that insider transactions, particularly those related to tax withholding, are routine events across all industries, including the refining sector, and generally do not signal a change in an executive's long-term view of the company. PBF Energy operates in a cyclical industry, and such transactions are common for executives receiving equity-based compensation.

Comparison to Industry Standards

• Insider sales for tax purposes are standard practice across all industries for executives receiving equity compensation.
• Companies like Marathon Petroleum (MPC) or Valero Energy (VLO) would show similar Form 4 filings for their executives when equity awards vest and taxes are due.
• The volume of shares disposed (1,634) represents a small fraction of the total shares beneficially owned (69,432), which is typical for tax-related dispositions and aligns with industry norms for such transactions.

Related Party Transactions

• Disposition of 1,634 shares of Class A Common Stock to PBF Energy Inc. to satisfy tax withholding obligations related to equity compensation, a standard transaction between an executive and the issuer.

Stakeholder Impact

• Shareholders: Minimal direct impact as this is a routine, non-discretionary tax-related sale, not indicative of a change in the insider's confidence in the company.
• Employees: No direct impact on the broader employee base.

Key Dates

Recommendation

The transaction reported is a routine, non-discretionary sale of shares by an insider to cover tax obligations associated with equity compensation, executed under a pre-arranged Rule 10b5-1 plan. This type of transaction does not typically indicate a change in the insider's view of the company's prospects and is not considered a significant bullish or bearish signal. Therefore, a 'hold' recommendation is appropriate as this filing alone does not provide new information to alter an investment thesis.

Keywords

PBF Energy, PBF, Michael Bukowski, Form 4, Insider Transaction, Stock Sale, Tax Withholding, Equity Compensation, Refining Industry