Form 4: Phillips 66 Director Gregory Hayes Acquires Shares Through Stock Units

Director Gregory Hayes acquired 80 shares of Phillips 66 common stock through the receipt of Restricted Stock Units (RSUs) in lieu of his annual cash retainer.

Summary

• On May 1, 2024, Gregory Hayes, a director of Phillips 66, acquired 80 shares of common stock.
• The acquisition was through the receipt of Restricted Stock Units (RSUs) in lieu of his annual cash retainer.
• The price per share was $141.47, calculated as the average of the high and low price of Phillips 66 stock on that day.
• Following the transaction, Hayes beneficially owns 17,488.537 shares, including 7,238.537 RSUs.
• These RSUs include shares acquired through routine dividend transactions that are exempt under Rule 16a-11.
• The RSUs convert to Phillips 66 common stock on a 1-for-1 basis.

Sentiment

Score: 6

Explanation: Neutral sentiment as it reflects a routine transaction related to director compensation. The director taking stock instead of cash is a mildly positive signal.

Positives

• Director's decision to take equity instead of cash may signal confidence in the company's future performance.

Industry Context

This type of transaction is common for directors and executives, aligning their interests with those of shareholders through equity ownership.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash and equity.
• The specific allocation can vary based on company size, industry, and individual performance.
• Comparing Hayes's equity holdings and compensation structure to those of directors at similar companies like Chevron (CVX) or ExxonMobil (XOM) could provide further context.

Stakeholder Impact

• The transaction has a minimal direct impact on stakeholders.
• It reinforces the director's alignment with shareholder interests.

Key Dates