Form 4: Phillips 66 Director Ungerleider Receives RSU Grant

Phillips 66 director Howard I. Ungerleider was granted 949 Restricted Stock Units as a prorated annual award upon joining the board.

Summary

• Howard I. Ungerleider, a director at Phillips 66 (PSX), acquired 949 Restricted Stock Units (RSUs).
• The RSUs convert to Phillips 66 common stock on a 1-for-1 basis.
• The grant was a prorated amount of the annual award, reflecting Ungerleider's recent appointment to the board.
• The price per unit for the grant was $172.8375, calculated as the average of the high and low stock price on March 16, 2026.
• Following this transaction, Ungerleider beneficially owns 949 RSUs.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive, routine corporate governance action that aligns director incentives with shareholder interests, reflecting standard practice for new board members.

Positives

• The grant of Restricted Stock Units aligns the director's interests with long-term shareholder value.
• The prorated grant indicates a standard compensation practice for new board members.

Future Outlook

This filing does not contain specific forward-looking statements or guidance beyond the nature of the RSU grant.

Industry Context

StockSavvy.ai notes that equity grants, such as Restricted Stock Units, are a common component of director compensation packages across the energy sector. This practice aims to align the interests of board members with the long-term performance of the company and its shareholders, a standard approach seen in peers like ExxonMobil or Chevron.

Comparison to Industry Standards

• The grant of 949 RSUs to a new director, prorated for their joining date, is consistent with typical compensation structures for non-executive directors in large-cap energy companies. For instance, similar prorated equity awards are observed at companies like Marathon Petroleum (MPC) or Valero Energy (VLO) when new independent directors are appointed, ensuring equitable compensation for partial service years.
• The valuation method, using the average of high and low stock prices on the grant date, is a standard and transparent practice for valuing equity compensation, comparable to methods used by industry leaders such as BP or Shell for their executive and director equity awards.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: The RSU grant aligns the director's financial interests with long-term shareholder value, potentially fostering more aligned decision-making.
• Employees: No direct impact on employees is indicated by this filing.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this filing.

Key Dates

Recommendation

This Form 4 filing details a routine equity grant to a new director, which is a standard corporate governance practice and does not provide new information that would significantly alter the investment thesis for Phillips 66. It reinforces alignment of director interests but is not a catalyst for a 'buy' or 'sell' recommendation.

Keywords

Phillips 66, PSX, Form 4, Restricted Stock Units, RSU, Director Compensation, Insider Transaction, Equity Grant, Corporate Governance