Form 4: Phillips 66 Executive Reports Share Transaction for Tax Obligations

Richard G. Harbison, EVP of Refining at Phillips 66, reported a transaction involving the withholding of shares to cover FICA taxes.

Summary

• Richard G. Harbison, an Executive Vice President at Phillips 66, reported a transaction on December 2, 2024, where 257 shares of common stock were withheld by the company to cover FICA taxes.
• The price per share for this transaction was $134.305, which is the average of the high and low price of the stock on that day.
• Following this transaction, Harbison directly owns 24,684 shares of Phillips 66 common stock, which includes 15,606 Restricted Stock Units.
• He also indirectly owns 5,920.431 shares through the Phillips 66 Savings Plan and 40 shares through his son.
• The report was filed late due to an administrative error.

Sentiment

Score: 6

Explanation: The document is a routine transaction report, with a minor negative due to the late filing. Overall, it's neutral.

Negatives

• The transaction report was filed late due to an administrative error.

Risks

• Administrative errors in reporting transactions could lead to compliance issues.

Industry Context

This is a routine transaction related to executive compensation and tax obligations, common in publicly traded companies.

Comparison to Industry Standards

• Executive share transactions for tax purposes are a standard practice across publicly listed companies.
• The reporting of these transactions is governed by SEC regulations, and the process is similar across companies like Exxon Mobil (XOM) and Chevron (CVX).

Stakeholder Impact

• The transaction has a minor impact on shareholders as it involves a small number of shares withheld for tax purposes.

Key Dates

Keywords

Phillips 66, PSX, Richard G. Harbison, Executive Share Transaction, FICA Taxes, Restricted Stock Units, Savings Plan, Form 4