Form 4: Phillips 66 Executive Reports Share Transaction for Tax Obligations
SEC Form 4 Filing
Ann M. Kluppel, a Vice President and Controller at Phillips 66, reported a transaction involving the withholding of shares to cover FICA taxes.
Summary
- Ann M. Kluppel, a Vice President and Controller at Phillips 66, filed a Form 4 disclosing a transaction on December 2, 2024.
- The transaction involved the withholding of 34 shares of Phillips 66 common stock to satisfy FICA taxes.
- The price per share was $134.305, which is the average of the high and low price of the stock on that day.
- Following the transaction, Ms. Kluppel directly owns 22,022 shares and indirectly owns 3,453.418 shares through the Phillips 66 Savings Plan.
- The report also includes 2,985 Restricted Stock Units that will settle for shares of Phillips 66 common stock on a 1-for-1 basis.
- The filing was made late due to an administrative error.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing, with a minor negative due to the late filing. Overall, it's neutral to slightly negative.
Negatives
- The filing was made late due to an administrative error.
Risks
- Administrative errors in reporting can lead to compliance issues and potential penalties.
Industry Context
This is a routine filing related to executive compensation and tax obligations, which is common for publicly traded companies.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies in the US, and this filing is consistent with those requirements.
- The transaction is a common occurrence for executives who receive stock-based compensation and have tax obligations related to those shares.
- The reporting of the transaction is similar to other companies in the energy sector.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine tax-related share withholding.
Key Dates
| Date | Description |
|---|---|
| 12/02/2024 | Date of the share transaction. |
| 12/09/2024 | Date the Form 4 was signed. |
Keywords
Phillips 66, PSX, Form 4, insider trading, share transaction, FICA taxes, restricted stock units, executive compensation
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