Knowles Alana K 4

What Happened
Alana K. Knowles, Controller of Chevron (CVX), exercised stock options and sold shares on January 28, 2026. The filing shows an exercise (derivative M) of 3,200 shares at an exercise price of $132.69 (cost = $424,608) and an open-market sale of 3,200 shares at $170.00 for proceeds of $544,000. The report also lists a 3,200-share derivative disposition at $0, which is typically related to option settlement or share surrender.

Key Details

• Transaction date: January 28, 2026.
• Exercise: 3,200 shares @ $132.69 — total cost $424,608. (Code M)
• Sale: 3,200 shares @ $170.00 — gross proceeds $544,000. (Code S)
• Derivative disposition: 3,200 shares @ $0.00 (Code M) — shown separately in the filing.
• Shares owned after the transaction: not specified in the provided filing details.
• Footnotes:
  • F1: The sale was effected under a Rule 10b5-1 trading plan adopted Feb 21, 2025.
  • F2: Reporting person acquired 19 shares under Chevron's 401(k) plan between Jan 15–28, 2026.
  • F3: Option was granted 1/26/2022 with vesting in thirds on 1/31/2023, 1/31/2024, and 1/31/2025.
• Timeliness: Filing dated Jan 30, 2026 for a Jan 28 transaction — appears filed within the normal 2‑business‑day Form 4 window.

Context
The sequence (exercise + immediate sale) resembles a cashless exercise where some shares are sold right after exercise; the $0 derivative disposition likely reflects shares surrendered to satisfy option costs or tax withholding. The sale was executed under a pre-arranged 10b5-1 plan, which typically indicates a scheduled, non‑opportunistic sale rather than ad hoc trading. This is routine insider activity and should be interpreted as execution of option/plan mechanics rather than a clear directional signal about Chevron stock.