Pate R. Hewitt 4

What Happened

• Pate R. Hewitt, Chief Legal Officer of Chevron (CVX), exercised options for 47,200 shares and then sold those 47,200 shares on March 6, 2026. The exercise cost was $113.01 per share (total $5,334,072). The shares were sold at $192.12 per share for total proceeds of $9,068,064 — implying gross proceeds minus exercise cost of about $3,733,992 before taxes/fees.
• The transactions were sales (dispositions) following an option exercise, so this was a liquidity event rather than a purchase (not a direct bullish purchase signal).

Key Details

• Transaction date: March 6, 2026.
• Exercise (code M): 47,200 shares at $113.01 each; total exercise cost $5,334,072.
• Sale (code S): 47,200 shares at $192.12 each; total proceeds $9,068,064.
• Additional derivative line shows 47,200 shares disposed at $0.00, reflecting the exercised options converted and sold.
• Shares owned after transaction: Not specified in the excerpt of this filing.
• Footnotes of note:
  • F1: Sales were effected under a Rule 10b5-1 trading plan adopted Nov 26, 2025 (prearranged plan).
  • F2: Hewitt acquired 119 shares under Chevron’s 401(k) plan between Mar 3–6, 2026.
  • F3: He disclaims beneficial ownership of shares held in his spouse’s trust.
  • F4: Option was originally granted 01/30/2019 with vesting over 2020–2022.
• Filing timeliness: Form 4 was filed on March 10, 2026 for a March 6 transaction, which is within the typical 2-business-day reporting window (timely).

Context

• This was an option exercise followed by an immediate or same‑day sale (a common cashless or sell-to-cover pattern). The sale was executed under a 10b5-1 plan, meaning it was prearranged rather than an ad hoc sale. Such transactions are often routine liquidity actions and do not necessarily indicate a change in the insider’s view of the company.