Pate R. Hewitt 4
4 · CHEVRON CORP · Filed Apr 1, 2026
Research Summary
AI-generated summary of this filing
Chevron (CVX) CLO Pate R. Hewitt Exercises Options, Sells Shares
What Happened
Pate R. Hewitt, Chevron’s Chief Legal Officer, exercised stock options and sold the resulting 40,200 shares on March 30, 2026. The options were exercised at $125.35 per share (total exercise cost $5,039,070), and the shares were sold in the open market at a weighted-average price of $213.30 per share for total proceeds of about $8,574,857. The Form 4 also shows the derivative (option) position converted/disposed at $0, which reflects the option-to-stock conversion.
Key Details
- Transaction date: March 30, 2026. Form filed April 1, 2026 (appears timely).
- Option exercise: 40,200 shares at $125.35 each; total cost $5,039,070. (Option grant: 1/31/2018; vesting one-third on 1/31/2019, 1/31/2020, 1/31/2021.)
- Sale: 40,200 shares sold; weighted-average sale price $213.30; total proceeds ≈ $8,574,857. Sales executed in multiple trades at prices ranging $213.10–$213.82 (reporting person can provide per-trade breakdown on request).
- Shares owned after transaction: not specified in this filing. The filing notes small additional acquisitions (80 shares from RSU dividend reinvestment and 88 shares via the 401(k) plan).
- Plan/authority: Sales were made under a Rule 10b5-1 trading plan adopted November 26, 2025. The reporting person disclaims beneficial ownership of shares held by his spouse’s trust (per footnote).
- Filing timeliness: Report covers transactions on 3/30/2026 and was filed 4/1/2026 (filed within typical SEC Form 4 timing).
Context
This is a common cashless-exercise pattern: the insider exercised options and immediately sold the acquired shares, which typically covers the exercise cost, taxes and/or generates net proceeds. Sales under a pre-established 10b5-1 plan are routine and are recorded as dispositions but do not, by themselves, indicate the insider’s current view on the company.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-03-30$125.35/sh+40,200$5,039,070→ 48,838 total - Sale
Common Stock
[F1][F3]2026-03-30$213.30/sh−40,200$8,574,857→ 8,638 total - Exercise/Conversion
Non-Qualified Stock Option (Right to Buy)
[F6]2026-03-30−40,200→ 0 totalExercise: $125.35Exp: 2028-01-31→ Common Stock (40,200 underlying)
- 9,574(indirect: By 401(k))
Common Stock
[F4] - 20(indirect: By Trust)
Common Stock
- 13,264(indirect: By Trust)
Common Stock
[F5]
Footnotes (6)
- [F1]The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 26, 2025.
- [F2]This number includes the acquisition of stock resulting from the reinvestment of dividends on vested restricted stock units (80) issued under the Chevron Corporation 2022 Long-Term Incentive Plan.
- [F3]This transaction was executed in multiple trades at prices ranging from $213.10 to $213.82. The price reported above reflects the weighted-average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price within the range provided.
- [F4]Between March 7, 2026 and March 30, 2026, the reporting person acquired 88 shares of Chevron common stock under the Chevron Employee Savings Investment Plan, a 401(k) plan.
- [F5]The reporting person disclaims beneficial ownership of the shares held by his spouse's trust, and this report should not be deemed an admission that the reporting person is the beneficial owner of the shares held by his spouse's trust for purposes of Section 16 or for any other purpose.
- [F6]Option granted 1/31/2018. One-third of the shares subject to the option vested on January 31, 2019, January 31, 2020 and January 31, 2021, respectively.