Pate R. Hewitt 4

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.