WARNER CYNTHIA J 4

What Happened
Cynthia J. Warner, a Chevron (CVX) director, acquired 20 derivative (phantom) shares on 2026-06-01 at $185.83 per share, for a total value of about $3,717. The filing lists this as a discretionary transaction (code I) and reports the units as derivative awards rather than an open‑market purchase.

Key Details

• Transaction date: 2026-06-01; Form 4 filed 2026-06-03. No late filing is indicated in the report.
• Price: $185.83 per share; total consideration ~$3,717.
• Shares acquired: 20 (derivative/phantom stock units).
• Shares owned after transaction: not specified in the filing.
• Footnotes: (F1) Phantom stock issued under the Non‑Employee Directors' Equity Compensation & Deferral Plan becomes payable in common stock upon termination of service. (F2) Conversion is 1-for-1. (F3) Number includes 4 dividend equivalent accruals under the plan.
• Transaction type: derivative award (not an open‑market buy or sale).

Context
This was an award/settlement of phantom stock units tied to Chevron's non‑employee director compensation plan; such units typically convert to common shares (1-for-1) when the director leaves service and may include dividend equivalents. The dollar amount is small and consistent with routine director compensation rather than a market-driven investment decision.