Davis Paul T 4

What Happened

• Paul T. Davis, Senior Vice President of PBF Energy (PBF), exercised options and sold shares on March 27, 2026. He exercised 50,000 options at an exercise price of $28.67 (cost $1,433,500) and immediately sold 50,000 shares in the open market at $51.48 for gross proceeds of $2,574,180. The reported math implies roughly $1,140,680 in gross proceeds after paying the exercise cost (before taxes/fees).
• The Form 4 also reports an additional derivative conversion line for 50,000 shares shown as disposed at $0.00; the filing’s footnote does not provide a cash amount for that line (see Key Details).

Key Details

• Transaction date: March 27, 2026. Form 4 filed March 30, 2026 (reporting period 2026-03-27).
• Exercise: 50,000 options exercised at $28.67 → cost $1,433,500 (code M).
• Sale: 50,000 shares sold at $51.48 → gross proceeds $2,574,180 (code S).
• Additional line: 50,000 shares reported as disposed on exercise/conversion at $0.00 (code M); filing footnote does not quantify cash for this line.
• Footnote: F1 — options granted October 30, 2017; those options are fully vested.
• Shares owned after the transactions: not specified in the summary data provided here — see the full Form 4 for post-transaction beneficial ownership.

Context

• This pattern (exercise of options followed by an immediate sale) is commonly a cashless exercise: the insider exercises vested options and sells shares to cover the exercise cost and taxes, realizing net proceeds. The Form 4 shows the exercise cost and the subsequent sale amounts, so you can see the gross cash flow from the transactions.
• The $0.00 disposed entry for a derivative conversion is not explained in the summarized footnote; consult the full filing for details if you need clarification.
• These filings are factual disclosures of transactions and do not by themselves indicate the insider’s future view of the stock.