Fedena James E. 4

What Happened

• James E. Fedena, Senior Vice President of PBF Energy (PBF), exercised a series of vested stock options on March 31, 2026 (acquiring 77,085 shares at exercise prices between $6.72 and $35.30) costing about $2.09M in aggregate.
• On March 30–31, 2026 he sold a total of 96,026 shares in open-market transactions at prices around $49.50–$51.66, generating gross proceeds of about $4.80M.
• Net cash flow from the sequence (proceeds minus amounts paid to exercise) was roughly $2.72M. Many of the exercised shares were sold the same day, consistent with a cashless exercise / sell-to-cover.

Key Details

• Transaction dates: Mar 30, 2026 (one open-market sale) and Mar 31, 2026 (option exercises and multiple open-market sales).
• Major prices and amounts:
  • Options exercised (acquired): 77,085 shares at weighted exercise prices ($6.72–$35.30) — total paid ≈ $2,085,725.
  • Open-market sales (disposed): 96,026 shares at ~$49.52–$51.66 — gross proceeds ≈ $4,801,965.
  • Net proceeds ≈ $2,716,240.
• Shares owned after the transactions: not specified in the filing.
• Footnotes: the exercised options relate to fully vested grants from 2016–2021 (footnotes F2–F7). Footnote F1 refers to 401(k) plan shares in Vanguard records but is not the primary source of these transactions.
• Filing/timeliness: Form 4 was filed Apr 1, 2026 reporting Mar 30–31 transactions; no late-filing flag was indicated in the summary information provided.

Context

• These transactions combine option exercises (an acquisition type) with immediate open-market sales. That pattern is commonly a cashless exercise or sell-to-cover (employee exercises vested options and sells a large portion of resulting shares to cover exercise cost/taxes).
• Sales generate cash and do not by themselves signal management's view of long-term prospects; the meaningful action here is exercising vested options (converting compensation to stock) while also liquidating many of those shares.