PBF Director Thomas J. Nimbley Exercises Options, Sells Shares

What Happened

• Thomas J. Nimbley, a director of PBF Energy Inc. (PBF), exercised 169,925 vested stock options and immediately sold the 169,925 shares in the open market. He paid $2,363,657 to exercise the options (strike $13.91) and received $12,344,541 from the sale. Net proceeds before taxes and fees were roughly $9.98 million.
• This was effectively a cashless exercise followed by an open-market sale — an option exercise (M) paired with an immediate sale (S).

Key Details

• Transaction date: August 14, 2026
• Exercise: 169,925 shares @ $13.91 = $2,363,657 (code M)
• Sale: 169,925 shares @ $72.65 = $12,344,541 (code S)
• Derivative disposition: 169,925 options were removed as a result of the exercise (reported as disposed at $0)
• Footnote: F1 — these options were granted on November 18, 2021 and were fully vested at the time of exercise.
• Shares owned after transaction: Not specified in the provided filing details.
• Filing timeliness: Report filed Aug 17, 2026 for an Aug 14 transaction; filing appears timely (within the Form 4 reporting window).

Context

• This pattern (exercise of vested options followed by an immediate sale) is common and typically reflects liquidity-taking rather than a new bullish purchase of shares. It converts option value into cash while removing the derivative position.
• The transaction codes: M = exercise/conversion of a derivative; S = open-market sale; the $0 derivative entry reflects that the option position was exercised and no longer exists.