Marathon Petroleum (MPC) CLO Molly Benson Exercises Options & Sells Shares

What Happened

• Molly R. Benson, Chief Legal Officer & Corporate Secretary of Marathon Petroleum (MPC), exercised stock options and immediately sold the resulting shares on August 17, 2026. She exercised a total of 17,196 shares (three exercises) at $47.73 per share (aggregate exercise cost $820,765) and sold those 17,196 shares in the open market at $358.57 per share for aggregate proceeds of $6,165,970. The sales were executed pursuant to a Rule 10b5-1 trading plan.

Key Details

• Transaction date: August 17, 2026. Filing date: August 19, 2026 (timely Form 4 filing).
• Exercise prices/amounts: 7,196 @ $47.73 ($343,465); 5,000 @ $47.73 ($238,650); 5,000 @ $47.73 ($238,650) — total exercise cost $820,765.
• Sales: 7,196 @ $358.57 ($2,580,270); 5,000 @ $358.57 ($1,792,850); 5,000 @ $358.57 ($1,792,850) — total proceeds $6,165,970.
• The filing also lists derivative disposition entries at $0 associated with the exercises (reporting mechanics for option conversion).
• Footnotes: sales were made under a Rule 10b5-1 trading plan adopted May 15, 2026 (F2); small amounts (0.177747 and 0.736 shares) were added via dividend reinvestment and not previously reported (F1, F3); the underlying option (17,196 shares) has an exercisable schedule described in the filing (F4).
• Shares owned after transaction: the exercised shares were sold the same day, so there was no material net increase in shares from these exercises; the filing excerpt does not state total beneficial ownership after the transactions.

Context

• This is an option exercise followed by immediate open-market sales (a common pattern to cover exercise cost/taxes or convert options to cash). Because the sales were executed under a pre-established 10b5-1 plan, they were prearranged and routine rather than ad hoc trades.
• Facts only — the filing documents transactions and footnotes; it does not disclose the insider’s motives.