Earnings Feed
Start Free
VALERO ENERGY CORP/TX·4

Jan 23, 4:02 PM ET

Bhullar Harminder S. 4

Research Summary

AI-generated summary

Updated

Valero (VLO) CFO Harminder Bhullar Receives Performance Shares

What Happened

  • Harminder S. Bhullar, SVP & CFO of Valero Energy (VLO), had previously awarded performance shares settle on Jan 21, 2026. The filing shows conversion/exercise (code M) of a total of 9,757 performance-based units into common stock (no cash exercise price).
  • Of those, 6,284 shares are reported as acquired and 3,473 as derivative-converted then disposed/withheld. The company withheld/disposed a total of 4,399 shares to cover tax obligations and related settlement: 2,517 shares withheld for tax (code F) at $190.33/share = $479,061, and 1,882 shares surrendered/disposed to the issuer (code D) at $190.33/share = $358,201. Combined withholding/surrender value = $837,262.
  • Net shares retained by Bhullar after withholding: 5,358 shares (approximate market value at $190.33 = ~$1.02 million). The acquired shares show $0 exercise price because these were performance-share settlements, not priced option purchases.

Key Details

  • Transaction date: Jan 21, 2026; Form 4 filed Jan 23, 2026 (filed timely).
  • Prices shown: exercise/conversion at $0 (award settlement); withholding/disposition at $190.33/share.
  • Gross converted shares: 9,757; shares withheld/surrendered: 4,399; net retained: 5,358.
  • Cash value surrendered for taxes/disposition: $837,262; net retained value ~ $1.02M at $190.33/share.
  • Footnotes: awards settled at varying payout levels under Performance Share Agreements — F1 = 175%, F2 = 200%, F3 = 150% of base award.
  • Shares owned after transaction: not specified in the provided filing excerpt.

Context

  • These entries reflect settlement of performance share awards (code M) and routine withholding/surrender to cover taxes (codes F and D). This is not an open-market sale or purchase — it’s compensation-related conversion and net settlement.
  • For retail investors: such settlements are common executive compensation events and do not necessarily signal a buy/sell decision. Codes: M = exercise/conversion of derivative (here performance shares), F = tax withholding, D = disposition to issuer.