Phillips 66 (PSX) EVP Brian Mandell Exercises Options, Sells Shares

What Happened Brian Mandell, Executive Vice President of Phillips 66 (PSX), exercised stock options and immediately sold the resulting shares in two transactions on Aug 10–11, 2026. He exercised 3,300 options on Aug 10 (strike $74.70, cost $246,510) and sold those 3,300 shares the same day at $214.02 for $706,266. He exercised 30,000 options on Aug 11 (strike $74.70, cost $2,241,000) and sold those 30,000 shares the same day at $215.00 for $6,450,000. Total sale proceeds were $7,156,266 and total exercise cost was $2,487,510, for net proceeds of approximately $4,668,756.

Key Details

• Dates and prices:
  • 2026-08-10: Exercised 3,300 options @ $74.70 (cost $246,510); sold 3,300 shares @ $214.02 (proceeds $706,266).
  • 2026-08-11: Exercised 30,000 options @ $74.70 (cost $2,241,000); sold 30,000 shares @ $215.00 (proceeds $6,450,000).
• Total shares involved: 33,300 shares acquired via exercise and 33,300 shares sold.
• Net proceeds (approx.): $7,156,266 in sales minus $2,487,510 in exercise cost = ~$4,668,756.
• Shares owned after the transactions: not specified in the information provided.
• Footnotes:
  • F1: Includes 22,182 Restricted Stock Units that settle 1-for-1 for common stock (affects reported holdings).
  • F2: The options became exercisable in three equal annual installments beginning Feb 9, 2022.
• Filing timeliness: Form 4 was filed on 2026-08-12 for transactions on 2026-08-10 and 2026-08-11; no late filing indicator was reported.

Context

• These entries are option exercises (transaction code M) followed by open-market sales (S), which is a typical cashless exercise pattern: the insider exercised options by paying the strike price and then sold the shares in the market the same days.
• Such transactions are routine for insiders exercising compensation awards; sales do not by themselves indicate the insider’s view of the company beyond the liquidity event.