Phillips 66 (NYSE: PSX) CFO exercises options then sells common shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Phillips 66 Executive VP and CFO Kevin J. Mitchell exercised stock options and sold the resulting shares. He exercised options for 15,629 shares of common stock at an exercise price of $94.9675 per share, then sold 15,629 shares of common stock in an open-market transaction at a weighted average price of $190.0663 per share.
After these transactions, he directly holds 97,376 shares of Phillips 66 common stock and indirectly holds 1,300.777 shares through the COP Savings Plan. His direct position includes 31,849 Restricted Stock Units that settle into common stock on a 1-for-1 basis.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 15,629 shares ($2,970,546)
Net Sell
4 txns
Insider
Mitchell Kevin J
Role
Exec. VP and CFO
Sold
15,629 shs ($2.97M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (Right to Buy) | 15,629 | $0.00 | -- |
| Exercise | Common Stock | 15,629 | $94.9675 | $1.48M |
| Sale | Common Stock | 15,629 | $190.0663 | $2.97M |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (Right to Buy) — 37,671 shares (Direct);
Common Stock — 113,005 shares (Direct);
Common Stock — 1,300.777 shares (Indirect, COP Savings Plan)
Footnotes (1)
- Includes 31,849 Restricted Stock Units that settle for shares of Phillips 66 common stock on a 1-for-1 basis. The price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from $190.00 to $190.40. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was affected. The options became exercisable in three equal annual installments beginning on February 5, 2020.
Key Figures
Options exercised: 15,629 shares
Option exercise price: $94.9675 per share
Shares sold: 15,629 shares
+5 more
8 metrics
Options exercised
15,629 shares
Employee Stock Options converted into common stock
Option exercise price
$94.9675 per share
Conversion or exercise price of Employee Stock Options
Shares sold
15,629 shares
Open-market sale of common stock
Weighted average sale price
$190.0663 per share
Sale price for common stock, trades from $190.00 to $190.40
Direct holdings after sale
97,376 shares
Total direct Phillips 66 common stock held by CFO after transactions
Indirect holdings after sale
1,300.777 shares
Common stock held indirectly through COP Savings Plan
Restricted Stock Units included
31,849 RSUs
RSUs that settle into Phillips 66 common stock on a 1-for-1 basis
Option expiration date
February 5, 2029
Expiration of Employee Stock Options originally granted
Key Terms
Employee Stock Option (Right to Buy), Restricted Stock Units, weighted average price, open-market sale, +1 more
5 terms
Employee Stock Option (Right to Buy) financial
"security_title: Employee Stock Option (Right to Buy)"
Restricted Stock Units financial
"Includes 31,849 Restricted Stock Units that settle for shares"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
weighted average price financial
"The price reported above is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
open-market sale financial
"transaction_action: open-market sale"
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
COP Savings Plan financial
"nature_of_ownership: COP Savings Plan"
FAQ
What did Phillips 66 (PSX) CFO Kevin J. Mitchell do in this Form 4?
Kevin J. Mitchell exercised stock options and sold the resulting shares. He converted 15,629 options into common stock at $94.9675 per share, then sold 15,629 shares at a weighted average price of $190.0663 per share on the same date.
What options did the Phillips 66 (PSX) CFO exercise in this filing?
He exercised Employee Stock Options covering 15,629 shares. The options had a conversion or exercise price of $94.9675 per share and became exercisable in three equal annual installments beginning on February 5, 2020, according to the footnote.
What role do Restricted Stock Units play in the CFO’s Phillips 66 (PSX) holdings?
The CFO’s direct holdings include 31,849 Restricted Stock Units (RSUs). These RSUs settle into Phillips 66 common stock on a 1-for-1 basis, meaning each RSU converts into one share of common stock when it vests, adding to his equity exposure.
What is the COP Savings Plan mentioned in the Phillips 66 (PSX) Form 4?
The COP Savings Plan is an indirect ownership vehicle for company stock. In this filing, 1,300.777 shares of Phillips 66 common stock are held indirectly for the CFO through the COP Savings Plan, which is a savings or retirement plan holding company shares.