Lucey Matthew C. 4

What Happened Matthew C. Lucey, CEO, President and a director of PBF Energy (PBF), exercised options to acquire 120,000 shares on 2026-03-18 at an exercise price of $21.38 per share (total cost $2,565,600). To satisfy tax withholding, 86,694 of the resulting shares were disposed (reported as a tax-withholding disposal) at $45.37 per share for proceeds of $3,932,873. The filing also shows the derivative instrument cancelled on conversion (120,000 shares @ $0.00).

Key Details

• Transaction date: 2026-03-18; Form 4 filed 2026-03-19 (timely).
• Option exercise (code M): 120,000 shares acquired at $21.38, total $2,565,600.
• Tax withholding (code F): 86,694 shares disposed at $45.37, proceeds $3,932,873.
• Net shares retained from the exercise: 33,306 shares (120,000 − 86,694).
• Footnote: Options were granted Oct 25, 2016 and are fully vested (F1).
• No indication of a 10b5-1 plan or late filing in this report.

Context

• This was an option exercise with a partial share disposition to cover tax obligations (a common cashless-style result). The derivative cancellation at $0 reflects conversion/exercise of the option, not an open-market sale of all exercised shares.
• Exercises and routine tax-related withholdings are common and do not by themselves indicate a buy/sell opinion; purchases (net additions) can be interpreted as a more direct bullish signal.