Phillips 66 8-K, filed Jul 21, 2021
Phillips 66 (PSX)
8-K
2021-07-21
For: 2021-07-16
View Original
Added on
April 12, 2026
About this 8-K
Phillips 66 filed this 8-K on July 21, 2021, reporting on events of July 16, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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(281 ) 293-6600
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Item 5.02 Departure of Directors of Principal Officers; Election of Directors; Appointment of Principal Officers.
On July 16, 2021, Chukwuemeka A. Oyolu gave notice of his decision to resign from his position as Vice President and Controller (principal accounting officer) of Phillips 66 (the “Company”).
J. Scott Pruitt will become the Company’s Vice President and Controller (principal accounting officer), succeeding Mr. Oyolu, effective August 4, 2021. Mr. Pruitt, 56, has served as the Company’s General Auditor since 2020. Before that, he served as Assistant Controller, External Reporting and Policy, from 2012 to 2020. Before joining the Company in 2012, Mr. Pruitt served in several finance leadership roles at ConocoPhillips.
In connection with Mr. Pruitt’s new role, he will receive a one-time restricted stock unit (“RSU”) award valued at $750,000 that cliff vests two years after the date of grant. His target opportunity in the Company’s variable incentive compensation program will increase to 50% of his base salary and his 2022 long-term incentive grants will be 160% of his base salary, 50% of which will be performance shares, 25% of which will be stock options, and 25% of which will be RSUs. Additionally, Mr. Pruitt’s outstanding grants under the Company’s performance share program will be increased, on a pro-rata basis, to 80% of his base salary. There were no other material changes to Mr. Pruitt’s compensation arrangements with the Company.
The selection of Mr. Pruitt to serve as the principal accounting officer was not pursuant to any arrangement or understanding with respect to any other person. In addition, there are no family relationships between Mr. Pruitt and any director or executive officer of the Company. Mr. Pruitt has not been a party to any transaction with the Company requiring disclosure under Item 404(a) of Regulation S-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Phillips 66 | ||||||||
| Dated: July 21, 2021 | By: | /s/ Paula A. Johnson | ||||||
| Paula A. Johnson Executive Vice President | ||||||||