PBF Energy Inc.
10/27/2025 | Press release | Distributed by Public on 10/27/2025 14:24
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On October 21, 2025, the Compensation Committee of PBF Energy Inc.'s (the "Company") Board of Directors approved grants of long-term incentive awards to the Company's "named executive officers" (as defined in Item 402(a)(3) of Regulation S-K). The grants will be made on October 28, 2025 (the "Grant Date") under the Company's 2025 Equity Incentive Plan and, as applicable, included awards of (i) restricted shares of the Company's Class A common stock ("Common Stock"), (ii) performance share units for the three-year performance period from January 1, 2026 through December 31, 2028 (the "Performance Period"), payable in shares of Common Stock, the amounts of which will range from zero to 200 percent of the number of performance share units granted based on the Company's achievement of prescribed TSR rankings relative to its peers during the Performance Period plus additional shares of Common Stock may be awarded at vesting with respect to the computed value of dividend equivalents accrued during such performance measurement periods and (iii) performance units with a target value of $1.00 per unit payable in cash at the end of the Performance Period, the amount of which will range from zero to 200 percent of the target value based on the Company's achievement of prescribed TSR rankings relative to its peers during the Performance Period. The performance share units and the performance units will vest on December 31, 2028, in each case subject to forfeiture or acceleration under certain circumstances set forth in the applicable award agreement, the forms of which agreements are attached as Exhibits 10.1 and 10.2 to this Form 8-K.
The specific grants made to each of the Company's named executive officers on the Grant Date are listed below.
| Name and Title | Restricted Stock | Performance Share Units | Performance Units | ||||||||
| Matthew C. Lucey, Chief Executive Officer & President | $2,306,800 | $1,730,100 | $1,730,100 | ||||||||
| Joseph Marino, Senior Vice President & Chief Financial Officer | $994,961 | $746,221 | $746,221 | ||||||||
| T. Paul Davis, Senior Vice President, Supply, Trading and Optimization | $994,961 | $746,221 | $746,221 | ||||||||
| Trecia Canty, Senior Vice President, General Counsel & Secretary | $994,961 | $746,221 | $746,221 | ||||||||
| Michael Bukowski, Senior Vice President, Head of Refining | $994,961 | $746,221 | $746,221 | ||||||||
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