Form 4: Cencora EVP Reports Equity Compensation Transactions

Cencora Executive Vice President Elizabeth S. Campbell disclosed the vesting of performance share units, subsequent tax withholding, and a new restricted stock unit grant.

Summary

• Elizabeth S. Campbell, Executive Vice President of Cencora, Inc. (COR), reported transactions related to her beneficial ownership.
• On November 13, 2025, 20,613 shares of Common Stock were acquired for no consideration due to the satisfaction of performance criteria for performance share units.
• Concurrently, 9,532 shares of Common Stock were disposed of at a price of $312.53 per share to satisfy tax withholding obligations incident to the vesting of performance share units.
• Following these transactions, direct beneficial ownership of Common Stock is 26,388.141 shares.
• On November 12, 2025, a grant of 3,523 Restricted Stock Units (RSUs) was received for no consideration.
• These RSUs will vest in three equal installments on November 12, 2026, November 12, 2027, and November 12, 2028.

Sentiment

Score: 6

Explanation: The filing reports routine executive compensation events, including the successful vesting of performance-based awards and a new equity grant, which are generally positive for the executive and reflect ongoing compensation practices. The disposition for tax withholding is a neutral, expected event.

Positives

• Executive Vice President Elizabeth S. Campbell received 20,613 shares of Common Stock due to the successful satisfaction of performance criteria for performance share units, indicating achievement of company goals.
• A new grant of 3,523 Restricted Stock Units (RSUs) was awarded, providing future equity incentives and aligning management interests with long-term shareholder value.

Negatives

• 9,532 shares of Common Stock were disposed of to cover tax withholding obligations, reducing the direct beneficial ownership of the reporting person.

Future Outlook

The grant of Restricted Stock Units with vesting dates extending to November 2028 indicates a long-term retention strategy for Executive Vice President Elizabeth S. Campbell, aligning her incentives with the company's future performance over several years.

Industry Context

The reported transactions, including the vesting of performance share units and the grant of restricted stock units, are standard practices in executive compensation across various industries, particularly in publicly traded companies. These mechanisms are designed to incentivize executives to achieve performance targets and retain key talent by linking compensation to long-term company success and shareholder value.

Stakeholder Impact

• Shareholders: The transactions represent routine executive compensation, which aligns management incentives with shareholder interests through equity ownership. The disposition for tax withholding is a standard event and does not indicate a change in company fundamentals.
• Employees: The compensation structure for a senior executive may reflect broader compensation philosophies within the company, potentially influencing employee morale and retention strategies.

Next Steps

• The remaining installments of the 3,523 Restricted Stock Units are scheduled to vest on November 12, 2026, November 12, 2027, and November 12, 2028.

Key Dates

Keywords

Cencora, COR, Form 4, Insider Transaction, Beneficial Ownership, Stock Vesting, Restricted Stock Units, Performance Share Units, Executive Compensation, Equity Grant