Form 4: Cencora EVP's Equity Transactions Post-PSU Vesting

Cencora Executive Vice President Silvana Battaglia reported the vesting of performance share units, a tax-related sale, and a new grant of restricted stock units.

Summary

• Silvana Battaglia, Executive Vice President of Cencora, Inc. (COR), reported changes in her beneficial ownership of company securities.
• On November 13, 2025, Battaglia acquired 12,885 shares of Common Stock for no consideration, resulting from the satisfaction of performance criteria for an award of performance share units (PSUs).
• Following the PSU vesting, 5,612 shares of Common Stock were disposed of on November 13, 2025, at a price of $312.53 per share, to satisfy tax withholding obligations.
• After these transactions, Battaglia's direct beneficial ownership of Common Stock stands at 19,947.464 shares.
• On November 12, 2025, Battaglia was granted 2,202 Restricted Stock Units (RSUs) for no consideration.
• These RSUs will vest in three equal installments on November 12, 2026, November 12, 2027, and November 12, 2028.
• The RSU grant represents an underlying entitlement to 2,202 shares of Common Stock upon vesting.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as the executive is receiving additional equity through PSU vesting and RSU grants, which aligns their interests with shareholders. The share disposal is for tax purposes, a standard part of equity compensation.

Positives

• The vesting of 12,885 performance share units indicates the achievement of performance criteria, aligning executive incentives with company performance.
• The grant of 2,202 Restricted Stock Units further aligns the executive's long-term interests with those of shareholders, providing future equity incentives.

Negatives

• A disposal of 5,612 shares of Common Stock occurred to cover tax withholding obligations, which is a routine event associated with equity compensation vesting and not a discretionary sale.

Future Outlook

The filing indicates future vesting events for the granted Restricted Stock Units on November 12, 2026, November 12, 2027, and November 12, 2028.

Industry Context

This Form 4 filing is specific to Cencora, Inc. and its executive compensation practices, rather than providing broad industry trends or competitive analysis.

Stakeholder Impact

• Shareholders gain insight into executive compensation and the alignment of management's interests with the company's long-term performance through equity awards.
• The increase in beneficial ownership of common stock and new RSU grants for an Executive Vice President can be viewed positively as it ties executive wealth to shareholder value.

Next Steps

• The Restricted Stock Units granted on November 12, 2025, are scheduled to vest in three equal installments on November 12, 2026, November 12, 2027, and November 12, 2028.

Key Dates

Keywords

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