Form 4: Cencora EVP's RSU Vesting and Tax Withholding

Cencora Executive Vice President Silvana Battaglia reported the vesting of 932 restricted stock units and subsequent tax withholding, increasing her direct common stock ownership.

Summary

• Silvana Battaglia, Executive Vice President of Cencora, Inc. (COR), reported changes in her beneficial ownership of company securities.
• On November 20, 2025, 932 Restricted Stock Units (RSUs) vested, converting into 932 shares of Cencora Common Stock.
• Concurrently, 406 shares of Common Stock were disposed of at a price of $362.07 per share to satisfy tax withholding obligations related to the RSU vesting.
• Following these transactions, Ms. Battaglia directly owns 20,473.464 shares of Cencora Common Stock.
• She also beneficially owns 1,865 derivative securities in the form of Restricted Stock Units.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as it reflects a routine executive compensation event, indicating continued alignment of management interests with shareholders through equity ownership, despite a portion of shares being sold for tax purposes.

Positives

• The vesting of Restricted Stock Units aligns the Executive Vice President's interests with those of shareholders by increasing her direct equity ownership in the company.
• The transaction represents a routine compensation event, indicating stability in executive incentive structures.

Negatives

• A portion of the vested shares (406 shares) was sold to cover tax liabilities, resulting in a reduction of the total shares directly held compared to the gross number of vested units.

Future Outlook

The remaining Restricted Stock Units are scheduled to vest in two equal installments on November 20, 2026, and November 20, 2027, indicating a continued long-term incentive structure for the Executive Vice President.

Industry Context

This Form 4 filing details a routine insider transaction related to executive compensation, which is a standard practice across various industries to align management incentives with shareholder value. It does not provide broader industry trends or competitive insights.

Stakeholder Impact

• Shareholders: The transaction demonstrates continued executive alignment with shareholder interests through equity ownership, as a significant portion of vested shares are retained.
• Employees: Reflects standard executive compensation practices, which can influence broader employee incentive programs.

Next Steps

• The remaining 1,865 Restricted Stock Units held by Silvana Battaglia are expected to vest in two equal installments on November 20, 2026, and November 20, 2027.

Key Dates

Keywords

Cencora, COR, Form 4, Insider Transaction, Restricted Stock Units, RSU Vesting, Executive Compensation, Silvana Battaglia