Form 4: CNX Resources Corp: CFO Alan K. Shepard Reports Changes in Beneficial Ownership

Alan K. Shepard, CFO of CNX Resources Corp, reports acquisition and disposal of common shares due to vesting of performance share units and restricted stock units, along with shares withheld for tax liability.

Summary

• On January 31, 2025, Alan K. Shepard, the Chief Financial Officer of CNX Resources Corp, reported changes in beneficial ownership of the company's common shares.
• These changes involve the acquisition of shares through the vesting of Performance Share Units and Performance-Based Restricted Stock Units (ESG) granted under various long-term incentive programs.
• A total of 13,787 shares vested under the 2022-2024 Long-Term Incentive Program.
• An additional 1,802 shares vested under a 2022-2024 Performance Incentive Program (ESG).
• Another 3,535 shares vested under a 2023-2025 Performance Incentive Program (ESG).
• Furthermore, 4,037 shares vested under a 2024-2026 Performance Incentive Program (ESG).
• 16,070 shares were automatically withheld to cover the reporting person's tax liability related to the vesting of these units at a price of $27.38 per share.
• Following these transactions, Shepard directly owns 203,198 common shares, with 95,794 of these shares being restricted stock units (including dividend equivalent rights).

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing indicating standard compensation practices. The vesting of shares suggests performance targets were met, which is mildly positive, but the tax withholding is a neutral event.

Positives

• The vesting of performance-based units suggests that performance targets were met, which could be viewed positively.

Negatives

• The disposal of 16,070 shares to cover tax liabilities could be seen as a slight negative, although it's a standard procedure.

Risks

• There are no specific risks mentioned in this document.
• However, reliance on performance-based incentives means future vesting is contingent on meeting performance targets.

Future Outlook

The document does not provide a future outlook for the company.

Industry Context

This filing is a routine disclosure related to insider transactions and doesn't provide specific insights into broader industry trends. However, the use of ESG-linked performance incentives is becoming more common in the energy sector.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies, ensuring transparency regarding insider transactions.
• The use of performance-based equity compensation is common across the energy industry, aligning management incentives with shareholder value.
• Companies like EQT Corporation and Range Resources also utilize similar long-term incentive programs with performance-based metrics.

Stakeholder Impact

• The vesting of performance-based units can positively impact shareholders by aligning management's interests with company performance.
• Employees who are granted these units are also positively impacted as they receive equity as part of their compensation.

Key Dates

Keywords

CNX Resources Corp, Alan K. Shepard, beneficial ownership, Form 4, performance share units, restricted stock units, ESG, vesting, insider trading, tax liability