Form 4: CNX Resources Corp: Chief Risk Officer Scott Hayley Reports Changes in Beneficial Ownership

Chief Risk Officer Scott Hayley reports changes in beneficial ownership of CNX Resources Corp shares due to vesting of performance share units and restricted stock units, as well as shares withheld for tax liability.

Summary

• On January 31, 2025, Scott Hayley, Chief Risk Officer of CNX Resources Corp, reported changes in beneficial ownership of the company's common shares.
• These changes are primarily due to the vesting of Performance Share Units and Performance-Based Restricted Stock Units (ESG) granted under various long-term incentive programs.
• A total of 1,614 shares vested under the 2022-2024 Long-Term Incentive Program.
• An additional 212 shares vested under a 2022-2024 Performance Incentive Program (ESG).
• Another 1,248 shares vested under a 2023-2025 Performance Incentive Program (ESG).
• Furthermore, 3,320 shares vested under a 2024-2026 Performance Incentive Program (ESG).
• 4,318 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.
• Following these transactions, Scott Hayley beneficially owns 116,150 common shares, including 69,638 restricted stock units (including dividend equivalent rights).

Sentiment

Score: 6

Explanation: The sentiment is neutral. The document primarily reports routine transactions related to executive compensation. The vesting of performance-based units suggests that performance targets were met, which is mildly positive.

Positives

• The vesting of performance-based units indicates that performance targets were met, which could be seen as a positive sign for the company's performance.

Negatives

• The withholding of shares for tax liability reduces the number of shares directly held by the reporting person.

Risks

• There are no specific risks mentioned in this document.

Industry Context

This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies. It reflects the alignment of executive incentives with company performance.

Comparison to Industry Standards

• Performance-based equity compensation is a standard practice in the energy industry to incentivize executives and align their interests with those of shareholders.
• Companies like EQT Corporation and Range Resources also utilize similar long-term incentive programs with performance-based metrics.
• The specific vesting conditions and performance targets would need to be compared to those of peer companies to assess the competitiveness of CNX Resources Corp's compensation practices.

Stakeholder Impact

• The vesting of performance-based equity may have a slightly positive impact on shareholder sentiment, as it suggests that performance targets are being met.

Key Dates

Keywords

beneficial ownership, CNX Resources Corp, Form 4, Scott Hayley, Chief Risk Officer, vesting, Performance Share Units, Restricted Stock Units, ESG, incentive program, tax liability