Form 4: CNX Resources EVP and General Counsel Timothy Scott Bedard Reports Securities Transaction

Timothy Scott Bedard, EVP and General Counsel of CNX Resources Corp, reports a purchase and subsequent sale of CNX common stock by a family trust, resulting in a short-swing profit.

Summary

• On February 23, 2024, a family trust associated with Timothy Scott Bedard, EVP and General Counsel of CNX Resources Corp, purchased 1,226 shares of CNX common stock at $20.50 per share.
• On February 26, 2024, the same trust sold 1,226 shares of CNX common stock at $20.83 per share.
• This sequence of purchase and sale within a short period constitutes a short-swing transaction under Section 16(b) of the Securities Exchange Act of 1934.
• Bedard has agreed to pay CNX $404.17, representing the profit realized from the short-swing transaction.
• Following the reported transactions, Bedard beneficially owns 67,982 restricted stock units subject to vesting, in addition to shares held directly.

Sentiment

Score: 6

Explanation: The document is neutral in tone, reporting a routine transaction with a minor compliance issue. The short-swing profit is small and the matter is being resolved.

Negatives

• The short-swing transaction triggered Section 16(b) of the Securities Exchange Act of 1934, requiring Bedard to return the profit to CNX.

Risks

• Potential for future scrutiny of similar transactions by company insiders.

Industry Context

Form 4 filings are a routine part of regulatory compliance for corporate insiders, providing transparency into their trading activities in the company's stock. Short-swing profit rules are designed to prevent insiders from using non-public information for personal gain.

Stakeholder Impact

• The impact on shareholders is minimal, as the short-swing profit is being returned to the company.

Key Dates