4/A: Con Edison CEO Nachmias Corrects Performance Unit Vesting in Amended SEC Filing

Stuart Nachmias, President & CEO of Consolidated Edison, files an amended SEC Form 4 to correct the number of performance units that vested under the company's Long-Term Incentive Plan.

Summary

• Stuart Nachmias, the President & CEO of Consolidated Edison Inc., filed an amended Form 4 with the SEC on April 23, 2025.
• The amendment corrects an error in the number of performance units that vested under the company's Long-Term Incentive Plan (LTIP) in 2022.
• On February 19, 2025, Nachmias exercised 3,866 performance units, which converted into common stock.
• He also disposed of 3,093 shares of common stock at a price of $95.76.
• Following these transactions, Nachmias directly owns 8,572.877 shares of common stock, which includes 31.352 shares acquired through the company's Stock Purchase Plan in December 2024 and January 2025.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The document corrects an error, which is a good sign of transparency, but also highlights a previous mistake. Overall, it's a routine filing with no major implications.

Positives

• The correction of the performance unit vesting demonstrates transparency and adherence to regulatory requirements.

Negatives

• The need for an amendment suggests an initial error in the calculation of performance units, which could raise questions about internal controls.

Risks

• While the correction itself is not a major risk, repeated errors in SEC filings could erode investor confidence.
• There are no specific risks mentioned in the document.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It doesn't necessarily reflect broader industry trends but is important for transparency and regulatory compliance.

Comparison to Industry Standards

• Executive compensation practices, including performance-based equity awards, are common across the utility industry.
• Companies like NextEra Energy, Duke Energy, and Southern Company also utilize long-term incentive plans with performance units or restricted stock units.
• The specific vesting criteria and amounts vary based on company performance and individual executive goals.

Stakeholder Impact

• The correction of the performance unit vesting ensures accurate reporting to shareholders.
• It also maintains transparency regarding executive compensation, which is important for stakeholder trust.

Key Dates

Keywords

SEC Filing, Form 4, Amendment, Performance Units, Stock Purchase Plan, Consolidated Edison, Nachmias, Vesting, LTIP, Common Stock