Form 4: Con Edison Exec Converts RSUs, Sells Shares for Tax

Consolidated Edison's President of CECONY, Matthew Ketschke, converted 5,500 restricted stock units into common stock and sold a portion for tax obligations under a pre-arranged plan.

Summary

• Matthew Ketschke, President of Consolidated Edison Company of New York (CECONY), converted 5,500 time-based restricted stock units (RSUs) into common stock on December 31, 2025.
• Concurrently, 130 shares of common stock were disposed of at a price of $99.89 per share to cover tax liabilities associated with the RSU conversion.
• Following these transactions, Mr. Ketschke directly beneficially owns 42,424.919 shares of common stock.
• An additional 1,100.646 shares are indirectly beneficially owned by Mr. Ketschke through his spouse.
• The reported transactions were made pursuant to a Rule 10b5-1(c) plan, indicating they were pre-scheduled.
• Beneficial ownership also includes deferred stock units (DSUs) acquired throughout 2025 via the Company's Long Term Incentive Plan's dividend reinvestment provision: 231.482 DSUs on March 15, 2025, 290.045 DSUs on June 15, 2025, 311.631 DSUs on September 15, 2025, and 314.411 DSUs on December 15, 2025.

Sentiment

Score: 6

Explanation: The filing reports a routine insider transaction involving the conversion of restricted stock units and a tax-related sale, which is a neutral event. The acquisition of additional deferred stock units through dividend reinvestment is a minor positive, indicating continued executive investment in the company.

Positives

• The transactions were executed under a Rule 10b5-1 plan, indicating a pre-arranged, non-discretionary sale, which often mitigates concerns about opportunistic insider trading.
• The executive acquired additional deferred stock units (DSUs) throughout 2025 via dividend reinvestment, demonstrating continued investment and alignment with shareholder interests.

Negatives

• The disposition of 130 shares, even for tax purposes, slightly reduces the executive's direct beneficial ownership in the company.

Future Outlook

NA

Industry Context

This is a routine insider transaction related to executive compensation, common across all industries for publicly traded companies, and does not reflect specific industry trends for utilities. It is a standard mechanism for executives to realize value from their equity compensation plans.

Related Party Transactions

• The reported transactions are related party transactions as they involve an executive officer of the company exercising and selling company stock as part of their compensation plan.

Stakeholder Impact

• Shareholders: Minimal direct impact. The transaction is a routine part of executive compensation and does not signal a change in company strategy or financial health. It slightly increases the public float by 5,500 shares (before tax sale) and reduces the executive's direct ownership by 130 shares.
• Employees, Customers, Suppliers, Creditors: No direct or material impact from this routine insider transaction.

Key Dates

Recommendation

This Form 4 filing details a routine, pre-planned insider transaction where an executive converted restricted stock units into common stock and sold a portion to cover tax liabilities. Such transactions are standard components of executive compensation and do not typically signal a change in the company's fundamental outlook or performance. The acquisition of additional deferred stock units through dividend reinvestment indicates continued executive alignment. Therefore, the filing itself does not provide new information that would warrant a change in investment recommendation; a 'hold' stance remains appropriate based solely on this report.

Keywords

Consolidated Edison, ED, Matthew Ketschke, Insider Transaction, Form 4, Restricted Stock Units, RSU Conversion, Stock Sale, Tax Withholding, Deferred Stock Units, Dividend Reinvestment, 10b5-1 Plan, Executive Compensation