4/A: Con Edison Executive Corrects Performance Unit Vesting and Thrift Plan Holdings in Amended SEC Filing
SEC Filing (Form 4/A)
Michele O'Connell, President & CEO of O&R at Consolidated Edison, files an amended Form 4 to correct previously reported figures for performance units and thrift plan holdings.
Summary
- Michele O'Connell, President & CEO of O&R at Consolidated Edison, filed an amended Form 4 with the SEC.
- The amendment corrects an inadvertent calculation error in the number of performance units granted in 2022 under the company's Long-Term Incentive Plan (LTIP) that vested.
- The correct amount of performance units that vested under the LTIP is now reflected in the filing.
- The filing also corrects an inadvertent administrative error regarding the amount of company common stock held in the THRIFT plan.
- The correct number of shares held in the THRIFT as of the date of the initial filing is now reflected.
- Between December 31, 2024, and January 31, 2025, the reporting person's shares of company common stock under the Thrift decreased by 0.065.
- As of February 19, 2025, O'Connell directly owns 18,182.789 shares of common stock and indirectly owns 484.797 shares through the THRIFT plan.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing. The need for an amendment suggests minor internal control issues, but the overall impact is neutral.
Negatives
- The initial filing contained errors regarding the number of performance units vested and the amount of common stock held in the THRIFT plan, requiring an amendment.
Risks
- Inadvertent errors in reporting beneficial ownership could lead to regulatory scrutiny or reputational damage.
Industry Context
Form 4 filings are a standard part of regulatory compliance for corporate insiders, providing transparency into their transactions in company stock. Amendments are not uncommon and can occur for various reasons, including administrative or calculation errors.
Stakeholder Impact
- The correction of previously reported figures ensures accurate information is available to shareholders and the public.
Key Dates
| Date | Description |
|---|---|
| 12/31/2024 | Start date for the period during which the reporting person's shares of Company common stock under the Thrift decreased by 0.065. |
| 01/31/2025 | End date for the period during which the reporting person's shares of Company common stock under the Thrift decreased by 0.065; date of the Thrift Plan statement used for the report. |
| 02/19/2025 | Date of the transaction involving performance units and the date of earliest transaction. |
| 02/21/2025 | Date of original filing that this document amends. |
| 04/23/2025 | Date of signature for the amended report. |
Keywords
Form 4, Beneficial Ownership, Consolidated Edison, Performance Units, THRIFT Plan, Amendment, LTIP, O'Connell
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