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

Consolidated Edison's SVP and General Counsel, Deneen L. Donnley, converted 4,300 restricted stock units into common stock and subsequently sold 2,378 shares to cover tax obligations.

Summary

• Deneen L. Donnley, SVP and General Counsel of Consolidated Edison, Inc., reported transactions on December 31, 2025.
• Converted 4,300 time-based restricted stock units (RSUs) into 4,300 shares of common stock on a one-for-one basis.
• Disposed of 2,378 shares of common stock at a price of $99.89 per share.
• The disposition of shares was likely to cover tax liabilities associated with the RSU conversion, indicated by transaction code 'F'.
• Following these transactions, Donnley directly owns 34,286.604 shares of Consolidated Edison common stock.
• The total beneficial ownership also includes 285.939 shares acquired under the Company's Stock Purchase Plan for periods from February 2025 to November 2025.
• Additionally, 938.52 deferred stock units (DSUs) were acquired through dividend reinvestment in 2025 (184.709 on March 15, 238.666 on June 15, 256.429 on September 15, and 258.716 on December 15).

Sentiment

Score: 6

Explanation: The filing reports routine insider transactions related to executive compensation. The conversion of RSUs into common stock is a positive sign of vesting, while the subsequent sale for tax purposes is a standard, neutral event. No significant positive or negative operational or financial news is conveyed.

Positives

• Conversion of restricted stock units indicates vesting and the effectiveness of the company's long-term incentive plan.
• Continued significant direct ownership by a senior executive (34,286.604 shares) aligns management interests with shareholders.

Negatives

• Sale of shares, even if for tax purposes, reduces the executive's direct equity exposure to the company.

Risks

• Insider selling, even when for tax purposes, can be perceived negatively by some investors as it reduces the executive's direct equity exposure to the company.

Future Outlook

The filing does not contain forward-looking statements or guidance.

Industry Context

This is a routine insider transaction filing for a utility company. Such filings are common and reflect standard executive compensation practices involving equity awards and subsequent tax-related sales. It does not provide broader industry trends or competitive insights.

Comparison to Industry Standards

• The RSU conversion and subsequent tax-related sale are standard practices for executive compensation in publicly traded companies, including those in the utility sector.
• Many companies use equity awards like RSUs to align executive incentives with shareholder value.
• The one-for-one conversion and tax withholding are typical mechanisms.
• No specific comparable companies or projects are mentioned in the filing to allow for a detailed comparison.

Stakeholder Impact

• Shareholders: The transaction reflects standard executive compensation practices and a senior executive's continued significant ownership in the company, aligning interests.
• Employees: The RSU conversion is part of the company's long-term incentive plan, which can motivate executives.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to executive compensation, specifically the vesting and conversion of restricted stock units and a subsequent sale of shares to cover tax liabilities. Such transactions are common and do not typically indicate a change in the company's fundamental outlook or operational performance. The executive maintains a substantial direct ownership stake. Therefore, based solely on this filing, there is no new information to warrant a change in investment recommendation; a 'hold' stance is appropriate.

Keywords

Consolidated Edison, ED, Form 4, Insider Transaction, Restricted Stock Units, RSU Conversion, Stock Sale, Executive Compensation, Deneen L. Donnley, Corporate Governance