4/A: Consolidated Edison Executive Corrects Performance Unit Vesting Calculation in Amended SEC Filing

Joseph Miller, VP & Controller 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 due to a calculation error.

Summary

• Joseph Miller, VP & Controller of Consolidated Edison, filed an amended SEC Form 4/A on April 23, 2025, to correct a previous filing from February 21, 2025.
• The amendment addresses an error in the calculation of performance units granted in 2022 under the company's Long-Term Incentive Plan (LTIP) that vested on February 19, 2025.
• The corrected filing shows that 1,691 performance units vested, which were then converted into common stock.
• Miller also reported owning 3,609.54 shares of common stock directly and 116.202 shares indirectly through the Tax Reduction Act Stock Ownership Plan (TRASOP).
• The direct holdings include 15.821 shares acquired under the Company's Stock Purchase Plan in December 2024 and January 2025.

Sentiment

Score: 6

Explanation: The sentiment is neutral. While there was a calculation error requiring an amendment, it doesn't necessarily indicate a significant negative issue. It's more of a procedural correction.

Negatives

• The amended filing indicates an initial calculation error in the vesting of performance units, which could raise concerns about internal controls.

Risks

• The need for an amended filing could raise questions about the accuracy of previous financial reporting and internal control processes.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, which is common in publicly traded companies. Investors monitor these filings for insights into management's alignment with shareholder interests and potential insider trading activity.

Comparison to Industry Standards

• Executive compensation packages, including performance units and stock options, are standard practice among publicly traded companies, including utilities like Consolidated Edison.
• Companies like NextEra Energy, Duke Energy, and Southern Company also utilize similar long-term incentive plans to align executive compensation with company performance.
• The specific details of these plans, such as vesting schedules and performance metrics, can vary widely based on company size, industry, and strategic goals.

Stakeholder Impact

• The correction of the performance unit calculation ensures accurate reporting to shareholders.
• The correction may have a minor impact on the executive's compensation and stock ownership.

Key Dates

Keywords

SEC Form 4/A, Consolidated Edison, Performance Units, LTIP, Vesting, Amendment, Beneficial Ownership, Insider Trading