4/A: Consolidated Edison SVP Deneen Donnley Corrects Performance Unit Vesting in Amended SEC Filing

Deneen L. Donnley, SVP and General Counsel 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 an inadvertent calculation error.

Summary

• Deneen L. Donnley, SVP and General Counsel of Consolidated Edison, filed an amended SEC Form 4/A on April 23, 2025.
• The amendment corrects the number of performance units that vested on February 19, 2025, under the company's Long-Term Incentive Plan (LTIP).
• The original calculation of vested performance units was incorrect due to an inadvertent error.
• The corrected filing shows that 12,563 performance units vested, resulting in the acquisition of 12,563 shares of common stock.
• Donnley also disposed of 6,282 shares of common stock at a price of $95.76 per share on the same date.
• Following the reported transactions, Donnley beneficially owns 31,140.144 shares of common stock directly.
• This includes 71.707 shares acquired under the Company's Stock Purchase Plan in December 2024 and January 2025.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing correcting a minor error. While the error itself is slightly negative, the correction is a positive sign of transparency and compliance.

Negatives

• An inadvertent calculation error led to an incorrect number of performance units vesting initially.

Risks

• Inadvertent calculation errors in equity compensation plans can lead to compliance issues and the need for amended filings.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common among publicly traded companies. It reflects the ongoing management of equity-based compensation plans.

Comparison to Industry Standards

• Equity compensation is a standard practice across the utility industry, with companies like NextEra Energy, Duke Energy, and Southern Company utilizing similar long-term incentive plans.
• The vesting of performance units and subsequent stock transactions are typical components of these plans, designed to align executive interests with shareholder value.
• The specific terms and conditions of these plans, including vesting schedules and performance metrics, can vary significantly between companies.

Stakeholder Impact

• The correction of the performance unit vesting ensures accurate reporting to shareholders.
• The filing demonstrates transparency and adherence to regulatory requirements, which can positively impact shareholder confidence.

Key Dates

Keywords

SEC Form 4, Consolidated Edison, Performance Units, Vesting, Long-Term Incentive Plan, Stock Purchase Plan, Beneficial Ownership, Amendment