Form 4: Corning CEO Wendell Weeks Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Corning's Chairman and CEO, Wendell P. Weeks, filed a Form 4 detailing transactions involving common stock and performance share units.
Summary
- Wendell P. Weeks, Chairman and CEO of Corning Inc., reported changes in his beneficial ownership of company stock.
- The transactions involved the acquisition and disposition of common stock and performance share units (PSUs).
- On February 4, 2025, Weeks acquired common stock through the vesting of PSUs, with prices at $0 due to the nature of the vesting.
- He also disposed of common stock to satisfy tax requirements related to the vesting of PSUs.
- Following these transactions, Weeks directly owns 859,364 shares of common stock.
- Weeks also indirectly owns 9,200 shares held by his spouse, 6,994.485 shares held by his spouse's employee benefit plan, and 11,529.5749 shares held in a trustee U/employee benefit plan.
- Weeks directly owns a significant number of performance share units that will convert to common stock upon vesting, with vesting dates extending to April 15, 2027.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It simply reports transactions and holdings.
Future Outlook
The document details the vesting schedule of performance share units, indicating future conversion of these units into common stock, subject to service-based vesting requirements.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates the CEO's ongoing stake in the company's performance.
Comparison to Industry Standards
- Executive compensation packages often include performance-based equity awards like PSUs to align management's interests with those of shareholders.
- Vesting schedules for PSUs typically range from one to three years, contingent on continued service and achievement of performance targets.
- The reported transactions are consistent with standard practices for executives receiving and managing equity compensation.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the CEO's ownership stake in the company.
- The transactions themselves are unlikely to have a significant impact on stakeholders.
Key Dates
| Date | Description |
|---|---|
| 02/08/2023 | Grant date for some performance share units, vesting 1/3 after 1 year and 1/6 every 6 months thereafter until fully vested on the third anniversary. |
| 02/07/2024 | Date performance share units were earned for fiscal year 2023 pursuant to the 2023 agreement. |
| 01/31/2025 | Date of unitized stock fund holdings through the issuer's 401(k) retirement plan. |
| 02/04/2025 | Date of transactions involving common stock and performance share units. |
| 02/04/2025 | Date performance share units were earned for fiscal year 2024 pursuant to the 2022, 2023 and 2024 agreements. |
| 02/06/2025 | Date of signature by Melissa J. Gambol, Power of Attorney. |
| 04/15/2025 | Date performance share units (PSUs) earned February 4, 2025 per Compensation Committee decision that performance criteria were satisfied for fiscal year 2024 pursuant to the 2022 agreement vest and convert to common stock, subject to service-based vesting requirement. |
| 04/15/2026 | Date performance share units (PSUs) earned February 4, 2025 per Compensation Committee decision that performance criteria were satisfied for fiscal year 2024 pursuant to the 2023 agreement vest and convert to common stock, subject to service-based vesting requirement. |
| 04/15/2027 | Date performance share units (PSUs) earned February 4, 2025 per Compensation Committee decision that performance criteria were satisfied for fiscal year 2024 pursuant to the 2024 agreement vest and convert to common stock, subject to service-based vesting requirement. |
Keywords
Form 4, beneficial ownership, Wendell Weeks, Corning, GLW, performance share units, common stock, vesting, transactions, CEO
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