Form 4: Corning Inc. Executive Reports Acquisition and Disposal of Performance Share Units
SEC Form 4 Filing
Michael Paul O'Day, SVP and GM of Optical Communications at Corning Inc., reports transactions involving performance share units and common stock, including acquisition, disposal, and vesting to cover tax obligations.
Summary
- On February 4, 2025, Michael Paul O'Day, a Senior Vice President and General Manager at Corning Incorporated, reported transactions involving Corning's common stock and performance share units (PSUs).
- O'Day acquired 6,198 PSUs related to the 2024 agreement, 5,794 PSUs related to the 2023 agreement, and 5,467 PSUs related to the 2022 agreement, all earned based on the Compensation Committee's assessment of performance criteria for fiscal year 2024.
- These PSUs remain restricted and will convert to common stock on April 15, 2027 (2024 agreement), April 15, 2026 (2023 agreement), and April 15, 2025 (2022 agreement), subject to continued service.
- Additionally, O'Day disposed of 198, 185, and 175 PSUs to satisfy tax requirements related to the 2024, 2023, and 2022 agreements, respectively.
- O'Day also disposed of 558 shares of common stock at a price of $52.04 per share.
- Following these transactions, O'Day directly owns 45,301 shares of Corning common stock and holds derivative securities including 6,000 PSUs related to the 2024 agreement, 7,182 PSUs related to the 2023 agreement, and 7,748 PSUs related to the 2022 agreement.
Sentiment
Score: 5
Explanation: This is a neutral disclosure of insider trading activity, with no inherent positive or negative implications for the company's performance.
Industry Context
This Form 4 filing is a routine disclosure of insider transactions, providing transparency into the trading activities of company executives. It is a standard practice for publicly traded companies and their executives.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in ownership of common stock.
- Employees who hold similar performance share units may be interested in the vesting schedule and tax implications.
Key Dates
| Date | Description |
|---|---|
| 02/04/2025 | Date of earliest transaction and acquisition/disposal of securities. |
| 02/06/2025 | Date of signature by Power of Attorney. |
| 04/15/2025 | Vesting date for PSUs earned under the 2022 agreement. |
| 04/15/2026 | Vesting date for PSUs earned under the 2023 agreement. |
| 04/15/2027 | Vesting date for PSUs earned under the 2024 agreement. |
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