Form 4: Sempra Director Andres Conesa Acquires Phantom Shares

Sentiment:

Insider Transaction Report 2 October 2025 6:05 PM

Sempra Director Andres Conesa acquired 140.04 phantom shares as part of his director compensation, increasing his beneficial ownership to 11,093.12 phantom shares.

Summary

Andres Conesa, a Director of Sempra (SRE), acquired 140.04 phantom shares of Sempra Common Stock.
The transaction occurred on October 1, 2025, as part of director compensation.
Each phantom share has a conversion or exercise price of $89.26 and converts 1 for 1 into Common Stock.
Following this acquisition, Andres Conesa beneficially owns a total of 11,093.12 phantom shares.
The phantom shares are immediately exercisable for shares that have vested.
A Power of Attorney was executed on September 18, 2025, authorizing several individuals to handle SEC filings on behalf of Andres Conesa.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. While a routine compensation event, the acquisition of shares by a director, even phantom, generally signals continued alignment of interests with the company's performance and stability, which is a minor positive for investor confidence.

Positives

The acquisition of phantom shares as director compensation aligns the director's interests with those of shareholders, as the value of these shares is tied to Sempra's common stock performance.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding Sempra's future performance or strategic direction, focusing solely on an insider transaction.

Industry Context

This transaction represents a routine compensation event for a director of a publicly traded utility company. Director compensation often includes equity-based awards like phantom shares to incentivize long-term performance and align interests with shareholders, a common practice across various industries, particularly in stable sectors like utilities.

Comparison to Industry Standards

The use of phantom shares as director compensation is a standard practice in corporate governance, comparable to equity awards seen in other large-cap utility companies such as Duke Energy (DUK) or NextEra Energy (NEE).
The acquisition amount of 140.04 shares is a relatively small, routine grant, consistent with typical non-executive director compensation packages which often include a mix of cash and equity.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Power of Attorney Grant	Andres Conesa granted a Power of Attorney to six individuals (Lisa H. Abbot, Trina F. Adams, Diana L. Day, Briana T. Goncalves, Debbie S. Robinson, and James M. Spira) to act as his attorney-in-fact for SEC filings, including Forms 3, 4, 5, and 144, and to manage his EDGAR account.	09/18/2025	This streamlines the process for the director to comply with SEC reporting requirements by delegating administrative tasks to company legal personnel, ensuring timely and accurate filings. It is a standard corporate practice for directors and officers.

Stakeholder Impact

Shareholders: The acquisition of phantom shares by a director can be viewed as a minor positive, indicating continued alignment of management interests with shareholder value creation.
Employees: No direct impact mentioned.

Key Dates

Date	Description
09/18/2025	Date of execution of Power of Attorney by Andres Conesa.
10/01/2025	Date of transaction for the acquisition of phantom shares.
10/02/2025	Date the Form 4 was signed by the reporting person's attorney-in-fact.

Recommendation

hold

This Form 4 reports a routine acquisition of phantom shares as part of director compensation, which does not alter the fundamental investment thesis for Sempra. It reflects standard governance and compensation practices rather than a strategic investment decision or significant change in company prospects, thus warranting a 'hold' recommendation based solely on this filing.

Keywords

Sempra, SRE, Form 4, insider transaction, director compensation, phantom shares, Andres Conesa, corporate governance

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