STEVERSON LEWIS A 4
4 · CORNING INC /NY · Filed Feb 11, 2026
Research Summary
AI-generated summary of this filing
Corning (GLW) Vice Chair Lewis Steverson Sells $2.0M Stock
What Happened
Lewis A. Steverson, Vice Chairman, EVP and Chief Legal & Administrative Officer of Corning (GLW), converted 1,958 performance-based derivative awards into common shares on Feb 9, 2026. Of those, 706 shares were surrendered to cover tax withholding (valued at $92,761 based on a weighted avg price of $131.39). He also sold 15,366 shares in an open-market transaction on Feb 10, 2026 for total proceeds of $2,000,956 (weighted avg price $130.22). Overall this filing reports net dispositions (sales/withholding) — a liquidity event rather than a purchase.
Key Details
- Transaction dates: Feb 9, 2026 (conversion and tax withholding) and Feb 10, 2026 (open-market sale). Filing date: Feb 11, 2026 (timely).
- Conversion: 1,958 derivative units converted to common stock (each PSU = 1 share per footnote).
- Tax withholding: 706 shares surrendered at a weighted avg price of $131.39 for $92,761 (reported as F - tax withholding).
- Open-market sale: 15,366 shares sold at a weighted avg of $130.22 for $2,000,956; reported sale-price range $129.89–$130.52 (see footnote F1).
- Shares owned after the transactions: not stated in the provided excerpt — see the filed Form 4 for total post-transaction holdings.
- Relevant footnotes: F1 (price range for sales); F2–F6 describe that these were performance share units (PSUs) with specified vesting/settlement schedules and remaining restrictions for certain earned PSUs.
Context
- This was a conversion of performance-based derivative awards (PSUs) and subsequent sales; 706 shares were used to satisfy tax withholding (a common cashless-settlement step), and a larger block was sold in the open market.
- Such sales are typically routine liquidity events following vesting/conversion; they do not by themselves indicate management’s view of the company’s prospects.
Insider Transaction Report
- Exercise/Conversion
Common Stock
2026-02-09+1,958→ 19,533 total - Tax Payment
Common Stock
2026-02-09$131.39/sh−706$92,761→ 18,827 total - Sale
Common Stock
[F1]2026-02-10$130.22/sh−15,366$2,000,956→ 3,461 total - Exercise/Conversion
Performance Share Unit
[F2][F6]2026-02-09−1,958→ 0 total→ Common Stock (1,958 underlying)
- 71,118
Performance Share Unit
[F2][F3]→ Common Stock (71,118 underlying) - 53,617
Performance Share Unit
[F2][F4]→ Common Stock (53,617 underlying) - 18,163
Performance Share Unit
[F2][F5]→ Common Stock (18,163 underlying)
Footnotes (6)
- [F1]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $129.89 to $130.52, inclusive. The reporting person undertakes to provide to Corning Incorporated, any security holder of Corning Incorporated, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth previously in this footnote.
- [F2]Each performance share unit represents a contingent right to receive one share of Corning Incorporated common stock.
- [F3]Earned PSUs remain restricted until April 15, 2026, when they vest and convert to common stock, subject to service-based vesting requirement.
- [F4]Earned PSUs remain restricted until April 15, 2027, when they vest and convert to common stock, subject to service-based vesting requirement.
- [F5]Earned PSUs remain restricted until April 14, 2028, when they vest and convert to common stock, subject to service-based vesting requirement.
- [F6]The performance share units (PSUs) earned February 7, 2024 will vest 1/3 after 1 year from the February 8, 2023 grant date and 1/6 every 6 months thereafter until fully vested on the third anniversary of the grant date.