Fang Li 4

What Happened

• Fang Li, Senior Vice President, Corning International & NBD, Solar, exercised stock appreciation rights (SARs) on May 14, 2026. The filing shows 8,725 SARs converted/settled, resulting in a cash payment of $171,446 (base amount $19.65 per share).
• The Form 4 records the derivative conversion as 8,725 shares acquired (value $171,446) and the corresponding SARs disposed of (8,725 @ $0.00), reflecting a cash settlement rather than an open‑market stock purchase or sale.

Key Details

• Transaction date: 2026-05-14; Filing date: 2026-05-15 (filed next day).
• Reported amounts: 8,725 SARs converted; cash received $171,446 (implied spread above $19.65 base).
• Transaction code: M (exercise/conversion of a derivative instrument).
• Shares owned after transaction: Not disclosed on the Form 4.
• Footnotes: F1 — Each vested SAR pays cash equal to the amount the fair market value exceeds the $19.65 base on exercise. F2 — These SARs were granted May 15, 2020 and vest ratably over three years (vesting accelerations possible per agreement).
• Timing: Filed the day after the transaction (appears timely based on filing & transaction dates).

Context

• This was a cash settlement of SARs (not a stock sale or open‑market purchase). The SARs were converted for cash based on the stock’s value above the $19.65 base amount, so no new shares necessarily issued to the insider.
• Cash‑settled derivative exercises are routine compensation events and do not by themselves indicate a buy/sell signal on the insider’s view of the stock.