Ketschke Matthew 4

What Happened

• Matthew Ketschke, President of CECONY (a Consolidated Edison subsidiary), had 8,217 performance-unit equivalents converted and settled for cash on Feb 18, 2026, resulting in a disposition to the issuer of 8,217 units at $113.92 per unit for $936,081. At the same time he received new long‑term incentive awards totaling 26,800 units (18,800 performance units and 8,000 time‑based restricted stock units).

Key Details

• Transaction date: 2026-02-18; cash disposition: 8,217 units @ $113.92 = $936,081.
• New awards: 18,800 performance units (scheduled to vest based on performance, F2) and 8,000 time‑based RSUs (vesting in full on Dec 31, 2028, F3). No purchase price for awards; they are grants under the LTIP.
• The filing was submitted Feb 20, 2026 (timely under Section 16 reporting rules).
• Shares owned after the transaction: not disclosed in the filing.
• Footnotes:
  • F1: The settled units were 2023 Performance Units that vested; the reporting person elected cash rather than stock (each unit = economic equivalent of one share).
  • F2: 2026 grant of Performance Units that will vest (if at all) in 2029 based on performance adjustments.
  • F3: 8,000 time‑based RSUs scheduled to vest Dec 31, 2028.

Context

• This was effectively a cash settlement of vested performance units (conversion/exercise and disposition to issuer), not an open‑market sale — a routine liquidity outcome after vesting.
• The new grants are contingent future awards: performance units will be adjusted and paid based on future performance criteria; the RSUs are time‑based and vest later. These awards do not represent an immediate purchase of stock.